1.The latest news from well-known fund managers

Zhang Kun: Clearing Yili Co., Ltd., Aier Ophthalmology, etc.

According to the fund's annual report, the E-Fangda Blue Chip Collection managed by Zhang Kun changed positions in the second half of last year, buying new products such as Samsonite, L'OCCITANE (L'OCCITANE), Tongrentang Sinopharm, China Resources Vientiane Life, etc., and heavily increased their holdings in Shanxi Fenjiu, Giant Biotech, etc., and cleared Yili Co., Ltd., Aier Ophthalmology, International Medicine, and Hygea Medical.

Xu Yan: Selling Boqian New Materials, Sany Heavy Industries, etc.

Judging from the annual report of Dacheng Ruixiang Fund managed by Xu Yan, in the second half of last year, the fund's “hidden heavy stock” was drastically adjusted, buying Guorui Technology, Pro-Pharmaceuticals, Camel shares, Wu Fangzhai, etc.; selling Boqian New Materials, Sany Heavy Industries, etc.

Fu Pengbo:buyTCL Central and Tencent Holdingsetc

Last year, the 3 stocks with the largest cumulative purchase amount of Ruiyuan Growth Value managed by Fu Pengbo were TCL Central, Tencent Holdings, and Tongwei shares. The three stocks with the largest cumulative sales amount are ZTE, Geely Auto, and Lixun Precision.

A number of high-performing fund managers have relaxed the upper limit of large subscription amounts

Recently, products owned by well-known fund managers such as Bao Wuke, Yang Jinjin, and Xu Yan have successively opened large subscriptions, conveying confidence to the market.

Recently, BOC Schroder Fund announced that BOC Qicheng Fund, managed by Yang Jinjin, a fund manager with a management scale of over 10 billion yuan, will relax the single-day large subscription limit from 1,000 yuan to 50,000 yuan starting April 1, increasing the single-day subscription amount by 50 times. This is also the first time since the fund lowered the single-day subscription limit to 1,000 yuan on June 26, 2023, that the subscription limit has been relaxed.

Another fund manager with a management scale of over 18 billion yuan, a fund owned by Invesco Great Wall Bao Wook, is also making adjustments to the subscription limit. According to the announcement, starting from April 2, the maximum purchase limit of 2 million yuan per day for the Invesco Great Wall Value Marginal Flexible Allocation Hybrid will be lifted, and the Invesco Great Wall Shanghai-Hong Kong-Shenzhen Selected Stock Fund will be suspended from accepting subscriptions of more than 2 million yuan. Among the other funds Bao can manage, there is also the Invesco Great Wall Energy Infrastructure Hybrid, which currently maintains a subscription limit of 2 million yuan per day. There is no subscription amount limit for any other fund.

CITIC Construction Investment Fund Manager Apologizes

On March 29, at the final point of disclosure of the fund's annual report, CITIC Construction Investment fund manager Zhou Ziguang issued an apology in the annual report due to the fund's poor performance. He said that he is still optimistic about the long-term development prospects of new energy sources, but there was an error in judging the pace. Although some adjustments have been made to individual stock holdings, the overall situation is still affected by the sharp decline in the photovoltaic and energy storage sectors. Looking at the whole year, due to strategic mistakes in the first half of the year, New Energy holdings plummeted and missed the main promotion stage of AI, and the fund's net worth performance was very poor. We sincerely apologize to our investors!

II. Today's Fund News Fast Facts

The number and scale of funds issued in March reached a new high during the year

Since March, the fund issuance market has continued to pick up. According to the data, according to statistics from the date the fund was founded, it became 137 new fund products in March 2024, with a total issuance share of 15.763 billion shares, and an average issuance share of 1.1 billion shares, all of which hit new highs during the year, up 128.3%, 317.7%, and 82.7% from February, respectively.

China Life Insurance's latest response to the progress of the 50 billion dollar fund

At the China Life Insurance performance conference on March 28, China Life Insurance Chairman Bai Tao, President Li Mingguang, Vice President Liu Hui, and Vice President Bai Kai responded to hot topics on the debt side and investment side. In response to the private equity fund jointly established with Xinhua Insurance, China Life Insurance said that the private equity fund already has the conditions to invest and operate, and mainly invests in stocks with stable fundamentals and good governance. High-dividend stocks are one of the key investment directions.

Equity public equity FOF fell more or less in the first quarter

Since this year, public FOF products have attracted much attention, but judging from the first quarter statistics, the winning rate is still poor. In particular, the number of funds with positive quarterly results for equity FOF is relatively low. Among equity FOF, there are even varieties that have fallen by more than 14% in a single quarter. Corresponding to this, growth on the distribution side is still slow. Although individual weeks have performed well, overall sales are still poor.

In the first quarter of this year, the type of equity FOF that performed well was a hybrid FOF product. Among the 353 products in Wind statistics, 118 funds achieved positive quarterly returns, which was only 30%; on the other hand, the share of positive quarterly results for equity FOF and pension target FOF was extremely low.

2023Over 60% of the public offering accelerated turnover

Against the backdrop of continuing structural market interpretations, the shareholding turnover ratio of open partial equity funds (including open equity and open hybrid funds) in the public equity market in 2023 was 2.24 times, showing a recovery compared to 2022. Among them, over 60% of public institutions changed hands at an accelerated pace to respond flexibly to market fluctuations.

Active public offeringPromoting overseas business

Since this year, the pace of public recruitment “going overseas” has accelerated. For example, in late March, the Huitianfu MSCI China A50 Interconnect ETF was listed on the Singapore Exchange. At the same time, Huitianfu Fund's third overseas subsidiary, Huitianfu's Singapore subsidiary, opened. At the same time, the enthusiasm of fund companies to lay out QDII funds continues unabated. Since this year, more than 10 QDII funds have been established or issued one after another. The products cover various markets such as Hong Kong, China, the United States, Japan, Germany, etc., and include both active and passive products.

The stock private equity position index hit a new high in nearly 6 weeks

According to data from the Private Equity Ranking Network, as of March 22, the stock private equity position index was 77.91%, up 0.79% from the previous week, and has been rising for 2 consecutive weeks. Since February 8, although there have been fluctuations in the middle of the stock private equity position index, the overall trend has maintained an upward trend. Currently, the position index has reached a new high for nearly 6 weeks. Compared with February 8, the stock private equity position index has risen 2.66%. It shows that after the Spring Festival, stock private equity has been increasing positions while observing, and the desire to increase positions has gradually increased.

III. Recent developments in fund products