The investment era of rebirth

Chapter 409 The fund's net worth breaks through again!

Li Meng responded: "Today's reduction of positions totaled 42.78 billion. We are still short of our planned reduction target, and there are still about 20 billion chips that have not been reduced. At the same time, the current positions of the two major funds have both dropped below 65%. The risk has been fully released."

"Okay!" Su Yu nodded slightly, and then asked, "The relative lack of liquidity of the 'infrastructure', 'state-owned enterprise reform' main-line fringe concept stocks, and the small-cap concept stocks in our holdings have basically been reduced. right?"

This time the market turned from long to short, and it came faster and more violently than he expected.

This also led to the trading strategy he had set before, which has not been able to be implemented so far.

And according to the changes in the market, next... the amount of active buying in the market will definitely shrink rapidly, such as some main-line marginal concept stocks, and high-level main-line small-cap concept stocks, under the frenzied ebb of the buying tide , There will inevitably be a liquidity crisis on the disk.

In this way, for the main players with big funds who have not been able to play at the moment and are still trapped in the field.

It is a very difficult thing to get out of the market safely with the smallest loss cost when the market liquidity is extremely limited.

So, at this point...

I heard Li Meng said that there are still about 20 billion chips, and the reduction of holdings has not been in place.

Su Yu's first concern is the position of the 'small-cap concept stocks' that are the most difficult to sell and have relatively limited liquidity in the subsequent market changes.

After all, in the whole 'infrastructure', 'state-owned enterprise reform' main market hype.

Although most of the holdings of the company's two main funds are distributed in core large-cap blue-chip stocks with relatively abundant liquidity, there are also a lot of chips gathered in a group of hot concept stocks dominated by hot money.

Li Meng continued to check the background specific position data of one fund account, smiled lightly, and responded: "Fortunately, we got the news two days ahead of the market, and the direction of holding reduction is advancing, from conceptual stocks to core blue-chip stocks." In-depth, now the positions of our company's two main funds, and the distribution of the remaining chips that have not been reduced in place, are mainly in the mainline blue-chip large-cap stocks with relatively abundant liquidity."

"No matter how bad the market sentiment is tomorrow, as long as there is liquidity."

"Based on the huge circulation of these blue-chip large-cap stocks, our remaining 20 billion or so chips can also be quickly reduced."

Follow the previously established trading strategy.

At present, there are two main funds, and the remaining bargaining chips that have not been reduced are basically distributed in Huaguo MCC, Huaguo Communication Construction, Huaguo Railway Construction, Huaguo Construction, Huaguo CNR, Huaguo CSR, Gemdale Group, Ke Wan Real Estate, Poly Real Estate, etc. are listed on the mainline blue-chip core stocks of "infrastructure" and "state-owned enterprise reform", and the chips that need to be reduced for a single stock do not exceed 3 million at most.

With such a distribution of chips to be reduced, even if the follow-up market trend is poor.

There will also be no situation where the bargaining chips cannot be reduced even if the limit is pressed.

Therefore, when Li Meng saw that the level of positions held by the two main funds and the amount of chips to be reduced were both much higher than the established trading strategy goals, he did not feel too much worry in his heart.

Of course, today's market trend, as well as the change in the long-short situation, still exceeded their expectations.

In the whole company, including Su Yu, no one expected that the intraday fluctuations of several major indexes would be so large, let alone that there would be a unilateral plunge in the afternoon trend, which directly smashed the market from the high point in one fell swoop.

"What's the net worth of the two main funds?" Su Yu paused and continued to ask.

Li Meng responded with a smile: "After half a month of continuous market rebound, the net value of the 'Yuhang No. 1' fund has changed from 13.01 at the end of last month to 15.87, an increase of 22.11% within the month, and the fund size has increased from last month to 52.15. At the end of the month, it was 63.68 billion, which increased to [-] billion."

"The net value of the 'Yuhang 2' fund has changed from 1.98 at the end of last month to 2.36, an increase of 19.37% within the month, and the fund size has increased from 98.66 billion at the end of last month to 117.77 billion."

"Among them, the net value of 'Yuhang No. 1' fund has increased by 54.07% this year; the net value of 'Yuhang No. 2' fund has increased by 51.29% this year. Today, the total size of our two main funds has reached 181.45 billion. It is already quite close to the 200 billion mark.”

Although, the growth rate of the net value of the two funds this year has slowed down compared to last year.

However, with the scale getting bigger and bigger, the growth rate of this net worth is still appalling in the entire domestic asset management industry.

Of course, the performance of the company's two main funds in the first half of the year can be so good.

It is almost entirely due to Su Yu's complete grasp of the two major hypes of 'infrastructure' and 'state-owned enterprise reform'.

In this round of hype on the main lines of 'infrastructure' and 'state-owned enterprise reform'.

With tens of billions of dollars, 'Yuhang Investment', which has a heavy position in these two main lines of business, is undoubtedly the biggest winner in the A-share market in the past two months.

"Is it already 181.45 billion?" Su Yu was also slightly taken aback when he heard the number.

"En!" Li Meng nodded and replied, "Based on the initial net value last year, the 'Yuhang No. 2' fund has greatly exceeded the excess profit sharing node in the net value settlement cycle."

According to the purchase terms of fund products formulated at the beginning, every penny of profit earned by the 'Yuhang No. 2' fund is now.

Half of the company's profits are in it.

Su Yu said with a smile: "Keep working hard, and strive for our company's asset management scale to cross the 6 billion mark before the end of June."

"There is still one and a half months to go, and the net value of the two main funds needs to be increased by more than 1%. The performance pressure you have planned for everyone is not ordinary!" Li Meng responded with a smile Dao, "And the market has obviously entered the adjustment stage. In the next month, I am afraid that there will be no market. I think... we can maintain the current level of net worth and the profits we get. It would be good if we don't draw back sharply. "

The market sentiment has turned, bad news is coming, and the two core market hypes of 'infrastructure' and 'state-owned enterprise reform' have come to an end for the time being... Under such circumstances, Li Meng estimates that the index may not continue to rise in the short term. Let's go, so... She is obviously pessimistic about Su Yu's performance goals, and even feels that Su Yu's pursuit of net worth is a bit too blindly arrogant and paranoid.

"Not counting the short-term sentiment fluctuations in the market, apart from the bad news of 'IPO restart', is there any other bad news in the overall market news?" Su Yu didn't care about Li Meng's relatively pessimistic market views, and responded with a smile Dao, "In fact, the fundamentals on the macro level have not changed substantially."

"The market's 'IPO restart', speaking of it...is also a predictable negative for the market."

"Furthermore, based on the information we have received, if some of the detailed rules for the restart of the IPO, especially the scale of new shares issued and the allocation of online and offline subscription shares, are really as Director Lin inquired, then in terms of the market, it is really true. It’s not clear whether it’s good or bad.”

"To put it bluntly, the market is adjusting at this moment..."

"Although it was directly detonated by the bad news of 'market IPO restart', the fundamental reason is that the market has continued to rise in the past one and a half months without a real pullback. It is also in the field of serious deposits in the early stage of the market."

"In other words, even without the 'market IPO restart' hit."

"In this wave, it is difficult for the index to stand firm at 2500 points."

"Originally, the market was about to adjust, but the bad news of 'market IPO restart' accelerated this adjustment trend. The essence of the market has not changed, and the underlying logic that affects the long-term development of the market has not changed at present. , all the underlying logic is still there.”

"The short-term impact is only the fluctuation of long-short sentiment in the market."

"Wait until this wave of accumulated profits is almost cleared, and until the 'restart of the market IPO' bearish, then...everyone will realize once again that the overall fundamentals of the market are still improving, and will realize that The long-term upward trend in the market still exists.”

"At that time...the bullish forces in the market will regain the upper hand."

"and……"

Su Yu paused, and continued: "In my opinion, this wave of negative impact is actually a good thing for the market trend, not a bad thing."

"A good thing?" Li Meng's head was a little dazed, and he didn't know how it turned into a good thing?

Su Yu nodded, and continued: "The direct blow of bad news will accelerate the adjustment of the market, and it will also lead to a more thorough clearing of the bargaining chips in the market."

"We have a large number of retail investors in the A-share market. Usually, the bargaining chips for losses can be held, but the chips for profits cannot be held."

"After clearing this wave of profit-making chips, when the next wave of market rises again, the pressure will be much lighter. In other words... the market adjustment and decline this time is to give the stock index a new impact in the near future. 2500 points, and directly cross 2500 points to open up new space in the market and accumulate strength."

"Furthermore, look at the trading volume of the market..."

"The current turnover of the entire market has exploded to 1800 billion."

"The whole market, under this kind of trading volume, has already started to become fully active. As long as there is a little guidance after a short-term market adjustment, the long flame in the market will be rekindled."

"Isn't it too fast for you to change your long-short views?" Li Meng still couldn't calm down, and couldn't sort out the logic in Su Yu's words for a while, and said, "Since you judge that the market will not fall deeply, then let's do it this way." What is the large-scale lightening of positions with great fanfare and clear views?"

Su Yu smiled and said, "First, to induce emotions, and second, to swap positions for shares."

"Even if the market adjustment will not be too deep, and the follow-up long-term market trend is still optimistic, but the specific mainline development of the market and the direction of hot speculation cannot remain unchanged."

"'Infrastructure' and 'state-owned enterprise reform' are the two major market trends."

"At present, they have completed their mission, loosened the overall bargaining chip structure of the market, and heated up market investment sentiment."

"Although the investment expectations of these two major market lines are still there, the profit accumulation is relatively concentrated and serious, and the structure of the first wave of hype chips is completely loose, and I want to re-consolidate the chips and start the second wave of rising prices. , I am afraid that the adjustment time will be longer than other main directions of the market.”

"That is to say, in this field, after the subsequent market adjustment is over, in the short term, there is a high probability that there will be no big market that far exceeds the performance of the index."

"In this way, we can only take advantage of the market correction stage, accept as soon as it is good, and re-select the main line of investment."

"At the same time, in view of the fact that the future expectations of the two main lines of 'infrastructure' and 'state-owned enterprise reform' still exist, these two main lines will still have greater long-term investment value. That’s why you keep half of your chips here, so that after the adjustment of these two main lines, you can re-arrange and take the lead.”

Of course, apart from the reasons he said...

There is another reason, that is, as the market continues to improve in the later stage, chips will become increasingly scarce on some key core stocks.

If he sold all the core stock chips at this time.

With their increasing capital scale, it will be very difficult to build a large-scale position in this field when the time comes, and there will be no cost advantage and fault tolerance rate.

"Okay!" Li Meng replied, only agreeing with Su Yu's investment logic.

After all, the fund's trading strategy has been changing according to Su Yu's investment logic. Even if she has a different understanding of the market, she can only reserve her opinion. Of course... In her heart, she still hopes that what Su Yu said is right. After all, only when the overall performance of the market is better can they make more money from the market and the company can usher in greater development.

"Master, so you think the underlying logic of the 'bull market' still exists, don't you?" Hearing Su Yu and Li Meng's continuous discussion, in the trading room, Liu Yuan has completed the review and completed today's work plan After pondering for a while, he asked, "Is the market still in a 'bull market' pattern?"

Su Yu nodded slightly, and said: "The so-called 'one leaf that blinds the eye', in market transactions, the blinding leaf is market sentiment. No matter if you are long or short, extreme market sentiment will affect your judgment, so...you must see through it. You can only see the essence through the phenomenon. If you can’t see it clearly in the short term, then stretch the time line, and you will see the real development and shape changes of the market. This is what I often say. At any time, trading can only affect emotions. Don’t be swayed by emotions.”

"Understood!" Liu Yuan nodded.

"President Su, what you mean... is that after the bad news about 'IPO restart' hits, there will be new buying points in the market, right?" Zhu Tianyang paused and asked, "Looking at today's market trend, the market The internal selling force is extremely fierce, basically a unilateral panic selling trend, such a serious selling force, in the case that the market acceptance volume can obviously gradually shrink, will it really be quickly contained after the bad news lands?"

Su Yu responded: "No one can say for sure the specific trend in the short term, but there is a high probability that it will change like this. From the perspective of market expectations, uncertainty is what most investors fear and worry about the most. On the contrary, the bad news has landed, and everything has become certain and predictable, so there is nothing to fear or worry about. This psychological and emotional change is not only in A shares, but also in the global financial trading market.”

"Hey...then let's wait for the bad news to hit the ground and turn back." Wang Can could not understand the investment logic in Su Yu's words, but it didn't affect his excitement in the slightest.

With everyone's review and discussion, 6 o'clock in the afternoon came.

As the night comes slowly, when all institutional investment companies are already going to get off work, rumors about the "market IPO restart" are still widely circulated among the majority of investors in the market. At the same time, everyone is pessimistic about the market outlook, Panic mental activities are also spreading and fermenting wildly in various online and offline investment occasions.

And in this instant, from the extreme bullish sentiment to the environment of panic short sentiment.

In the middle of the night, the external market also dealt a fatal blow. Several major US stock indexes closed with a drop of more than 1%, which cast a shadow even more on the market opening on the next day, May 5, Friday.

In the end, under the mood of everyone's uneasiness, panic and fear.

On May 5th, Friday, at 16:9 am, under the eyes of all the people, when everyone's heart was in their throats, the two cities ushered in a crucial call auction!
(End of this chapter)