129784668088022500_61External monks are people of QFII trading gold on the left a-share market
Monthly sale of dependencies between various types of institutional investors, QFII Fund is negative, and social security funds, insurance companies are related. From the perspective of transaction characteristics, QFII investment features with low high buy, sell, trade direction and trend of the market must be inversely correlated. From the beginning of 2007 until the end of June 2011, QFII all yearA weighted average of the rate is 1.84
tera gold, well below the market average of 4.05. In addition, in 2008 during a market decline, QFII year Exchange rate rose from 2.27, promotes active market trading. From the beginning of 2007 until the end of June 2011, CSI 300 index market value share of the a-stock negotiable market value averaging 67%, QFII hold all CSI 300 index stocks worth on average 87%, 20% above market level. Since 2002, the qualified foreign institutional investor (QFII) into the a-share market for nearly 10 years, 10 index of zero per cent, QFII has doubled profits in the same period 1 time. Taking into account the scale in 2007 bull market period of QFIIExpanded from $ 10 billion in 2005 to us $ 30 billion, in 2002 and 2003 into the a-share market's QFII profit more. QFII trade data released by regulators found that the QFII sale of negative correlation with domestic public placement Fund, consistent with the sale of social security funds, insurance funds, and the sale of QFII and marketChange negative relationship. Access of QFII from 2003 to 2011 holdings may also prove the rule. Securities times reporters learned, because of the QFII don't care about relative ranking, more concerned with long-term investing, value investing, so dare to transactions on the left. QFII into a shares two birds with one stone QFII into the a-share market, in addition to the saleOutside of stock investment earnings, sit back and enjoy a stronger currency is an important factor, which is ignored by many factors. Rongtong Fund Assistant General Manager Chen (Twitter) says, QFII investment is to be absolute returns, from the 2005 reform to the present, appreciation of the Renminbi against the dollar more than 30%, an average of something like, only appreciation of the Renminbi to QFII proceeds of more than 4%. Chen Xiaosheng said domestic funds out to sea in the future, have to learn this, national capital appreciation potential, stock gains in addition to, you can sit back and enjoy the benefits of currency appreciation. Upholding the value of investments from the perspective of public information, on the investment over the past 10 years QFII tend to select industry leaders,Stick to value investing, stock selection approach, follow the investment in industrial development. In July 2003, the first QFII Switzerland buy, Baosteel, China Development Bank announced, ZTE, top set box in Hong Kong, namely transport, domestic iron and steel industry, foreign trade share of industry leaders in the communications industry, at the same time, not including header for the second-tier blue chips in Hong Kong on and the rest are excellent performanceUnscrupulous market blue chips. 2003 annual report of listed companies, QFII Switzerland banks move into Pudong Development Bank, Hong Kong, Tianjin, Shandong gold, gold, gold Queen shares, a number of blue-chip stocks, Goldman Sachs buy Yangtze power, Deutsche Bank bought the CITIC Guoan, ZTE. From 2004 to 2006, Baosteel, the Pudong Development Bank, Chunghsing passes, Chun wah leading is still the favorite of QFII in heavy industry and other trades. According to the regulator, from the beginning of 2007 until the end of June 2011, CSI 300 index market value share of the a-stock negotiable market value averaging 67%, QFII CSI 300 index stocks all of the average market value of 87%, 20% above market level. In addition toOther than value investing, a preference for blue-chip stocks, holding the industry roadmap is QFII strengths. Three quarter and four quarters of 2008, Deutsche Bank, Yale University, the Bill and Melinda Gates Foundation, Switzerland Bank 4 QFII weight cartridge holds a midea electric appliances. In the eyes of investors in General, home appliance industry is a competitive overproduction, not worth investmentFunding, these appliances of QFII has adhered to the United States. Midea electric appliances shares minimum compound exercise price of $ 175 from 2008 to early 2011 top compound exercise price of $ 843 shares up nearly 4 times. By the end of 2011, electric top circulation of QFII withdrew from the US list of shareholders, into a retreat, where is the secret behind? Shenzhen venture capital firmsInvestment Director, said past QFII cartridge midea electric appliances an exception lies in China's real estate boom, electrical appliance unit, such as collective enjoyment of the beauty of the property party, currently the positive downward trend in real estate, QFII and gradual reduction of the United States of electrical appliances. Investment process strictly on the surface, QFII obtained success thanks to uphold the value of investment, fromActual operation, a set of strict rules and regulations of the QFII system guarantee of success, such as focusing on corporate governance, not random decisions, do not listen to the message. It is understood that the operation of QFII in stock investment
tera power leveling, investment methods broadly fall into two categories, one is the QFII team is responsible for the investment and the other is delegated to one or more agencies specifically responsible for investment, delegates votedFunded organizations is often a domestic fund companies, its initial business tend to come from its foreign shareholders or related parties, such as Fortis Bank of QFII is handed over to the Admiralty through joint venture company in China to take care. Shanghai Chen Jialin sea Fortis investment Managing Director is responsible for the operation of QFII Fortis Bank "Fund of the Yangtze", December 17, 200433 months of September 30, 2007, total return of 550%, he managed the Fund maintained a lower exchange rate, between 2005 and 2007 changed hands at an annualised rate of less than 100%. Chen Jialin said when interviewed by reporters, QFII starting point is in the long term investment, natural exchange rate is not high. QFII on stock selection is strictlyThe processes and requirements, risk control and more attention to fundamentals, rather than based on trends and news. In addition, the QFII more attention to governance
tera power leveling, said Chen Jialin, in the sea, he served as QFII fund company Fortis of Fortis shares when fund managers, stock selection is an important part in the process, is to rate the governance structure of listed companies, if you do not pass the exam cannot be GeithnerThe investment portfolio. QFII also attaches great importance to the valuation, if you overestimate the departure. During his management QFII Fund, the third quarter of 2007 there have been larger in the redemption, is because rational QFII investors to see the bubble. Rongtong Fund Chen Xiaosheng have today from 2005 to 2007 managed a QFII Fund of the Yellow River, he said,He managed the QFII Fund, QFII investment process and requirements are very strict. For example, no matter how bullish on a stock, the value of the unit must not exceed the net value of the Fund's 5% at the same time, no matter how bearish market, stock positions cannot be lower than the lowest 50%; exchange rate, the exchange rate of one year cannot be more than 100%. In addition, the QFII is not allowedFree decision-making, trade stocks is not allowed to listen to the message, regardless of any investment decision, you must plan well in advance, not a temporary decision on the sale, the sale of stock to give reasons. In effect, during Chen Xiaosheng in the management of the Fund, the Fund beat the FTSE Xinhua 200 index 10% about a year, at the same time, the QFII fund performance stability is much better than the publicRaise funds. Regulators published statistical data also showed that from the beginning of 2007 until the end of June 2011, all of the QFII annual weighted average of exchange rate of 1.84, well below the market average of 4.05. In addition, in 2008 during a market decline, QFII year Exchange rate rose from 2.27, promotes active market trading. Lightweight rankingsIn transactions on the left when it comes to core operating philosophy of QFII, managed a QFII fund managers tend to refer to foreign investors to fund manager's requirements and there are a lot of differences. Chen Xiaosheng said, when he managed the QFII, investors are not required to fund manager's relative ranking, investor requirements of fund managers and fund performance performance baselineMore, QFII Fund and relative ranking in the industry more than a little behind, but as long as the performance baseline can beat. Since there is no short term performance ranking of pressure, QFII investment are relatively rational and long-term, as long as the stock market investment opportunities, QFII will choose to interfere. Regulatory agency statistics, monthly from all types of institutional investors to buyThe relationship between seller and QFII Fund is negative, and social security funds, insurance companies are related. From the perspective of transaction characteristics, QFII investment features with low high buy, sell, trade direction and trend of the market must be inversely correlated. Statistics found that the period from early 2006 to June 2011, QFII net sale per month and the CSI 300Correlation coefficient of indices were mixed-0.36, known as trading on the left. Wind statistics, although in 2004, in 2005, the a-share market performance is poor, but the QFII in falling market to buy, before entering the a-share lists of top ten shares of QFII NET buy 10.26 million unit in 2003, 2005 net purchases 60.11 million shares, But in 2006 and 2007 on QFII holdings is a continuous net sales, net 79.61 million sold units in 2006, 2007 net sales of 32.9 million shares, June, 2008 a two-year operation of QFII holdings is still on the net selling in 2010 and 2011, continuous QFII NET buyIn 2011, for example, QFII key stocks to buy is the development of Huaxia Bank, double sinks, where Deutsche Bank holdings of four quarters last year of 267 million shares of Huaxia Bank, Yale University, Citi's global finance company, Merrill Lynch International overweight 980,000 shuanghui development unit, 1.93 million unit respectively, 913,000 units. �� links �� ten QFII stake amountTop of the qualified foreign institutional investor (QFII) positions are focused on, but the commonality is the preference stock market blue chips and boards, and many large consumption QFII and "" prefix enterprises, but there are a growing number of QFII started small holding property of science and technology-leading stocks. In addition, changes in positions on the 2011 annual reports of listed companies, compared withLower bodies change hands within clear, relatively stable investment operation. Switzerland United banking group: disclosure of listed company reported QFII bin holds included wuliangye, CITIC Securities, vanke a, Dong-e e-Jiao, Baoshan Yunnan baiyao and 13 stocks. From the changes in the position, compared to the increased holdings of real estate vanke a leading share in the period, reduction of wuliangye, Yunnan baiyao, EastConsumer stocks such as donkey-hide gelatin. Morgan Stanley investment management company: mainly to consumer medicine, more positions including Tsingtao, China stocks such as cars, hundreds of groups in the domain. Changes in the position, reduction of Hua domain auto and Tsingtao, increase cartridge a hundred group. Display top holdings in Shanghai last year pharmaceutical logistics and Yutong Bus, iron lung. Citi Global capital limited:Shuanghui development, the Queen shares held at the end of last year and UFIDA, overweight more shuanghui development. Display in last year, Citi Wang Fu Jing, j holdings, tasly and Nanning department store and other consumer stocks. Switzerland Credit (Hong Kong) limited: warehouse UFIDA Software at the end of last year, overseas Chinese city a, shows in the last year also holds wuliangye and Luzhou laojiao and construction shares, ShandongDrug stocks such as glass. Norway Central Bank: Norway Central Bank shareholders including steel measuring detection, Neusoft Wang XING, China stocks such as carrier and Mei ying YEUNG Sum. Positions up to the wine hongxing steel steel share, annual reports new ownership, others are science and technology service and small-cap stocks. Fortis holding nearly 20 stocks from its position preference, multiple categories such as steel, mechanical and environmental protection, including theAir power, kaidi electric power, investment, Hunan Valin iron and steel, Chengdu shares and linzhou heavy machinery.
From the position changes, kaidi electric power, air power to decrease. HSBC global asset management (HK) Ltd: China satellite, shimao shares held, China railway stock, position number as a prefix in enterprises, medium-term last year also holds four-figure extension and new dimension informationAnd small-cap stocks. Goldman Sachs Group: hold more transport and logistics stocks, including Baiyun Airport, Xiamen airport, United stationery, yueda investment, tiantan biological stock, Baiyun Airport, yueda investment holdings. Nikko asset management limited: currently disclosed in the annual reports of listed companies has not yet there they are, show held in xinfu pharmaceutical industry last year. NewThe Government investment company: investing in stocks including development and LIUGONG, Baosteel, China life insurance, the South China Sea. (Yao Bo) (Note: unless otherwise stated, shareholdings are from the 2011 annual reports of listed companies)
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