主动权益基金操作分化 这厢加仓猛干那厢落袋为安

Core Viewpoint - In the third quarter, public funds showed an overall trend of increasing positions in equity assets, particularly in the TMT (Technology, Media, Telecommunications) and power equipment sectors, amidst a rising technology stock bull market [1][2]. Fund Positioning - Public funds have raised their risk appetite, with an average stock position of 83.28% by the end of Q3, an increase of 2.13 percentage points from the end of Q2. Mixed open-end funds had an average position of 82.15%, up 1.24 percentage points, while stock open-end funds reached 90.14%, an increase of 2.26 percentage points [2]. - The concentration of holdings in public funds has increased, with stock open-end funds and mixed open-end funds seeing concentration levels rise by 0.94 and 2.1 percentage points to 56.81% and 57.72%, respectively [2]. - By the end of Q3, 27 fund companies had products with an average stock position exceeding 90%, with Allianz Fund, Zhuque Fund, and Fidelity Fund all exceeding 94% [2]. Fund Performance and Strategy - Active equity funds have shown a simultaneous rise in market value and growth style preference, while value style has declined. The TMT sector received increased allocation, with power equipment, new energy, and non-ferrous metals also seeing significant increases, while reductions were mainly in consumer, financial real estate, and manufacturing sectors [3]. - Several funds, such as Huaxia Panyi and CITIC Jianfu, had stock positions exceeding 99%, with others like GF Multi-Factor and E Fund Blue Chip Selection also maintaining high positions [4]. - Notably, the Wanji New Opportunities Value-Driven Fund increased its stock position from 22% at the end of Q2 to 93% by the end of Q3, reflecting a significant shift in strategy towards technology and defensive stocks [4]. Market Sentiment and Caution - Fund managers expressed a cautious sentiment, adjusting their portfolios to reduce exposure to dividend stocks while increasing positions in domestic technology chains due to the surge in AI demand [5]. - Some funds, despite the overall bullish trend, opted to lock in profits by reducing their positions as the market approached the 4000-point mark. For instance, Huashang Fund reduced its stock position from 90% to 51% by the end of Q3 after achieving a quarterly gain of approximately 48% [7].