仓位剧变！去年四季度，这些基金经理选择落袋为安

Core Viewpoint - In 2025, many funds have accumulated considerable net value due to high positions in technology stocks, but there is a divergence in fund managers' views on future market trends, reflected in their varying stock position adjustments [1][2]. Group 1: Fund Position Adjustments - Over half of the 4,525 actively managed equity funds reduced their stock positions in the fourth quarter, indicating a cautious outlook among fund managers [3]. - A significant portion of fund managers has shifted focus towards high-quality blue-chip stocks and undervalued stocks due to rising risk aversion in an already bullish equity market [3]. - A fund manager from East China noted that many stocks are at historically high valuations, while leading blue-chip stocks are undervalued, suggesting a need to avoid expensive market segments and focus on profitable long-term opportunities [3]. Group 2: Sector Allocation Changes - According to Guotai Haitong's research, there was a notable shift in fund allocations in the fourth quarter of 2025, with increased investments in relatively undervalued cyclical and financial sectors, while previously high-performing technology sectors saw reductions [4]. - The report emphasizes the importance of sectors with strong earnings growth certainty, such as technology hardware, materials, and non-bank financials, while also highlighting opportunities in lower-valued sectors [4]. Group 3: Notable Fund Performance - Some funds significantly increased their stock holdings in the fourth quarter, such as the Huatai-PineBridge Hongsheng Fund, which raised its stock position from 22.94% to 68%, achieving a return of 13.48% [5]. - New funds, like the Huaxia New Starting Point, which had maintained low stock positions, increased their stock allocation to 85.23% by the end of the year, indicating a strategic shift [6]. Group 4: Flexibility of Fund Types - Flexible allocation funds have a significant advantage in adjusting their stock positions compared to traditional equity funds, allowing them to respond to market changes more effectively [8]. - These funds can adjust their stock holdings between 0% and 95%, providing them with the flexibility to mitigate risks during market downturns and capitalize on opportunities during uptrends [8]. Group 5: Cautious Strategies by Fund Managers - Some prominent fund managers have reduced their stock positions significantly in the fourth quarter, with notable decreases in funds managed by Miao Weibin and Mo Haibo, reflecting a cautious approach amid profit-taking pressures [9]. - Despite a generally optimistic long-term outlook for the A-share market, these managers are prioritizing risk management and stability in net value by controlling positions and locking in profits [9].