repeatedly shouted blue chip companies underestimate the value of the 2011 fourth quarter funds began to enter substantive large-scale action of transfer positions, substantial buying in banking stocks, consumption, stocks, etc. underestimate the value of the stock.
buy blue chips at the same time, various funds Masukura is not obvious, this also shows that the public fund holdings of some of the small-cap stocks. According to statistics, the end of the fourth quarter of 2011, closed-end funds average position of 72.97% ring than the rise of 1.67 percentage points, open-ended equity fund average position of 83.30%, than the Central rose by 0.50 percentage points, open-hybrid funds average position is 75.15%, a decline of 0.17 percent.
buy Erie shares of

According to the statistics of the Wind Information, before the end of the heavily loaded with holdings in the fund last year’s fourth quarter top ten The number of Erie shares (600,887) and Luzhou (000 568) for new entrants into the Awkwardness, in the fourth quarter of 2011 respectively to fund holdings, to 8975.43 million and 3564.72 million shares.
which 119 funds totaling largest holding of Erie shares of approximately 629 million shares, accounting for the proportion of outstanding shares and 39.62%, while the corresponding market value of shares was 12.848 billion yuan, accounting for the net asset value of the Fund is 0.59% ; Luzhou total of 88 funds largest holding about 271 million shares, accounting for the proportion of outstanding shares of 37.94%, the market value of shares was 10.124 billion yuan, accounting for 0.46% of the proportion of the net asset value of the Fund.
significant increase in performance, the Erie shares in the third quarter of 2011 to get the favor of the Fund. Wind information according to statistics, the Fund in the 2011 third quarter total of holdings 106 million shares of Erie shares. At the same time, in June last year, its share price came due to network related bad news crash after all the way up.
compared to third quarter 2011, household appliances share the Gree Electric Appliance and Suning Appliance fell out of the fund’s top ten Awkwardness. Fund in the fourth quarter of last year, respectively, reduction of Gree Electric Appliances (000 651) and Suning Appliance (002024) 1 006 million and 127 million shares.
favor bank shares

2011 fourth quarter stock market continue to sell, but partial shares of the Fund’s overall position does not fall but rise, showing the whole of the Fund were bargain jiacang operation. Statistics show that as of the end of 2011, including equity, hybrid and closed-end funds, including the 458 comparable positions of partial shares of the Fund as a whole reached 78.46 percent, rose by 0.28 percentage point, taking into account the 2011 fourth quarter of the CSI 300 Index or 9.13 percent, fund contrarian jiacang the action significantly.
is worth mentioning that the bank shares in 2010 with the start of the real estate regulation,wow gold, the banking stocks have been the reduction of the Fund, but after going through an adjustment, has a sufficient margin of safety to underestimate the value of inducements fund companies began to increase the intensity of the holdings of bank shares.
the end of the fourth quarter of 2011, in the fund Awkwardness of the top ten listed companies,wow gold, of which there are four bank shares, respectively, the China Merchants Bank (600036), Minsheng Bank (600016), Shanghai Pudong Development Bank (600000) and Industrial Bank (601166).
the four banking stocks in the fourth quarter of last year’s substantial holdings of the fund company, the number of holdings were 292,000,000 shares, 292,000,000 shares, 164,000,000 shares and 5474 shares. As of late last year, holding the total amount of funds are heavy 2.388 billion shares, 3.101 billion shares 1.72 billion shares and 15.56 million shares.
Wind Information statistics, as of December 31, 2011, the Fund held by the market value of the finance and insurance accounted for the net assets of the Fund to 9.44% as of September 30, 2011, the proportion of 8.98%.
In addition, other companies in the top ten in the fund Awkwardness were Moutai (600519), Wuliangye (000 858), Ping An of China (601318) and Vanke A (000 002). Which, in addition to Wuliangye holdings of 4139 shares of the remaining stock holdings of the fund. It should be one, Vanke A,wow gold, in the fourth quarter of last year, 270 million shares of holdings, as of late last year, 123 funds held by a total of 1.746 billion shares of China Vanke A.
worrying about the small cap

In fact, the Fund’s annual report, a number of fund managers have indicated that the market underestimated the value of blue chip favor.
Hua An Fund chief investment officer of Shang Zhimin, China Hongli Fund 2011 Four Seasons reported that in 2012 will face a slowdown in economic growth and liquidity of the marginal improve the coexistence of A-share overall valuation has come to history low unilateral decline is expected to end. The Fund will be in the position configuration to maintain the relative Fund attitude. However, the valuation of small and medium-sized stocks at a relatively high cap stocks, especially banks, utilities, mining, real estate, driving down the overall valuation levels, the size of the disk unit PE valuation of the polarization trend is clearly the future demand for the return. The allocation of the Fund is to underestimate the value of the cap blue chip. Yawei,
China Fund, believes that monetary policy no longer continue to tighten, but directed easing will not help ease the surface tension of the situation of the overall market funds. Expansion and long-term lack of money effect the stock market continues to lead to market confidence to be a greater blow to the the index Powei hit a two-year low, in which a high valuation in the small cap growth stocks down results are generally lower than expected, and the blue chip underestimate the value of traction, with larger decreases.

after prior period adjustments, the long-term investment value of the stock that gradually revealed, but the restoration of market confidence still takes a long time.
another investment experience over 10 years of fund managers HSBC Jinxin Lin glowing and looking forward to 2012, the general tone of the slowdown and earnings decline and the negative impact for the A-share market is already in the bottom area of ​​extreme historical valuation, the expected negative factors has been the vast majority of existing stock in the future along with policies to improve mobility improvement and real interest rates decline in the valuation at the bottom of the A-share market will gradually tend to optimism throughout the year to see the market hub is expected to re-rising.