Overall, the recent market fell sharply, the measured data, the current stocks mixed open positions has shrunk by 2.30 percentage points over the previous period, position overall in the high levels since 2006, and the major fund to lighten. Analyze the reasons for the recent market decline due to joint action by the domestic and international factors. The one hand, the recent entry into the euro-zone confusion pattern of continuous phase, the overseas market fluctuations, the impact on the A shares; the other hand, the macro data market is expected to be announced May continuation of the April downturn, and repeated policy loosening, The market sentiment also have some impact. In this context, the current fund to reduce the overall position, moderate control risk.

point of view from the fund type, the current stocks mixed open positions over the previous period, both suffered shrinking. Specifically, the average positions of the open-end fund in the stock reduced from 86.88% to 84.29%, a decrease of 2.59 percentage points; the average position of the hybrid open-end fund from 74.35% to 72.51%, a decrease of 1.84 percentage points. Fund positions has shrunk three factors: First, the positions decrease in value of the shares, two fund subscription and redemption, the Fund initiative to lighten up. Study the market index, the current 800 index average points over the previous period average points down 0.60%, taking into account the decline in stock market value of the stock position will cause the passive reduction assumptions in estimating the fund’s holdings over the period fixed, ignore the purchase, redemption the impact of the CSI 800 Index was down basis, can calculate the current stock fund positions should be 86.81%, while equity funds positions is 84.29%, indicating that the stock funds to take the initiative to lighten up 2.52 percentage points. Accordingly, after taking into account the impact of market value changes, the positions of the hybrid funds should be 74.23%, while the positions of the hybrid funds estimated to be 72.51%, hybrid funds as a whole to take the initiative to lighten up 1.72 percentage points.

shares mixed fund positions offset to the low-end

in order to ensure comparability, we only compare the current and previous period to calculate the position data of 288 stock and 170 hybrid open-end fund. Can be found, the current stock hybrid fund positions are shifted towards the low end. Specifically, the current stock funds, high positions (positions higher than 90%) a significant reduction in the number of funds, a drop of 30.28%; the rest of the gear positions the number of funds increased to different degrees, of which the middle position (position between 70 % ~ 80%) the number of funds over the previous period increased by 44.19 percent, increases; in high positions (positions between 80% ~ 90%) up to fund the current number of 105, an increase of 20 over the previous period, an increase of 23.53%. Hybrid funds, the current number of middle-position the Fund up to a total of 45, accounting for 26.47% of all hybrid open-end fund;

large companies to lighten up

analysis of the positions of the top ten fund companies shares mixed open base scale data (Table 2), the average position of this issue of large fund companies was 78.83%, a decrease of 2.37 percentage points compared with the previous period. Specifically, seven of the current top ten fund companies to lighten up, 3 Masukura, which Huaan, Invesco Great Wall, the South, GF easy Fonda five fund companies to lighten up in the range of more than 4 percentage points, while Masukura Fund The company positions to enhance the rate of not more than 0.5 percentage points, 0.47 percentage points to the Lion Fund Masukura more obvious. Initiative to increase to lighten up, the situation is similar to the large fund companies take the initiative to increase, lighten up is the same, respectively, led to the Lion (0.59%) and Hua (-4.68%), the two companies. The fund company positions in the current more than 70% from 70% to 90%.