Specifically, at the end of the second quarter, the market value of CITIC Ritais holding Yitong Century accounted for 17.35% of the net assets of the fund, which was a fund with more overstated shares. However, according to the funds Second Quarterly report, holding Yitong Century is mainly due to participation in private issuance and exceeding the limit.
In the second quarter, there was also a collective overshoot of the value of the heavy stock market held by some funds. For example, in the end of the second quarter, the market value of Anjing Food and Antarctic E-commerce held by China and Europe accounted for 10.58% and 10.1% of the net assets of the fund. The same situation also appeared in the consumption theme of China and Europe. Guangfa Medical Care in the end of the second quarter in the first three warehouses were Changchun Gaoxin, Wushu Biology, Er Ophthalmology, holding market value of the net assets of the fund were slightly more than 10%. In addition, at the end of the second quarter, Penghua Industry held Maotai, Shuijingfang and Wuliangye in Guizhou, and the market value of three stocks accounted for more than 10% of net value.
On the whole, except for some passive overshoots, most of the overshoots at the end of the second quarter are due to the lack of timely reduction of fund holdings, which in this case the extent of overshoots is relatively small. The data show that there are 58 cases in which the fund holds a single stock, accounting for more than 10% of the net value, but less than 11%, accounting for 95% of the total overrun. On the one hand, the overshoot of shareholding was related to the market judgment of fund managers at that time, on the other hand, the redemption of funds also had a significant impact. It is understood that, according to the regulations, if the excess stock has liquidity, it must be reduced within 20 trading days.
According to the reporter of the Securities Times, companies attach great importance to the red line of fund managersshareholding, and often have systematic monitoring. Once the market rises, leading to the sudden overshoot of heavy positions, the regulatory and auditing departments will promptly notify fund managers to adjust their positions. Since this year, the funds slight overshoot has been prominent, which is also related to the fund managersvery positive attitude towards some stocks, such as Ping An, Changchun Gaoxin, Luzhou Laojiao, Wuliangye and other white horse stocks.