In the increasingly volatile market environment, investors risk aversion is rising, a large number of funds have returned to the currency ETF, and the liquidity shows a blowout trend. Taking Huabao Tianyi, the largest monetary ETF in the two cities as an example, on July 24, Huabao Tianyi ETF rose 0.01%, and the closing price was 100.026 yuan. The net value of Huabao Tianyi has exceeded 100 yuan for 13 consecutive trading days, and the turnover rate is 19.37%. It is worth mentioning that the daily turnover of Huabao Tianyi ETF reached 16.946 billion yuan, a new high in nearly a year.
As a cash management tool of exchange fund, the change of ETFs flow reflects the market sentiment to a certain extent. In fact, after the beginning of the rising market in early July, the outflow of ETF fund shares was obvious and the investment entered the market. However, after the Shanghai Composite Index reached a new high on July 13, the total share of currency ETF showed a return trend.
Looking forward to the third quarter, Wang Shuli believes that the direction of economic recovery is expected to continue. On the whole, the pattern of supply and demand tends to improve, the economic probability rate continues to repair; monetary easing is converging, and monetary policy may gradually tend to normalize. Under this background, the downward space of return on short end assets is limited, and the portfolio will adopt a neutral defensive strategy, with liquidity safety as the first priority in operation, and high liquidity assets as the main allocation to maintain portfolio flexibility.
Source: Yang Qian, editor in charge of China fund daily_ NF4425