American funds are an important part of the global fund market.Avetlx63mcraptorIt reached $26 trillion in the fourth quarter of 23, comparable to the all-time high of market capitalization in the fourth quarter of 21. Which A shares, Hong Kong stocks and US-listed stocks are the key holdings of US funds? Does the US fund show the ability to select stocks for different regions? What is the overall size and global layout of US funds? This issue of the U. S. fund big data analysis will be based on the Wind included a full range of U. S. fund position data to do in-depth analysis of the above issues.
Us funds'A-share holdings
The A-share TOP3 held by American funds in the fourth quarter of 2023 are Guizhou Moutai, Construction Bank and BYD respectively. Comparing the ranking of the market value of stock holdings with that of stock circulation in the same period, the focus of American funds is over-allocated to China Construction Bank, Tsing Tao Beer and Fuyao Glass.
In the fourth quarter of 2023, the top three market capitalization of US funds to increase their A-share holdings are Construction Bank, Guizhou Moutai and Weichai Power. The stocks with the largest increase in holdings in the fourth quarter of 23, the rise and fall in the first quarter of 24 showed that the median return of the top 20 A shares reached 10%.Avetlx63mcraptor.37%, better than Shanghai and Shenzhen 300's return of 3.6% in the first quarter. Of the top 20 A shares with the largest increase in holdings in the fourth quarter of 23, 14 earned better than Shanghai and Shenzhen 300 in the first quarter, with a relative winning rate of 70%.
From the perspective of the industry distribution of A-shares held by US funds, it is mainly concentrated in the financial, industrial and daily consumer industries, accounting for 23.7%, 15.62% and 15.4% of the market capitalization respectively. Compared with the proportion of the total market capitalization of the A-share market in the fourth quarter of 2023, the industries with the largest overallocation of funds in the United States are finance and daily consumption.
Hong Kong stocks held by US funds
The Hong Kong TOP3 held by US funds in the fourth quarter of 2023 were AIA (01299), Tencent Holdings (00700) and Alibaba-SW (09988). Compared with the ranking of the market value of stocks held in the same period, American funds focus on the overallocation of PetroChina shares (00857), Pharmaceutical Biology (02269) and Changshi Group (01113).
In the fourth quarter of 2023, the top three US funds focused on increasing their holdings of Hong Kong stocks were AIA, Tencent Holdings and the Hong Kong Stock Exchange. Judging from the rise and fall of the largest increase in holdings in the fourth quarter of 23 in the first quarter of 24, the median return of the top 20 key Hong Kong stocks was-2.81%, which was very similar to the Hang Seng Index's yield of-2.95% in the first quarter. Ten of the top 20 Hong Kong stocks that increased their holdings the most in the fourth quarter of 23 earned better earnings than the Hang Seng Index in the first quarter of 24, with a relative victory rate of 50%.
The industries holding Hong Kong stocks from US funds are mainly concentrated in optional consumption, finance and information technology, with market capitalization accounting for 25.67%, 25.28% and 17.32%, respectively. Compared with the proportion of the total market capitalization of the Hong Kong stock market as a whole in the fourth quarter of 2023, the industries with the largest overallocation of funds in the United States are optional consumption and information technology.
The situation of US funds holding US-listed stocks
The TOP3 of US funds held by US funds in the fourth quarter of 2023 are Alibaba, pinduoduo and Baidu. According to the ranking of the market value of stock holdings, compared with the ranking of the market value of stocks in the same period, American funds have significantly overmatched Shuodi Bio.
In the fourth quarter of 2023, the top three US funds focused on increasing their holdings of US-listed stocks were Alibaba, pinduoduo and Ctrip Group. Judging from the rise and fall of the largest increase in holdings in the fourth quarter of 23 in the first quarter of 24, the median return of the top 20 focused holdings of China-listed stocks was-6.71%, which was weaker than the return of the Wande China-listed 30 index in the first quarter of-0.29%. Only 7 of the top 20 Chinese stocks with the largest increase in holdings in the fourth quarter of 23 earned better earnings than the Wande Chinese index in the first quarter of 24, with a relative victory rate of only 35%.
Judging from the industry distribution of US funds holding US-listed stocks, they are mainly concentrated in optional consumer industries, accounting for 69.48% of the market capitalization respectively. Compared with the proportion of the total market capitalization of the Chinese-listed stock market as a whole in the fourth quarter of 2023, the industry with the largest overallocation of funds in the United States is health care.
The situation of US funds holding US stocks
The TOP3 held by American funds in the fourth quarter of 2023 are Microsoft, Apple and Amazon respectively. The US stock market is a market with high participation of institutional investors. The distribution of US fund positions is very similar to that of the S & P 500, and there is no significant overallocation.
In the fourth quarter of 2023, the top three US funds focused on increasing their holdings of US stocks were Microsoft, Eli Lilly and Broadcom. Judging from the rise and fall of the largest increase in holdings in the fourth quarter of 23 in the first quarter of 24, the median return of the top 20 focused U.S. stocks was 12.59%, slightly better than the 9.85% return of the S & P 500 in the first quarter. 12 of the top 20 u.s. stocks that gained the most in the fourth quarter of 23 earned better earnings than the s & p 500 in the first quarter of 24, with a relative victory rate of 60%.
Judging from the industry distribution of US stocks held by US funds, they are mainly focused on information technology, optional consumption and health care, with market capitalization accounting for 32.86%, 13.13% and 12.41%, respectively.
The trend of Fund size in the United States
Judging from the overall size trend of US mutual funds (including ETF market capitalization), the overall size in the fourth quarter of 2023 exceeded $26 trillion, similar to the peak market capitalization in the fourth quarter of 21. According to the fund category, equity mutual funds have the largest market capitalization of more than $18 trillion, followed by bond funds with $5.28 trillion and hybrid funds with a market capitalization of $2.54 trillion.
According to the separate statistics of ETF market capitalization, the size of US ETF has exceeded 10 trillion US dollars in the fourth quarter of 2023, accounting for 38 per cent of the total mutual fund size. Among them, the stock ETF is $8.33 trillion, and the rest is mainly bond ETF, with a market capitalization of $1.5 trillion.
Asset allocation of American funds
According to the data for the fourth quarter of 2023, most of the assets of US funds are distributed in equities, bonds and cash, accounting for 82.45%, 14.56% and 2.37%, respectively.
Regional allocation of American funds
According to data for the fourth quarter of 2023, US funds' holdings are still concentrated in the US, accounting for 78.74 per cent. The allocation outside the United States is relatively scattered, accounting for only 2.63% and 2.43% of the two regions with the largest proportion of allocation: Japan and the United Kingdom. China's Hong Kong and Chinese mainland accounted for 0.65 per cent and 0.16 per cent respectively, while India accounted for 0.85 per cent.
As shown in the chart below, according to the market value of US funds' holdings outside the US, Japan has the highest market value of $438.7 billion, followed by the UK with $404.8 billion, followed by France, Canada and Switzerland respectively. India ranks ninth with a market capitalization of $142.1 billion. Taiwan ranked 10th with a market capitalization of US $138.6 billion, Hong Kong, China ranked 12th with a market capitalization of US $107.7 billion, and Chinese mainland ranked 21st with a market capitalization of US $27.8 billion.
This article is transferred from the official account of Wechat: win Wande. Zhitong Financial Editor: Zhang Jiwei.