For The First Time In Five Years, The Public Offering Fund Has Seen Structural Opportunities Such As Negative Returns, Value Growth Stocks And So On.

The disclosure of the 2016 annual report of the public fund has been the most dismal performance in the past five years and the loss has reached 175 billion 400 million yuan in the past five years. The overall negative earnings for the first time since 2011.

Most fund managers summed up last year's performance in the annual report, saying that the stock market downturn and the end of the bull market led to a mediocre performance of the capital market.

Looking forward to the trend of stock debt market in 2017, most institutions are cautiously optimistic and optimistic about the structural opportunities such as value growth stocks.

At the beginning of 2016, the stock market faltered and the bond market fluctuated at the end of the year.

Statistics show that last year, the total losses of all types of funds were 175 billion 470 million yuan.

Among them, equity and mixed funds become large losses, losing 102 billion 918 million yuan and 198 billion 710 million yuan respectively.

Although the market size of bond funds increased significantly, but due to the impact of the debt market volatility at the end of last year, it only gained 4 billion 316 million yuan in small profits; QDII fund benefited from the commodity market rose and the annual profit was 7 billion 588 million yuan; the monetary fund still won 115 billion 349 million yuan stable income for the investors.

Despite losing profits,

Last year, the size of the fund increased significantly with the promotion of outsourcing funds. At the end of 2016, the scale of public fund shares reached 8 trillion and 220 billion, representing an increase of 740 billion from 7 trillion and 480 billion in 2015, an increase of 9.9%.

Among them, as the main fund of the outsourcing fund, the scale of bond funds increased the largest, and the share size reached 1 trillion and 462 billion 473 million in 2016, compared with that in 2015, the scale increased by 66.79%.

However, in the new scale of debt base, the ordinary base people are "absent", and the structure of fund holders is pformed into institutional ownership as the absolute leading.

The share of holdings fell from 28% at the end of 2015 to 18% at the end of last year.

The bank fund company has become the market winner under the weak market.

Statistics of 108 fund companies, less than 40% of the company's total fund profits.

In addition to having the largest monetary fund balance, the Celestica fund has become the most profitable fund company with the overall profit of 18 billion 990 million yuan, and the other fund companies, such as Jianxin, Xingye, xingyin and Shanghai Bank, all benefited from last year's banking outsourcing market, and the overall profit is above 1 billion yuan.

Traditional fund companies such as Wells Fargo, Yi Fangda, Hui Tianfu, and harvest are among the top losers. Their total losses are over ten billion yuan.

From the perspective of fund managers revealed in the annual report, most fund managers are cautious.

2017 quotes.

Zhang Feng, a fund manager of NGO's state-owned enterprise reform, expects that there will be a certain market in early 2017.

As the overall monetary environment in 2017 will tend to tighten, the overall pressure of 2017's valuation contraction is greater.

At the same time, the continuous acceleration of IPO has led to the increasing supply of new shares, which is relatively unfavourable to small stocks. Therefore, in 2017, we will try to avoid the industry that depends on the expansion of valuation.

Liang Hao, manager of Penghua emerging industry fund, believes that the market will return to the fundamentals in 2017, and will continue to maintain the investment style based on the fundamentals and intrinsic value of enterprises. Both growth stocks and value stocks will have the opportunity. The premise is that these companies are basically well oriented, and the earnings growth is steady and sustained, and the valuation is reasonable.

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