2024-03-12 01:55:20
Author: He Kui
Recently, insurance funds have significantly subscribed to equity assets allocated to the CSI A50 ETF, which has attracted market attention. Judging from the Ping An CSI A50 ETF and Morgan CSI A50 ETF that have completed subscription, among the top 10 fund share holders of the two ETFs, insurance capital accounts for nearly half.
For example, 4 of the top 10 fund share holders of Ping An CSI A50 ETF belong to the “Ping An family”, among which Ping An Life holds the highest proportion of the fund shares, accounting for approximately 20.91%; 4 companies including China Pacific Insurance Life Insurance and Guohua Life Insurance Insurance capital holds a total of approximately 7.76% of the shares of Morgan CSI A50 ETF.
Why do insurance funds favor the newly listed CSI A50 ETF? An equity investment manager of a small and medium-sized insurance asset management institution in Shenzhen told a reporter from the Shanghai Securities News that the CSI A50 Index, as a large-cap style index, mainly selects listed companies from various industries that are among the best in terms of market value, profitability, etc. as samples, and uses them as investment indicators. ETFs also mainly hold core assets, which matches the need for stable and long-term allocation of insurance funds.
“Especially in the current context of increased volatility in the capital market, the overall valuation of core assets in the market is already at a historical bottom range, which has a strong anti-risk effect. It is expected that the subsequent listing of several A50 ETFs will also be sought following by insurance funds. .” said the above-mentioned investment manager.
Among the net value proportions of Ping An CSI A50 ETF and Morgan CSI A50 ETF, core asset-intensive industries such as manufacturing and financial industries account for a relatively high proportion. Among them, the net asset value of the manufacturing and financial industries of Ping An CSI A50 ETF accounted for 55.63% and 15.01% respectively; the net asset value of the manufacturing and financial industries of Morgan CSI A50 ETF accounted for 52.88% and 14.21% respectively.
According to industry insiders, the deployment of CSI A50 ETF related products is mainly a passive investment strategy for insurance funds to cope with the current uncertain environment. In fact, in recent years, while insurance funds have reduced the proportion of equity investments, they have also been adjusting the internal allocation ratio of equity assets. The addition of such broad-based index funds can better avoid risks.
Looking forward to the future performance of the equity market, the relevant person in charge of Taikang Asset said that the current equity market is undervalued and will have a positive impact on the subsequent performance of the stock market. Equity assets have a relative cost-effectiveness advantage in the allocation of major asset categories. Most industries are currently undervalued, with cyclical, financial and real estate valuation quantiles being even lower.
“From a macro policy perspective, regulators’ attention to the market and policy efforts have increased significantly.” A relevant person in charge of Taikang Asset said that recently, regulators have continued to introduce encouraging policies related to the stock market, from strengthening the supervision of securities lending to encouraging Mergers, acquisitions and reorganizations, and Huijin’s eventual direct exit to expand the scope of ETF holdings have shown a strong willingness to maintain the stability of the capital market.
(Editor: Xu Nannan)
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