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发生了什么?部分ETF“空仓”上市

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本帖最后由 设计二部 于 2021-7-29 10:07 编辑



7月以来,A股弱势震荡,整体情绪较为低迷。交易型开放式指数基金(ETF)建仓也多开启“防御模式”,新上市ETF平均仓位不足两成,部分基金空仓上市。


业内人士认为,基金经理建仓趋于谨慎,应是基于对市场中期继续弱势调整的预判。多位基金经理直言“建仓难”,尤其是新能源、半导体、医药主题基金,赛道估值处于高位,调整压力之下基金很难出手。


ETF上市平均仓位15%

进入7月份以来,前期密集成立的ETF开始陆续上市。被动投资的指数基金为尽快跟踪标的指数,通常会以较快速度建仓。然而,从公告的上市前仓位来看,ETF基金经理在市场震荡之际建仓相当缓慢。


Wind数据显示,截至7月28日,本月以来已有37只股票型ETF上市,绝大多数为行业主题类指数产品,聚焦新能源、新材料、电池、生物医药、物联网等细分赛道。这些新上市的ETF多成立于6月下旬及7月上旬。


ETF上市交易前要发布公告, 37只ETF上市前平均股票仓位仅为15.31%,与所要求的仓位水平相差较多。


昨日,申万菱信中证内地新能源ETF上市。截至7月21日,该基金股票投资占基金资产净值的比例仅为0.34%,前五大重仓股为锦浪科技、璞泰来、隆基股份、晶澳科技、大金重工。同日上市的平安中证新材料ETF,截至7月21日的股票仓位仅为8.03%。


此外,7月19日上市的易方达中证医疗ETF,截至7月12日其股票仓位仅为0.53%。7月15日成立的富国中证旅游主题ETF于7月23日上市交易,截至7月16日,其股票仓位为7.27%。还有部分基金上市前仓位为0,如嘉实中证电池主题ETF、国泰中证科创创业50ETF。银华中证800汽车与零部件ETF、天弘国证生物医药ETF、国泰中证有色金属ETF、富国中证ESG120策略ETF等10多只基金上市前仓位也不到一成。即使建仓最积极的股票ETF,其上市前仓位也未超过60%。


基金经理感叹建仓难

次新基金的建仓速度一直与市场环境密切相关,下半年波动加剧的市场行情也令次新权益ETF建仓趋于谨慎。面对达到历史高位的估值分化,不少基金经理感叹“建仓难”。


“按照今年2月起实施的指数基金新规要求,指基要在上市前完成建仓。”一位基金公司人士表示,ETF上市交易公告书一般在上市前几天发布,其中披露的仓位并非上市当日数据。如果严格按照新规,公告仓位较低的ETF要在非常短的时间内完成建仓。一些近期上市的ETF发布公告书称,上市前,基金管理人将使基金的投资组合比例符合有关法律法规和基金合同的约定。


记者注意到,有一只ETF产品发售时,其推介材料提到“相关标的在经过短期回调后估值已处于合理区间,基金迎来建仓良机”,但最终表现出来的建仓速度与此前的研判有所出入,该基金上市前仓位不足10%。也就是说,至少在该ETF成立到上市的20天中,基金管理人并未等到其认为合适的配置时机。


除被动指数型基金外,主动权益基金近期的建仓节奏也明显放缓。数据显示,截至7月28日,7月以来成立的主动权益基金中,净值涨跌幅在3%范围内的占了八成,建仓比例都不大。比如廖瀚博管理的长城竞争优势六个月持有基金,成立以来回报为-0.1%。


对于新基金的投资操作,不少基金经理都有“高处不胜寒”之感。北京某基金经理表示,虽然食品饮料、医药等消费板块经过回调,估值有所消化,但仍处于较高分位,在投资节奏上还不容放松。


采访中,基金经理多次提及“精细挑选和控制风险”。


有基金经理表示,近期政策面因素以及疫情反复对股市债市的影响都比较大。此外,公募等机构资金存在调仓需求,也会影响板块股价。行业方面,新能源、半导体等板块的估值百分位处于高位,短期有一定的调整压力。“我们在配置资产时,会把风险控制放在第一位,不奢求过高的超额收益,新基金的建仓节奏会视市场行情变化而定。”


华南一位成长风格基金经理表示,市场波动无法精确判断,还是要选择均匀、逐步建仓策略,但会在跌幅较大的情况下加大建仓力度。“投资中很多时候‘慢就是快’。对于新基金会谨慎建仓,构建安全垫,不要让投资者亏钱。然后等待机会长期稳定地赚钱。”


也有业内人士表示,当前择股须重视性价比,需要对建仓节奏把握得更加精细,但也并非放弃看好的赛道,且A股市场也并没有到“贵无可买”的境地。


信达澳银领先智选基金经理冯明远表示,市场震荡,新基金会采用相对保守的匀速建仓策略,主要的配置方向会集中在电子、新能源、计算机、有色和通讯等领域以及少部分周期类公司。




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