Last week, the A-share market became more and more painful.

In the face of continuous adjustment, many investors cannot hide their emotional fluctuations - some people have "flattened", some people plan to increase their positions, and some people resist risks by diversifying their positions.

In the eyes of some investors, a sharp correction may mean more investment opportunities in the market.

Recently, a number of public and private fund managers announced high-profile increases in positions, or took the opportunity to deploy new funds.

　　Investor mentality fluctuates

　　"Recently, I need to appease many clients. Investors and Christians are very anxious. As soon as the market falls, they come to ask me what to do." Xiao Liu, a wealth consultant of a securities firm, told a reporter from China Securities Journal that most individual investors have been "anxious" recently. ".

　　She revealed that many old customers who entered the market last year have experienced 10%-25% floating losses, and they have not dared to actively recommend funds to them recently.

"We pushed funds to old clients last year, but now the old clients are still being 'set', and it is useless to push new products to them now." Xiao Liu said with a wry smile: "I dare not recommend funds to new clients. We are also not sure whether the market will continue to adjust, and if people lose money, the little trust that has just been established will be shattered. After all, in the face of losses, all explanations are pale.”

　　In the face of the volatile market, Christian Democrats are generally frustrated.

The "post-80s" Jimin pony, after listening to the recommendations of colleagues, friends and account managers last year, successively bought more than a dozen funds, some of which are themed funds managed by top fund managers.

However, after holding for more than a year, there are still many varieties of floating losses of more than 20%.

She sighed: "It's embarrassing to cut it; it's painful not to cut it. As an old investor with many years of investment experience, I didn't expect to be 'planted' in a fund."

　　Jimin Xiaoli, who is in a similar situation to Xiaoma, said that his investment experience in the past year has changed his mentality significantly.

In 2021, in his perception, "following the trend and buying up" can make money, "enter the market quickly, tap market hot spots and buy quickly to make money."

However, the market situation in 2022 has hit him hard. "The themed funds such as liquor and medicine that I bought have left a 'psychological shadow' on me, and I will not dare to buy themed funds in the future."

　　Not only Christians are anxious, but the mood of fund managers also fluctuates with the market.

A number of public and private fund managers told a reporter from China Securities Journal that there has been a lot of psychological pressure recently.

A private equity person said: "This year's retracement is relatively controllable and I can still bear it, but now my mood is very fluctuating." When the market adjusted sharply last week, he posted 26 Weibo to express his feelings.

He also recounted his mental journey of "collapse" on March 9: "My mentality was relatively good in the morning, but when I saw the mood of everyone in the WeChat group at noon, I knew that the situation was wrong. Then in the afternoon, I saw the market. The trend, people are dumbfounded all of a sudden."

　　Some people are anxious, and some people simply "lie down".

A fund manager said bluntly: "I haven't been able to reduce positions recently, and I don't have the money to increase positions. I can't predict, so I can only just 'lie down and carry on' and hope that growth stocks will gradually digest their valuations." He also believes that the quality and performance of the growth stocks in his investment portfolio can be "sustainable".

He is not pessimistic about the market outlook: "It will definitely stabilize this year."

　　There are also fund managers who deal with risk by diversifying their positions.

Some public fund managers said that since August last year, the difficulty of investing has increased sharply, and the market has entered a game state, and the logic has evolved to "look at both the long-term and the short-term."

From the perspective of long-term logic, there is no worse expectation in popular sectors, and the valuation of some tracks is high, and there are opportunities only in narrow fluctuations; short-term logic requires catalysts, and has extremely high requirements for stocks, and companies need to have high growth characteristics. It can't have any flaws, it's hard to find such a target.

"My response strategy is to diversify investment on the basis of selecting individual stocks, to six or seven industries, and at most ten industries." He recently judged that the market style has evolved to pay more attention to short-term logic, resulting in large fluctuations in the stock price of individual stocks. .

To reduce risk, he further spread out his positions.

"Last year, there were many 'non-mainstream' stocks in my holdings, but the liquidity was relatively good. However, since December last year, the holdings have become more dispersed, and there are many small and medium-sized stocks in the holdings. dropped."

　　Some fund managers increase equity positions

　　The continuous volatility of the market has made investment more difficult, but at the same time, the popular track with high valuations in the early stage has fallen out of the "golden pit", and many fund managers have taken the opportunity to make arrangements.

Last week, on one of the most volatile trading days in the market, some private equity players have made a high-profile statement that they have seen many investment opportunities as the market adjusts.

　　Liang Hong, founder of tens of billions of private equity Shiva, said: "I see gold in one place. But many investors emphasize risks to me. I only know that the things I want to buy are cheap now. The risks they talk about are only possible fluctuations. , or the reason for the decline at this stage is not the value and prospects of the company itself." Liang Hong also said that volatility is not a risk, and misunderstanding the fundamentals is a risk.

　　Gao Yuncheng, managing director of Jinglin Assets, posted on WeChat Moments: "If you really think that the shares you buy are part of the company, and if you really think that part of these companies is the business and assets you own, then pay attention to the business itself. Variety."

　　Some fund managers have quietly increased their equity positions.

A growth-style public fund manager told a reporter from China Securities Journal that although the investment portfolio has seen a large drawdown recently, he did not reduce his equity positions, but instead increased his positions against the trend. Risks, valuations are at a neutral level, so the position remains high." The fund manager also said that if the position is reduced, once the market rebounds, part of the gains will be missed.

"That's my style. Although the pullback is not small at the moment, I'm not very happy. But I at least know what I'm doing every day. The process is actually more important than the result."

　　Wu Yuefeng, a partner and investment manager of Fengjing Capital, shouted on social media: "Be a retrograde." He said that the current position has been raised to a relatively neutral position.

Overall, the market is not pessimistic.

　　Wang Yiping, a well-known private equity person and general manager of Evolution Assets, said: "I copied a bit of the bottom line at this position. The position was relatively light before, and here is a little bit of the position to cover." Another private equity fund manager said that the position in the past two days has rapidly increased to 80% about.

　　In addition, the recent market adjustment has also provided a better opportunity for new funds to build positions.

A public fund manager who recently launched new products said that the adjustment provides a better layout opportunity.

The market will mistakenly kill some cost-effective assets. From the perspective of optimizing portfolio allocation and increasing the range of assets to choose from, the difficulty of layout at the current time is relatively low.

However, the process of the market returning to the upward trend may be slow and tortuous, so there are no systematic investment opportunities yet, and individual stock selection is more cautious.

Another Hong Kong stock fund manager also said: "I am not only worried that the market will continue to adjust, but also hope to adjust more. The layout is better at low levels."

　　Short-term markets face uncertainty

　　In addition to institutional investors, many Christian Democrats are also actively "digging gold".

A brokerage source revealed that in terms of the sale of equity products, some holding period products have appeared purchase orders of hundreds of thousands of yuan.

In addition, the private equity fund products sold by the company showed a net subscription status as a whole in the month.

　　In fact, compared to the "boiling point" when the market is hot, the "freezing point" is often a relatively good time to invest.

According to the analysis of Yinhua Fund, taking the common stock fund index as the measurement indicator, every time the fund is purchased during the "freezing point" period of issuance and held for more than three years, the profit probability is close to 90%.

At the same time, if you compare the entry income of the "freezing point" period and the "boiling point" period in the same year, the income of the "freezing point" period is also significantly higher than that of the "boiling point" period.

　　A number of fund companies have recently issued documents to provide psychological massage to investors.

Huiquan Fund said in a letter to investors: "We have felt, experienced, and also sighed with investors about the recent large fluctuations in the market. We fully understand the psychology of investors in this market situation. Pressure. We always believe that there is no winter that will not pass, no spring that will not come.”

　　Golden Eagle Fund also issued a document to appease investors, saying: "When the market is constantly adjusting and most people start to be afraid, we must maintain a good attitude, strengthen our long-term investment philosophy, and wait for the roses to bloom."

　　Regarding the market outlook, China Asset Management stated that market volatility is a normal phenomenon, and stocks go up and down.

As long as there is no systemic risk, investors should not be overly pessimistic.

Looking back, panic declines are often the timing of the layout.

China Asset Management pointed out that from a macro perspective, once the external situation eases, commodity prices stabilize or fall, the market will be desensitized to emotional disturbance factors, and there is a high probability that it will stabilize or rebound; There is a high probability that the index will shrink before stabilizing. If the external environment cooperates, the index will flatten after the shrinking, which will form a clear signal of stabilization.

However, China Asset Management also reminded that market risks are structural, not systemic, and the possibility of continuous unilateral decline is low. Considering that there are still short-term uncertainties, there is still the possibility of repeated fluctuations at the index level.

　　GF Fund investors predict that there may be structural opportunities in the market in the future. Overall, they are more optimistic about the growth style of small caps, mainly for three reasons: First, the Fed policy will be implemented this month, and the market has relatively full expectations for this. The impact of the implementation is limited; second, with the force of the "steady growth" policy, market confidence is expected to be strengthened, and risk appetite may be improved; third, after a period of adjustment, the adjustment of the growth style sector has been relatively sufficient, and some detailed The prosperity of the industry has been confirmed.

　　"There are indeed many uncertainties in the short-term market." Lu Yang, general manager of Botong Fund, admitted that it is difficult to predict the direction of the geopolitical situation, and the fluctuation of commodity prices has exacerbated the market's worries about the future global economy falling into stagflation.

At the same time, the liquidity pressure brought by the stop-loss of absolute return products and the liquidation of two financing funds has been superimposed, which further amplifies the speed and range of adjustment.

However, he also pointed out: "In the context of strong expectations for stable growth and the successive implementation of favorable policies, the follow-up economic and corporate profit expectations have gradually improved, and short-term market adjustments are more due to liquidity."