Source: WIND

American funds are an important part of the global fund market.ClubillionfreecoinsIt 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 Chinese stocks are the key holdings of US funds?Clubillionfreecoins? 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 US funds in the fourth quarter of 2023 were Guizhou Moutai and China Construction Bank (4.Clubillionfreecoins.97MALERIMUR 0Clubillionfreecoins.02MALDI 0.40%), BYD. 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 were Construction Bank, Guizhou Moutai and Weichai Power (16.4 0.005%). The stocks that increased their holdings the most in the fourth quarter of 23 showed that the median return of the top 20 A-shares increased by 10.37% in the first quarter of 24, which was better than the 3.6% return of Shanghai and Shenzhen 300 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 TOP3 of Hong Kong stocks held by US funds in the fourth quarter of 2023 were AIA (540.45) 4.75%) (01299), Tencent Holdings (348.4) 9.00 2.00 2.65%) (00700), Alibaba-SW (75.3 2.30) 3.15%) (09988). Comparing the ranking of the market value of stock holdings with the ranking of the market value of stocks in the same period, the focus of US funds is over-allocated shares of PetroChina (7.54, 0.18, 2.45%) shares (00857), Yao Ming biology (13.48, 0.74, 5.81%) (02269), Changshi Group (33.4, 0.65, 1.99) (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 (250.2, 3.40 and 1.38%). 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 yield of the Hang Seng Index (17651.15366.61) 2.12% 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 the figure below shows, based on the market value of U.S. funds held outside the United States, Japan has the highest market value of US$438.7 billion, followed by the United Kingdom with US$404.8 billion, and France, Canada and Switzerland are ranked 3rd to 5th respectively. India ranks ninth, holding a market value of US$142.1 billion. China Taiwan ranks 10th with a market value of US$138.6 billion, China Hong Kong ranks 12th with a market value of US$107.7 billion, and the mainland of China ranks 21st with a market value of US$27.8 billion.