电脑桌面
添加51搜公文到电脑桌面
安装后可以在桌面快捷访问

Morgan Stanley-China Quantitative Strategy Flows and Positioning on A-shar....pdfVIP专享VIP免费优质

Morgan Stanley-China Quantitative Strategy Flows and Positioning on A-shar....pdf_第1页
1/9
Morgan Stanley-China Quantitative Strategy Flows and Positioning on A-shar....pdf_第2页
2/9
Morgan Stanley-China Quantitative Strategy Flows and Positioning on A-shar....pdf_第3页
3/9
M UpdateChina Quantitative Strategy | Asia PacificFlows and Positioning on A-shares Among Offshore FundsNorthbound stock connect program recorded the fifth consecutive month of outflows in December, and it continues in January MTD. 2023 also marked the year with lowest inflows of the program since launch. Whilst active funds accelerated to sell China in 2H23, passive funds were the only buyers.Morgan Stanley Asia Limited+Gilbert Wong, CFAQuantitative Strategist Gilbert.Wong@morganstanley.com +852 2848-7102 Laura WangEquity Strategist Laura.Wang@morganstanley.com +852 2848-6853 Jason Ng, CFAQuantitative Strategist Jason.Dl.Ng@morganstanley.com +852 2848-8845 Morgan Stanley appreciates your support in the 2024 Institutional Investor All-Asia Research Team Survey. Request your ballot here. Exhibit 2 : Monthly net fund flows of stock connect northbound program ($bn) 1.4 3.8 1.6 1.3 3.1 3.2 3.3 4.1 3.2 1.8 1.9 1.9 5.4 (0.4)1.8 6.3 9.1 4.6 4.4 5.2 4.0 (1.8)6.8 2.3 9.0 9.0 0.7 (3.5)(9.5)6.7 2.3 1.8 9.1 4.5 8.6 11.2 5.5 1.7 (9.7)6.4 4.2 7.2 1.2 (0.3)(4.8)1.2 8.8 10.1 6.2 6.4 2.9 4.5 9.5 1.9 1.2 4.2 3.8 4.7 2.9 14.8 2.7 0.6 (7.1)0.7 1.8 10.7 (3.4)1.9 (1.6)(7.9)8.5 6.2 20.9 1.4 5.2 (2.2)(1.7)2.0 6.7 (12.3)(5.1)(6.4)(0.2)(1.8)(1.3) (15.0) (10.0) (5.0) - 5.0 10.0 15.0 20.0 25.0Jan-17Jul-17Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24 Source: Bloomberg, Morgan Stanley Research; data as of January 10, 2024 Exhibit 4: China portfolio active weights by share classes managers among offshore active long-only managers2.1%1.5%2.0%3.3%3.6%2.8%2.8%2.8%2.8%2.3%3.4%4.6%5.2%5.2%5.7%7.9%12.1%11.6%-15%-16%-14%-12%-13%-12%-13%-13%-11%-11%-13%-11%-13%-11%-11%-12%-14%-13%13%15%12%9%9%9%10%10%9%9%10%6%8%6%5%4%2%2%-20%-15%-10%-5%0%5%10%15%20%Dec 20Mar 21Jun 21Sep 21Dec 21Mar 22Jun 22Sep 22Oct 22Dec 22Mar 23Jun 23Jul 23Aug 23Sep 23Oct 23Nov 23Dec 23China AChina HADR Source: MorningStar, FactSet, Morgan Stanley Research; data as of December 31, 2023At stock level, Moutai, Midea, and Haier Smart Home led the weight additions in Staples, while WuXi AppTec and Yunnan Baiyao from Biotech also saw net buying. On the flip side, LONGi Green Energy Tech, CATL and Wuliangye were sold down the most. Our fund positions data shows a big picture that active managers remained defensive in China via overweight A and underweight H; the lifted portfolio concentration also implies a lack of bottom-up ideas amid the current macro challenges.Exhibit 1:Top 30 A-share holdings and their active weights vs. MSCI China A, being owned by the large-scale offshore mutual funds we trackRankRank Change 4Q23Rank Change FY23TickerCompany NameGICS Industry GroupUnderlying Market Values ($m)Weights as of 12/31/2023MSCI China A Index WeightsActive WeightsWeights as of 9/30/2023Active Weight Changes 4Q23(% of AUM)Weights as of 12/31/2022Active Weight Changes FY23(% of AUM)1----600519-CNKweichow MoutaiFood Beverage & Tobacco6,498...

1、当您付费下载文档后,您只拥有了使用权限,并不意味着购买了版权,文档只能用于自身使用,不得用于其他商业用途(如 [转卖]进行直接盈利或[编辑后售卖]进行间接盈利)。
2、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。
3、如文档内容存在违规,或者侵犯商业秘密、侵犯著作权等,请点击“违规举报”。

碎片内容

Morgan Stanley-China Quantitative Strategy Flows and Positioning on A-shar....pdf

无忧公文+ 关注
实名认证
内容提供者

该用户很懒,什么也没介绍

确认删除?
QQ
  • QQ点击这里给我发消息
回到顶部