Posted by QFII is a Chinese program launched in 2002 that allows licensed foreign investors to buy and sell yuan-denominated A shares in the Chinese mainland stock exchanges in Shanghai and Shenzhen. As of April this year, 79 QFIIs had registered with the China Securities Regulatory Commission.
The funds managed by qualified foreign institutional investors (QFIIs) have reached a high level of long position on China’s A-share market, according to Shanghai Securities News (SSN), citing a QFII A-share fund report co-published yesterday by SSN and Lipper, a Reuters company.
The overall position of QFII funds was about 75 percent long during the most challenging time of China stocks trading last year, said the SSN.
In detail, the average long position of equities funds was 90 percent, and between 60 to 80 percent on investment of A shares for mixed asset funds. With the improving economy, the QFII funds average long position has climbed to above 95 percent.
“The QFII funds’ increased long positions indicate that global institutional investors have confidence in China’s economic prospect,” Song Shaofeng, an analyst on financial engineering at Great Wall Securities, told the Global Times.
Since the financial crisis in October, the stock markets have rebounded worldwide while their performances vary, Song said.
The stock markets in emerging economies such as Argentina, Russia and China, are rebounding faster than European and US stock markets, generating greater prospects for returns and thus attracting capital flow into these countries, he said.
“Under these circumstances, it’s an inevitable trend (for those funds increasing long positions on China’s A-share market),” said Song.
The portfolio distribution focused on finance, telecommunications and real estate equities, said SSN citing the report.
The stocks of banks accounted for 25.7 percent, insurance for 8.4 percent, iron & steel industry for 7.7 percent and real estate sector for 7 percent of Nikko AM China A-Share portfolio by the end of June.
By the end of June, the average long position of the active funds managed by QFIIs has exceeded 95 percent. Among the 10 QFII funds included in the report, the long position of JF China Pioneer A-Share fund under JP Morgan Asset Management (JPMAM), and Nikko AM China A-Share fund has reached 98 to 99.5 percent. In addition, AMP Capital China Growth Fund also hit 95 percent long position.
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