From Concentrated Bets to Balanced Allocation: Hidden Holdings of 10-Billion-Yuan Funds Emerge

As public fund and listed company third-quarter reports wrap up, the hidden holdings of actively managed equity funds with assets exceeding 10 billion yuan have come to light. A research team at Securities Times Fund Research Institute found that among the 10-billion-yuan funds managed by star fund managers such as Yan Kai, Fang Jian and Ge Lan, more than 120 stocks did not appear in the top ten holdings of any such fund's third-quarter report, yet each was still held in significant size by a single fund. Thirteen of these stocks were held by a single fund at a market value exceeding 500 million yuan. Looking further, earnings certainty has become the core screening criterion for these hidden holdings: among 38 stocks in which a single 10-billion-yuan fund held more than 2%, 86.84% both turned a profit and posted year-on-year revenue growth in the first three quarters. Meanwhile, 42 stocks newly added as hidden holdings in the third quarter span 11 Shenwan Level-1 industries, with power equipment and machinery equipment ranking as the top two by holding value. This suggests that 10-billion-yuan funds are shifting from concentrated bets on a single track toward a balanced allocation that broadens industry exposure to smooth out volatility. (Securities Times)