As the US asset management institutions' positions in the third quarter were disclosed, some pension positions have surfaced. The reporter learned that some pensions have been cut off in the third quarter. As a long-term fund, pensions have long been known for their keen sense of smell and action. Insiders pointed out that the US pension plan may indicate that the phenomenon of institutional holdings of US stocks and technology stocks has changed.
Precision lightening technology stocks
According to statistics, OctoberNasdaqThe index plunged 9.2%, the largest monthly decline since the November 2008 decline of 10.8%. Out of the risinginterest rateConcerns such as factors, investors have withdrawn from the best-selling sectors in recent years, and fund managers have turned to assets that are considered safer when the economy improves. Judging from the recently disclosed third-quarter positions, the long-term funds with a keen sense of smell have already been acted upon, and some funds have accurately reduced their technology stocks.
According to the requirements of the US Securities and Exchange Commission, large and medium-sized institutional investors are required to submit a position report to the US Securities and Exchange Commission within 45 days after the end of each quarter. The third quarter position report shows that the New York State general pension will be lightened in the third quarter.apple,Amazon,Microsoft, Google's parent company Alphabet,JPMorgan, small jiacang medical stocksMedtronic. As of September 30, 2018, the state of New York state general pension management was approximately $42 billion. The New York State Teacher Retirement System Fund also reduced its holdings of technology stocks including Apple, Facebook, and Microsoft in the third quarter. The New York State Teacher Retirement System Fund also reduced the position of JPMorgan Chase. As of September 30, 2018, the New York State Teacher Retirement System Fund Management was $41 billion. The Arizona Retirement System Fund also slashed Apple in the third quarter, but it significantly increased its holdings of Microsoft,EricssonAnd in Verizon, AT&T and MedicinePfizer. Arizona's retirement system portfolio management is about $10 billion. New Jersey general pension D slashes Amazon, Microsoft, Apple, Facebook in the third quarter, and also sharply cuts the warehouseStarbucksAnd garneredIntel,WalmartIn the 21st Century Fox and China StocksAlibaba. As of September 30, 2018, New Jersey's general pension D management was $27.14 billion.
It is understood that the US state pension is a pension plan provided by the state government for public service staff and belongs to the second pillar of the pension. The special nature of pensionsFixed investmentThe risk management of the manager is strict. However, in recent years, the US state government pension is now a large gap, which forces managers to strictly control risks while enhancing revenue.
In fact, in addition to these state government pensions, some corporate annuities also show the trend of lightening technology stocks.IBMThe third quarter of the pension also reduced the positions of Apple, Microsoft, Amazon, JP Morgan Chase and so on. As of September 30, IBM's pension management scale was $2.67 billion.
Performance data raises market concerns
On Thursday, Apple released its latest quarterly earnings report.GoldmanThe analysis pointed out that considering the current macroeconomic uncertainty, China's consumer demand may be weak in the next quarter, and it is expected that earnings per share will fall by 5.5% in FY 2019. According to 16 times P/E and lower earnings forecasts, the target will be 12 months. The estimate fell from $240 to $222.
Facebook’s data released on Tuesday was mixed, with earnings per share exceeding expectations, but revenues were lower than expected. Amazon and Alphabet plunged last week with disappointing data. The unsatisfactory performance of these technologies has caused organizations to worry about whether the technology stock market has come to an end.
Naimi A. Nader, head of dynamic investment at Australia Security Group, said that US technology stocks are already overcrowded, suggesting that US investors increase asset allocation outside the US. David Barker, director of design for Fidelity International Investment Solutions, said, "We dare not say that the technology stock market is over 100%, but we think the situation of crowding will change dramatically." However, David Barker believes that From the perspective of asset allocation, the US stock market is still more optimistic than the bond market.
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(Article source: China Securities Journal)