Fund top flow pressure axis

Spark Global Limited reports:

“The fastest contraction of financing in the real economy has passed, and the future market style is expected to gradually move towards equilibrium.” Looking to the market in the second half of the year, Liu Yanchun believes that the global economy out of the epidemic, gradual recovery is still the most important fundamentals in the second half of the year. There will be differences in the pace of resumption of work in different industries, temporary supply-demand imbalances in some areas, and after a period of turmoil, things will always return to normal.

The picture
The second quarter of the public offering fund ended, Cai Songsong, Dong Chengfei, Ge Lan, Xie Zhiyu, Liu Yanchun, Zhu Shaoxing and other top flow fund managers finally released the quarterly report.
From the position point of view, the star fund managers basically maintained a relatively stable stock position, only Liu Yanchun reduced his position, Invesco Great Wall Dingyi stock position from 94.52% at the end of the first quarter to 90.75%, a new low in nearly 3 ½ years, but still maintained his preference for consumption and medical treatment.
Portfolio adjustment, had been rumored to encounter a “fixed-point explosion” of Dong Chengfei reduced his holdings of the two “explosion stocks” in the United States health, Song Cheng performing art; Gulen has maintained his preference for Aier Ophthalmology for more than 3 years and added it to the largest position again. Simulate chip leading shares were Cai Songsong’s large increase in the first big heavy warehouse stocks.
Cai Songsong big money add warehouse simulation chip leading saint bond shares
Cai Songsong, known for his heavy portfolio of semiconductors, reported second-quarter results for its product, Nuoan Growth Hybrid. The fund scale reached 28.177 billion yuan at the end of the second quarter, increased by 1.067 billion yuan compared with 27.111 billion yuan at the end of the first quarter, but specifically, the size of the growth is mainly contributed by the rise in net value, and its fund share shrank by about 4.5 billion in the second quarter.
Position, Noan growth mix in the second quarter still maintained a high position operation, the end of the second quarter of the stock market capitalization accounted for 94.21% of the fund’s net asset value, compared with the end of the first quarter increased by 2 percentage points. But its top ten heavy stocks list and the end of the first quarter compared with no new or exit, only in the specific portfolio structure has been adjusted.
Among them, the analog chip leading saint state shares were a large increase in the fund’s first largest heavy warehouse stocks, the number of shares increased from 7.7651 million to 11.6474 million shares, accounting for 10.45% of the fund’s net worth. Cai Songsong has been heavily invested in Shengbang since mid-2019, and the stock has been surging this year, with a range of 76.86% in the second quarter alone.
In addition, there are Zhuo Sheng micro, micro company, Shanghai silicon industry was increased, corresponding, Zhaoyi innovation, Weil shares, NAURA, SMIC, San ‘an photoelectric, ChangdianTechnology was reduced.
The picture
Cai Songsong in quarterly reviews the performance in the first half of the semiconductor plates, enter in May, a few cut the news of a single mobile phone manufacturers, touched a semiconductor plate hollow square at the end of the nerve, the semiconductor chip seen the boom of the whole market, but price did not show the corresponding movements, the market for mobile phone manufacturers concern is the main factor of repeat orders, Worries about the sustainability of the business cycle is not enough, this time the news is also the bad landing, so after May 1, leading design manufacturers led the fall.
But he believes that the demand side of this cycle is triggered by a comprehensive innovation cycle, now suppliers, channels, terminal manufacturers in the hands of a supply of goods is difficult to find, not a unilateral demand can be left and right, so the plate after a sharp fall quickly repair; With the approaching of the July 1 of daqing, the mood gradually upward, the boom of sustained high end semiconductor chip industry, domestic alternative ways, the key core elements progress than expected, the technology sector led chip in mid-june full-blown, and the opening up of chip company interim performance forecast, earnings growth is lit. Throughout June, the industry’s buoyant mood was perfectly matched by a widening of the price scissors.
Cai Songsong believes that the boom of this round of semiconductor industry is rooted in the innovation cycle brought by 5G. The improvement of innovation demand side is linear upward, while the expansion of capacity capital expenditure is non-linear, which leads to the contradiction between the supply side and the demand side. However, factors such as COVID-19 and the blockade of China’s science and technology by the United States aggravate it. In the short term, this contradiction can be alleviated, and the dynamic supply-demand relationship can only be observed after the new production capacity is successively reached.
“Therefore, this round of semiconductor chip boom, the time dimension is likely to exceed expectations. In addition, with the domestic related technology products have been successively conquered, the acceleration of domestic replacement of this factor superimposed, the industry is about to enter the total market and domestic market share of the double rise of the dividend period. Cai Songsong said in the quarterly report.
Dong Chengfei to reduce the health of the United States, Song Cheng performing arts
Dong Chengfei once attracted market attention for his cautious outlook at the beginning of the year. After the overall position was reduced with the rising market in the first quarter, the overall position changed little in the second quarter, which was slightly down compared with the first quarter. By the end of the second quarter, the market value of stocks accounted for 63.98% of the fund’s net asset value, down more than 3 percentage points compared to 67.53% at the end of the first quarter.
Specific operations, the fund in the second quarter to continue to maintain a neutral cautious strategy, the style of the market to adhere to the balanced allocation. Among them, Unisplendour country micro, Miaoke blue more into the top ten heavy warehouse stocks list, relatively should significantly reduce the United States health, song city performing arts, two stocks fell the top ten heavy warehouse stocks list, San ‘an photoelectric was added as the first big heavy warehouse stocks.
The picture
In April this year, Dong Chengfei previously heavy warehouse of the health of the United States, Song City performance and other suffered a series of setbacks, he was also once the market rumors encountered a “fixed point explosion.” Among them, Meian Health fell about 40% in the second quarter, and Songcheng Performance fell about 20% in the second quarter, a big drag on Xingquan Trend’s returns, which were relatively poor at -0.25% in the first half of the year. This also led to a small number of redemptions, with the fund’s share falling from 39.736 billion to 38.481 billion.
Looking forward to the future, Dong Chengfei said that the A share market in the second quarter again presents structural differentiation, some core assets of the group has loosened, the convergence of asset selection direction also makes the local bubble has strengthened, we still maintain A relatively cautious view of the industry sector with high valuation.
Although the epidemic is still recurrent, with the continuous improvement of the global vaccination rate, the domestic and international economy is expected to continue to recover, and the fundamentals of real businesses will further improve. In terms of monetary policy, although the balance sheet of the Federal Reserve is still in a state of expansion, the domestic monetary policy has maintained a relatively stable policy in the past period of time, and the situation of continuing to support and stimulate the economy with relatively abundant liquidity will weaken on the margin. The fund will continue to be fundamentally oriented and capitalize on corporate growth, and he will continue to work with the holders to create value over the medium to long term.
Xie Zhiyu favors Haier Zhi Home, at the same time heavy warehouse A, H shares
In addition, Xing Securities Global Fund another big card Xie Zhiyu also released the second quarter of 2021. The quarterly report showed that Xing Quan Yiyi, managed by Xie, kept its stock position basically stable in the second quarter, trimming slightly to 87.96% from 89%.
Specifically, Xie Zhiyu at the same time heavy warehouse Haier Zhi Jia A shares and H shares, but in the second quarter of A, H shares of the attitude is different, only increased the Haier Zhi Jia A shares, but Haier Zhi Jia H shares did not move.
The picture
In addition, Wanhua Chemical, Jingchen shares, Mango super media into the top ten stocks list. Among them, Wanhua Chemical had appeared in the fourth quarter of 2020 in the Xing Quan appropriate list of heavy stocks, but Xie Zhiyu in the first quarter of its holdings reduced, and in the second quarter to take back the additional positions.
In contrast, Ping An, Sany Heavy Industry and Shuanghui Development of China dropped out of the top 10, while Tencent Holdings was also reduced slightly.
Similar to Xingquan, Xingquan Herun has also invested heavily in Haier Zhijia, Ping An Bank, Hikvision, Industrial Bank, Wanhua Chemical and so on. Compared with the end of the first quarter, the fund added two new stocks, Wanhua Chemical and Jingchen, while Ping An and Sany Heavy Industries of China dropped out of the top 10 holdings.
In addition, two of Xie Zhiyu’s funds, Xingquan Yiyi and Xingquan Herun, have become the top 10 circulating shareholders of Meihua Biology, accounting for 2.01% and 1.78%, respectively. Data show that as of July 20, plum blossom biology is up 32.19% this year.
Xie Zhiyu in XingQuan fitting said in a quarterly reports, the fund during the reporting period the stock position is relatively stable, continue to adhere to the “bottom-up” selectivity operation concept, continuous attention to have good company, the core competitiveness of balance company valuations short-term and long-term value, continue to have good investment value of outstanding company, makes every effort to bring steady returns for investors.
Gulen again increased his holdings in Aier ophthalmology, becoming the first major position
Ceibs star fund manager Glen also kept his stock position stable in the second quarter, with Ceibs Healthcare’s stock position at 94.28% at the end of the second quarter, little changed from the end of the first quarter.
In terms of specific operations, Gram has added stocks such as Aier Ophthalmology, WuXi AppTech, Tongce Medical and Mindray Medical, among which Aier Ophthalmology has risen to the top of Ceib Healthcare, accounting for 10.35% of the net value of the fund. Aier Ophthalmology and Tongce Medical contributed a lot of income to the fund in the second quarter, with an interval increase of 53.53% and 64.80% respectively.
Gulen also reduced its holdings in Smart Field and Hengrui Pharma, which dropped out of the top 10, while Botten shares returned to the top 10. Berton, a CDMO company focused on providing intermediates and APIs for pharmaceutical companies and drug discovery organizations around the world from drug development to commercialization, rose 65.61% in the second quarter.
The picture
Overall, the return rate of Ceibs Healthcare in the second quarter was 25.12%, and the total scale reached 50.498 billion yuan, which was significantly increased compared with 43.7 billion yuan at the end of the first quarter.
Gulen said that in the second quarter, he generally maintained a high position in the operation, in the long-term promising innovative drug industry chain, medical services, high-quality generic drugs leading enterprises and other directions to focus on the layout. From the perspective of future allocation direction, the innovative drug industry chain is still the most promising direction in the long term. From the top-level design of national policies to the innovation accumulation of domestic enterprises in recent years, the domestic innovative drug industry chain has maintained a high prosperity for a long time. In addition, with the improvement of domestic residents’ consumption ability and knowledge structure and cognition level, the penetration of products and services and the payment ability of residents are continuously improving, leading enterprises in related industries also have a long-term growth space.
Camera chip leader Weil shares into Zhu Shaoxing the first big warehouse
Zhu Shaoxing, a veteran, also took a look at the semiconductor sector in the second quarter, adding a camera chip leader – Weil shares.
According to the second-quarter report of Wells Fargo Tianhui Growth, which he manages, Zhu Shaoxing moved aggressively in the second quarter, increasing his stake in semiconductor leader Ware to the No. 1 position, while high-end liquor remained his “ballast variety.”
Specifically, Weil shares in the second quarter by Zhu Shaoxing a substantial increase in the position of 18.37%, the number of shares now holding 5.8 million shares, jumped to the largest position. Kweichow Moutai, Wuliangye, Bank of Ningbo, Yili shares were also increased. Zhifei Biotech, the first big stock in the first quarter, was reduced by 4.7 million shares in the second quarter, relegated to 10th place. In addition, China Ceramics was also reduced. In addition, Yi Wei lithium energy, Jierui shares, Tsingtao beer at the end of the second quarter again among the top 10 holdings of Wells Fargo Tianhui, China Ping An, Gree Electric Appliances, Baoxin software dropped out of the top 10 holdings.
The picture
Overall, Zhu Shaoxing still maintained high position operation in the second quarter. The stock position of Wells Fargo Tianhui under his management increased to 93.77% at the end of the second quarter, and the fund size reached 44.556 billion yuan, a new high, up 17.26% compared with 37.996 billion yuan at the end of the first quarter.
Zhu Shaoxing said the market opportunities in the second quarter mainly come from two directions. Early less popular companies, outstanding performance presented a double rise in performance and valuation of investment opportunities. Among the core assets that pulled back sharply in the first quarter, there are investment opportunities for companies whose earnings remain strong and whose stock prices are back to their previous highs. That’s where we’ll continue to look for opportunities.
“In the future, we will continue to focus on finding value in quality stocks and turning over more ‘rocks’.” ‘We do not have a reliable ability to accurately predict short-term market trends,’ Mr. Zhu said in the second-quarter report. ‘Instead, we focus on patiently collecting good companies with great prospects, waiting for their own value creation to materialize and the cyclical return of market sentiment at some point in the future.’
At the level of individual stock selection, Zhu Shaoxing said he preferred to invest in enterprises with good “corporate genes”, perfect corporate governance structure and excellent management. We believe that such enterprises have a greater probability of creating value for investors in the future. Sharing the capital market income brought by the growth of enterprises is the best way for growth funds to obtain returns.
Liu Yanchun’s position fell to its lowest level in nearly 3 1/2 years
Liu Yanchun, the billionaire investor, maintained his preference for consumption and healthcare in the second quarter, most notably by reducing his overall stock positions.
According to the second quarter report of Invesco Great Wall Dingyi, which it manages, as of the end of the second quarter, the ratio of the fund’s stock market value to the fund’s net asset value fell to 90.75% from 94.52% at the end of the first quarter, the lowest in nearly 3 ½ years. The previous lowest level can be traced back to 89.37% in the 2017 annual report.
Invesco Great Wall Dingyi achieved revenue of 9.06% in the second quarter. As of the end of the second quarter, its scale was 25.387 billion yuan, an increase of 5.606 billion yuan, or 28.34%, compared with 19.781 billion yuan at the end of the first quarter.
The top ten heavy warehouse stocks, the fund’s positions are still dominated by consumption and health care. Specific view, luzhou laojiao (a kind of daqu liquor), China will exempt, wuliangye, guizhou maotai, mindray medical, wuxi, love, ophthalmology, haida group 8 stocks in the second quarter are different degree of overweight, flavoring liquor position number unchanged, hikvision again in the top 10 holdings, the morning stationery is out of the top 10 holdings.
The picture
“The fastest contraction of financing in the real economy has passed, and the future market style is expected to gradually move towards equilibrium.” Looking to the market in the second half of the year, Liu Yanchun believes that the global economy out of the epidemic, gradual recovery is still the most important fundamentals in the second half of the year. There will be differences in the pace of resumption of work in different industries, temporary supply-demand imbalances in some areas, and after a period of turmoil, things will always return to normal.
Liu Yanchun said that the Fed still needs to pay attention to the pace of liquidity recovery in the future, and the fluctuation of interest rate and exchange rate may have a certain impact on the market as a whole, especially in the field of high valuation. It is expected that the issuance of local bonds will accelerate in the second half of the year, the growth rate of infrastructure investment will bottom out, real estate and export will be taken over, and it will be difficult to maintain the stable growth of the domestic economy. Therefore, it will be difficult to maintain the current loose financial situation.

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