On January 21, Guangfa fund, Ruiyuan fund, Jingshun Great Wall, Cinda Aoyin and other fund companies disclosed the four seasons of their funds, and the positions of some star fund managers also surfaced.
The Chinese reporter of securities companies noticed that the personal investment styles of star fund managers are relatively diversified. Some fund managers focus on building materials leaders such as Dongfang Yuhong. Some star fund managers continue to tap new energy leader Yiwei lithium energy. Some fund managers adopt the high concentration strategy of focusing on a few leaders. The total positions of the top ten stocks account for nearly 70%, while some fund managers take individual shares Scattered strategy, the top ten heavy position stocks total position less than 25%.
Balanced layout, Fu Pengbo focuses on building materials bull
Balanced position is the characteristic of star fund manager Fu Pengbo. According to the latest position, Ruiyuan growth value hybrid fund, which he managed, disclosed its quarterly report on January 21. The fund manager said that he would continue to optimize his position, select excellent enterprises and examine the company’s growth with a longer vision. Ruiyuan balanced three-year holding of hybrid funds, the four seasons report said, it is very difficult to predict the market, only long-term vision, concentrate on stock selection, grow together with excellent companies, the fund still maintains a high position operation, and made a dynamic adjustment to the configuration. According to the report, as of the end of the fourth quarter, the fund’s stock position was 89.04%.
According to the report, some changes have taken place in the top ten stocks in the portfolio, such as lithium battery and photovoltaic equipment companies and major suppliers of automotive glass. From the perspective of industry distribution, the fund has mainly allocated sub sectors such as building materials, photovoltaic, chemical, pharmaceutical, Baijiu and so on. The core share in the portfolio is relatively high, while maintaining the dispersion of stocks, giving consideration to continuity and flexibility. Individual stocks mainly choose the leading enterprises with high industry prosperity, further enhanced global competitiveness under the influence of epidemic situation, further improved market share and further improved customer stickiness.
According to the four seasons report, the top ten heavy position stocks of the fund are Dongfang Yuhong, Longji shares, guoci materials, pioneer intelligence, Wuliangye, Fuyao Glass, Lucent precision, sannuo biology, xinzhoubang and Guizhou Maotai. It is worth mentioning that Dongfang Yuhong, the leader of building materials, is a big bull in the eyes of public fund managers. Since the middle of December last year, its share price has risen by 36% in just one month.
Liu Yanchun focuses on high value added consumption
Star fund manager Liu Yanchun’s operation in the fourth quarter also surfaced with the disclosure of the quarterly report. As of the end of 2020, Liu Yanchun still listed China Zhongmian (272.000, – 0.94, – 0.34%) as the largest heavy position stock, with a position proportion of 8.83%, and the number of holdings increased slightly. In the Baijiu Baijiu liquor company, which is the most important concern of the market, the latest quarterly report shows that Liu Yanchun slightly reduced the two or three line liquor stocks at the end of last year, and added Baijiu liquor at the same time.
According to the data, during the fourth quarter of last year, the shares held by Jingshun Great Wall Dingyi fund managed by Liu Yanchun increased from 390000 shares at the end of the third quarter to about 550000 shares at the end of the fourth quarter of last year. This means Baijiu Baijiu shares may be undergoing a subtle change in the strategy of Baijiu stock, as liquor stocks and valuations increased substantially last year, which is likely to focus on the top companies with higher consensus.
Liu Yanchun, research director and star fund manager of Jingshun Great Wall Fund Co., Ltd., said in the quarterly report that it is expected that the government will no longer have the characteristics of significant expansion in the field of infrastructure, and new infrastructure related to digitalization and intellectualization will be built by market-oriented entities. The rigid cashing of financing platforms of state-owned enterprises and local governments will be gradually broken, the risk pricing will be more scientific and reasonable, and the availability of funds will be greatly improved for more efficient economic operation entities. From the recent financial and real estate policies, we can further confirm the government’s determination to adjust the mode of economic growth, reduce the weight of growth, and attach importance to the efficiency and quality of economic operation.
Equity investment should conform to the trend of economic development. He said that he is more willing to look for investment opportunities in areas that are in line with industrial trends and continue to improve efficiency. With the increase of income level, the consumption level of residents continues to upgrade. China’s global competitiveness in many high value-added fields is also constantly improving, and some industries are on the eve of outbreak. There are many details worthy of follow-up attention in the future, such as the intensity of domestic credit crunch, the intensity of the U.S. real estate cycle and so on.
Focus on firepower, Liu Gesong’s two bull stocks soared at the beginning of the year
Liu Gesong, a star fund manager, has also released the latest quarterly report. According to the quarterly report, Liu Gesong improved the shareholding concentration of the top ten stocks. The total position proportion of the top ten stocks at the end of the fourth quarter was 66.23%, while at the end of the third quarter of last year, the total position proportion of the top ten stocks was 62.17%. The latest position data further shows that the top five heavy position stocks of GF Shuangqing upgrade fund account for more than 8% of the fund’s net asset value, while at the end of the third quarter of last year, only the first and second heavy position stocks accounted for more than 8%.
In addition, from the perspective of industry attributes of heavy stocks, the core positions of GF Shuangqing upgrade fund are concentrated in new energy stocks, with Yiwei lithium energy as the largest heavy stock and Longji as the second.
The strength of the above two new energy stocks is by no means ordinary. Although there was a dispute about the overvalued value of new energy stocks due to the large rise in the stock price in the early stage, Yiwei lithium energy and Longji shares have made another brilliant achievement in the stock price since 2021. Longji shares, the second largest position of GF Shuangqing upgrade fund, has recently risen by about 24%, while Yiwei lithium energy, the fund’s largest position, has risen by another 30% in less than a month since the beginning of the new year.
Liu Gesong said in the four seasons news that the repair of risk preference in overseas markets and the appreciation of the RMB have driven a significant return of foreign capital. The net inflow scale in November and December hit a new high in the year, and the speed has accelerated significantly. Previously, the market worried that with the economic recovery, the macro policy might be tightened systematically in 2021. However, the economic work conference in December continued the previous keynote of “active fiscal policy and prudent monetary policy”, and proposed “don’t make a sharp turn, grasp the time and effect of the policy”, which played a certain role in stabilizing the market sentiment.
Liu Gesong believes that with the alleviation of overseas epidemic situation and the resumption of work and production in the world, the pro cyclical industry still deserves attention. At the same time, the photovoltaic industry has fully entered the era of parity, overseas demand has obviously recovered, and the industry has entered the fast lane, with broad long-term space. Although the technology industry fluctuates, it is still optimistic about the long-term development space of the industry.
Positions highly dispersed, Feng Mingyuan focus on small and medium cap stocks
In addition, Xinda Aoyin new energy fund, managed by Feng Mingyuan, a star fund manager of Xinda Aoyin, also disclosed the latest quarterly.
In the past three years, due to the continuous growth of fund income, the scale of Cinda AOB new energy fund has increased from less than 100 million to 12.5 billion, which has become the benchmark product of Cinda AOB fund company.
According to the information disclosed by the fund, the top ten heavy position stocks of Cinda AOB new energy fund account for 23% in total, which shows that Feng Mingyuan’s investment idea is to reduce the position concentration of stocks, which is very different from other fund managers’ investment strategies of 8% and 9% in a single stock by improving the stock concentration.
Reducing the concentration of stock positions can reduce the risk of fund position portfolio when the stock market becomes more expensive, but it also means that fund managers need to find more stocks to improve their returns, which requires fund managers to cover a larger range of stocks in the industry and have higher requirements for individual ability.
In terms of specific operation, star fund manager Feng Mingyuan said in his quarterly report that he reduced some new energy positions, but increased his holdings in semiconductors, some small and medium-sized companies in emerging industries, and some companies related to traditional cycle industries. At present, the valuation of blue chip companies with large market value is relatively high. We hope to find better investment opportunities in small and medium-sized companies and traditional industries
Reprint indicated source：Spark Global Limited information