Up to now, the fourth quarter report of public funds in 2021 has been disclosed, and the position trend of the top ten “top flow” fund managers with the scale of assets under management has become the focus of the market.
According to the statistics of China stock market news choice by the reporter of Securities Daily, as of the end of the fourth quarter of 2021, the funds of ten “top flow” fund managers, including Ge Lan, Zhang Kun, Liu Yanchun, Xie Zhiyu, Zhou Weiwen, Liu Gesong, Hu Xinwei, Xiao Nan, Li Xiaoxing and Yang Ruiwen, held a total of 118 shares, Among them, in the fourth quarter of 2021, 56 new stocks were added (23 new stocks and 33 new stocks). New energy, Baijiu, medicine and other three major track tracks became the focus of the ten top fund managers.
Chen Li, chief economist of Chuancai securities and director of the Research Institute, said in an interview with Securities Daily, “Most of the top ten public funds in terms of assets under management belong to new energy funds and consumer funds, and the new holdings of individual stocks are mainly concentrated in food and beverage, automobile, power equipment and other fields. From the perspective of investment style, most of the enterprises selected by the top ten ‘top flow’ fund managers are listed companies with leading positions in the industry, which not only have strong profitability, It also has long-term and stable growth space. The high rate of anticipation in the annual report of the individual stocks increased indicates that the fund manager has a good grasp of the development trend of the industry and the profitability of the above companies, and also reflects the fund manager’s adherence to the concept of value investment. “
41 stocks are held by multiple funds
Among the 118 shares held by the funds under the top ten fund managers, 41 shares were jointly held by two or more top flow fund managers, accounting for 34.75%. Among them, Luzhou Laojiao Co.Ltd(000568) , Kweichow Moutai Co.Ltd(600519) and other two stocks were jointly held by the funds of seven “top flow” fund managers, such as Ge Lan, Zhang Kun, Liu Yanchun, Zhou Weiwen, Hu Xinwei, Xiao Nan and Li Xiaoxing, in the fourth quarter of last year. Contemporary Amperex Technology Co.Limited(300750) followed suit and won the joint positions of six “top stream” fund managers, including Ge Lan, Liu Yanchun, Zhou Weiwen, Hu Xinwei, Li Xiaoxing and Yang Ruiwen, in the fourth quarter of last year. In addition, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Longi Green Energy Technology Co.Ltd(601012) , Wuliangye Yibin Co.Ltd(000858) , Wuxi Apptec Co.Ltd(603259) , Sungrow Power Supply Co.Ltd(300274) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , China Merchants Bank Co.Ltd(600036) and other seven stocks also won the favor of four or more “top flow” fund managers in the fourth quarter of last year and were jointly held by relevant funds.
By the end of the fourth quarter of 2021, the scale of fund products under management of “medical goddess” Glenn had exceeded 100 billion yuan, reaching 110.394 billion yuan, surpassing Zhang Kun, the “first brother” of public offering, and becoming the “first sister” of public offering fund. Glenn’s fund holds 24 stocks. Twelve stocks were newly increased by “one sister”, among which five new energy concept stocks such as Eve Energy Co.Ltd(300014) , Guangzhou Tinci Materials Technology Co.Ltd(002709) , Contemporary Amperex Technology Co.Limited(300750) , Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) were increased by “one sister”. In addition, Glen also carried out a new operation to increase the 3 Baijiu shares such as Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Luzhou Laojiao Co.Ltd(000568) and Kweichow Moutai Co.Ltd(600519) . Meanwhile, in the fourth quarter of last year, Glenn reduced its holdings of seven pharmaceutical and biological stocks, including Aier Eye Hospital Group Co.Ltd(300015) , Wuxi Apptec Co.Ltd(603259) , Pharmaron Beijing Co.Ltd(300759) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Topchoice Medical Co.Inc(600763) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) .
As China’s first public fund manager with assets under management of 100 billion yuan, Zhang Kun’s position trend has attracted much attention. Statistics show that by the end of the fourth quarter of 2021, the asset scale of Zhang Kun’s fund management was 101.9 billion yuan, a decrease of 3.8 billion yuan from 105.7 billion yuan at the end of the third quarter of 2021. Throughout the allocation of Zhang Kun’s four funds, the top ten heavy position stocks basically remain unchanged. The overall position adjustment direction is to increase positions in technology, consumption and reduce holdings in finance, medicine and real estate, but the scale of position increase and decrease of each fund is different. Among them, after e fund’s high-quality selection hybrid fund reduced its holdings of the largest heavy stock Kweichow Moutai Co.Ltd(600519) in the fourth quarter of last year, its holdings still reached 4605000 shares; Yi Fang Da quality enterprise three years holding period mixed fund in the fourth quarter of last year, while increasing Hangzhou Hikvision Digital Technology Co.Ltd(002415) and Inner Mongolia Yili Industrial Group Co.Ltd(600887) , 4 Baijiu stocks were reduced operation.
The asset scale of Liu Yanchun’s fund management is also close to 100 billion yuan. By the end of the fourth quarter of last year, Liu Yanchun’s funds held 13 stocks. Among them, Luzhou Laojiao Co.Ltd(000568) , Guangdong Haid Group Co.Limited(002311) , Wuliangye Yibin Co.Ltd(000858) , Anhui Gujing Distillery Company Limited(000596) , Kweichow Moutai Co.Ltd(600519) , Wuxi Apptec Co.Ltd(603259) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) and other 7 stocks were added to the warehouse in the fourth quarter of last year, and Baijiu and medicine are still Liu Yanchun’s “favorite”.
According to Chen Li’s analysis, “The positions of the top ten fund managers can provide reference for investors, but they can not be completely copied in practice. On the one hand, the investment strategy of the top ten fund managers is biased towards long-term investment, relatively ignoring short-term market fluctuations, and the timing is not strong; on the other hand, there is a long time difference between the disclosure time of position data and the purchase time of the fund, and new varieties can be purchased during this period It has seen a large increase, which is not suitable for investors to follow up. “
56 stocks were newly added or increased
In the current structural market, what investment opportunities can investors find from the “top flow” fund manager’s position increasing stocks? After combing, the reporter found that the above 56 newly increased shares showed three highlights, which are worthy of investors’ attention.
First of all, the profitability of the increased holdings is very strong. Among the 56 newly increased shares mentioned above, 16 companies have disclosed the performance forecast for 2021, of which 15 companies are expected to have good performance, accounting for more than 90%. Seven newly added shares, including Chongqing Zhifei Biological Products Co.Ltd(300122) , Wuxi Nce Power Co.Ltd(605111) , Jiangsu Cnano Technology Co.Ltd(688116) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Zijin Mining Group Company Limited(601899) , Yankuang energy and Qinghai Salt Lake Industry Co.Ltd(000792) , are expected to have a year-on-year upper limit of net profit change of no less than 100% in 2021.
Secondly, consumption and technology are widely valued. According to the industry classification standard of Shenwan, the above 56 stocks are mainly concentrated in four major industries, including food and beverage, automobile, power equipment and electronics, with 7 companies selected respectively. The large consumption varieties represented by food, beverage and automobile are still the areas generally favored by “top stream” fund managers; Leading varieties of science and technology such as power equipment and electronics are also the key objectives of the layout of “top flow” fund managers.
Third, the attention of securities companies is high. Among the 56 newly increased shares mentioned above, in the last 30 trading days, a total of 49 shares were given optimistic ratings such as “buy” or “increase” by securities institutions, accounting for nearly 90%. Among them, Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) , Oppein Home Group Inc(603833) , Great Wall Motor Company Limited(601633) , China Merchants Bank Co.Ltd(600036) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , China stock market news, Byd Company Limited(002594) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Mango Excellent Media Co.Ltd(300413) and other 9 stocks were recommended by securities firms more than 10 times during the period.
In this regard, Liu Cunxin, an assistant fund manager of private placement paipai.com interviewed by the reporter of Securities Daily, said that he was optimistic about the future investment opportunities of the top ten public fund managers with the scale of assets under management and new stocks, mainly for two reasons: first, public funds are an important participant in the A-share market, The investment trend of the top ten fund managers with the scale of assets under management plays a role as a market vane, which can attract many funds to follow and buy, and promote the further rise of stock price; Second, the scale of assets under management reflects the investment and research ability and market recognition of public fund managers to a certain extent. The probability of these fund managers’ increased holdings and new stocks has long-term investment value, and their industry is basically in a high business cycle. The certainty of future performance growth is very high, and the probability that the future trend is stronger than the market is correspondingly high.
three “bullish” this year
“Top flow” fund managers also expressed their views on the A-share market in 2022 in last year’s fourth quarter, mainly showing three characteristics.
First, we are optimistic about the development potential of China’s economy and enterprises.
Zhang Kun pointed out in the fund report that the central economic work conference held in December 2021 stressed that China’s economy and enterprises themselves contain considerable potential. At present, the downward pressure on economic growth is only phased. He remains optimistic about the long-term prospects of China’s economy and firmly believes that China’s economic strength will eventually reach the level of developed countries.
According to Zhang Kun, “There are a number of high-quality companies that can create value for customers, improve the efficiency and productivity of the whole society, and have the ability to continuously create free cash flow for shareholders. After the valuation digestion in 2021, the valuation of some high-quality enterprises has been attractive. In the dimension of three to five years, the performance growth rate of enterprises will probably be projected into the growth of their market value.”
Second, it is optimistic about the manufacturing industry that establishes global comparative advantage.
Liu Gesong believes that in the current period of the transformation of new and old driving forces of China’s macro economy, different assets are in different boom stages, so the performance of asset differentiation is a high probability event. Looking forward to 2022, the “moat” created by leading manufacturing companies that have established global comparative advantages, relying on entrepreneur leadership and advanced manufacturing capacity under industrial agglomeration, is still widening. It is expected that more world-class companies will appear in the fields of photovoltaic, power battery, energy storage, panel, new chemical materials, automobile and auto parts, high-end equipment and so on. The asset allocation of its funds still focuses on these directions. Starting from the supply and demand pattern, it looks for excellent enterprises from an industrial perspective, and grows together with great enterprises, in order to obtain long-term excess returns for holders.
Third, the big consumption track is generally optimistic.
Glenn believes that from the perspective of future allocation direction, the innovative drug industry chain is still the most promising direction for its funds in the long term. From the top-level design at the national policy level to the innovation accumulation of Chinese enterprises in recent years, China’s innovative drug industry chain has been maintained in a high-profile state for a long time. With the improvement of residents’ consumption ability, knowledge structure and cognitive level, the penetration rate of relevant products and services and residents’ ability to pay are also continuously improving, and there is long-term growth space for leading enterprises in relevant industries.
Li Xiaoxing said that looking forward to the next two or three years, the following three things will probably happen: first, the covid-19 pneumonia epidemic will gradually become influenza; Second, the macro-economy has gradually risen to a higher level; Third, liquidity gradually returned to normal. Combined with the judgment of the macro environment, the A-share hot spot in 2022 will focus on the two areas of “carbon neutralization and stable consumption”, and the allocation is to focus on core assets.
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