Semiconductor is undoubtedly the bright color of the market yesterday (February 23). After adjusting for a period of time, the sector finally broke out. The Wande semiconductor concept index rose by more than 6% every day, and the relevant heavy position funds “took on a new look”, including the growth of noan managed by Cai Songsong.
Noan growth holding rate of return exposed by a netizen
sudden change of fund community painting style
Recently, the semiconductor sector has been adjusted sharply. As of February 23rd, the semiconductor concept index of wad has dropped more than 11% this year. Alipay’s topic “old fellow iron core” has more than 2 million 520 thousand visitors.
as the most widely known “semiconductor fund”, noan’s growth has fallen by more than 11% this year, but its one-day net value soared by 5.9% on February 23, and the decline has narrowed sharply this year . Just a day, Cai Songsong, who had been overwhelmed by all kinds of scripts, was also seen by the holders of the fund’s growth fund manager, who had seen the “dawn”. Even the Alipay style of discussion in the fund has also changed.
the painting style of noan’s growth discussion area a while ago:
“Since I bought Noah’s growth, I can’t see whether Noah has grown. Anyway, I have grown.”
“Manager Cai Ji likes it very much since he woke up this morning. In fact, he has saved me a lot of time to buy it.”
painting style of noan growth discussion area yesterday:
“I have never given up on manager Cai’s noan growth. If you are noan, it will be sunny.”
“Help me up, I can do it again.”
Although the growth yield of noan has performed poorly in the past three months, from yesterday’s increase, noan growth still adheres to the attack direction of semiconductor, and the daily increase of fund is not far from the daily increase of semiconductor index. In fact, in the four seasons of noan growth released in January, Cai Songsong said frankly that the time of differences is the time to pay attention and layout.
Cai Songsong analyzed that in the fourth quarter, the market’s concern about the prosperity of the industry dragged down the trend of the chip sector. However, from the perspective of the industry, on the one hand, the chip industry is out of stock and the price rise may be more tense. At present, the delivery date of some categories of chips has reached the peak since 2017 and is constantly extending; On the other hand, key technologies are about to break through. In 2022, the industry is facing the strongest logic of superposition of the two.
With regard to the low share prices of relevant companies, Cai Songsong believes that there is another situation in the first quarter of 2021, that is, the scissors gap between industry and share price is becoming larger and larger. In 2022, although the economic growth may slow down to a certain extent and the profit situation of enterprises is uncertain, the macroeconomic environment “money, finance and credit” is in a loose cycle, which is a very favorable environment for the capital market. in the context of the marginal improvement of macroeconomic policies, more attention needs to be paid to the industry itself, and the time of divergence is the time to pay attention to and layout.
fund managers are optimistic about medium-term opportunities
Not only is Cai Songsong’s noan’s growth soared, but many heavily held semiconductor funds increased significantly yesterday. For example, Boshi semiconductor theme rose 7%, and Taixin medium and small cap selection rose 6.3%.
In fact, although the semiconductor sector has adjusted frequently this year, the “smart money” has entered the market in advance. According to the data of , as of February 22, the total share of ETF funds with the word “semiconductor” in their names had increased by nearly 300000 compared with the end of last year.
“Semiconductors have fallen for some time. This is an oversold rebound. The bottom has been found in the medium-term dimension, but it still needs to be cautious to catch up in the short term.” Said the fund manager of a growth track.
Dong Jizhou, fund manager of medium and small cap selection of Taixin, also believes that in the long run, emerging technology industries, including semiconductors, are still boom tracks. When investing, it depends more on the changes of the company’s competitiveness and whether the selected target is an invisible champion in the subdivided field.
Specifically, he focuses on two major segments.
one, analog chip design. analog chip has high design threshold, high requirements for engineers, long life cycle and stable profit. It is not easy to be affected by the prosperity of a single industry. Therefore, the company in the first echelon of analog chip design track has a stable position and huge market space.
second, the computing power of the chip. with the development of emerging industries such as intelligent Internet of things, VR / AR, intelligent automobile, metauniverse and cloud computing, there are very high requirements for the processing capacity of complex Beijing Vastdata Technology Co.Ltd(603138) transmission and computing. The essence is the upgrading of computing power, which means that ordinary chips can not meet the existing requirements, and the chips that can support the upgrading of computing power have a broad space for development in the future. Therefore, the upgrading of computing power is a main investment line in 2022.
