The first batch of 2021 annual reports of public funds arrived as agreed. China Post Fund is still the first one this year.
Recently, the 2021 annual report of several products of China Post Fund was released. As of March 13, China Post Fund has announced 52 bond or hybrid funds.
A number of fund sources told reporters, “At present, the market fluctuates sharply and the net value of the fund is retreating violently. At this time, Jimin people pay attention to the 2021 annual report, so they can better understand the latest investment process and Market Research judgment of the fund manager. Another valuable information is the list of all stock positions in the annual report. Investors can further explore the stock and timing of the fund manager according to the position Behavior. “
Guo Xiaowen reveals the “right” and “wrong” of investment operation
In the disclosure of this annual report, a number of fund managers of China Post Fund who have attracted market attention reviewed the investment strategy and future market investment opportunities in 2021. Among them, Guo Xiaowen, the fund manager, published a 2500 word investment strategy view in the annual report, which is particularly worthy of Jimin’s attention.
In the annual report, Guo Xiaowen frankly revealed her reflection on the investment operation in the past year and talked about their “right” and “wrong”. She said, “The performance of selected scientific and technological innovation in the first quarter of 2021 is not very ideal. We believe that there are mistakes in the investment decision in several aspects. The first is that we are not firm enough to reduce our holdings of military stocks. The second mistake in the investment decision is to change some of our holdings of military stocks to the science and technology industry represented by the semiconductor sector. The core reason for these two mistakes is that we are right Changes in market liquidity are not sensitive enough, or the response is not decisive enough. “
For the operation in 2021, Guo Xiaowen said, “What we did right was to reduce the position of core assets at the beginning of the year, and the position of pharmaceutical stocks was low throughout the year. What we did not do well was that we did not grasp the target market of price increase under the dual control of energy consumption. For the wind power sector, we reserved for a long time, but when the whole sector began to evaluate and repair the market, our position was far from enough. Yes The rhythm of highly volatile sectors such as new energy, science and technology and military industry was not grasped well. In addition, in terms of market value sinking, fund managers still focus more on the tracking of leading stocks, and the time and energy invested in the selection and tracking of small and medium-sized market value targets are not enough. “
All positions in the annual report have always been the most concerned by investors. So, which stocks are guoxiaowen’s heavy positions?
The reporter noted that as of the 2021 annual report, the funds managed by Guo Xiaowen showed that 24 stocks had a market value of more than 100 million yuan. These stocks can be regarded as the most promising stocks of Guo Xiaowen. The specific list of individual stocks is as follows:
Guo Xiaowen also mentioned that in the next three to five years, economic restructuring, energy restructuring and the birth of new technologies related to carbon neutralization may become an important direction of secondary market investment. In terms of market style, we also pay attention to the improvement of fundamental margin, and the valuation and stock price are at a low level, which is the target of small and medium market value.
According to another statistical statistic, the most promising batch of stocks for the most promising of all the funds that have been disclosed under the China Post mutual fund that have been all the funds of the all funds that have been disclosed under the China mail fund, according to statistics, the most promising batch of stocks are: 601 Longi Green Energy Technology Co.Ltd(601012) 012 , Nari Technology Co.Ltd(600406) , Xi’An Triangle Defense Co.Ltd(300775) , Baoji Titanium Industry Co.Ltd(600456) , Kweichow Moutai Co.Ltd(600519) , the total market value of the shares exceeds 300 million yuan, and the positions of Dajin Heavy Industry Co.Ltd(002487) Titan Wind Energy (Suzhou) Co.Ltd(002531) and other wind energy faucets.
At the same time, the annual financial statements of China Post Fund were released at the same time. The data showed that the annual operating revenue of China Post Fund in 2021 was 524 million yuan, a year-on-year increase of 1.25%, and the net profit attributable to the shareholders of the company was about 98.34 million yuan, a year-on-year decrease of 23.04%.
fund annual report: four required readings
At present, public funds need to regularly disclose six reports every year, including the first quarterly report, the second quarterly report, the semi annual report, the third quarterly report, the fourth quarter report and the annual report. How to understand the annual report of the fund has become a compulsory course for each fund holder.
According to industry practice, the fund has disclosed the quarterly report more than one month before the disclosure of the annual report, resulting in the information in the annual report containing many repeated information that has been disclosed, such as fund shares, investment objectives and investment strategy description of fund managers, growth rate of net value of fund shares, profits in the fourth quarter, net asset value and net value performance of the fund by the end of 2021 During the reporting period, the fund investment strategy and operation analysis, portfolio report, industry classified stock portfolio, list of top ten heavy positions, etc.
However, there are still many contents not disclosed in the four seasons report in the annual report information, including all position shares, cumulative trading shares, number of holders, holder structure, future investment outlook, etc. Among them, the fund’s income, position, investment strategy, market research and judgment, major events and other four aspects of information are the necessary contents for investors.
First of all, the realized income and profit disclosed in the annual report is one of the data indicators that fund holders focus on, mainly including investment income, income from changes in fair value, interest income, etc., which respectively reflect the spread income obtained by the fund in stock investment, the unrealized income from rising stock price, and the income from stock dividends.
Secondly, the fund’s positions are disclosed differently in the annual report and the four seasons report. The annual report will generally disclose the details of all stocks invested by the fund, but the four seasons report only publishes the top ten heavyweight stocks of the fund. For some fund products with large volume, it is also important to understand the changes of stock positions other than the top ten heavy positions. At the same time, the details of the top 20 stocks with the cumulative purchase or sale amount disclosed in the annual report or exceeding 2% of the net asset value of the fund at the beginning of the period can also further reveal the changes in the position of the fund. In addition, the fund’s annual report will also announce the latest number of fund holders, holder structure and the proportion of institutional investors and individual investors. The latest trends such as the compensation mechanism of fund managers and the trading commissions payable to securities companies will also be exposed in the fund’s annual report.
Third, compared with the four seasons report, the annual report of the fund will elaborate the investment strategy and operation analysis of the fund in more detail during the reporting period, and even subdivide it into each quarter. The fund manager will also make the latest outlook on the future macroeconomic, securities market and industry trends in the annual report, which is an important opportunity for fund holders to understand the future operation direction of the fund manager.
Fourth, the disclosure of major events of fund products and the announcement of other major events in the annual report are also important information that fund holders must see.
In fact, understanding the annual report is an important link for fund investors to popularize fund knowledge. A public fund person told the reporter of Securities Daily: “The majority of fund investors need to understand the risks, income sources and cyclical volatility characteristics of fund investment in breadth and depth. By understanding the fund products and capital market, they can improve their rational understanding of risks and income. The fund annual report is an important way to reflect the annual operation and performance of fund products.”
