The disclosure of the 2021 annual report of public funds officially kicked off. China Post Fund, HSBC Jinxin and Zhonggeng fund took the lead in disclosing the 2021 annual report of their funds. The “invisible heavy positions” of well-known fund managers have been exposed one after another, and the future investment ideas of the bosses have surfaced.
exposure of invisible heavy positions
Unlike the four seasons report, which only discloses the top ten heavyweight stocks, the annual report of the fund will disclose all the holdings of the product. Specifically, the 11th to 20th stocks, known as “invisible heavy position stocks”, are also concerned by investors.
By the end of 2021, the largest value and quality position of Zhonggeng managed by Qiu Dongrong was Yanzhou Coal Mining Company Limited(600188) shares of Hong Kong shares, with a holding ratio of 9.10%. At the same time, the position also includes other coal stocks, including China Coal Energy Company Limited(601898) , Shaanxi Coal Industry Company Limited(601225) , Shanxi Lanhua Sci-Tech Venture Co.Ltd(600123) . At the same time, another Hong Kong stock heavily held by the fund is CNOOC, which is also a resource stock. In addition, the heavyweight stocks of the fund include Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , China Everbright Bank Company Limited Co.Ltd(601818) , and the waist stocks include China Pacific Insurance (Group) Co.Ltd(601601) , Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , China property insurance. It can be said that energy, resources and finance are Qiu Dongrong’s heavy positions.
list of partial positions of Zhonggeng value quality Fund
Source: annual report of Zhonggeng value quality fund
From the perspective of HSBC Jinxin low-carbon pioneer managed by Lu Bin, the 11th to 20th “invisible heavy positions” of the fund at the end of 2021 are China Vanke Co.Ltd(000002) , Shenzhen Everwin Precision Technology Co.Ltd(300115) , Guanghui Energy Co.Ltd(600256) , Lecron Industrial Development Group Co.Ltd(300343) , Olympic Circuit Technology Co.Ltd(603920) , etc.
In addition, Ping An Insurance (Group) Company Of China Ltd(601318) , Qinghai Salt Lake Industry Co.Ltd(000792) , Contemporary Amperex Technology Co.Limited(300750) , China Vanke Co.Ltd(000002) , Beijing Originwater Technology Co.Ltd(300070) , Ganfeng Lithium Co.Ltd(002460) ranked among the top six in the cumulative purchase amount, accounting for more than 6% of the net asset value of the fund at the beginning of the period.
list of some positions of HSBC Jinxin low carbon pioneer Fund
Source: annual report of HSBC Jinxin low carbon pioneer fund
Take the China Post research selected hybrid fund managed by Guo Xiaowen as an example. By the end of last year, the hidden heavy positions of the fund included Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Ningbo Tuopu Group Co.Ltd(601689) , Zhejiang Nhu Company Ltd(002001) , Xinxing Ductile Iron Pipes Co.Ltd(000778) , Chengdu Kanghua Biological Products Co.Ltd(300841) , etc.
According to the 2021 annual report, the 11th to 20th “invisible heavy positions” of the fund are Haier Smart Home Co.Ltd(600690) , China Three Gorges Renewables (Group) Co.Ltd(600905) , China stock market news, Hubei Feilihua Quartz Glass Co.Ltd(300395) , Baoji Titanium Industry Co.Ltd(600456) , etc.
China Post research selected hybrid fund partial position list
Source: China Post research selected hybrid fund annual report
China Post new idea flexible allocation of fund positions
Source: China Post new ideas flexible allocation fund annual report
Fund manager
In the fund’s 2021 annual report, Guo Xiaowen said that the booming industries in 2022 include new energy vehicles, photovoltaic, wind power, military industry and some consumer segments. “We are still optimistic about new energy, but the differentiation will be very obvious. The sectors damaged in the epidemic are also the focus of our attention, such as catering, tourism, performing arts, hotels, civil aviation, supermarkets and department stores. As for the specific stock selection strategy, we will focus on the industries with determined growth and relatively stable industry pattern.”
Qiu Dongrong said that he would adhere to the concept of undervalued investment and build a cost-effective portfolio by selecting stocks with reduced fundamental risk, positive profit growth and cheap valuation. It mainly focuses on the four directions of financial real estate, energy and resources companies, small and medium-sized value and growth stocks in the large market value stocks, large market value stocks in Hong Kong stocks, some companies with good growth and some Internet stocks.
Lu Bin said that since March, due to concerns about the fermentation of some recent risk events, the market has made drastic adjustments in the short term, and the rapid decline has exacerbated the negative feedback of sentiment and investment liquidity. Under the background that the long-term market valuation already has a high implied rate of return, such short-term drastic changes are often unsustainable. At the current time point, from the perspective of one year and two years, the implied returns of many stocks have been very attractive. In the medium term, structure is more important than position.
