The trend of star fund managers has always been one of the important “wind vanes” concerned by the market.
Recently, with the disclosure of the annual reports of listed companies, the reporter found that when the market continued to fluctuate and adjust, many top flow fund managers such as Ge Lan, Xie Zhiyu and Fu Pengbo bucked the trend and entered or increased their holdings of many A-share stocks.
In addition, fund companies have also opened a new round of self purchase. Recently, e Fangda, Ruiyuan, BOCOM Schroeder, Tianhong and other fund companies once again announced self purchase of their funds. Some star fund managers also made large self purchases. Qiu Dongrong, a well-known fund manager of Zhonggeng fund, announced that he would apply for Zhonggeng with a value and quality of no less than 15 million yuan.
According to the analysis, recently, with the accelerated downward exploration of the market, the valuation risk of A-Shares may have been fully released, and A-Shares have gradually emerged the opportunity of reconfiguration.
Top fund manager
Since the beginning of last year, some core assets have been adjusted one after another, but fund managers are not pessimistic. At the time of market adjustment, they have bucked the trend.
The reporter combed some positions of some star fund managers such as Ge Lan, Xie Zhiyu and Fu Pengbo and found that during the fourth quarter, they increased their positions in the areas they tracked to varying degrees. Ge Lan increased its holdings of Changchun High And New Technology Industries (Group) Inc(000661) , and also introduced a number of new pharmaceutical stocks, including Jianmin Pharmaceutical Group Co.Ltd(600976) , micro nano technology, Apt Medical Inc(688617) , etc.
Changchun High And New Technology Industries (Group) Inc(000661) was once one of the stocks held by China Europe medical and health heavy positions. However, with the continuous decline of the company’s share price and the decline of the market value of the fund, Changchun High And New Technology Industries (Group) Inc(000661) disappeared from the list of China Europe medical and health top ten heavy positions in the third quarter of 2021. Although Ge Lan increased 892600 shares during the fourth quarter, it still remained in the top ten.
It is worth mentioning that, in addition to adding heavy positions in pharmaceutical stocks, Glenn also excavated many new pharmaceutical stocks in the fourth quarter. On March 17, the Chinese medicine stock Jianmin Pharmaceutical Group Co.Ltd(600976) released its annual report for 2021. Ge lanxinjin became the top ten shareholders of the company, with a position of 3.3708 million shares at the end of the period and a market value of 266 million yuan.
In addition, Suzhou Nanomicro Technology Co.Ltd(688690) , Apt Medical Inc(688617) , Baicheng medicine and other new shares listed in recent years have won the favor of Ge Lan, Suzhou Nanomicro Technology Co.Ltd(688690) has won Ge Lan’s new position of 1363400 shares, with a market value of more than 100 million.
China EU healthcare position update
In the fourth quarter of the fourth quarter, Xie Zhiyu has also added a lot of targets. Thanks to the fact that many targets are also added during the fourth quarter. The latest data shows that Shanghai Jahwa United Co.Ltd(600315) position.
latest position trends of Xingquan Herun
Coincidentally, Fu Pengbo, one of the core figures of Ruiyuan fund, also increased his holdings of many A-share targets in the fourth quarter Wanhua Chemical Group Co.Ltd(600309) , Shandong Sinocera Functional Material Co.Ltd(300285) , Shanghai Bright Power Semiconductor Co.Ltd(688368) , Hunan Sokan New Materials Co.Ltd(688157) , etc. were increased by Ruiyuan growth value managed by Fu Pengbo, and Suzhou Maxwell Technologies Co.Ltd(300751) , Guoguang Electric Co.Ltd.Chengdu(688776) were new positions.
latest trends of positions of Ruiyuan growth value
public offering and self purchase
Around the Spring Festival this year, when the market fell sharply, e fund, GF, huitianfu, Fuguo, Nanfang, harvest, Penghua Fund, BOC fund, Great Wall Fund and other fund companies issued self purchase plans. Recently, another group of fund companies issued self purchase plans.
On March 16, Ruiyuan fund under Chen Guangming, a well-known investor, announced that it would purchase its public funds with an inherent capital of no less than 150 million yuan, which would be completed within 10 trading days and held for no less than 5 years.
Subsequently, on March 17, a number of public offering institutions such as e Fangda, Zhonggeng fund, Tianhong fund and bocom Schroeder fund also successively issued announcements on the equity funds of the self purchase company.
On March 17, Celestica Fund issued the announcement of “investing its public funds with inherent funds”. According to the announcement, Tianhong fund, based on its firm confidence in the long-term, healthy and stable development of China’s capital market and walking with the majority of fund unit holders, applied 100 million yuan of inherent funds to purchase its partial share public offering fund on March 17, 2022, and promised to hold it for no less than one year.
Bank of communications Schroeder Fund announced on March 17 that it decided to re purchase its partial share public offering fund with the inherent capital of 50 million yuan of the company (including wholly-owned subsidiaries), and promised to hold it for at least three years.
On March 17, e fund also announced that based on its confidence in the long-term, healthy and stable development of China’s capital market, e fund will invest 200 million yuan of its inherent capital in its equity funds and funds in funds (fof).
Zhonggeng fund also issued three announcements on March 17. Zhonggeng value quality fund and Zhonggeng value pioneer fund will open daily subscription from March 18. At the same time, the three fund managers of the above funds will carry out self purchase, among which Qiu Dongrong will apply for no less than 15 million yuan of Zhonggeng value quality fund, Chen Tao will apply for no less than 5 million yuan of Zhonggeng value pioneer fund, and Cao Qing will apply for no less than 2 million yuan of Zhonggeng value pioneer fund.
On March 18, Harvest Fund announced that harvest fund manager Liang Mingchao invested 1.56 million yuan to purchase its managed harvest balanced and selected one-year holding fund. In the past month, four fund managers of Harvest Fund, including Yao Zhipeng, Tan Li and Cai Chengfeng, have purchased their own funds, ranging from 1 million yuan to 2 million yuan.
On March 18, China Europe Fund announced that based on the confidence in the long-term healthy and stable development of China’s capital market, it would use its inherent funds to purchase its partial equity funds and funds in funds (fof) within 30 trading days from the date of the announcement, totaling 150 million yuan. After completing the above investment, the total amount of partial equity funds and fofs purchased by the company since this year will reach 260 million yuan. In view of the recent market situation, China Europe Fund said that when the market enters the negative cycle of “falling due to falling”, it usually reflects the expectations of the most pessimists. However, extreme sentiment will eventually dissipate, and the market will eventually return to fundamentals and general expectations of China’s economic growth trend.
In addition to self purchase, a number of public funds have also relaxed the large amount of subscription to “open the door to welcome customers”. On March 17, Ruiyuan balanced value fund announced that the limited subscription and fixed investment amount of the fund was raised from 10000 yuan to 100000 yuan. On the same day, Ruiyuan Wenjin Allocation Fund announced that since March 18, the amount of restricted subscription and regular fixed investment has been raised from 20000 yuan to 100000 yuan.
top flow mechanism is not pessimistic about A-Shares
The large-scale self purchase of public funds supported A-Shares with practical actions, demonstrating the institutional confidence in the long-term healthy and stable development of China’s capital market.
Ruiyuan Fund said that with the continuous decline of A-share and Hong Kong stock markets, pessimism spread, and the decline became the reason for the continued decline. However, we always believe that it is difficult to predict the market trend by simple linear extrapolation. The more pessimistic it is, the more confidence it should have.
As far as the long-term value of the enterprise is concerned, when the stock price adjustment far exceeds the internal value adjustment, it means that the expected potential rate of return in the future will rise significantly, but the premise of realization is that investors can judge the internal value of the enterprise relatively accurately. Choosing excellent listed companies, keeping in mind the valuation, not predicting the short-term market and feeling the cycle are our understanding of long-term value investment.
Harvest Fund believes that the expected economic growth target of 5.5% this year shows the country’s confidence and determination in high-quality economic development. Meanwhile, under the background of “steady growth”, the profits of all A-share listed companies are expected to continue to strive for positive growth this year. Therefore, with the correction of this round of market, the overall valuation level of the A-share market is below the center of the operation range in the past 10 years, and the Shanghai Stock Exchange 50 and Shanghai and Shenzhen 300 return to less than 30% of the historical range, which is a relatively good allocation time point.
Bocom Schroeder Fund pointed out that in the past three months, market sentiment and asset pricing have included too many risks. However, in the end, what we need to fear is the fear itself. The trend after the short-term price deviates from the long-term value is to gradually repair. The competitive advantage of Chinese enterprises relative to overseas has not changed, the maintenance of China’s economy in a good direction has not changed, and the path of vigorous development of China’s market has not changed.
Bocom Schroeder Fund believes that under the background of stable economic environment, there is no need to be pessimistic about the earnings and valuation repair of A-share enterprises in 2022. “We believe that the behavior of adhering to the long-term value will be rewarded by the effective market. We will continue to give full play to the advantages of investment and research, peer with high-quality enterprises, focus on investment and company, and help more holders share the dividends of national development.”
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