The 2021 annual report of public funds gradually disclosed that the hidden heavy positions of many star fund managers and future investment strategies were exposed. Fund managers believe that the current allocation value of A-share market is prominent. From the perspective of nearly one or two years, the implied return of many stocks has been very attractive.
Lu binchao's new energy, chemical, TMT and other industries
In 2020, several funds managed by Lu Bin, the champion of stock based performance, have published their annual reports. Taking the HSBC Jinxin smart manufacturing Pioneer stock fund managed by the HSBC Jinxin smart Pioneer stock fund as an example, the HSBC Jinxin smart Pioneer stock fund managed by the HSBC Jinxin, as an example, from the fund's hidden heavy warehouse shares (the shares whose market capitalization is the 11th to the 20th of the fund's asset value ratio from the 11th to the 20th of the fund's net asset value ratio from the 11th to the 20th of the fund's asset value ratio of the fund's asset value), there are 00 Shenzhen Fountain Corporation(000005) 59 \ , Guangdong Dp Co.Ltd(300808) 0806 9 , Ningxia Xinri Hengli Steel Wire Rope Co.Ltd(600165) , Ningbo Huaxiang Electronic Co.Ltd(002048) , etc. Among them, North Huajin Chemical Industries Co.Ltd(000059) , Jiangsu Sidike New Materials Science & Technology Co.Ltd(300806) , Ganfeng Lithium Co.Ltd(002460) , Shanghai Kelai Mechatronics Engineering Co.Ltd(603960) and other individual stocks account for more than 3% of the net asset value of the fund.
Lu Bin elaborated the investment strategy in the fund's annual report. He said that through the research and tracking of industry fundamentals and valuation, HSBC Jinxin smart manufacturing Pioneer stock fund has exceeded the allocation of new energy, chemical, TMT and other industries. "On the one hand, we should allocate those leading Chinese manufacturing companies whose valuations are in a reasonable range; on the other hand, we should actively look for high-quality companies that are likely to grow into leaders in global manufacturing segments."
Since this year, several funds managed by Qiu Dongrong, a leading performance Zhonggeng fund, have also disclosed their annual reports. Take Qiu Dongrong's management of the Hong Kong Kwai value pilot hybrid fund as an example, the fund's invisible heavy positions include Bank Of Chengdu Co.Ltd(601838) , fast hand -W, Henan Mingtai Al.Industrial Co.Ltd(601677) , Jiangsu Zitian Media Technology Co.Ltd(300280) , Grandblue Environment Co.Ltd(600323) , Wuhan Department Store Group Co.Ltd(000501) , Jinhong Fashion Group Co.Ltd(603518) , Jiangxi Hongcheng Environment Co.Ltd(600461) , satellite chemistry, Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) , etc. It is worth noting that Qiu Dongrong's positions are relatively scattered. In the above Kwai Chung stocks, only Bank Of Chengdu Co.Ltd(601838) , fast hand -W's market capitalization accounted for more than 2% of the fund's net asset value.
Further combing found that Qiu Dongrong significantly increased the allocation of Hong Kong stocks. He said that after the general standard of Hong Kong stocks was added to the fund contract, the allocation proportion of Hong Kong stocks was gradually increased, focusing on the allocation of relevant stocks in coal, chemical industry, finance, real estate, electronics, metal processing, medicine and other industries.
The Zhonggeng value Pioneer stock fund managed by Chen Tao, another fund manager of Zhonggeng fund, also published its annual report. Different from Qiu Dongrong, Chen Tao's playing style is more growth oriented, with a higher proportion in the computer and wind power equipment industry. In addition to the top ten heavyweight stocks of the fund, the shareholding market value of Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Shenzhen Topband Co.Ltd(002139) , Fujian Apex Software Co.Ltd(603383) etc. also accounts for more than 1.5% of the net asset value of the fund.
follow up play is more active
In the fund's annual report, when it comes to future investment strategies, star fund managers have a more consistent view that the implied return on equity assets is improving.
Lu Bin said that since March, the market has undergone drastic adjustments. However, the more short-term drastic changes, the more unsustainable. "China's manufacturing industry is developing rapidly. Especially in recent years, more and more excellent companies in high-end equipment, new energy, new materials and TMT industries stand out in the global market competition. Under the trend of China's economic transformation and upgrading and scientific and technological innovation, these high-quality growth industries and companies have less room for growth driven by factors such as the explosion of industrial demand, the increase of global market share, the large volume of new products and import substitution Large, the company's competitiveness is becoming stronger and stronger, and it is expected to achieve a rapid compound growth rate in the next few years. This general trend will not change with the short-term fluctuations of the capital market. At the current time point, the implied returns of many stocks have been very attractive from the perspective of one or two years. "
Chen Tao's views on the future market are also relatively similar. In his opinion, the market was under great pressure at the beginning of the year, and the equity assets adjusted rapidly to release risks. From the perspective of risk premium, the implied return level of equity assets is improving. At present, the risk premium of CSI 800 index is close to 0.5 times the standard deviation above the historical net value level, and the overall risk premium level is attractive.
Turning to the promising investment direction, Chen Tao said: first, he is more optimistic about the investment opportunities in the computer industry. Computer is one of the few valuation depressions in a large category of growth industries. Compared with new energy, chips and other tracks, the computer industry has not attracted enough attention from the market because of its short-term growth rate and general stock price performance, but its advantages such as rigid demand, weak periodicity, strong sustainability and relatively clear competition pattern. Secondly, it is more optimistic about the wind power equipment industry. Since 2021, the rapid cost reduction caused by the progress of wind turbine technology has brought faster parity speed, higher economy and stronger global competitiveness of the industry. The potential demand curve caused by the superposition of policies such as large base, old transformation and wind power to the countryside has moved upward. In the future, the growth center of wind power installation will increase and the whole industry will usher in value revaluation. "In addition, we also focus on traditional consumer electronics companies that are actively transforming to new needs such as automotive electronics and meta universe equipment."
It is worth noting that, in addition to clearly expressing their optimism for the future market in the fund's annual report, the above fund managers also made frequent actions to purchase their own funds and relax or even cancel the restrictions on large-scale subscription. Take Lu Bin as an example. Together with the research team, he invested 6 million yuan to subscribe for the selected hybrid fund of HSBC Jinxin research. In addition, the HSBC Jinxin smart manufacturing Pioneer stock fund and HSBC Jinxin core growth hybrid fund managed by Lu Bin have raised the business limit of subscription, conversion and transfer in and regular fixed investment from the original 1000 yuan to 10000 yuan since March 9.
