When the market continued to fall sharply in the early stage, did the star fund manager "cut the meat"? As the latest repurchase announcements were successively disclosed, some positions of star fund managers such as Liu Gesong and Fu Pengbo surfaced. Public information shows that in the recent sharp adjustment, they not only did not "cut meat", but carried out replenishment operations. So, what do they like?
plummeting mid low layout
Since the beginning of this year, A-Shares have been greatly adjusted due to multiple factors, and market confidence has been severely challenged. It was not until the meeting of the financial committee of the State Council was held last week that the market stopped falling and picked up.
Although in the short term, the net value of products managed by star fund managers has been corrected to varying degrees, they are quietly picking up "heart water stocks" in the decline.
For example, Fu Pengbo, a well-known fund manager of Ruiyuan fund, has made a major adjustment since he bought the leading stock of hjt equipment Suzhou Maxwell Technologies Co.Ltd(300751) with the growth value of Ruiyuan in the fourth quarter of last year. However, according to the repurchase data of listed companies, as of February 25 this year, the number of shares held by Ruiyuan growth value increased by 253000 shares compared with the end of last year.
From the Suzhou Maxwell Technologies Co.Ltd(300751) trend, since January this year, as of February 25, the stock has fallen by more than 16%, but Fu Pengbo not only did not "cut the meat", but also made up his position at a low level.
Suzhou Maxwell Technologies Co.Ltd(300751) recent trend chart
Similar operations include Shandong Sinocera Functional Material Co.Ltd(300285) , which is the target of Fu Pengbo in 2019. As of January 10, the number of shares held by Ruiyuan growth value has increased by 100000 shares compared with the end of last year.
Looking closely at Fu Pengbo's operation, we will find that in the first and second quarters of last year, during the two stock price explosion stages of Shandong Sinocera Functional Material Co.Ltd(300285) , he reduced his position in the stock every time it rose, and his position continued to decline in the third quarter of last year. However, in the market decline in the fourth quarter of last year and January this year, Fu Pengbo renewed his investment and currently holds 30.26 million shares, which can be described as "fear when others are greedy and greed when others are afraid".
The private refining leader Rongsheng Petro Chemical Co.Ltd(002493) held by Liu Gesong was also increased in the sharp decline. In the fourth quarter of 2020, Liu Gesong borrowed GF technology pioneer to buy Rongsheng Petro Chemical Co.Ltd(002493) , and then began a more than one-year position increase trip. Although the stock fluctuated greatly during the holding period, his holding confidence has been very firm.
According to the announcement, as of March 15, the pioneer of GF technology and GF industry under Liu Gesong's management were the sixth, ninth and tenth largest circulating shareholders of Rongsheng Petro Chemical Co.Ltd(002493) , respectively. From the stock price trend, from October 1 last year to March 15 this year, the stock fluctuated violently, with a cumulative decline of more than 23%. However, the GF industry has held a new heavy position in the stock for three years, which means that Liu Gesong has increased his position.
Similarly, it was also the Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , a heavy position of Gelan, who made up the position of "heart water stocks" during the sharp decline. Since the second half of last year, the valuation of the stock has fallen sharply and has been adjusted frequently since January this year. However, when the market fell in January, China Europe medical health managed by Glenn continued to increase its position in the stock. As of January 27, China Europe healthcare held Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) 12368000 shares, an increase of 210000 shares compared with January 12.
focus on small and medium-sized market segmentation leader
Insiders believe that in the face of the sharp decline caused by external sudden factors, it is easy to understand that fund managers do not cut meat "heart water stocks". After all, the current buying point is better than that in the fourth quarter of last year. If there are no problems such as the company's investment logic and the change of portfolio allocation ideas, they may be more inclined to increase their positions at a low level.
Liu Rui, fund manager of CITIC Prudential Zhiyuan power, said that he would deal with fluctuations in two ways: on the one hand, he should avoid some potential risks and avoid bringing large pullback to the portfolio; On the other hand, we should dare to increase the position of high-quality assets, and substantial adjustment will bring good buying opportunities for high-quality assets.
"After the outbreak of the conflict between Russia and Ukraine, I also made a decline of about 10% of my position, but the sharp decline also provided many opportunities. My position has been slowly added up, and recently made up for some high-quality growth stocks that fell out of value." Said a fund manager in Shanghai.
So, which targets are fund managers optimistic about in the near future? With the disclosure of the annual reports of listed companies, some "invisible heavy positions" newly configured by fund managers have also surfaced. From the recent good-looking, small and medium-sized industry leaders are more favored.
Some new invisible heavy positions of star fund managers
Data sorting and tabulation: Gao Zhigang, data Department
For example, in the fourth quarter of last year, Liu Gesong bought Hangzhou First Applied Material Co.Ltd(603806) , a global leading enterprise of photovoltaic film, through the strict selection of GF industry for three years, and newly became the fifth largest circulating shareholder of the stock; In the same period, China's vehicle modified plastic leader Shanghai Pret Composites Co.Ltd(002324) also continued to be favored by him. Liu Gesong upgraded his heavy position in the stock with GF double engines, increasing the total number of positions in the stock, which are small and medium-sized stocks.
Coincidentally, in the fourth quarter of last year, China Europe healthcare managed by Glenn became the fourth largest shareholder of Jianmin Pharmaceutical Group Co.Ltd(600976) , and as one of the leaders in the subdivision of children's traditional Chinese medicine, the total share capital is less than 200 million shares; In the fourth quarter of last year, Zhu Shaoxing also took advantage of Fuguo Tianhui's selection to grow a heavy position in Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) . As a well-known enterprise in the industry in the field of national intelligent packaging equipment system, the total share capital is less than 500 million shares.
In fact, compared with some companies with larger sectors, some small and medium-sized market segmentation leading companies have recently become the choice of many fund managers. China Post fund manager Guo Xiaowen made it clear in the recently released fund annual report that in terms of market style, she also pays attention to small and medium-sized market capitalization targets with improved fundamentals and low valuations and stock prices.
Qiu Dongrong also said in the annual report that one of the focus directions is small and medium-sized market value and growth stocks. On the one hand, he looked for subdivided leading companies with unique competitive advantages in the broad manufacturing industry, including seemingly traditional manufacturing industries and manufacturing industries with technical barriers such as new materials, parts and components; On the other hand, focus on companies with low valuation and benefiting from the gradual recovery of offline consumer demand in the post epidemic era, such as some stocks in commerce and retail, textile and clothing, transportation and other industries.
Overall, after the sharp decline in the market in March, many fund managers have been laying out opportunities to "fall out", especially when the current market confidence has been repaired. However, some fund managers believe that the rebound of A-Shares will not be achieved overnight, and we need to pay attention to investment cost performance in the future.
Some fund researchers also remind investors that fund managers may have a long holding period for some stocks with deep understanding and strong confidence. If they want to "copy the operation", they also need to have a certain understanding of the target. They still need to be more cautious in investing in the current market
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