With the disclosure of the fund’s annual report, a number of invisible heavy positions of public offering veterans have also been exposed.
On March 29, the annual reports of Liu Gesong, Fu Pengbo, Zhao Feng and other veterans successively disclosed that in the face of market changes, veterans wrote their views in the annual reports one after another. In their annual report, “differentiation” and “structure” have become key words.
GF Liu Gesong: style differentiation will continue in 2022
On March 29, GF small and medium Cap Fund disclosed its 2021 annual report. Liu Gesong, the star fund manager, believed that the situation of style differentiation may continue in 2022, and remained optimistic about the growth sustainability and profit growth of assets in the direction of “global comparative advantage manufacturing”.
Liu Gesong pointed out that the potential value of assets or the income expectation of a class of assets depends on the performance growth rate of such assets, the sustainability of the growth rate and the valuation level that the market is willing to give to such assets. Under the business model of sustainable growth, when the growth rate of asset performance continues to exceed expectations, the market is more willing to give such assets a higher valuation level, and vice versa. In the current period of the transformation between the old and new driving forces of China’s macro-economy, different assets are in different boom stages, so the differentiation of assets is a high probability event.
Looking forward to 2022, Liu Gesong said that he is still optimistic about the growth sustainability and profit growth of assets in the direction of “global comparative advantage manufacturing”, because he has established a leading manufacturing company with global comparative advantage, and the “moat” created by its entrepreneur leadership, advanced manufacturing capacity under industrial agglomeration and other factors is still widening. In the future, in photovoltaic, power cells, energy storage, panels, new chemical materials There may be more world-class companies in the direction of automobiles, auto parts and high-end equipment.
The annual report also discloses that the annual report also discloses that the annual report also discloses a wide range of hidden heavy warehouse shares with small and medium size sectors, which are hidden heavy warehouse shares with small and medium size sectors, followed by Beijing E-Hualu Information Technology Co.Ltd(300212) , Ginlong Technologies Co.Ltd(300763) .
Fu Pengbo: the structural market will continue
According to the 2021 annual report of Ruiyuan growth value managed by Fu Pengbo and Zhu Zhen, its invisible heavy positions are Shenzhen Capchem Technology.Ltd(300037) , Smallworld international, Topsec Technologies Group Inc(002212) , Fibocom Wireless Inc(300638) , Hangzhou Great Star Industrial Co.Ltd(002444) , Sinocare Inc(300298) , Suzhou Maxwell Technologies Co.Ltd(300751) , Montnets Cloud Technology Group Co.Ltd(002123) , haijiya medical and high energy environmental protection.
Fu Pengbo said that when there are few choices in portfolio operation and investment strategy, the configuration focuses on the sectors with high landscape such as TMT, chemical industry, building materials, photovoltaic and new energy. Portfolio holdings have a certain degree of concentration and continuity. The proportion of the top 10 stocks in the total assets of the fund is about 50%, the proportion of the top 20 stocks exceeds 70%, and the holding cycle of some key positions of stocks exceeds two years.
Looking ahead to the market this year, Fu Pengbo believes that under the expectation of infrastructure and real estate recovery this year, the financial and resource products sector has led the rise, which may indicate that the structural market will continue.
He pointed out that in terms of China’s macro economy, the central economic work conference proposed that the economic work in 2022 should be “stable and seek progress while maintaining stability”, and steady growth has become the main direction of economic work this year. In the year of policy implementation, monetary policy, fiscal budget and a new round of tax reduction and fee reduction are the focus of attention. The government has repeatedly emphasized high-quality development, breakthroughs in key technology fields, the improvement of the core competitiveness of the manufacturing industry, the development of “specialized and special new” enterprises and the promotion of digital economy. Overseas, there is no suspense about the Fed’s interest rate hike this year, and the market focus is on the timetable and range of interest rate hike. Since the end of February, the escalation of the conflict between Russia and Ukraine and the deterioration of geopolitics have become a new “black swan” in 2022. The resulting tight supply of resources has added uncertainty to the global economic recovery after the epidemic.
In the securities market, we will fully implement the stock issuance registration system, give full play to the positive role of capital as a factor of production, and in the context of “housing without speculation”, residents’ asset allocation may be inclined to securities. In recent years, the performance of the securities market is mostly structural. For example, in 2019, the valuation of “core assets” was repaired and upgraded; In 2020, the ultimate market of pharmaceutical and consumer stocks; In 2021, new energy and raw material sectors benefiting from the rapid development of new energy industry are favored. Since the beginning of 2022, under the expectation of infrastructure and real estate recovery, the financial and resource products sector has led the rise, which may indicate that the structural market will continue.
Zhao Feng: cautiously optimistic about the market
According to the 2021 annual report, the hidden heavy positions held by Ruiyuan with balanced value for three years include sirmo international, country garden services, Weigao shares, Ningbo Yinbo, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Tencent holdings, Industrial Bank Co.Ltd(601166) , Hangzhou Great Star Industrial Co.Ltd(002444) , Zijin Mining Group Company Limited(601899) and Citic Securities Company Limited(600030) .
Zhao Feng said in his annual report that he remained cautiously optimistic about the market in 2022. Market funds are still abundant, and the mitigation of the epidemic is also conducive to the recovery of global consumption and investment demand. However, due to overseas inflation and shrinkage risks, China is in the process of economic growth transformation, and opportunities and risks coexist. Structural differentiation is the norm of the market. To predict the risks in the future, we can only adhere to the concept of value investment, improve cognitive ability through continuous learning, and strengthen team division and cooperation to adapt to a more challenging future.
Zhao Feng also shared his stock selection criteria in the annual report. He said that when building the portfolio, the company’s texture and cost performance are still the two most important stock selection criteria.
The company’s values, governance structure, competitive barriers and competitive advantages, R & D and innovation ability are some of the most important considerations for us to choose the subject of long-term research. “The long-term investment return implied by the difference between the current stock price and the future value of the company is the main basis for our investment decision.”
Fu Pengbo has investigated for many times Topsec Technologies Group Inc(002212)
According to the data, since this year, Fu Pengbo has participated in the research of listed companies for many times, including Luxshare Precision Industry Co.Ltd(002475) , Fibocom Wireless Inc(300638) and Topsec Technologies Group Inc(002212) Fibocom Wireless Inc(300638) and Topsec Technologies Group Inc(002212) both appeared in the invisible heavy position stocks of Ruiyuan growth value, while Luxshare Precision Industry Co.Ltd(002475) is the second largest heavy position stock of Ruiyuan growth value.
The reporter noted that since 2021, Fu Pengbo has investigated Topsec Technologies Group Inc(002212) four times. The proportion of positions in the stock has also been increasing, from 0.26% in 2020 to 3.02% at present.
Since the growth value of Ruiyuan first entered the top ten shareholders of Topsec Technologies Group Inc(002212) in the fourth quarter of 2020, Fu Pengbo has been increasing his holdings of Topsec Technologies Group Inc(002212) . Although the annual report has not been disclosed yet, according to the interim announcement after Topsec Technologies Group Inc(002212) the share repurchase, as of January 14, Ruiyuan growth value held 58.49 million shares, an increase of 1422400 shares compared with the end of the third quarter of 2021.
Ruiyuan growth value first became the top ten shareholders of Fibocom Wireless Inc(300638) in the third quarter of 2019. As of December 20, 2021, Ruiyuan growth value held 173121 million shares.
As a jointly managed fund manager, Zhu investigated Zhejiang Jiemei Electronic And Technology Co.Ltd(002859) , Luxshare Precision Industry Co.Ltd(002475) , recda, Cofco Biotechnology Co.Ltd(000930) , etc. this year. However, in addition to Luxshare Precision Industry Co.Ltd(002475) , the stocks he investigated did not appear in the position of Ruiyuan growth value.
Zhao Feng has only investigated Cabio Biotech (Wuhan) Co.Ltd(688089) , but by the end of 2020, Cabio Biotech (Wuhan) Co.Ltd(688089) has not appeared in the positions of the funds he manages.
