Recently, many fund products managed by “big guys” of public funds have released the annual report of 2021.
In the face of the market changes since 2022, star fund managers such as Fu Pengbo, Zhao Feng and Zhao Yi have said a few more words in the annual report, while Yu Hang of YONGYING fund has written 3000 words.
Ruiyuan fund Fu Pengbo:
structural market will continue
On March 29, Ruiyuan Fund released the 2021 annual report of its products, and “structure” became the keyword.
Fu Pengbo, deputy general manager and fund manager of Ruiyuan fund, said 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.
Fu Pengbo pointed out that in terms of China’s macro economy, 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, the focus of the market is the timetable and range of interest rate hike by the Federal Reserve. Since the end of February, the conflict between Russia and Ukraine has escalated and geopolitics has deteriorated, becoming a new “black swan” in 2022, adding uncertainty to the global economic recovery after the epidemic.
In terms of the securities market, Fu Pengbo pointed out that the full implementation of 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.
The report shows that as of the end of 2021, the report shows that as of the end of the end of 2021, as of the end of the end of the end of 2021, the “invisible heavy warehouse shares” (the 11th-20 heavy warehouse shares at the 11th-20 positions) of the “invisible heavy warehouse shares (the 11th-20 positions of the 11th-20) of the year end of 2021, the report shows that as of the end of the end of 2021, as of the end of the year of 2021, the” invisible heavy warehouse shares “(the 11th-20th-20 heavy warehouse shares at the 11th-20 positions) of the growth value mix of the growth value mix of the growth value of ruifar far, including Lepu Medical Technology (Beijing) Co.Ltd(300003) 30 Zuming Bean Products Co.Ltd(003030) 37 \.
Ruiyuan growth value heavy position shares
Data source: Fund announcement
Zhao Feng, manager of “Tongmen” fund, said in the fund’s 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, the risks of overseas inflation and contraction cannot be ignored. China is in the process of economic growth and 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.
According to the report, as of the end of 2021, the “invisible heavy position stocks” (the 11th-20th heavy position stocks) with a three-year holding period of Ruiyuan equilibrium value include SIMORE international, country garden services, Weigao shares, Bank Of Ningbo Co.Ltd(002142) , 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) .
YONGYING fund Yuhang 3000 word “wandering” annual report
“In the stock market, we are happy to copy the bottom and feel that the risk is small when we fall more; we are happy to escape the top and feel that no one will take the offer when we rise more; we are also happy to follow the trend and even gamble on the whole position. When we focus on the gains and losses of one month, three months or half a year, we often cover our eyes with a leaf and don’t see Mount Tai.” Yu Hang, fund manager of YONGYING fund, wrote in the fund’s annual report.
In the annual report, Yu Hang wrote more than 3000 words about investment and sentiment.
Source: Fund announcement
Yu Hang pointed out that the adjustment of the growth track has been nearly half a year, and there are many reasons, including but not limited to the market’s concerns about overcapacity or insufficient demand in the new energy industry, concerns about the impact of the rise of bulk raw materials on manufacturing costs, concerns about macro-control policies such as steady growth and correction, and concerns about the Fed’s interest rate hike.
\u3000\u3000 “But I think the most essential reason is that during the epidemic period, the global liquidity was loose, and the valuation of equity assets increased significantly, which greatly deviated from the historical center. Therefore, when the external factors affecting the valuation changed, it showed a return to the mean value. At the current time point, these negative factors are receding or even becoming positive. For example, the valuation of growth stocks has decreased significantly, and the valuation of new energy, semiconductors and military industries has generally increased since last year’s peak The adjustment of more than 30%, while the profit in 2022 still maintains a high growth of about 30%, which means that the current valuation of the growth sector has fallen by more than half compared with the high point of last year, and has actually returned to below the historical average; China’s macro policy and the Fed’s first interest rate hike were settled in March. After the inventory replenishment of bulk commodities in the off-season, the peak season is facing destocking pressure, and the price will fall in the second quarter; The fundamentals of growth sectors such as new energy will also be verified in the second quarter. The A-share growth sector is now facing a situation of high profit growth and bottoming out of valuation. ” Yu Hang said.
“Although the current international situation is complicated and confusing, and the tense relationship between Russia and Ukraine may have an impact on the global capital market, as Buffett famously said, ‘bad news is investors’ best friend’. Therefore, we are optimistic about the future from both a long-term and a short-term perspective.” Yu Hang concluded.
Zhao Yi’s “aftersound”
On March 29, ABC Huili Fund released the annual report of its fund products. The champion fund manager Yi in 2020 has left his post, and this annual report has become the last “voice” of Zhao Yi during the period of Agricultural Bank of China Huili.
Previously, Zhao Yi and Xing Junliang jointly managed the flexible allocation and mixing of the theme of ABC Huili new energy, which is now managed by the latter alone.
In the annual report, the fund manager said: looking forward to the future, due to the impact of the epidemic, it has had a great impact on the global economy in the past two years, and also made all countries stimulate the economy by releasing liquidity. With the introduction of vaccine and the evolution of the virus, the epidemic is expected to be gradually controlled, so that the global economy can recover again. At the same time, due to the excessive currency in the past two years, the overall inflation level has increased significantly, This will lead to several aspects worthy of attention this year: the degree of opening up the doors of all countries in the world, the speed of the contraction of the United States, and China’s policy methods and efforts to stabilize the economy. Since liquidity has gradually shifted from a global perspective, which makes it more difficult to expand valuation, we need to pay more attention to the certainty of performance and the matching degree between growth and valuation this year, mainly focusing on bottom-up opportunities.
Zhao Yi commented on the annual report of ABC Huili research selected flexible allocation hybrid fund previously managed by him: looking forward to 2022, the operation quality of listed companies is still our most important concern, and the decline of share price also means the release of risk. Under the condition of “stability” and China’s liquidity will be relatively loose, the probability of systemic risk this year is relatively low, just superimposing the tightening of liquidity in the United States, In the stage of uncertain economic and policy expectations in China as a whole, the market volatility will increase and the requirements for certainty and valuation will be higher. Therefore, although the decline of stock price means the release of risk, we need to choose competitive companies based on fundamentals. The biggest risk does not come from the decline, but from the wrong company.
On the whole, there is no significant change. More attention is paid to the direction of “increment”. One is the direction of increasing demand brought by technological progress, including new energy and 5g applications; The other is the direction of domestic substitution and short board under the setting tone of “China’s large cycle as the main body and China’s international double cycle promoting each other”, especially the high-end manufacturing industry dominated by aeroengines and semiconductors.
