With the disclosure of the fund’s annual reports, the latest investment ideas and invisible heavy positions of the fund’s “top stream” have surfaced. On the whole, many star fund managers are optimistic about the future market and believe that the allocation and cost performance of some high-quality companies are prominent.
Specifically, Fu Pengbo added Suzhou Maxwell Technologies Co.Ltd(300751) , a high-end intelligent equipment manufacturer, among the top 20 heavyweight stocks of Ruiyuan’s growth value mix. He said that he would deeply explore the investment opportunities of leading companies in various segments from the perspective of the prosperity of the manufacturing industry chain.
Zhao Feng, another senior general of Ruiyuan fund, took the company’s texture and cost performance as an important stock selection standard, and strengthened his attention to property and financial stocks in the fourth quarter of last year.
GF fund Liu Gesong still focused on “global comparative advantage manufacturing”, and Jingshun Great Wall Fund Liu Yanchun said that “the most difficult stage of investment has passed”.
Ruiyuan fund Fu Pengbo: structural market continues heavy warehouse manufacturing sector
On March 29, Ruiyuan growth value hybrid fund jointly managed by Fu Pengbo and Zhu Yu disclosed the annual report of 2021. The annual report shows that during the reporting period, the fund continued to maintain a high stock position, with stock assets accounting for about 90% of the total assets of the fund. The allocation focuses on the sectors with high landscape, such as TMT, chemical industry, building materials, photovoltaic, new energy and so on.
From the perspective of holdings, by the end of 2021, the 11th to 20th ranked stealth heavy positions stocks from the end of 2021 at the end of 2021, from the 11th to the 20th of the year from the end of 2021, including: 456 \ \, Hagia medical, Beijing Geoenviron Engineering & Technology Inc(603588)
It is worth noting that compared with the third quarter of last year, Suzhou Maxwell Technologies Co.Ltd(300751) this “new face” appeared in the hidden heavy position stocks in the 11th-20th places. According to public information, Suzhou Maxwell Technologies Co.Ltd(300751) is a high-end intelligent equipment manufacturer integrating mechanical design, electrical development, software algorithm development and precision manufacturing equipment. It is involved in Cecep Solar Energy Co.Ltd(000591) battery production equipment. It is a leading equipment supplier and service provider in the photovoltaic industry in the world. The company mainly produces complete sets of equipment for Cecep Solar Energy Co.Ltd(000591) battery screen printing production line. In 2021, Suzhou Maxwell Technologies Co.Ltd(300751) rose by 71.16% in the whole year, but the stock has made a major adjustment since this year, falling by more than 20% since the beginning of the year.
The two fund managers said in their annual report that the 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 has exceeded two years. In addition, the portfolio focuses on manufacturing, which accounts for more than 50% of the portfolio. “Usually, starting from the prosperity of the manufacturing industry chain, we deeply explore the investment opportunities of leading companies in various sub sectors, investigate the development space and growth certainty of each company, and screen individual stocks in combination with valuation methods.”
“In recent years, the performance of the securities market is mostly structural. Since the beginning of 2022, under the expectation of infrastructure and real estate recovery, the financial and resource products sector has ranked first, or it indicates that the structural market will continue. The regular financial reports of listed companies have entered the disclosure period. We will dynamically optimize and adjust the combination in combination with the financial and operating data of individual stocks, taking into account the concentration and flexibility.” The fund manager said.
Ruiyuan fund Zhao Feng: the company’s texture and cost performance are important stock selection criteria
On March 29, Ruiyuan balanced value three-year holding hybrid fund managed by Zhao Feng disclosed the annual report of 2021. According to the data of the annual report, as of the end of the fourth quarter of last year, the 11th to 20th largest hidden heavy position stocks include: smore 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)
Specifically, the “waist” position in the 11th-20th place accounts for less than 22% of the net value, among which country garden services, Industrial Bank Co.Ltd(601166) , Citic Securities Company Limited(600030) are new stocks, indicating that Zhao Feng has strengthened his attention to property and financial stocks.
Zhao Feng said that when building the portfolio, it still takes the company’s texture and cost performance as 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 in choosing long-term research targets. “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.”
For 2022, Zhao Feng is cautiously optimistic about the market. He said that market funds are still abundant, China is in the process of economic growth and transformation, and opportunities and risks coexist. This change and structural differentiation are 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.
GF Liu Gesong: focus on “global comparative advantage manufacturing”
On the evening of March 29, the growth mix of GF small cap managed by Liu Gesong also disclosed the annual report of 2021.
According to the annual report data, as of the end of the fourth quarter of last year, the annual report data shows that as of the fourth quarter of last year, the 11th to 20th ranked stealth heavy warehouse stocks from the 11th to the 20th at the end of the fourth quarter of last year, including: 456 \ \ Trina Solar Co.Ltd(688599) , Broadex Technologies Co.Ltd(300548) , Ginlong Technologies Co.Ltd(300763) . Among them, Beijing E-Hualu Information Technology Co.Ltd(300212) , Zhejiang Chint Electrics Co.Ltd(601877) and other stock holding values account for more than 3% of the net asset value of the fund.
From the perspective of position, gf’s Small Cap Growth mix focuses on the configuration of the manufacturing sector. Liu Gesong said that since the concept of “global comparative advantage manufacturing industry” was put forward in early 2021, the fund has selected industries and individual stocks in this direction for allocation from the perspective of supply and demand pattern throughout the year.
In his view, the situation of style differentiation may continue in 2022. “The potential value of an asset or our expectation of the return 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 such assets. Under the business model of sustainable growth, the market is more willing to give such assets a higher valuation level when the performance growth rate of assets continues to exceed the expectation, 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 believes that the expectation of asset growth sustainability and profit growth in the direction of “global comparative advantage manufacturing industry” is still optimistic, because it 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 battery, energy storage, panel, new chemical materials There may be more world-class companies in the direction of automobiles, auto parts and high-end equipment.
“In the future, we will still focus on these directions. We will start from the pattern of supply and demand, look for excellent enterprises from the perspective of industry, and grow together with great enterprises.” Liu Gesong said.
Jingshun Great Wall Fund Liu Yanchun: the most difficult stage of investment has passed
A number of funds managed by Liu Yanchun had previously published the annual report of 2021. Taking the mixed growth of Jingshun Great Wall under his management as an example, by the end of the fourth quarter of last year, the fund positions were relatively concentrated, and the proportion of invisible heavy positions was not high.
Specifically, from the 11th to the 20th of the 11th to the 20th, the stealth heavy warehouse stocks from the 11th to the 20th of the 11th to the 20th include: 456 \ . Among them, Guangdong Haid Group Co.Limited(002311) , Yihai international, Hong Kong Stock Exchange and other funds account for more than 2% of the net asset value of the fund.
In terms of specific position adjustment, compared with the end of June last year, Liu Yanchun reduced his holdings of Hong Kong stock targets such as Yihai international and Hong Kong stock exchange, and increased his holdings of Guangdong Haid Group Co.Limited(002311) 17 million shares.
Looking forward to the future, Liu Yanchun said that the market style will be rebalanced, and those excellent companies with short-term headwinds have great investment value. The short-term boom fluctuation affects investors’ risk preference periodically, and has little impact on the internal value of the company. Many industries will usher in a boom reversal. Industries and companies with long-term and short-term logical resonance are expected to usher in good performance in the new year. “The most difficult stage of investment is over. Be patient and value will always return.”
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