march 31, China Europe Fund disclosed the annual report of its products, and the “invisible heavy positions” of products managed by well-known fund managers such as Zhou Weiwen, Cao Mingchang and Ge Lan finally “surfaced”
Zhou Weiwen: not pessimistic about the future
As the chairman of the China Europe Fund Equity Investment and decision-making committee, Zhou Weiwen’s “invisible heavy positions” has attracted market attention.
The annual report shows that the stock position of China EU New Blue Chip Fund is 78.33%. According to the 2021 annual report published in the 2021 annual report, according to the 2021 annual report, according to the 2021 annual report published in the 2021 annual report, the number 11 to 20 of the 2011-year annual report, ranking the 11th to 20 of the annual annual report, and the hidden heavy warehouse stocks ranked from the 11th to the 20th of the 2021 annual report, according to the 2021 annual report, according to the 2021 annual report, the annual report, the annual report, the annual report of the 2021 annual report published. The hidden heavy warehouse stocks ranked from the 11th to the 20th are Shaanxi Aerospace Power Hi-Tech Co.Ltd(600343) 4 Hengli Petrochemical Co.Ltd(600346) of Hengli Petrochemical Co.Ltd(600346) , the 459 , Gemdale Corporation(600383) , Meinian Onehealth Healthcare Holdings Co.Ltd(002044) .
Details of the top 20 stocks held by China EU New Blue Chip Fund
Source: Fund Annual Report
“The core of the market in the first half of 2022 is to adapt to the adjustment of valuation and macro environment. After adjustment, the market is not pessimistic about the future.” Zhou Weiwen said in the annual report.
Zhou Weiwen said that he would focus on two types of investment opportunities. First, industries that will continue to prosper in the coming years, such as new energy, photovoltaic, military and other industries. Most of these industries are overvalued, but the fundamentals of the subdivided sectors may be differentiated. The fund will consider selecting the subdivided sectors with positive changes in Fundamentals for allocation.
The second is the dilemma reversal industry. The share prices of these industries are low and there is uncertainty in short-term operation, but from the perspective of about two years, the probability of operation will return to normal, even better than the boom years in history. Zhou Weiwen focuses on the plight reversal industries mainly including breeding, catering, tourism, media, real estate, etc. he plans to dynamically adjust the allocation proportion of such sectors according to the future profit growth rate and valuation of relevant industries.
Cao Mingchang: insist on digging gold in undervalued value
On March 31, the China EU value discovery fund managed by Cao Mingchang, a famous value investment general, released its 2021 annual report. The annual report shows that the fund focuses on manufacturing and real estate allocation, with stock positions accounting for 93.47%.
Details of the top 20 stocks held by China EU value Discovery Fund
Source: Fund Annual Report
Cao Mingchang pointed out in his annual report that the valuation of the whole market is at a historical low, so he is optimistic about the market. “There has been a great differentiation within the style of undervalued and overvalued values. In terms of last year’s situation, the small and medium cap values in undervalued values are much better than the large cap values. This is also one of the reasons why China Europe value discovery can achieve positive annual returns by allocating small and medium cap value stocks last year.”
For the investment target, Cao Mingchang said that in the coming year, he is more optimistic about real estate, infrastructure and its industrial chain, resource varieties with high dividend rate, and optional consumption gradually recovered in the post epidemic era. From a longer-term perspective, Cao Mingchang is more optimistic about some subdivided industry leading companies in small and medium-sized manufacturing industry.
At the same time, he also reminded investors that considering the current market valuation and changes in the macro environment, they must be cautious about growth stocks with high valuation and general growth. Of course, those varieties with reasonable valuation and good long-term growth are still promising.
Glenn: still optimistic about the pharmaceutical and biological sector
According to the 2021 annual report of China Europe medical and health fund managed by Glenn, the stock position of the fund was basically stable in 2021, in which the proportion of equity investment in the total assets of the fund was 83.90%.
Details of the top 20 stocks held by China EU medical and health fund
Source: Fund Annual Report
“We are still optimistic about medium and long-term investment opportunities in the pharmaceutical and biological sector. However, short-term market fluctuations are inevitable and we will continue to strive to create long-term investment returns for holders,” Gran said
In the annual report, Glenn analyzed the development trend of the industry in more detail and reiterated its optimism for the innovative drug sector. She pointed out that innovation is not only the main driving force for the growth of the pharmaceutical and biological industry, but also the core charm of the industry. Innovative drugs and innovative devices still have broad growth space for a long time.
In January 2022, China Europe Fund announced that China Europe Fund and fund manager Ge Lan would purchase a total of 52 million yuan from China Europe medical and health fund and China Europe medical innovation fund, and promised to hold them for more than three years. At present, all relevant self purchases have been completed. On March 18, China Europe Fund announced again that it would use its inherent funds to purchase its partial equity funds and funds in funds (fof) totaling 150 million yuan within 30 trading days. After completing the above investment, the total amount of partial equity funds and fofs purchased by the company since this year will reach 260 million yuan. China Europe Fund said that in the future, it will continue to uphold the concept of long-term investment and value investment and strive to create long-term value for fund unitholders.
yuan Weide: long term optimistic about the backbone of manufacturing
The current valuation provides a higher and higher margin of safety, said Yuan Weide, a Mesozoic value School of China Europe funds, in his annual report. I believe that with the passage of time, the profits of enterprises will eventually return to a reasonable direction.
According to the positions disclosed in the annual report, Yuan Weide has a significant undervalued style in managing the fund, takes into account the quality of shareholding and growth, and pays attention to the safety margin and investment experience. Taking the China EU value wise selection, which has the longest management time, as an example, its configuration includes emerging industries such as wind power, new energy, military industry, media, electronics, medicine and computer, as well as high-quality companies in traditional industries such as chemical industry, light industry and machinery.
Details of the top 20 stocks held by China EU value intelligent selection fund
Source: Fund Annual Report
Yuan Weide said in the annual report of China EU value wise selection that from a long-term perspective, high-quality companies in China’s midstream and downstream manufacturing industry are constantly accumulating their own cost or technical advantages, and with the precipitation of time, their products are gradually moving from medium and low-end to medium and high-end with higher difficulty and stronger barriers, becoming more and more globally competitive. These companies can be said to be the backbone of China’s manufacturing industry and valuable assets on a global scale. These companies are not only distributed in traditional industries, but also in emerging industries represented by new energy, communication and electronics.
Looking to the future, Yuan Weide believes that many high growth companies with fast growth, good texture and large long-term space gradually become reasonable or even underestimated in such adjustments. From a long-term perspective, such adjustment also provides better investment opportunities. Whether it is an emerging industry or a traditional industry, after the valuation rebalancing in 2021, it is expected to usher in a pattern of blooming flowers in 2022
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