In late March, the fund companies and their shareholders launched the disclosure of annual reports one after another, among which Gf Securities Co.Ltd(000776) . The net profits of e fund and GF fund disclosed by it reached an all-time high of the public data of the two companies respectively, ranking first and third in the disclosed data of the industry.
In 2021, excluding the commodity base and short-term debt fund, the public offering management scale of e fund and GF Fund ranked first and third in the industry respectively. In the same year, e fund's revenue in 2021 reached 14.557 billion yuan, an increase of 58.14% year-on-year in 2020; The net profit reached 4.535 billion yuan, an increase of 64.92% year-on-year in 2020; The revenue of Guangfa fund in 2021 also reached 9.346 billion yuan, a year-on-year increase of 49.52%; The net profit reached 2.607 billion yuan, an increase of 42.95% year-on-year in 2020.
e fund has a net profit of 4.535 billion, ranking first in the industry
In 2021, the public fund industry maintained rapid growth, and the industry scale reached a new high. At the same time, new businesses and products have sprung up one after another, REITs has officially set sail, the pilot of fund investment adviser has been further expanded, and new products such as Kechuang 50ETF, Beijing stock exchange theme fund and interbank certificate of deposit have been launched. Innovation has become an important engine driving the development of the industry.
According to the annual report from Gf Securities Co.Ltd(000776) , by the end of 2021, Gf Securities Co.Ltd(000776) held 22.65% of the equity of e fund and was one of its three largest shareholders. By the end of the reporting period, the total scale of public funds managed by e fund was 1706429 billion yuan, an increase of 39.28% over the end of 2020; Excluding money market funds, the total scale is 1228904 billion yuan, ranking first in the industry.
In terms of financial indicators, by the end of 2021, e fund had total assets of 23.069 billion yuan and net assets of 12.495 billion yuan. In 2021, the company's revenue reached 14.557 billion yuan, an increase of 58.14% year-on-year in 2020, and its net profit reached 4.535 billion yuan, an increase of 64.92% year-on-year in 2020. The two data ranked first in the industry.
gf's net profit was 2.607 billion, an increase of more than 40% year-on-year
By the end of 2021, Gf Securities Co.Ltd(000776) held 54.53% equity of GF. At the end of 2021, the total scale of public funds managed by GF was 1129625 billion yuan, an increase of 47.97% over the end of 2020; Excluding money market funds, the total scale is 691952 billion yuan, ranking third in the industry.
In terms of financial indicators, by the end of 2021, the total assets of Guangfa fund were 14.944 billion yuan. In 2021, the company's revenue reached 9.346 billion yuan, a year-on-year increase of 49.52%; The net profit reached 2.607 billion yuan, an increase of 42.95% year-on-year in 2020, ranking the third in the industry.
For the rapid growth of net profit, Gf Securities Co.Ltd(000776) the annual report explained that this was mainly due to the increase of product management fee income of GF fund.
It is worth mentioning that, in terms of operating revenue data, the revenue of GF in 2021 is only 32.11 million yuan away from the second huitianfu fund, with a difference of 655 million yuan between its net profit and huitianfu fund. However, the revenue and net profit growth of GF in the past year were higher than that of huitianfu fund.
Zhang Kun and Liu Gesong's invisible heavy position stocks surfaced
As a top fund manager with a management scale of 101935 billion yuan at the end of last year, Zhang Kun's position has attracted much attention. According to the annual report of the fund under his management, by the end of the fourth quarter of 2021, the net asset value of e fund blue chip selected by Zhang Kun had reached 67.623 billion yuan, which is the largest product among the four funds under his management.
In the fourth quarter of 2021, the fund's stock position was basically stable. In terms of industry, it increased the allocation of finance, consumption and other industries and reduced the allocation of pharmaceutical and other industries; In terms of individual stocks, the investment proportion of individual stocks with distinctive business model, clear long-term logic and reasonable valuation level has been increased.
In addition to the top 10 heavyweight stocks disclosed in the four seasons report, the fund also holds meituan, bubble mart, Focus Media Information Technology Co.Ltd(002027) , China stock market news, Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Aier Eye Hospital Group Co.Ltd(300015) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Beijing Tiantan Biological Products Corporation Limited(600161) , Topchoice Medical Co.Inc(600763) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) . Among them, the market value of meituan accounts for 4.52% of the net value of the fund.
Among the above hidden heavy positions, bubble mart, Focus Media Information Technology Co.Ltd(002027) , and China stock market news are new members of the 11th-20th list of heavy positions, while meituan, Aier Eye Hospital Group Co.Ltd(300015) , Beijing Tiantan Biological Products Corporation Limited(600161) , Topchoice Medical Co.Inc(600763) have been greatly reduced.
E fund blue chip selected invisible heavy positions at the end of 2021
In the annual report, Zhang Kun reiterated that the value of an enterprise is the discount of all free cash flow in its life cycle. When studying the company, free cash flow has always been one of its most concerned financial indicators. "The extent to which the products produced by an enterprise are desired by its customers, whether it has an excellent business model and whether it has a moat to maintain a good competition pattern in a long period of time are important determinants for the smooth transformation of income into net profit and then into free cash flow."
As a manager, Zhang Kun always feels the great responsibility on his shoulders. He said bluntly that the assets of the fund belong to each holder. For each holder, what he actually holds is part of the equity of the listed company held by the fund. He will always stand with the holders and strive to find some high-quality listed companies that can generate abundant free cash flow, and the generated free cash flow can grow over time. Only in this way can the equity value of the company increase with time, and then be finally reflected in the net value growth of the fund in a long enough time.
On March 29, the growth of GF small market managed by Liu Gesong also released its annual report. By the end of the fourth quarter of 2021, the management scale of Liu Gesong had exceeded 77.335 billion yuan. In the past year, he focused on the manufacturing sector.
According to the growth report of Guangfa small cap managed by him, as of the end of last year, the scale of the fund was 13.423 billion yuan and the stock position was 89.59%.
In addition to the top ten big warehouse shares, the fund also has the top ten of the top ten of the top ten of the top ten of the top ten big warehouse shares. The fund also focuses on the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten. The fund also holds the most of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the fund. The fund also focuses on the top ten of the top ten ten of the top ten ten of the most ten ten ten ten of the most ten ten ten of the top ten ten ten ten of the top ten ten ten of the top ten ten of the top ten ten of the most most most of which is the '' '' '' ''s most most most of the . The most of the most of the most of the most of the most of the, Ginlong Technologies Co.Ltd(300763) .
Among them, Beijing E-Hualu Information Technology Co.Ltd(300212) , Zhejiang Chint Electrics Co.Ltd(601877) , Shanghai Pret Composites Co.Ltd(002324) , Flat Glass Group Co.Ltd(601865) held fair value accounted for more than 2% of the net asset value of GF's small cap growth.
GF Small Cap Growth invisible heavy position stocks at the end of 2021
Liu Gesong said that in 2021, the fund under his management will select industries and individual stocks for allocation in this direction from the perspective of supply and demand pattern.
In his view, the situation of style differentiation may continue in 2022. In the current period of the transformation of new and old driving forces of China's macro economy, different assets are in different boom stages. Therefore, he believes that the differentiation of assets is a high probability event.
For 2022, Liu Gesong is still optimistic about the growth sustainability and profit growth of assets in the direction of "global comparative advantage manufacturing". The reason is that 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.
