From the market value of the fund's position shares at the end of last year, Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Wuliangye Yibin Co.Ltd(000858) ranked among the top three in the fund's stock market value, reaching 192227 billion yuan, 167817 billion yuan and 96.971 billion yuan respectively.
In the second half of last year, 2814 stocks gained new or increased holdings of the fund. Among them, 443 stocks were newly purchased by the fund, and the number of newly purchased shares of China Telecom Corporation Limited(601728) , China Energy Engineering Corporation Limited(601868) , Lecron Industrial Development Group Co.Ltd(300343) and other three stocks exceeded 100 million.
With the disclosure of the 2021 annual report of the public fund (hereinafter referred to as the "fund"), the investment strategy and positions of the fund manager surfaced last year. According to the position data, for the shock trend of A-Shares this year, some fund managers have responded through the operation in the second half of last year. In industries such as increasing positions in machinery and equipment and basic chemical industry, some high-quality stocks favored by fund managers have also been sought after by northbound funds.
Compared with the quarterly report of the fund, the annual report discloses all its positions, and the hidden heavy positions of the fund can further show the investment style of the fund manager. What was the situation of the hidden heavy positions of top flow fund managers such as Ge Lan, Zhou Weiwen and Zhang Kun last year? How do top flow fund managers judge the future trend of the A-share market?
fund position increase, machinery and equipment and other four industries
With the disclosure of the fund's 2021 annual report, its position shares also surfaced and became the focus of investors. According to the data, by the end of 2021, a total of 4296 shares in the A-share market had obtained public fund positions, accounting for 91.72% of the total A-shares at the end of last year.
In terms of the market value of the shares held by the fund at the end of last year, the market value of the funds held at the end of last year. From the market value of the shares held by the fund at the end of last year, the Fangda Carbon New Material Co.Ltd(600516) 00519 eightindividual stock funds, including , Luxshare Precision Industry Co.Ltd(002475) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) and others, all hold stock market values exceeding 60 billion yuan.
In terms of the proportion of shares held in the circulating shares, 811 individual shares have obtained 10% or more of the circulating shares held by the fund, of which 4 individual shares, including Shanghai Awinic Technology Co.Ltd(688798) , Huali Industrial Group Company Limited(300979) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Jiangsu Boqian New Materials Stock Co.Ltd(605376) , have obtained more than 60% of the circulating shares held by the fund.
In the second half of last year, 2814 stocks gained new or increased holdings of the fund. In terms of newly acquired shares, 443 individual shares were newly acquired by the fund, and the number of newly acquired shares of China Telecom Corporation Limited(601728) , China Energy Engineering Corporation Limited(601868) , Lecron Industrial Development Group Co.Ltd(300343) and other three individual shares exceeded 100 million. 2371 individual shares were increased by the fund, and the number of additional shares of Poly Developments And Holdings Group Co.Ltd(600048) , China Three Gorges Renewables (Group) Co.Ltd(600905) , Huaneng Power International Inc(600011) , China National Nuclear Power Co.Ltd(601985) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) and other five individual shares exceeded 700 million during the period.
Further analysis of the 2814 additional positions of the fund shows the following four characteristics:
First, it is mainly concentrated in high-profile industries, and four major industries such as mechanical equipment, medicine and biology, electronics and basic chemical industry have become the main direction of increasing positions. In the second half of last year, the number of individual stocks increased by the fund was 304, 249, 226 and 205 respectively.
Second, most companies have excellent performance. As of the closing on April 1, 751 of the above 2814 companies had issued the annual report of 2021, and 548 companies achieved a year-on-year increase in net profit last year, accounting for 72.97%; In addition, 510 companies released their 2021 performance letters, and 385 achieved year-on-year growth in net profit last year, accounting for 75.49%.
Third, some stocks have increased their positions in the north. Since the beginning of this year, 449 individual stocks have obtained increased positions from the north, and 13 individual stocks, including Postal Savings Bank Of China Co.Ltd(601658) , Bank Of Communications Co.Ltd(601328) , China Railway Group Limited(601390) , China Energy Engineering Corporation Limited(601868) , have obtained more than 100 million shares.
Fourth, more than 40% of stocks outperformed the market. Since this year, 1134 of the above-mentioned stocks have outperformed the market (a cumulative decline of 9.81% during the period), accounting for more than 40%. Among them, Huitong group, Zhejiang Construction Investment Group Co.Ltd(002761) , Jinzhou Jixiang Molybdenum Co.Ltd(603399) , Tianjin Tianbao Infrastructure Co.Ltd(000965) and other four stocks have increased more than twice during the period, showing a strong performance.
top flow manager's invisible heavy position shares have three characteristics
With the disclosure of the 2021 annual report of public funds, including Ge Lan, Zhou Weiwen, Zhang Kun, Liu Yanchun, Xie Zhiyu, Liu Gesong, Hu Xinwei, Feng Mingyuan, Zhu Shaoxing and Fu Pengbo, all the 2021 annual reports of the funds managed by the top ten fund managers have been released. The top ten heavy positions of their funds contribute the most to the net value of the fund and tend to be highly exposed, The heavy position stocks hidden in the 11th to 20th place also make a great contribution to the net value of the fund, which is worthy of attention.
The data show that the funds with a scale of more than 5 billion yuan under the top ten fund managers hold 146 invisible heavy positions, and 69 shares are jointly held by two or more fund managers, accounting for 47.26%. Among them, Ganfeng Lithium Co.Ltd(002460) was jointly held by the funds of three fund managers including Ge Lan, Feng Mingyuan and Hu Xinwei in the fourth quarter of last year (the fund scale exceeded 5 billion yuan), Aier Eye Hospital Group Co.Ltd(300015) also won the favor of three fund managers including Zhang Kun, Ge Lan and Liu Yanchun in the fourth quarter of last year, and three stocks including China stock market news, Wuxi Apptec Co.Ltd(603259) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) were also jointly held by relevant funds during this period.
By the end of the fourth quarter of 2021, the fund product scale managed by Ge Lan, the fund manager of China Europe research selected hybrid securities investment fund, had exceeded 100 billion yuan, reaching 110394 billion yuan. Among them, there are three funds with a scale of more than 5 billion yuan under Ge Lan, namely China Europe medical and health hybrid, China Europe medical innovation stock and China Europe alpha hybrid, with a scale of 77.505 billion yuan, 13.094 billion yuan and 12.811 billion yuan respectively. There are 21 stocks hidden in the 11th to 20th positions held by these three funds. In the fourth quarter of last year, Ge Lan held two stocks, including Chongqing Zhifei Biological Products Co.Ltd(300122) , Joinn Laboratories (China) Co.Ltd(603127) , The cumulative stock market value is more than 2 billion yuan; It holds eight stocks, including Shanghai Medicilon Inc(688202) , Autek China Inc(300595) , Changchun High And New Technology Industries (Group) Inc(000661) , Jiangsu Hengrui Medicine Co.Ltd(600276) , Hainan Poly Pharm.Co.Ltd(300630) , Zhejiang Wolwo Bio-Pharmaceutical Co.Ltd(300357) , Pharmablock Sciences (Nanjing) Inc(300725) , Beijing Tongrentang Co.Ltd(600085) , and the cumulative stock market value exceeds 1 billion yuan.
In terms of fund operation, Glenn said, "according to our investment framework, we look for sub industries with high medium and long-term prosperity from top to bottom, and select individual stocks from bottom to top. We have focused on the long-term promising core innovative drugs, innovative devices, innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain, medical services and consumer medicine."
Zhou Weiwen, another major fund manager of China Europe Fund, said that by the end of the fourth quarter of last year, Zhou Weiwen was managing nearly 100 billion yuan of funds. Among the more than $5 billion worth worth of more than $5 billion under Zhou Weiwen's banner, Zhou Weiwen's more than $5 billion of which includes four funds: China Europe Europe's new blue chip mix, new trends mix, regular open mix of China Europe's selection, and two-year holding mix of China Europe's ingeningeningenuity, among which four funds are four funds with more than $5 billion worth of more than $5 billion. Among them, Zhou Weiwen Zhou's four funds that have more than $5 billion worth worth of more than $5 billion under Zhou Weiwen Zhou's banner of more than $5 billion. These four funds rank 11th to 20th, with 18 hidden heavy warehouse stocks, ranging from Hongda Xingye Co.Ltd(002002) 47475 thestock market value of the six stocks in the fourth quarter of last year exceeded 700 million yuan.
At the same time, the fund managed by Zhang Kun, the fund manager of "100 billion top flow" e fund, has 20 invisible heavy positions, and the stock market value of 6 stocks, including Shanghai Bairun Investment Holding Group Co.Ltd(002568) , Sdic Power Holdings Co.Ltd(600886) , Focus Media Information Technology Co.Ltd(002027) , Yutong Bus Co.Ltd(600066) , China stock market news, Beijing Shunxin Agriculture Co.Ltd(000860) , was more than 1 billion yuan during the period. E fund's blue chip selection is the most typical. Among the hidden heavy positions ranked 11th to 20th by the fund in the fourth quarter of last year, Focus Media Information Technology Co.Ltd(002027) , China stock market news are new to the list, while Aier Eye Hospital Group Co.Ltd(300015) , Beijing Tiantan Biological Products Corporation Limited(600161) , Topchoice Medical Co.Inc(600763) have been greatly reduced.
Further combing, it is found that the 146 invisible heavy positions held by the above ten "top flow" fund managers show three characteristics:
First, strong profitability. Statistics show that among the 146 stocks mentioned above, as of April 1, 54 stocks disclosed the annual performance of 2021, and 44 stocks achieved year-on-year growth in the annual net profit of 2021, accounting for more than 80%. Among them, eight stocks doubled their net profit year-on-year during the reporting period.
Second, consumption and technology have become the focus of positions. Statistics show that the invisible heavy warehouse stocks held by the above 146 funds involve 27 Shenwan industries. The number of invisible heavy warehouse stocks held by "top flow" fund managers in four industries such as medicine and biology, food and beverage, power equipment and electronics ranks first, with the number of individual stocks reaching 29, 20, 17 and 10 respectively.
Third, the North pays more attention to funds. Statistics show that among the hidden heavy positions held by the 146 funds mentioned above, up to now, 13 shares have been held by northbound funds, with a total number of 17.21 billion shares, an increase of 280 million shares or 1.65% over the end of 2021. Among them, 60 is the 60 that has won the northern facing capital to hold back within the year, 60 of which is the 60 that will be the 60 that will win the north facing capital for the year, among which, 60 is the 60 that will win the year of the year, and the north facing capital to the North: the 60 of the 60 that has been the 60 of the year, of which, the 60 of the 60 that has won the NorthNorth facing capital holdings, of which 60 is the 60 that has won the north facing capital for the year of the year, the Tsingtao Brewery Company Limited(600600) 9090909090905 fivestocks, including , Muyuan Foods Co.Ltd(002714) and others, are favored by 30 million northbound funds, which is worth looking forward to.
top flow fund managers talk about A-share market
Most top flow fund managers are full of confidence and high expectations for the A-share market in 2022. They generally believe that since short-term market fluctuations are difficult to predict, industries and targets with deterministic investment value in the market should be paid more attention.
Hu Xinwei, fund manager of huitianfu's value leading hybrid securities investment fund, said in the 2021 annual report of huitianfu's consumer industry hybrid securities investment fund that although there are still various factors that may lead to market fluctuations in 2022. However, first, the great potential of China's economic growth remains unchanged. Under the tone of "seeking progress while maintaining stability", China's economy will be able to achieve stability and long-term development, providing a good soil for the development of various industries; Second, the epidemic situation will not affect the potential for sustained and steady growth of the consumer industry, let alone the general trend of continuous upgrading of consumption; Third, a number of excellent companies have lower valuations, providing investors with better layout opportunities.
In the 2021 annual report of China EU new trend hybrid securities investment fund (LOF), Zhou Weiwen said he was optimistic about 2022. There are three main reasons: first, the adjustment of track targets has basically been completed and the bubble has been very small. Second, the past two to three years also belong to a structural bull market, and there are many stocks with investment value; Third, although the world is facing the situation of tightening liquidity, the previous policies of the Central Bank of China are more forward-looking, and there is still room for loose monetary policy.
Liu Yanchun, fund manager of Jingshun Great Wall's blue chip growth hybrid securities investment fund, expects that broadening credit, stabilizing growth and boosting domestic demand will be the policy focus of this year. From cross cycle to counter cycle, from external demand to boosting domestic demand, marginal prosperity will no longer be scarce, funds will tend to be scattered, market style will be rebalanced, and excellent companies have great investment value. As the counter cyclical policy gradually develops, it is expected to usher in an upward turning point, and many industries will usher in a boom reversal.
In the 2021 annual report of China EU alpha hybrid securities investment fund, Glenn said that in terms of fundamentals, China is still optimistic about the current round of industrial upgrading and scientific and technological innovation cycle in the medium and long term, and profound changes will take place in industries in various fields in the medium and long term. After more than one year of adjustment, the market has been at the bottom of high-quality stocks, but it is difficult to avoid a lot of short-term changes in valuation.
Fu Pengbo, fund manager of Ruiyuan growth value hybrid securities investment fund, looked forward to the general trend in 2022. He believed that the full implementation of the stock issuance registration system, giving full play to the positive role of capital as a factor of production, and under the background of "housing without speculation", residents' asset allocation may be inclined to securities.
When speculating on the market style, "differentiation" is the most frequently mentioned by Liu Gesong, manager of GF fund. He said that the situation of style differentiation may continue in 2022. 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. 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 led the rise, which may indicate that the structural market will continue.
In terms of selecting high-quality tracks, gran is more optimistic about the pharmaceutical and biological sector. She said that with the rapid improvement of per capita income and cognitive level of Chinese residents, the demand for medical services and consumer medicine is still growing rapidly and not fully met, and there is still huge space in the future. On the whole, it is still optimistic about the medium and long-term investment opportunities in the pharmaceutical and biological sector.
Liu Gesong is 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 widening. In the future, it will be in photovoltaic, power battery, energy storage, panel, new chemical materials, automobile and auto parts There may be more world-class companies in the direction of high-end equipment.
Zhou Weiwen believes that investment opportunities can be found from two main lines: first, industries with sustained prosperity in the coming years, such as new energy, photovoltaic, military industry and other industries; The second is the dilemma reversal industry, which is represented by breeding, catering, tourism, media, real estate and so on.
Feng Mingyuan, fund manager of Xinda Aoyin Zhiyuan three-year holding hybrid securities investment fund, said that in 2022, facing multiple tests such as epidemic disturbance, we can still find investment opportunities in the directions of new energy, TMT, advanced manufacturing and steady growth
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