"Unfortunately, I didn't buy it. I'm sorry." In the face of real estate funds that are prone to rise by 20%, a fund manager sighed.
Since this year, the real estate sector has stepped out of the independent rising market. The three funds managed by the fund manager of a heavy warehouse real estate have increased significantly. However, many fund managers withdrew "before dawn".
up 30%
Data show that as of April 12, the three active equity funds with the highest growth this year were managed by the same fund manager. The macro timing and multi strategy mix of 10000 households, the flexible allocation mix of 10000 new profits and the selection mix of 10000 households managed by the Yellow Sea have increased by 30.91%, 27.98% and 25.63% respectively since this year.
The reason for the rise against the market is reflected in the fund positions. The three funds all took heavy positions in real estate stocks. For example, among the top ten heavyweight stocks in the top ten heavyweight by the end of the fourth quarter of 2021, for example, wanjiaxinli is flexibly configured and blended by flexible blending. As of the end of the quarter quarter quarter of 2021, for example, among the top ten heavy positions, real estate stocks occupy six seats, and multiple stocks are close to the "top grid" of the top ten heavy positions, with positions in Gemdale Corporation(600383) among the top ten heavheavyweight stocks, for example, and multiple stocks are close to the "top grid" of heavy positions, which accounts for 9.85% 9.85% of the \ \ accounting for more than 8%. In addition, the other four heavy warehouse stocks are coal related enterprises. Overall, 57.21% of the fund assets are allocated in the real estate industry and 33.73% in the mining industry.
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In the fund's annual report, fund manager Huang Hai made it clear that he was optimistic about the real estate and coal sectors. Huang Hai believes that under the background of economic instability and low risk-free interest rate, companies with undervalued and stable dividends will be scarce assets in the period of economic downturn, and continue to be firmly optimistic about energy sectors such as coal and sectors benefiting from steady growth policies such as real estate.
some funds have been transferred
Since the middle and late last year, real estate related sectors have continued to pick up. According to the data, since August 1, 2021, among 134 stocks in the real estate industry, 94 stocks have risen, and 46 stocks have increased by more than 30%, including 7 double bull stocks, such as Cccg Real Estate Corporation Limited(000736) up 277.90% and Tianjin Guangyu Development Co.Ltd(000537) up 207.55%. In addition, Poly Developments And Holdings Group Co.Ltd(600048) increased by 89.11%, Gemdale Corporation(600383) increased by 72.16%, and China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) increased by 68.38%.
However, some fund managers failed to increase their positions in time or adjust their positions before the sector rose sharply. At the beginning of this year, some fund managers said they were optimistic about the real estate sector, but recently, when talking about the operation of the real estate sector, he bluntly told reporters: "although they are optimistic, it's a pity they didn't buy it. It's a pity."
In addition, from the trend of heavy position stocks and fund net value in the fourth quarter report of the fund in 2021, many funds have adjusted their positions. For example, a fund named "China returns" for example, a fund with the name of "China returns" will be 64.83% allocated to the real estate industry by the end of 2021, with 64.83% of the real estate sector at the end of 2021. By the end of 2021, for example, a fund with the title of "China returns", 64.83% of the real estate sector by the end of 2021. The top 10 heavheavyweight stocks are Gemdale Corporation(600383) \ , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , China Merchants Property Operation & Service Co.Ltd(001914) . Although they are all real estate related enterprises, as of April 12, the fund increased by 3.23%, and the fund manager may have changed positions and shares.
Coincidentally, a fund named "financial real estate" held 37.55% of the positions in the real estate sector at the end of 2021. Among the top ten heavy positions, five real estate stocks held 9.62% and 9.25% of the positions in Poly Developments And Holdings Group Co.Ltd(600048) and China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) respectively. However, the net value of the fund has increased by - 1.85% since this year, and the fund manager may have adjusted his position and exchanged shares.
can the market continue
According to a well-known real estate fund manager, the cyclical nature of some real estate stocks has weakened. "I bought real estate stocks very early. The reason why I bought them at that time was not because of the cyclical nature, but that these companies were seriously underestimated at that time, but their future value was still very good."
He believes that this round of real estate rise is mainly due to people's expectations of policy relaxation. The recent differentiation within the sector does not mean that this round of market has ended, but the valuation and cost performance advantages are relatively weakened compared with the growth stocks that have been adjusted before.
For the future trend of the real estate sector, a private equity fund manager said: "the worst situation in the real estate industry has passed, and the future risks will not spread further." Specifically, on the one hand, due to the implementation of urban policies in various regions, investors' confidence and expectation in real estate have increased. Second, in the process of industry restoration, enterprises with high leverage have greater pressure, and the competition in the supply pattern of the whole industry has weakened, which has brought some improvements to the profitability of real estate manufacturers. In the past, the development space of companies with relatively stable operation will be wider. In addition, some real estate stocks with the background of state-owned enterprises may have opportunities for M & A expansion. However, due to the excitement of the market in the short term, the short-term trend will be repeated. Therefore, the follow-up also needs to pay attention to the actual repair of enterprise fundamentals.
