With the gradual disclosure of the fund’s first quarterly report in 2022, the position adjustment path and future investment strategy of several equity funds in the first quarter have surfaced. Many star fund managers maintain high position operation. They agree that many stocks have fallen out of cost performance. At present, we might as well be optimistic. In addition, or in order to find investment opportunities, many well-known fund managers such as Deng Xiaofeng and Zhu Shaoxing recently intensively participated in the research of listed companies. On the whole, small and medium-sized stocks have become the focus of their attention.
Le watch the future market and maintain a high position
As of April 17, some funds under 10 billion fund managers have disclosed the first quarterly report. Taking the Zhonggeng value pilot managed by Qiu Dongrong as an example, the fund maintained high position operation in the first quarter, and the proportion of stocks in the total assets of the fund at the end of the quarter was 93.34%. Although the stock position has not changed greatly, Qiu Dongrong’s position adjustment is quite obvious, which significantly improves the allocation proportion of Hong Kong stocks.
Specifically, the US group -W, China Hongqiao, fast hand -W, China Overseas Development and other Hong Kong stocks have become the ten largest heavyweight shares in the new Kwai Kong Group. In addition, Luxi Chemical Group Co.Ltd(000830) also entered the list of the top ten heavy positions of the fund.
Qiu Dongrong said that in the current market, we need to tap structural opportunities and prevent structural risks, pay attention to value stocks that focus on supply factors and growth stocks that have been fully adjusted and still have a bright long-term prospect. More importantly, after a substantial adjustment, from the perspective of valuation, fundamental factors and liquidity, the opportunities of Hong Kong stocks have changed from structural opportunities to systematic opportunities, which is worthy of strategic allocation.
Also maintaining the operation of high positions are the Zhonggeng value pioneer managed by Chen Tao and Cao Qing. As of the end of March, stocks accounted for 93.24% of the total assets of the fund. From the perspective of the top ten heavyweight stocks of the fund, Shenzhen Topband Co.Ltd(002139) , Shenzhen Transsion Holdings Co.Ltd(688036) became the new top ten heavyweight stocks of the fund.
Chen Tao and Cao Qing believe that with this round of market adjustment, there are more and more investment opportunities. “After this round of adjustment, the valuation of industries with more allocation, such as TMT, wind power, machinery manufacturing, auto parts and so on, is at a more attractive level. Previously, industries with less allocation due to higher valuation, such as military industry, new energy vehicles, photovoltaic, medicine, consumption, semiconductors and other industries, have also successively appeared investment opportunities that meet our stock selection criteria, and the opportunities are changing from structural to systematic.”
HSBC Jinxin research selection, a new fund managed by 2020 stock based champion Lu Bin, was established on January 21 this year. By the end of March, the proportion of stocks in the total assets of the fund had reached 87.81%. The fund allocation is biased towards growth style, mainly focusing on new energy, medicine, Internet, TMT and other industries.
Lu Bin said that the new fund has a fast pace of position building, and short-term risk events have a limited impact on the long-term value of the A-share market. Therefore, under the background that the fundamentals are still good, when the market fluctuates violently in the short term, taking the risk actively may be a better choice than avoiding the risk. In a year or two dimension, the implied return of many stocks has been very attractive.
intensive research to find investment opportunities
In addition to the position adjustment disclosed in the first quarterly report of the fund, since April, star fund managers have also been conducting intensive research to find investment opportunities. These research paths also reveal their current focus.
Taking Aecc Aero-Engine Control Co.Ltd(000738) as an example, on April 11, its teleconference attracted more than 120 participants, including Deng Xiaofeng, chief investment officer of Gaoyi assets, Zhu Shaoxing, deputy general manager of Wells Fargo fund, Hongliu, managing director of Harvest Fund and other 10 billion fund managers. It is worth noting that Aecc Aero-Engine Control Co.Ltd(000738) is also Deng Xiaofeng’s heavy position stock.
For individual targets, some fund companies are collectively dispatched for research. On April 14, star fund managers such as Yang Jinjin of BOCOM Schroder fund, Bo Guanhui of Yinhua Fund and Bao Wuwu of Jingshun Great Wall Fund investigated Beijing Baolande Software Corporation(688058) ; Similarly, from April 11 to April 15, famous fund managers such as Tang Xiaobin of GF fund, Sun Bin of Wells Fargo fund and Li Jin of Jingshun Great Wall Fund investigated Sf Diamond Co.Ltd(300179) . The market value of the above two companies is less than 6 billion yuan.
From the overall survey, star fund managers prefer small and medium-sized companies with strong growth, and some listed companies are already heavy positions of some fund managers. According to the survey summary, institutions generally pay more attention to the latest operation of listed companies, and put forward more detailed questions for the company’s dynamics, including the specific situation of the company’s customers and whether the follow-up development plan can be completed.
In the view of insiders, at the current time point, star fund managers intensively participate in the research of listed companies, which to some extent reflects their greater attention to the market. After this round of adjustment, many stocks have indeed fallen out of the price performance ratio, and fund managers are strengthening research and looking for investment opportunities.
