The latest positions of the two "top stream" fund managers of Yinhua Fund have been exposed!
On April 20, Jiao Wei, the star fund of "Southern Song school", disclosed the first quarterly report of Yinhua wealth themed hybrid fund under his management. In the thoughts of the quarterly report as scheduled, "reflection" and "review" have become the main melody of this time. When the net value of the fund has declined for three consecutive quarters, Jiao Wei said that "we can no longer be qualified to blame the net value performance on the impact of natural disasters and external uncertainty, but need to conduct a profound review from ourselves and make practical adjustments from actions" .
In the first quarterly report, Jiao Wei rarely expressed cautious views on pharmaceutical stocks and other high valuation sectors. In terms of medicine, Jiao Wei admitted that "the judgment on vaccines and pharmaceutical policies is inconsistent with the reality". In the first quarter, the fund reduced its positions in vaccines of innovative drugs, as well as CXO leading companies, Hangzhou Tigermed Consulting Co.Ltd(300347) , Cansino Biologics Inc(688185) withdrew from the top ten heavyweight stocks of the fund. Looking back on the market of core assets, many companies' valuations often reach triple digits. Jiao Wei realized that "the rigidity of the valuation ceiling and the response to marginal changes near the clouds will bring great harm." Based on this concept, the fund increased the allocation of bank shares in the first quarter.
it is worth noting that, as a "colleague", Li Xiaoxing, another star fund manager of Yinhua, operates a number of sectors and stocks in the opposite way to Jiao Wei. The funds under its management increased their positions in Maotai in the first quarter and continued to be optimistic about innovative drug sectors such as cro / cdmo
coke Wei holdings Baijiu liquor stocks and pharmaceutical stocks
At the end of the first quarter, the scale of Yinhua wealth theme was 17.336 billion yuan, down 5.415 billion yuan from 22.751 billion yuan at the end of last year. Share also encountered net redemption. In the first quarter, the total subscription share was 313 million, and the total redemption share was 449 million. After the net redemption of 136 million, the total share at the end of the first quarter was 3.387 billion.
In terms of performance, the net value of the fund decreased by 20.74% in the first quarter, underperforming the average level in the same period, and has declined for three consecutive quarters, retreating more than 35% from the high at the end of the second quarter of last year. Jiao Wei admitted that "we can no longer be qualified to blame the net worth performance on the impact of natural disasters and external uncertainty, but we need to conduct a profound review from ourselves and make practical adjustments in action. Of course, we can place our hope on the natural past of the epidemic and the policy reversal in the external environment conducive to the combination."
Jiao Wei's actions of changing positions and reducing positions in the first quarter also coincided with his words and deeds of introspection in the quarterly report. The stock position of the product decreased from 91.43% at the end of last year to 86.08% at the end of the first quarter. He reduced positions by Kweichow Moutai Co.Ltd(600519) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) and Wuxi Apptec Co.Ltd(603259) and withdrew from the top ten heavy positions of the fund. AMC and Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , China Merchants Bank Co.Ltd(600036) , Beijing Tongrentang Co.Ltd(600085) newly added the top ten heavyweight stocks of the fund, ranking ninth and tenth respectively.
Reflecting on last year's decline, Jiao Wei said, " from the second half of last year, the biggest pullback of the fund's net worth came from the hard resistance to the decline and the gradual increase of positions in medicine. In the second turmoil in the first quarter, our reflection is that we should no longer hold heavy positions. We often encounter investment objects that cannot be explained from the company's own reasons after the decline in the subdivided industries we can't grasp skillfully. In the future, our investment in medicine is mainly based on the C-end and moderately dispersed. "
Therefore, in the first quarter, Jiao Wei cut the position of pharmaceutical stocks, retained and increased the varieties of medical beauty and OTC traditional Chinese medicine that can directly connect with end consumers, reduced the position of vaccines of innovative drugs, and CXO leading companies.
The quarterly report said that, on the one hand, from the perspective of China, the medical insurance funds due to the epidemic prevention expenditure may further strengthen the soul bargaining of China's centralized procurement, and then affect the investment and financing of upstream innovative drugs. On the other hand, facts have proved that our judgment on vaccine and pharmaceutical policies is inconsistent with reality , technology paths and companies that once had high hopes have encountered difficulties that they can't grasp. Third, the worries about the past peak of covid-19 drug use and the international cooperation of biomedicine are superimposed, which makes it difficult for fund managers to bear the triple uncertainty with high positions.
Second, our investment will no longer focus solely on the two tracks of consumption and medicine, but will be dominated by the C-end business model, supplemented by the b-end business model within a limited range. Baijiu and medicine have been abundant in the stock market in the past long time. However, just as humans evolved, two legged upright walking promoted the result of brain evolution. The result of giving up walking on four limbs is the decline of survival ability in the wild. In the jungle of a shares, large consumption investment, growth investment, value investment and cycle investment seem to constitute the limbs of animals. The less support the torso relies on, the more powerful it is in the attack, but the less protection it is in the state of disaster. The net worth withdrawal started in the third quarter of last year has educated fund managers that we need to at least have a layout in terms of growth factors and value factors, and partially give up the distinctive characteristics and offensive sharpness of the portfolio in exchange for a stable landing state.
Third, realize the importance of valuation and marginal changes to most companies in the portfolio, no longer stick to the creed of resolutely not selling good companies, but change to dynamic balance. Looking back at last year's high point, when many PE of holding companies reached the triple digits, they not only needed to make up for the lengthening of the denominator of the income DCF, but also the anti vulnerability of the portfolio became volatile due to the lack of valuation protection. This is a profound lesson for managers as in 2015. In the last lesson, we learned that we must pay attention to the quality of the company in hand. This time, we realize that the rigidity of the valuation ceiling and the response to marginal changes near the clouds will do great harm. In the first quarter, we increased the allocation of bank shares for this reason.
At the end of the quarterly report, Jiao Wei from the provincial highway, "For the manager, since it is difficult to see the whole picture and the cards of others, it is better to return to the dimension of time. After the time cards of the annual report and quarterly report are turned out, we can make a back-up review of the target and the decision-making scene at that time. In this way, we can adhere to the cautious attitude, find out our mistakes and successes, and make disciplinary correction. Under this mentality, the first quarterly report of the fund becomes between the confession and the confession Please understand the notes on the resumption between the investors. "
Li Xiaoxing continues to be optimistic about consumption and Medicine
On the same day, Li Xiaoxing, another star fund manager of Yinhua Fund, also disclosed his position.
At present, Li Xiaoxing is in charge of 10 funds, with total assets of 48.117 billion, a slight decrease from more than 50 billion at the end of last year. The largest fund under its management is Yinhua Xinjia, with a two-year holding period of 11.427 billion.
Taking the heart China in silver China as an example, the ranking order of the top ten heavyweight stocks in the fund has been significantly adjusted, and Li Xiaoxing's holdings of Contemporary Amperex Technology Co.Limited(300750) \ , Focus Media Information Technology Co.Ltd(002027) were reduced respectively.
Contrary to Jiao Wei's reduction in Maotai, Li Xiaoxing significantly increased his holdings in the first quarter. Maotai was bought into the second largest heavy position shares of Yinhua Xinyi. As of the end of March, the number of shares held was 529900, with a fair value of 911 million yuan. At the same time, Shenzhen Inovance Technology Co.Ltd(300124) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Guangzhou Tinci Materials Technology Co.Ltd(002709) , Beijing Kingsoft Office Software Inc(688111) also entered the ranks of the sixth, seventh, ninth and tenth heavyweight stocks of the product respectively.
for Jiao Wei's cautiously optimistic pharmaceutical stocks, Li Xiaoxing expressed optimism, "We believe that innovation is the future of China Meheco Group Co.Ltd(600056) industry development. With the increasing investment risk of innovative drugs and the continuous improvement of outsourcing rate, cro / cdmo is still the strongest and most certain sector in the pharmaceutical sector, so it will also be the one we will continue to be optimistic about for some time in the future. Another sector we are optimistic about is medical beauty / cosmetics, which is different from other consumer goods or consumer medical care. There are epidemic disturbances in the economic downturn at the same time In the case of dynamic, the demand for medical beauty / cosmetics has not been affected. From the high-frequency data, the sales still maintain a rapid growth. Other sectors, such as high-quality stocks in vaccines, medical devices and traditional Chinese medicine, will also participate appropriately to maintain the balanced allocation of the portfolio. "
In terms of consumer stocks, lixiaoxing believes that although there are still disturbances from the epidemic, he is not pessimistic about the consumer sector as a whole in 2022. The current valuation quantile has a strong foundation for making money from the perspective of prolonging the time dimension. Food and beverage are mainly Baijiu, with a balanced position and high-end, secondary and high-end liquor. The performance elasticity of high-end liquor this year is not large, but the internal improvement of the enterprise is obvious, and the valuation is flexible. The prosperity of the secondary high-end is maintained, the stock price is adjusted, and the cost performance is high. Local wine has a certain marginal improvement in the short term, and will perform under underestimated value. The core of this year is to choose stocks, not the track. Volkswagen products belong to the configuration on the left, which is expected to have a better performance after the second quarter, and find a stock based on the two main lines of demand improvement and cost decline.
In the direction of undervaluing the value and following the cycle, Li Xiaoxing is optimistic about brand advertising that has benefited from the consumption upgrading dividend for a long time. The online traffic dividend has peaked, and the relative cost performance of brand advertising has continued to improve. Although the advertiser's budget has been repeatedly affected by the epidemic in the short term, the direction of long-term improvement on the demand side has not changed, the competitive advantage of relevant leading companies is strengthening, and there is considerable absolute income space at present. The Internet sector has entered the bottom range, driven by policies, but the performance is still in the lower channel, and the marginal trend of no performance is not in line with our investment method. "Later, we will continue to pay attention to the subject matter of the Internet, but at present, we have not formed the idea of important positions."Center>
