On April 20, Yinhua Fund released the first quarterly report of its funds in 2022. The latest position disclosure of star fund managers Li Xiaoxing, Jiao Wei and others.
Compared with the end of the fourth quarter of 2021, the fund stock positions of Li Xiaoxing and Jiao Wei decreased in the first quarter of 2022.
Li Xiaoxing increased his positions in Maotai on a large scale, and the fund maintained the combined configuration of consumption growth + scientific and technological growth. Jiao Wei, who has always pursued portfolio sharpness, has a heavy position of China Merchants Bank Co.Ltd(600036) , reduced his holdings of pharmaceutical stocks and made the allocation of consumer technology more balanced.
Li Xiaoxing’s large-scale increase in Maotai
According to the first quarterly report of Yinhua Xinyi managed by Li Xiaoxing, as of the end of the first quarter of 2022, the stock position of the fund was 92.63%, down 1.96 percentage points from the end of the fourth quarter of last year. Compared with the end of the fourth quarter of 2021, Li Xiaoxing’s shareholding concentration has increased, half of the heavy positions have been “changed”, and the allocation of science and technology consumption is more balanced.
It is worth mentioning that Li Xiaoxing increased his positions by Kweichow Moutai Co.Ltd(600519) , with nearly 500000 shares in the first quarter. By the end of 2021, Yinhua Xinyi held Kweichow Moutai Co.Ltd(600519) 58800 shares, accounting for 1% of the net asset value of the fund; In the first quarter of 2022, Yinhua Xinyi held Kweichow Moutai Co.Ltd(600519) 53 million shares, accounting for 8.15% of the net asset value of the fund.
According to the report report, at the end of the first quarter of 2022, the report shows that at the end of the first quarter of 2022, the top ten heavy warehouse shares of silver China ”s heart of silver China at the end of the first quarter of 2022, the top ten heavy warehouse shares of silver China at the end of the first quarter of the first quarter of 2022. The report report shows that at the end of the first quarter of 2022, the first quarter of 2022, and the top ten heavy warehouse shares of silver China’s top ten top ten heavy warehouse shares at the end of the first quarter of 2022, and the top ten heavy warehouse shares at the end of the first quarter of the first quarter of the first quarter of 2022, which are respectively: reportreport, as the report report report report report shows that the report shows that the top ten of the first quarter of the first quarter of the first quarter of 2022, and the first quarter of 2022, and the first quarter of 2022, Guangzhou Tinci Materials Technology Co.Ltd(002709) , Beijing Kingsoft Office Software Inc(688111) P align = “center” source: the first quarterly report of the fund in 2022
Compared with the end of the quarter of 2021, the end of the quarter quarter of the year of 2021, as compared to the end of the year of the year of the year of the 2021, the 00079 Qinghai Salt Lake Industry Co.Ltd(000792) \ , Beijing Kingsoft Office Software Inc(688111) newly added top ten heavy positions of the fund.
“On the whole, we are very optimistic about the equity market and believe that the economic growth in the future will be stronger than the pessimistic expectations of the market, which is a significant difference between us and some pessimistic views of the market.” For the next market, Li Xiaoxing said.
From the beginning of the year to the end of the year, he believes that the short-term valuation stage has been entered; From the medium and long-term perspective, the situation in Russia and Ukraine has brought the globalization process that has lasted for many years to an end and the anti globalization to an beginning; From a longer perspective, the dollar, as a recognized reserve currency and hard currency, will gradually come to an end.
Jiao Wei: no longer stick to the layout of bank shares
According to the first quarterly report of Yinhua rich theme hybrid fund managed by Jiao Wei, the stock position of the fund was 86.08% by the end of the first quarter of 2022, down 5.35 percentage points from 91.43% at the end of the fourth quarter of 2021. In addition, the fund’s shareholding concentration decreased in the first quarter.
The report shows that at the end of the first quarter of 2022, the report report shows that at the end of the first quarter of 2022, at the end of the first quarter of the first quarter of 2022, the top ten heavy warehouse shares of silver China’s richest silver China are: Kweichow Moutai Co.Ltd(600519) \ , Beijing Tongrentang Co.Ltd(600085) .
Compared with the end of the fourth quarter of 2021, Hangzhou Tigermed Consulting Co.Ltd(300347) , Cansino Biologics Inc(688185) withdrew from the top ten heavyweight stocks of the fund, China Merchants Bank Co.Ltd(600036) , Beijing Tongrentang Co.Ltd(600085) newly added the top ten heavyweight stocks of the fundP align = “center” source: the first quarterly report of the fund in 2022
It is worth mentioning that Jiao Wei, who had been pursuing portfolio sharpness, laid out bank stocks in the first quarter – China Merchants Bank Co.Ltd(600036) . Jiao Wei summarized the changes of positions in the first quarterly report: first, cut the positions of pharmaceutical stocks, retain and increase the varieties of medical beauty and OTC traditional Chinese medicine that can directly connect with end consumers, reduce the positions of vaccines of innovative drugs and CXO leading companies; Second, investment is no longer focused solely on consumption and medicine, but transformed into a C-end business model supplemented by a b-end business model within a limited range of understanding; 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.
maintain balanced allocation of consumer technology
For the idea of future portfolio allocation, Li Xiaoxing said that the allocation of consumption growth + scientific and technological growth is still maintained. In terms of structure, he believes that 2022 will be more driven by investment (including real estate, infrastructure and manufacturing) and consumption (more reflected in the second half of the year).
For the consumer sector, Li Xiaoxing believes that the second quarter will be a quarter when the market expects a turnaround. But at the same time, he suggested that the expected rate of return of the consumer sector should not be too high because there is no increase in the capital of the whole market. In specific directions, he said that Baijiu is the main part of the food and beverage allocation, and it has a balanced position, and high-end, secondary and real estate liquor are equipped. In the pharmaceutical sector, he believes that cro / cdmo is still the strongest and most certain sector in the pharmaceutical sector. At the same time, he is optimistic about Yimei / cosmetics. “From the high-frequency data, the sales of (Yimei / cosmetics) still maintain a rapid growth”. In terms of real estate chain, its configuration is dominated by absolutely competitive consumer building materials and household appliances. The direction of social service is mainly tax-free and catering brands with good expansion ability. Most of the targets of the catering chain are in Hong Kong stocks.
In terms of technology stocks, Li Xiaoxing is most optimistic about the electric vehicle industry chain. “After a quarter of adjustment, the problems such as excessive institutional positions, periodic high valuation and the continuous and rapid rise of lithium carbonate prices have been basically digested.” He said that the leading valuations of each segment of the sector this year are reasonable. Under the background of cheaper valuations next year, the absolute income space can be expected. In addition, geopolitical changes are mapped to technology stocks. Li Xiaoxing said that investment opportunities mainly focus on independent and controllable information technology and national defense and military industry. In terms of information technology, he is more optimistic about materials with consumable properties, non-linear growth equipment parts, and leading software companies with commercial promotion ability. In the military industry segment, the missile industry chain, aeroengines and the four generation engine view are expected to continue to improve. At present, the matching degree between the growth rate and valuation of the military industry is high.
