At the peak of the disclosure of the fund’s first quarterly report in 2022, the investment trends of “top stream” star fund managers in the first quarter were also exposed.
Today, GF, harvest, BOCOM Schroeder and other funds disclosed the first quarterly report of their funds in 2022, and the investment situation of heavyweight fund managers such as Liu Gesong, Lin Yingrui, GUI Kai and Yang Jinjin was updated in the first quarter of this year.
In the first quarter of 2022, the managers of China’s solar cell manufacturing industry actively responded to the political shock of China’s solar cell manufacturing industry and the new stock exchange of solar cell materials industry in the first quarter; Lin Yingrui lowered his stock position by about 10 percentage points in the first quarter; Guikai slightly increased consumption and reduced pharmaceutical positions; Yang Jin allocated more resource stocks such as gold in the first quarter.
Liu Gesong: configured with photovoltaic, power cell,
chemical new materials, chips, etc.
Liu Gesong, a Guangfa fund who once dominated the top three of the annual performance of the industry and is currently in charge of more than 60 billion funds, has attracted much attention in his investment.
At the end of March, Liu Gesong made a voice in a live broadcast, saying that we should cherish the A-share assets at this point. This fluctuation also exists in history, but not everyone can grasp it. At present, we should think more about which assets have been “wrongly killed”. According to the latest quarterly report of Guangfa Small Cap Growth Fund under his management, Liu Gesong “combines knowledge with practice” – his position increased slightly in the first quarter.
Liu Gesong said in the quarterly report of the fund that the allocation direction of the managed fund is mainly photovoltaic, power battery, new chemical materials, chips and other manufacturing industries. He also firmly expressed that the view of optimistic about high-end manufacturing remains unchanged, and China’s manufacturing industry with “global comparative advantage” will continue to broaden its moat.
In addition, Liu Gesong stressed that with the convening of the first quarter financial committee meeting, the market had obvious bottom characteristics from a medium and long-term perspective, we are not pessimistic about the future capital market
According to the first quarterly report, gf’s small cap grew. At the end of the first quarter, the stock market value accounted for 94.88% of the fund’s net asset value, and the stock position increased by 2.61 percentage points compared with 92.27% at the end of last year.
From the perspective of the top ten heavyweight stocks in the first quarter of the growth of GF small cap, there was no significant change from the end of last year, but the weight was increased or decreased. At present, Sg Micro Corp(300661) , Ja Solar Technology Co.Ltd(002459) , Longi Green Energy Technology Co.Ltd(601012) , Longbai group, Chongqing Sokon Industry Group Stock Co.Ltd(601127) , etc. have become the top five heavyweight stocks.
From the perspective of increase and decrease, in the first quarter, Liu Gesong increased his holdings by Ginlong Technologies Co.Ltd(300763) , Ginlong Technologies Co.Ltd(300763) , Shanghai Pret Composites Co.Ltd(002324) and newly entered the top ten heavyweight stocks of GF small cap growth. In addition, he reduced his holdings slightly for Shengbang technology, Longi Green Energy Technology Co.Ltd(601012) and others, Boe Technology Group Co.Ltd(000725) , Wuhan Guide Infrared Co.Ltd(002414) and withdrew from the list of top ten heavyweight stocks.
GUI Kai: slightly increased consumption
reduced pharmaceutical position
Harvest Fund, with more than 30 billion funds in hand, is one of the fund managers concerned by the industry.
GUI Kai wrote in the quarterly report of harvest emerging growth fund managed by him that under the influence of multiple factors, the A-share market ushered in the first quarter with the worst performance since 2016, in which the Shanghai Composite Index fell 10.65% and the gem index fell 19.96%. At present, the whole a valuation range is close to the bottom of the two bear market cycles in December 2018 and the end of 2012.
From the perspective of sectors, coal benefiting from rising energy prices, real estate benefiting from the expectation of steady growth and finance have become the best performing sectors since the beginning of the year; The military industry, which suffered from the downturn in consumption, including electronics, automobiles, food and beverage and market risk appetite, had the worst performance since the beginning of the year.
Under such a market environment, the position structure of harvest emerging industry fund managed by Guikai changed little in the first quarter, slightly increasing consumption and reducing pharmaceutical position. At present, the proportion of major sectors of the fund is science and technology, manufacturing, medicine and consumption.
GUI Kai also said that the fund focuses on advantageous growth enterprises in line with China’s long-term economic restructuring and industrial transformation and upgrading. Therefore, we have always been cautious about short-term themes or long-term uncertain directions. Although there is pressure on the performance of short-term funds, we still believe that time can prove the value of excellent enterprises.
From the top ten heavy warehouse stocks at the end of the quarter of harvest emerging industries, the top ten heavy warehouse stocks at the end of the quarter of harvest emerging industries, the top ten heavy warehouse stocks at the end of the quarter of harvest emerging industries, the current heavy warehouse is 3 Shanxi Huhua Group Co.Ltd(003002) 85 newly entered the top ten heavyweight stocks, Sangfor Technologies Inc(300454) , Topchoice Medical Co.Inc(600763) , Hangzhou Great Star Industrial Co.Ltd(002444) withdrew from the top ten heavyweight stocks.
Lin Yingrui: heavy positions in aviation and banking stocks
GF fund Lin Yingrui is regarded by the market as a “deep value school”, and its allocation direction, ideas and thinking have attracted the attention of the industry.
From the perspective of GF value of the fund managed by Lin Yingrui leading the first quarterly report of 2022, Lin Yingrui reduced his stock position in the first quarter and actively adjusted his position and exchanged shares. He wrote in the quarterly report that “in the first quarter, the fund structure was relatively stable”.
From the position of GF value leading fund managed by Lin Yingrui, the neutral position operated at the end of the first quarter, and the stock market value accounted for 83.88% of the fund’s net asset value, compared with 94.08% at the end of last year, with a decline of about 10 percentage points.
From the perspective of GF’s top ten heavyweight stocks whose value was ahead of the end of the first quarter, it focused on more aviation stocks, such as Air China Limited(601111) , China Southern Airlines Company Limited(600029) , China Eastern Airlines, China Express Airlines Co.Ltd(002928) and some bank stocks, such as Bank Of Hangzhou Co.Ltd(600926) , Bank Of Nanjing Co.Ltd(601009) , etc.
Compared with the end of last year, he slightly reduced his holdings of Air China Limited(601111) , China Southern Airlines Company Limited(600029) , and Bank Of Hangzhou Co.Ltd(600926) , Bank Of Nanjing Co.Ltd(601009) , Trina Solar power replaced Juneyao Airlines Co.Ltd(603885) , and added its top ten heavy positions in the first quarter.
Lin Yingrui’s Thoughts on the market in the first quarter are also worth seeing: in the first quarter of 2022, the market fluctuated sharply, giving a pessimistic pricing for the downward pressure on China’s economy and the tightening of overseas liquidity.
From the perspective of style, the value style outperforms the growth style, and there is little difference between the style of size and market value.
Market participants responded greatly to high-frequency economic data, overseas liquidity policies, regional geopolitics and changes in China’s epidemic situation: on the one hand, the market decline represents pessimistic expectations, on the other hand, it is also the release of risks to a certain extent.
It is worth noting that since the fourth quarter of last year, there have been behavior patterns that are not consistent with those in the past two or three years, such as trying to discuss the long-term stability of some cyclical industries, and giving more important pricing weight to the reversal odds rather than the winning odds of troubled industries. Regardless of right and wrong, the occurrence of these behaviors itself represents the gradual change of market pricing model from more simplification to diversification. We believe that the diversified pricing market is more healthy and vibrant.
Yang Jinjin: increased position of resource stocks in the first quarter
Yang Jinjin of BOCOM Schroeder is a “new generation” excellent fund manager who has emerged in recent two years. He is known by the market as a “line drawing” expert. Under the shock of the first quarter, he also responded by changing positions and shares.
In the first quarterly report of the Bank of communications trend fund managed by Yang Jinjin, he wrote that the overall adjustment of the market in the first quarter of 2022 was deep, with the heavy positions of institutions such as racing track and consumption leading the decline, while the sectors such as real estate and resource products showed relatively strong performance, and the market differentiation further intensified in the process of decline.
Yang Jinjin also said that from a positive and hopeful perspective, after the market adjustment in the first quarter, although the fundamentals have deteriorated, the market valuation level also fully reflects the changes in the economy and expectations. In other words, after a sharp decline, the overall valuation of the market is reasonable or low. Specific to the upward trend and individual stocks, their cost performance and space are further opened.
The overall market correction in the first quarter provided a better soil for stock selection at an appropriate valuation level. In the medium and long term, the core driving force of enterprise growth is the pursuit of excellent entrepreneurship and enterprise organizations with evolutionary ability. The fluctuation of the environment often creates better opportunities for enterprise growth and stock selection.
On the whole, the trend position of BOCOM managed by Yang Jinjin maintained a neutral level. According to the first quarterly report, the Bank of communications gave priority to the trend. At the end of the first quarter, the share market value accounted for 71.39% of the fund’s net asset value, and the stock position decreased slightly by 4.59 percentage points compared with 75.98% at the end of last year.
Relatively speaking, Yang Jinjin holds relatively scattered shares. Among the top ten heavyweight stocks, each stock accounts for “1% ~ 3%. At the end of the first quarter, he held Henan Mingtai Al.Industrial Co.Ltd(601677) , Shandong Weifang Rainbow Chemical Co.Ltd(301035) , Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) , Queclink Wireless Solutions Co.Ltd(300590) , Suzhou Etron Technologies Co.Ltd(603380) , etc.
According to the data of the fourth quarter report of 2021, five of the top ten heavyweight stocks are newcomers, namely Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) , Queclink Wireless Solutions Co.Ltd(300590) , Shandong Gold Mining Co.Ltd(600547) , Yunnan Chihong Zinc & Germanium Co.Ltd(600497) , Yintai Gold Co.Ltd(000975) , and Henan Mingtai Al.Industrial Co.Ltd(601677) , which also increase positions, showing that more resource stocks have grasped the market opportunities in the first quarter.
“big guys” point of view:
not pessimistic about the future capital market
In this complex and changeable market environment, the views of top flow fund managers are worth reading, and they can find the direction of the future in the fog.
Liu Gesong of Guangfa fund wrote in the growth of medium and small cap of Guangfa that in the first quarter of 2022, the epidemic in major cities in China occurred repeatedly, and the overseas conflict between Russia and Ukraine had a great adverse impact on the international environment. At the same time, the Federal Reserve entered the cycle of raising interest rates. Affected by the above multiple negative effects, the A-share market fluctuated violently.
At present, two important short-term expected changes affecting the capital market include: one is the pessimistic expectation of economic growth in the first half of the year caused by the impact of the epidemic and weak real estate demand; the other is the change of overseas investors’ attitude towards China’s capital market caused by the geopolitical changes caused by the Russian Ukrainian war. The above two changes have a great negative impact on the short-term microstructure of the A-share market.
With the convening of the financial committee meeting in the first quarter, the market showed obvious bottom characteristics. From a medium and long-term perspective, we are not pessimistic about the future capital market. The market decline in the first quarter was a response to the superposition of multiple negative factors, which fully reflected most of the negative expectations from the perspective of industrial development and medium and long-term investment, there are many industries with investment value in the current A-share market. I hope fund investors can be patient
From the perspective of the enterprise profit cycle, we believe that China’s comparative advantage manufacturing industry represented by the photovoltaic industry will enter a three-year high-speed growth stage in the third quarter. The new technology photovoltaic cells of some integrated leading companies will be put into operation one after another, the problem of short board in the industry chain will be gradually resolved, and the demand for global energy security will be improved. These are the basis for the rapid growth of the industry in the future. From the perspective of cost performance, after the adjustment in the first quarter, the valuation level of many industries has returned to the position at the end of 2018. We judge that the market may usher in a structural market from the second quarter.
We are firmly optimistic about the high-end manufacturing industry. Over the past decade, the complexity of China’s manufacturing products has been increasing, and the agglomeration effect of industrial chain has also continued to appear. In addition to the low labor cost, the large number of engineers and the completeness of the industrial system are the competitive advantages of China’s manufacturing industry, which means that the manufacturing industry has comprehensive comparative advantages in innovation ability, comprehensive cost, organization ability and response ability. Once established, this systematic advantage is difficult to be overturned. Therefore, China’s manufacturing industry with “global comparative advantage” will continue to broaden its moat.
In the first quarterly report of BOCOM trend optimization fund, Schroeder Yang Jinjin wrote that looking forward to the second quarter of 2022, the market direction mainly focuses on two directions: on the one hand, with the increasing downward pressure on the economy and the unprecedented strong expectation of policy relaxation, under the sector rotation effect, funds have a strong expectation of switching from high institutional heavy positions to undervalued and low attention traditional market values, such as real estate Capital construction and cycle, etc.
On the other hand, the combination of fundamentals and stock prices in the first quarter made most companies have a price advantage in valuation. Even for the most pessimistic assumption of the future economy, we can still find 5% – 10% opportunities. With its own structural industry prosperity and individual logic, we can still achieve growth. The worse the environment is, the more scarce the growth will become, and we can get better benefits after cashing in. Just like the economic downturn in 20132014 and 2018, there are still investment opportunities for many individual growth stocks.
For the fund, we will appropriately participate in the former to hedge the risk of macroeconomic fluctuations and control pullback. At the same time, it will also focus on finding individual growth stocks that can cross the macro-economy and market bull and bear. The overall market correction in the first quarter provided a better soil for stock selection at an appropriate valuation level. In the medium and long term, the core driving force of enterprise growth is the pursuit of excellent entrepreneurship and enterprise organizations with evolutionary ability. The fluctuation of the environment often creates better opportunities for enterprise growth and stock selection.
