On April 20, the first quarterly report of GF's small cap growth was released, allowing investors to know the latest position of top flow fund manager Liu Gesong.
In the first quarter of this year, the scale of this fund with a net share growth rate of - 16.39% fell below 10 billion yuan, from 13.423 billion yuan at the end of 2021 to 9.871 billion yuan, but the total share increased by 879 million, showing the characteristics of "falling and buying" by investors. On the positions, the product configuration direction is dominated by manufacturing industries such as photovoltaic, power cells, chemical new materials, chips and chips. In the first quarter, the new entry Ginlong Technologies Co.Ltd(300763) thenumber of shares of Eve Energy Co.Ltd(300014) , Jafron Biomedical Co.Ltd(300529) , Shanghai Pret Composites Co.Ltd(002324) , Wuhan Guide Infrared Co.Ltd(002414) Boe Technology Group Co.Ltd(000725) two stocks are no longer among the top ten heavyweight stocks.
According to Liu Gesong, with the convening of the financial committee meeting in the first quarter, the market has obvious bottom characteristics. From a medium and long-term perspective, he is not pessimistic about the future capital market. He believes that the market decline in the first quarter is a response to the superposition of multiple negative factors, which fully reflects most of the negative expectations. The market may usher in a structural market from the second quarter. "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."
At present, Liu Gesong is firmly optimistic about the high-end manufacturing industry. In his view, in 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. Once this systematic advantage is established, it is difficult to subvert it. Therefore, China's manufacturing industry with "global comparative advantage" will continue to broaden its moat.
reduction Longi Green Energy Technology Co.Ltd(601012) , the number of half of the heavy position shares remains unchanged
By the end of March, the growth scale of GF small cap managed by Liu Gesong was 9.871 billion yuan, a decrease of 3.552 billion yuan from 13.423 billion yuan at the end of the fourth quarter of 2021.
At the performance level, gf's share net value growth rate in the first quarter was - 16.39%. Although the net value performance was not ideal, the total share of the product increased by 879 million to 4.849 billion in the first quarter. During the period, the total share of redemption was 248 million, and the total share of subscription reached 1.127 billion yuan, showing the characteristics of "falling and buying" by investors.
In the first quarter, the growth and configuration direction of GF's small market was mainly photovoltaic, power battery, new chemical materials, chips and other manufacturing industries. As of the end of the first quarter, the fund's stock position was 94.62%, an increase of 5.03 percentage points from 89.59% at the end of the previous quarter.
At the end of March, at the end of March, the top ten heavy warehouse shares of the product '''top 10 at the end of March, the top ten heavy warehouse shares of the product '''at the end of March, the top ten heavy warehouse shares of the product '''at the end of March. The top ten heavy warehouse shares of the product's top ten at the end of March, at the end of March, at the end of March, at the end of March, at the end of March, the top ten biggest heavy warehouse shares of the product ''s top ten biggest heavy warehouse before the top ten heavy warehouse shares of the product are in the order of: Client Service International Inc(300663) 0066 Sg Micro Corp(300661) Sg Micro Corp(300661) \ , Shanghai Pret Composites Co.Ltd(002324) .
In terms of the trend of position adjustment, gf's small market grew. In the first quarter, new Ginlong Technologies Co.Ltd(300763) was the eighth largest heavy warehouse stock, with a shareholding of 2667700 shares and a market value of 559 million yuan; At the same time, the number of shares held by Ja Solar Technology Co.Ltd(002459) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Eve Energy Co.Ltd(300014) , Jafron Biomedical Co.Ltd(300529) , Shanghai Pret Composites Co.Ltd(002324) and Jafron Biomedical Co.Ltd(300529) .
Although GF small cap still holds Shanghai Pret Composites Co.Ltd(002324) 28175700 shares since the end of the fourth quarter of 2021, the stock has risen from the 13th largest heavy position stock of this product to the 10th largest heavy position stock.
In the same period, the fund reduced its holdings of Sg Micro Corp(300661) , Longi Green Energy Technology Co.Ltd(601012) , Lb Group Co.Ltd(002601) , Chongqing Sokon Industry Group Stock Co.Ltd(601127) Wuhan Guide Infrared Co.Ltd(002414) , Boe Technology Group Co.Ltd(000725) two stocks are no longer among the top ten heavyweight stocks.
According to the data, gf's small cap growth slightly reduced its holdings of Sg Micro Corp(300661) from 3365700 shares to 3158800 shares in the first quarter, but compared with the end of 2021, the company jumped from its fifth largest heavyweight share to the largest heavyweight share, and the proportion of fair value in the net asset value of the fund also increased from 7.75% to 10.45%.
the second quarter may meet the structural market. I hope the holder will be patient
In the first quarter of 2022, the epidemic situation 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.
Liu Gesong believes that two important short-term expected changes affecting the capital market are:
First, the pessimistic expectation of economic growth in the first half of the year caused by the impact of the epidemic and the weak demand for real estate;
Second, the geopolitical changes caused by the Russian Ukrainian war triggered changes in the attitude of overseas investors towards China's capital market.
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, Liu Gesong is not pessimistic about the future capital market. He believes that the market decline in the first quarter is a response to the superposition of multiple negative factors, which fully reflects 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 enterprise profit cycle, Liu Gesong believes 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. Some new technology photovoltaic cells of integrated leading companies will be put into operation one after another, the problem of short board in the industrial chain will be gradually resolved, and the demand for global energy security will be improved. These are the basis for the high-speed 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 returned to the position at the end of 2018. To this end, he judged that the market may usher in a structural market from the second quarter.
Up to now, Liu Gesong's view on high-end manufacturing remains unchanged. In his view, in 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 this systematic advantage is established, it is difficult to be overturned. "Therefore, China's manufacturing industry with 'global comparative advantage' will continue to broaden its own moat."
Ten billion fund managers go to the dark to appease: my family and I have bought our own funds, and I understand your emotional waves
Star fund manager Li Xiaoxing 6000 word wandering quarterly report: very optimistic about the equity market valuation contraction has entered the end stage
Jiao Wei, a well-known fund manager, made a profound review: he is not qualified to shift the withdrawal to external causes, cut the position of pharmaceutical stocks, and no longer stick to "resolutely not selling good companies"
Star private placement manager apologizes for private placement position hitting a new low in the year
