The real estate investment market is relatively stable and undervalued in the first quarter. The latest data show that the overall position adjustment of funds in the first quarter was more obvious, and many funds added stocks in steady growth related fields such as real estate, banking, construction and building materials.
The first quarter report of the fund in 2022 entered an intensive disclosure period. The latest data showed that the overall position adjustment of the fund was obvious in the first quarter, and many funds added stocks in steady growth related fields such as real estate, banking, construction and building materials.
In addition, with the help of the first quarterly report of the fund, some star fund managers conducted self reflection and admitted that the investment ideas had changed. There are also star fund managers who are quite optimistic about the equity market. For example, Li Xiaoxing of Yinhua Fund analyzes market investment opportunities with nearly 6000 words.
Growth area
The market was relatively volatile in the first quarter. Real estate, construction and banks with undervalued value related to steady growth became the main investment line of the market, and the growth sectors such as science and technology, consumption and medicine performed poorly. Combing the first quarterly report of the fund, it is found that in the first quarter, many fund managers added banks, real estate industry chains, etc.
Taking the financing industry prosperity mixed fund managed by Zou Xi, deputy general manager of financing fund, as an example, the portfolio structure was adjusted to a certain extent in the first quarter, reducing the allocation of photovoltaic, new energy vehicles, construction machinery, heavy truck, securities and other industries, and increasing the allocation of real estate, banking, coal, construction, hotel and other industries.
From the top ten heavy positions of the fund, China Shenhua Energy Company Limited(601088) . In addition, the fund added Seazen Holdings Co.Ltd(601155) 1517100 shares in the first quarter.
Zou Xi said that at present, the combination is dominated by the cycle sector, supplemented by the configuration of the consumption sector, and the configuration of the science and technology sector is relatively low. Among them, the cycle sector is dominated by real estate, banking, coal, construction machinery, building materials, construction, heavy truck and other industries, the technology sector is dominated by photovoltaic, wind power and other industries, and the consumption sector is dominated by hotels, clothing and other industries.
The Oriental alpha preferred hybrid fund managed by Qiao Chun also adopted a similar position adjustment operation. Qiao Chun said that the investment strategy is based on the changes of prosperity and expected prosperity among industries, taking into account the potential alpha stocks with quarterly reports exceeding expectations. In the first quarter, the warehouse adjustment signal issued by the strategy was implemented, the previously configured food and beverage, new energy, electronics and automobiles were sold, real estate, banking, construction and building materials were purchased, and the positions of medicine and agriculture were retained.
reflection on the withdrawal of net fund value
Due to the poor performance of medicine, consumption, new energy and other sectors, the net value of many funds retreated greatly. In the first quarterly report of the fund, many fund managers expressed their apologies to investors.
For example, in the first quarterly report of Yinhua rich theme hybrid fund, Jiao Wei, Yinhua Fund Manager, reflected: “fund managers believe that they 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 and make practical adjustments from their own actions.”
Coincidentally, Tang Lei, manager of Oriental alpha advantageous industry mixed fund, is also full of apologies: “The first quarter was particularly tough for growth stock investors. We resumed trading in most growth stocks and growth sectors, with an average decline of about 50% since the peak in 2021. The difference is that the time point of the peak is different, which can be described as tragic. Even the new energy and new energy vehicles sector, which increased the most last year, also fell by more than 40% in the short term. We apologize for the huge pullback of the net value of the fund and stand pessimistic in mid April In the market atmosphere, we suggest patiently waiting for the turnaround, watching the dawn, and actively looking for stronger industrial trends and industry prosperity. “
follow up optimistic about the equity market
In the first quarterly report of the fund, many fund managers also clearly expressed their views on the equity market. Most fund managers believe that the A-share market is currently in the bottom range.
In the first quarterly report of Yinhua Xinyi hybrid fund, Li Xiaoxing wrote nearly 6000 words about market investment opportunities. He said: “generally speaking, he is very optimistic about the equity market and believes that economic growth will be stronger than the pessimistic expectation of the market. This is a significant difference between us and some pessimistic views of the market.”
In terms of portfolio configuration, Li Xiaoxing said that the portfolio still maintains the configuration of consumption growth + scientific and technological growth. Consumer stocks choose food and beverage, social service and other epidemic dissipation chains, domestic demand real estate chains such as consumer building materials and household appliances, and CXO industrial chain whose performance has maintained rapid growth and negative expectations have been included in the valuation. Technology stocks choose electric vehicles with completely independent supply chain, only some market exposure overseas, rapid performance growth and historically low valuation, military industry and computers with completely internal circulation and matching growth rate and valuation, and energy metals with rapid demand growth and slow supply increase.
Zou Xi’s views are also more similar. He said that it is expected that the important bottom of the A-share market has gradually emerged and the style transformation will continue. On the contrary, the improvement of economic growth is expected to improve the valuation level of value stocks. The policy correction of the real estate market and the steady growth of infrastructure investment will improve the profit growth expectation of the cyclical sector, and relevant industries, especially the real estate infrastructure industry chain, will obtain the investment opportunity of double increase in valuation and profit.
