The first quarterly report of public funds in 2022 entered an intensive disclosure period, and the positions of a group of star fund managers represented by Ge Lan, Fu Pengbo, Zhang Kun, Xie Zhiyu and Zhu Shaoxing surfaced.
Writing quarterly reports as “composition style” has become a common practice in the industry. In the quarterly report, we can see the repentance and reflection of fund managers, as well as long articles with thousands of words quoted from scriptures. Regardless of the form, the quarterly report is a channel for fund managers to sincerely communicate with investors, which can let investors understand the logic and thinking behind their positions.
Zhang Kun: when stocks fall, ask yourself three questions
The quarterly report of Zhang Kun, the “first brother of public offering”, has always attracted market attention. In the face of the market correction in the first quarter of this year, Zhang Kun still maintained a high position operation, and the positions of the four funds he managed at the end of the first quarter were higher than 93%. He also said in the first quarterly report of several funds such as e fund blue chip selection and e fund high-quality selection that the stock position was basically stable in the first quarter, mainly due to the adjustment of the structure
Taking e fund blue chip selection as an example, the fund increased its positions in the first quarter of this year by meituan-w, Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) and so on, among which meituan-w was the largest heavy position stock of the fund in the first quarter, with a position increase of 32.53%, making meituan replace Ping An Bank Co.Ltd(000001) , becoming the tenth largest heavy position stock selected by e fund blue chip.
In comparison, the fund has reduced the holdings of Tencent holdings, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) etc. slightly, Kweichow Moutai Co.Ltd(600519) replaced Tencent holdings as the largest heavy stock, with a position of 9.81% China Merchants Bank Co.Ltd(600036) , Tencent holdings ranked second and third respectively, with positions of more than 9.5%.
For the adjustment in the first quarter, Zhang Kun summarized in the quarterly report that he increased the allocation of technology and other industries and reduced the allocation of Finance and other industries. In terms of individual stocks, he still holds high-quality companies with excellent business model, clear industry pattern and strong competitiveness.
Zhang Kun also shared his feelings about the market decline in the quarterly report, “In the first quarter, the net value of the fund fell significantly, which made many holders feel anxious, and I feel the same way. I think anxiety may come not only from the decline that has been realized, but also from the fear of further decline in the future. After all, the brain is naturally aware of trends, even if they don’t exist… And the feeling of anticipating good and bad things is often stronger than actually experiencing them. When imagination may happen When it comes to painful things, it feels no less than real pain. “
Zhang Kun believes that the reason lies in the powerful power of the most primitive part of the brain – the sensory and emotional system (amygdala and insula), and the part of rational analysis (cerebral cortex) is much weaker. This makes people sometimes involuntarily replace a difficult problem with another simpler one. When people are asked, “will this stock continue to rise?”, The feeling is that the system will “trick” them into answering a very different question, “is this stock rising all the time?”, Investors are often hard to realize this.
\u3000\u3000 “I think that accepting these characteristics may be the premise of maintaining peace of mind, and then we can avoid being hurt by these characteristics. When stocks fall, we may need some time and restraint to calm ourselves down, and then ask ourselves a few questions: 1. Does my fear come from the decline of stock price or from the negative change of fundamentals? 2. Does the original investment reason no longer exist? 3. Stocks The price is lower. As a long-term net buyer, shouldn’t I be happier? ”
He concluded that the most reliable way to judge the authenticity of something is to prove its wrongness (falsification). This way of thinking can effectively inhibit the sensory system, because the sensory system is good at dealing with vivid facts such as “what is”, and our rational analysis system will be forcibly invoked in the face of abstract concepts such as “what is not” or “why”.
Zhang Kun also quoted the words of two big investors to prove the interference of emotional emotion to rational judgment. “Buffett once mentioned that for an investor, the most important thing is temperament , I understand that the most important thing is the ability to control emotions and remain rational. Graham once said that the reason why most investors fail is that they are too concerned about the current operation of the stock market. For such investors, it may be better for the stock to have no market quotation at all. Because in this way, he will not suffer mental torture because of the wrong judgment of others. The human reflex system pays so much attention to change that it is difficult for it to notice what remains constant. “
Zhang Kun wrote that stock prices, like the weather, are always changing, unpredictable and difficult to grasp, while corporate value, like the climate, is always changing slowly and regularly. Although in the short term, it seems that it is the weather that catches our attention and determines the environment, in the long run, it is the climate that really determines the environment of a region.
in the context of the market decline in the first quarter, Zhang Kun’s funds generally suffered a decline in net worth and share redemption, and its fund scale also fell by 100 billion, from 101936 billion yuan at the end of last year to 84.928 billion yuan. In the face of market fluctuations and irrational emotions, Zhang Kun wrote this quarterly report to investors and himself
Glenn: adhere to the long-term value of the enterprise as the investment orientation
On April 22, the China EU medical and Health Fund released the first quarter report of 2022. Ge Lan, the fund manager, increased positions for Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , two consecutive quarters. The China EU medical and health mixed fund she managed increased positions by 5684400 shares in the fourth quarter of last year, and continued to increase positions by 1124400 shares in the first quarter of this year. By the end of the first quarter, the number of shares held had increased to 12995700 shares, with a market value of 3.993 billion yuan at the end of the period, ranking the ninth largest circulating shareholder.
6 , Topchoice Medical Co.Inc(600763) , Chongqing Zhifei Biological Products Co.Ltd(300122)
Gran said, “in the first quarter of this year, the hot spots within the pharmaceutical sector rotated rapidly, and we will still adhere to the investment orientation of the long-term investment value of the enterprise.
The continuous recurrence of the epidemic in the first quarter of 2022, the liquidity expectation of the global capital market and the complex changes in China’s macro environment have relatively enlarged the sensitivity of market sentiment, causing some disturbance to the whole sector. “
Back to fundamentals, Glenn points out, “The industry as a whole has maintained strong resilience. The epidemic has caused some disturbances to some industries, but in the medium and long term, we believe that excellent companies will still recover from fluctuations to the growth trend. In terms of policy, the market is extremely sensitive to policy related information, but we believe that the policy as a whole continues a steady and positive trend, guiding the industry to provide products with real innovation, clinical value and high cost performance The orientation of the transformation of products and services has not changed. “
In terms of fund operation, the fund manager still selects individual stocks in strict accordance with its investment framework, and focuses on the long-term promising core innovative drugs, innovative devices, innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain, medical services and consumer medicine.
looking forward to the future, Glenn said that the innovation related market is far from reaching the ceiling of the Chinese market, and the overseas market is also gradually accumulating strength. Specifically, at the company level, the trend of enterprise transformation and innovation is still continuing, and the number of clinical applications for innovative drugs has reached a new high year by year. In terms of innovation quality, in recent years, the overall layout of R & D pipelines has become more rational, resources are inclined to differentiation, and even innovative varieties with global competitiveness have been born
From the perspective of early clinical pipeline, on the one hand, relevant molecules following the latest overseas technology are emerging rapidly, on the other hand, the variety layout is more diversified, and these changes are expected to maintain the long-term prosperity of innovation. With the gradual advancement of overseas clinical, it is expected that Chinese innovative products will gradually enter the harvest period overseas.
At the same time, China’s innovative drug service enterprises have gradually formed industrial clusters with global competitiveness, reaching the global leading level in some subdivided fields. In addition, the competitiveness of relevant service providers is more reflected in the technology and management ability of the platform, and the market share of leading enterprises will continue to improve and maintain its high prosperity. In addition, with the rapid improvement of per capita income and cognitive level of Chinese residents, the demand for medical services and consumer medicine is still growing rapidly and not fully met, and there is still huge space in the future.
Affected by the continuous sector rotation, in the first quarter of 2022, the net worth of China EU healthcare a and C decreased by 13.92% and 14.10%, and the performance comparison benchmark in the same period was – 8.34%. It is worth noting that according to the quarterly report, China Europe Fund has subscribed for a total of more than 9.7 million China Europe medical and health funds in batches from January 27 to February 11, and about 12.7 million China Europe medical innovation funds on January 27. The total transaction amount of the two funds is more than 50 million yuan.
Zhu Shaoxing: it’s meaningless to be overly pessimistic about the market for a longer time
A quarterly report released by Wells Fargo Tianhui showed that the fund continued to maintain a high position of 93.65% at the end of the first quarter. At the end of the quarter quarter quarter ending at the end of the quarter quarter quarter end, the top ten heavy warehouse shares of rich country’s day of the end of the first quarter. The top ten heavy warehouse shares of rich country’s day by the end of the quarter quarter, and the top ten heavy warehouse shares of rich country’s day benefit are: Fangda Carbon New Material Co.Ltd(600516) 0051bythe end of the first quarter. The top ten heavy warehouse shares of rich country’s day’s end, and the top ten heavy warehouse shares are: Fangda Carbon New Material Co.Ltd(600516) 00519 Kweichow Moutai Co.Ltd(600519) \ , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) .
among them, Zhu Shaoxing increased the number of positions in seven stocks in the first quarter, including Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Wuliangye Yibin Co.Ltd(000858) , Luxshare Precision Industry Co.Ltd(002475) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , and Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760)
Zhu Shaoxing said in Fuguo Tianhui’s 2022 quarterly report that black swan events occurred frequently in the first quarter. The outbreak of the Russian Ukrainian war, the rapid spread of covid-19 virus again, and the expectation of US interest rate hike strengthened. Multiple bad news superimposed at the same time, resulting in a sharp decline in the market.
He clearly stated that it is really difficult for us to draw an optimistic conclusion when we analyze the short-term market environment at the current time point. The price of resource products is rising, the interest rate gap between China and the United States has narrowed, while US stocks are facing interest rate hikes, and foreign capital continues to flow out of the market. However, if we focus on a longer time dimension, it is meaningless to be overly pessimistic about the market. Now is the time for equity investors to bear fluctuations and take risks skillfully.
Zhu Shaoxing pointed out that under the current macro background, we will still pay attention to the quality of listed companies and hope that the production and operation of investment targets will be more robust. The favorable aspect is that in the core assets, a considerable part of the early share price of high-quality subject matter has retreated significantly, and the valuation attraction has increased significantly in the future, we will still be committed to finding value in high-quality stocks and turning more “stones”
“We do not have the reliable ability to accurately predict the short-term trend of the market. Instead, we focus on patiently collecting excellent companies with great prospects and waiting for the realization of the value created by the company itself and the periodic return of market sentiment. At the level of individual stock selection, the fund prefers to invest in enterprises with” good “genes “, enterprises with perfect corporate governance structure and excellent management. We believe that such enterprises have a greater probability of creating value for investors in the future. Sharing the capital market returns brought by their own growth is the best way for growth funds to obtain returns.”
Fu Pengbo: increase the configuration when the selected target is “killed by mistake” by the market
On April 22, Ruiyuan Fund released the first quarterly report of its fund products. Fu Pengbo, deputy general manager of Ruiyuan fund, said in the quarterly report of Ruiyuan growth value hybrid fund that he was constantly reflecting and summarizing. The key companies in the configuration of the previous quarter were adjusted, the Walvax Biotechnology Co.Ltd(300142) , which is related to the vaccine sector, was added, and the configuration of China Mobile was increased. The latter’s relatively stable dividend provided a better safety margin for holding.
Fund Quarterly report shows that at the end of the first quarter, the stock position of Ruiyuan growth value mixed was 92.35%, and at the end of last year, the stock position was 93.51%. At the end of the quarter quarter quarter, at the end of the quarter quarter quarter, the top ten heavy warehouse shares of the fund at the end of the first quarter, the top ten heavy warehouse shares in the top ten of the fund at the end of the first quarter of the first quarter, the top ten of the fund’s top ten heavy warehouse stocks at the end of the first quarter. China Mobile, Caihong Display Devices Co.Ltd(600707) 070707070 Wanhua Chemical Group Co.Ltd(600309) atthe end of the first quarter of the first quarter of the first quarter of the first quarter, the top ten most ten most heavily loaded warehouse shares of the fund’s top ten most ten most heavily loaded shares of the top ten heavy warehouse shares at the end of the end of the first quarter of the first quarter of the quarter, China Mobile China Mobile, atthe end of the end of the quarter, the top ten ten of the top ten of the top ten of the top ten of the top ten of the first quarter of the first quarter of the fund is China Mobile China Mobile, the top ten ten of the top ten of the top ten. In the first quarter, Geely motor withdrew from the list of the top ten heavyweight stocks and Walvax Biotechnology Co.Ltd(300142) newly entered the top ten heavyweight stocks
Fu Pengbo said that from the perspective of industry distribution, the combination focuses on TMT, chemical industry, new energy equipment and building materials. Looking forward to the second quarter, in the process of dynamic portfolio adjustment, we will make a more prudent assessment of the company’s valuation and growth certainty in order to control the fluctuation of net worth. Combined with the annual report of Listed Companies in 2021 and the first quarterly report of 2022, we will continue to explore new investment opportunities, eliminate companies whose business conditions and expectations do not meet, and increase the allocation when the alternative target is “killed” by the market.
he Shuai: adding “core assets”, reverse investment is full of danger
Among the many star fund managers, he Shuai of BOCOM Schroder fund has a relatively large range of position adjustment. He also admitted in the first quarterly report of BOCOM’s advantageous industry that “in the first quarterly report, the heavy position stocks of the fund have changed significantly, adding more ‘core assets’.
”
Specifically, specifically, the fund has substantially added positions to the fund. Specifically, the fund has substantially added positions to the fund. The 3 Beijing Zznode Technologies Co.Ltd(003007) 50 \ directly jumped to the largest heavy warehouse stock of the fund.
This is very different from he Shuai’s previous position style. He wrote in the quarterly report, “the holders may have questions. In the above-mentioned risk environment, why should these ‘core assets’ be allocated when there is an adverse trend at the scene or policy level? The answer to this question is related to the manager’s more basic investment philosophy.”
He Shuai explained, “first of all, we prefer ‘reverse’ in character. We are more looking for undervalued opportunities from falling companies than trend opportunities from rising sectors. Second, our pricing model for the company tends to be long-term rather than landscape.”
Due to the impact of economic, industrial cycle or epidemic situation, the fundamentals of many companies will be affected in the short term. The market has responded to this at the valuation level. When facing the double downward trend of valuation and prosperity, how to judge? The core is the long-term investment vision, business model, industry space, and the company’s competitive barriers. Often, the valuation with price advantage brought by the downturn of short-term prosperity may be the source of long-term excess return.
At the same time, we should also make rational expectations. For these core assets that have gained a huge increase in the past few years, it is difficult for the stock price to repeat such brilliance in a short time. Maybe the short-term sharp valuation fluctuation is unreasonable. It is expected that from a longer-term perspective, they will bring a good yield.
\u3000\u3000 “Based on our past investment experience, this kind of reverse investment is full of risks, and the market is right most of the time. We are walking on thin ice and constantly rethinking the cost performance and safety margin between the long-term value and short-term valuation of these companies. At the same time, the performance of stock price and net worth are often uncomfortable in the process. This is what we have always stressed. We hope that the holders will have the same goal as us to pursue long-term investment.” Stability, rather than short-term outbreaks, have the patience to face short-term difficulties, and believe that economic development will always be better and better. ” He Shuai wrote.
Xie Zhiyu: constantly looking for excellent companies with good investment performance price ratio
Several funds managed by Xie Zhiyu, deputy general manager of Xingzheng Global Fund, also released a quarterly report, with a fund under management of more than 70 billion yuan.
From the perspective of the first quarter of Xingquan Herun, the top ten heavyweight stocks changed little compared with the end of last year, with heavy positions of Haier Smart Home Co.Ltd(600690) , Sanan Optoelectronics Co.Ltd(600703) , Amlogic (Shanghai) Co.Ltd(688099) , Apeloa Pharmaceutical Co.Ltd(000739) , Mango Excellent Media Co.Ltd(300413) . It is worth noting that Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) and Meihua Holdings Group Co.Ltd(600873) were newly introduced in the first quarter, with the holding ratios of 2.88% and 256% respectively, while Wanhua Chemical Group Co.Ltd(600309) and Shunyu optical technology, which had heavy positions at the end of last year, withdrew from the top ten heavy positions.
Similarly, Xie Zhiyu managed Kwai Chung’s ten top heavy positions and the Xingquan run run at the end of the season. Some of them were similar, but the fund’s most heavily loaded stocks were -W, which accounted for 7.71% of the shares, and also accounted for 5.91% of the shares in Haier Smart Home Co.Ltd(600690) . Compared with Apeloa Pharmaceutical Co.Ltd(000739) and Meihua Holdings Group Co.Ltd(600873) , Wanhua Chemical Group Co.Ltd(600309) and Shunyu optical technology withdrew from the top ten heavy positions of the fund at the end of last year.
Xie Zhiyu said that the industries with good performance in the first quarter were mainly concentrated in traditional cyclical industries such as coal, real estate and banking, while the performance of new energy, science and technology, military industry, medicine, food and beverage and other sectors was weak. “The fund’s stock position is relatively stable. It will adhere to its responsibility to Jimin trust, continue to select individual stocks, tap the company’s long-term growth value, strive to balance the company’s long-term development space and short-term valuation, and constantly look for excellent companies with good investment performance price ratio.”
Lin Yingrui: only wish every landing and landing safe
Lin Yingrui of GF fund is a hot Mesozoic fund manager in recent years. In this year’s first quarterly report, Lin Yingrui has some sensibility. He not only talked about his views on the market, but also expressed his memory of the China Eastern Airlines crash at the end of the article.
He wrote: “We are saddened by the tragic crash of China Eastern Airlines mu5735 on March 21, 2022 and express our deepest condolences to all those affected. We are used to dealing with the uncertainty and small probability events faced in investment, but when the disaster in real life happens in front of us, we will still be at a loss in shock, and the numbers and life will never be equal. Only wish every rise and fall safe, may the dead rest in peace and the living be strong.”
From the perspective of Lin Yingrui’s position, in the first quarter, he took a heavy position in many aviation stocks and bank stocks. As for the top ten heavyweight stocks of the fund, compared with the fourth quarter of last year, Lin Yingrui added Bank Of Nanjing Co.Ltd(601009) , Air China Limited(601111) , Bank Of Jiangsu Co.Ltd(600919) , Bank Of Hangzhou Co.Ltd(600926) , Spring Airlines Co.Ltd(601021) , etc.
Lin Yingrui said that on the one hand, the market decline represents pessimistic expectations, on the other hand, it is also a 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, giving more important pricing weight to the reversal odds rather than the winning odds of troubled industries, etc. regardless of right and wrong, the occurrence of these behaviors itself represents the gradual change of the market’s pricing model from more simplification to diversification. We believe that there are many The market of diversified pricing is more healthy and vibrant. “
At the moment when most active equity funds have lost revenue in the year, as of April 21, the revenue of advertising Multi Strategy hybrid has been positive this year, and the net value has increased by 1.07%, which is in a leading position of similar funds
Below 100 billion! Zhang Kun is also anxious behind the overall withdrawal of the position adjustment trend with a management scale of 84.928 billion: stocks are like unpredictable weather, difficult in the short term but optimistic in the long term
“Top flow” latest warehouse adjustment! Liu Gesong and Fu Youxing are optimistic about the structural market in the second quarter
Increase the warehouse of Maotai on a large scale! 50 billion top flow Li Xiaoxing, half of the heavyweight stocks “exchange blood” balanced allocation of consumer technology in the first quarter
Exposure of warehouse adjustment in the first quarter! Ge Lan’s holdings of Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , gf’s top current targeting Sungrow Power Supply Co.Ltd(300274) Yang Jinjin and Han Chuang “reappear differences”
Zhu Shaoxing’s first quarterly report: jiacang Wuxi Apptec Co.Ltd(603259) , Luxshare Precision Industry Co.Ltd(002475) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271)
Dong Chengfei’s latest voice! The essence of investment in fifteen years has come.
