More and more star fund managers have surfaced in the first quarter. In addition to the exposure of the position adjustment path in the first quarter, the fund managers also revealed their true feelings. For example, Lin Yingrui, a Guangfa fund with heavy positions in many aviation stocks, wrote in a quarterly report: "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. Only wish every rise and fall safe, may the dead rest in peace and the living be strong."
GF Lin Yingrui: wish every rise and fall safe
In the first quarterly report of GF's multi strategy mix, Lin Yingrui has some sensibility. After talking about their views on the market, Finally, 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. In terms of the top ten heavy warehouse shares of the fund's top ten top ten heavy warehouse shares, as compared with the last quarter quarter, as compared with last year's fourth quarter, Lin yingruihas added a position to add the Bank Of Nanjing Co.Ltd(601009) Bank Of Nanjing Co.Ltd(601009) 133 , Sino-Platinum Metals Co.Ltd(600459) .
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 the income of most active equity funds has lost in the year, as of April 21, the yield of advertising Multi Strategy hybrid has been 1.07% this year, which is in the leading position of similar funds.
CAITONG fund jinzicai: stick to the breeding sector
Like Lin Yingrui, the fund performance managed by jinzicai has also been relatively leading this year, and the market has paid high attention recently. Taking CAITONG Multi Strategy Fuxin hybrid managed by jinzicai as an example, as of April 21, the yield this year is 4.58%.
From the perspective of fund positions in the first quarter, there was little change in the portfolio, which basically maintained the industry allocation idea in the fourth quarter of last year. Jin Zicai said that due to the joint impact of the epidemic and costs, he reduced his holdings in the food sector.
From the top ten heavyweight stocks of the fund, jinzicai added Fujian Aonong Biological Technology Group Incorporation Limited(603363) , Tech-Bank Food Co.Ltd(002124) , Leshan Giantstar Farming&Husbandry Corporation Limited(603477) , Zhejiang Huatong Meat Products Co.Ltd(002840) and Shanghai Jin Jiang International Hotels Co.Ltd(600754) .
"We have achieved good results since the heavy warehouse breeding sector in the fourth quarter of 2021. We believe that the epidemic situation will not change the trend of concussion and bottoming in the breeding sector. As the industry goes into the late stage of capacity reduction, the price inflection point of the breeding industry is approaching. At the same time, we are also relatively optimistic about all sectors of the service industry and have made positive layout and additional allocation." Jin Zicai said.
GF Liu Gesong: not pessimistic, I hope the fund investors can be patient
Let's take a look at the fund managers in charge of more than 60 billion funds? Take Liu Gesong, the champion of public funds in 2019, as an example. By the end of March, the scale of funds under management had exceeded 60 billion yuan.
Taking the upgrading and mixing of GF dual engines under its management as an example, the configuration direction is mainly photovoltaic, power battery, new chemical materials, chips and other manufacturing industries. Specifically, in the first quarter, Liu Gesong increased positions of Eve Energy Co.Ltd(300014) , Ja Solar Technology Co.Ltd(002459) , reduced holdings of Sg Micro Corp(300661) , Longi Green Energy Technology Co.Ltd(601012) , Sungrow Power Supply Co.Ltd(300274) and Lb Group Co.Ltd(002601) .
Liu Gesong said 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. 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. Considering 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.
In terms of specific investment opportunities, Liu Gesong said that from the perspective of enterprise profit cycle, China's comparative advantage manufacturing industry represented by photovoltaic industry will enter a three-year high-speed growth stage in the third quarter. Some new technology photovoltaic cells of leading integrated 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 increased, 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." Liu Gesong said. "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 the 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 a systemic advantage is established, it is difficult to subvert it. Therefore, China's manufacturing industry with 'global comparative advantage' will continue to broaden its moat. "
Xingquan fund Xie Zhiyu: constantly looking for excellent companies with good investment performance price ratio
Several funds managed by Xie Zhiyu have also published the first quarterly report. Combing the funds that have published the first quarterly report, the scale of funds under management has exceeded 70 billion yuan.
Take Xie Zhiyu's management as an example, in the first quarter, Xie Zhiyu continued to add -W quickly, and the fast -W became the first big heavy position stock in the fund. In addition, Apeloa Pharmaceutical Co.Ltd(000739) and Meihua Holdings Group Co.Ltd(600873) became the ten top heavy positions in the new Kwai Kwai fund.
Xie Zhiyu said that the industries with better 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."
