The first quarterly report of public funds in 2022 was gradually disclosed, and the investment trend of “top flow” fund managers in the first quarter was exposed.
Today, funds such as e Fangda, Jingshun great wall and Xingzheng global, which have attracted much attention, disclosed the first quarter report of their funds in 2022, and the first quarter investment of well-known fund managers such as Zhang Kun, Liu Yanchun, Xie Zhiyu and Xiao Nan was revealed.
The correction range of A-share market in the first quarter was quite deep, which was a cruel test for both fund managers and holders. Zhang Kun mentioned in the latest quarterly report that the net value of the fund fell significantly, which made many holders feel anxious and feel the same.
He said that when stocks fall, we may need some time and restraint to calm down and then ask ourselves a few questions: 1 Does my fear come from the decline of share price or from the negative change of fundamentals? 2. Does the original investment reason no longer exist? 3. The share price is lower. As a long-term net buyer, shouldn’t I be happier?
In the first quarterly report, Zhang Kun also said, “although the short-term market faces many difficulties, it also provides quite attractive prices for long-term investors.”; Liu Yanchun also believes that as the external environment returns to normal, stock pricing will eventually rise to a reasonable level.
Zhang Kun maintains “90% +” high position operation
Known as “Kun Kun”, Zhang Kun is the fund manager most concerned by the foundation people. He is the first 100 billion level active equity fund manager in China. Holding a huge amount of money makes him full of weight.
According to the table compiled by fund Jun, compared with the end of last year, the positions of the four funds managed by Zhang Kun basically maintained the operation of “high positions” in the first quarter of this year, and the positions were more than 93% at the end of the first quarter.
Specifically, among the four funds managed by Zhang Kun, the position of e fund blue chip, the largest one, declined slightly in the first quarter, from 94.54% of the stock market value at the end of last year to 93.97% at the end of the first quarter.
Similarly, the fund’s stock position was 94.97% at the end of the fourth quarter of last year and 94.26% at the end of the first quarter. Zhang Kun also said frankly in the quarterly report that the stock position was basically stable in the first quarter and adjusted the structure.
On September 10 last year, the original e fund medium and small cap hybrid fund was changed to be registered as e fund high-quality selected hybrid fund, and Hong Kong stocks were included in the scope of investment. According to the first quarterly report of e fund quality selection in 2022, as of the end of the first quarter, the fair value of China accounted for 57.21% of the net asset value of the fund, while that of Hong Kong accounted for 37.05%.
As a QDII fund managed by Zhang Kun for 8 years, the fund’s stock position at the end of the first quarter was 93.54%. In addition, the position held by e fund high-quality enterprises at the end of the first quarter for three years also reached 94.61%, maintaining a high position.
Zhang Kun increased the allocation of medicine and science and technology in the first quarter
reduce financial allocation
In the quarterly reports of several managed funds such as e fund blue chip selection and e fund quality selection, Zhang Kun said that the stock position in the first quarter was basically stable, and the structure was adjusted, increasing the allocation of industries such as medicine and technology, and reducing the allocation of industries such as finance. In terms of individual stocks, it still holds high-quality companies with excellent business model, clear industry pattern and strong competitiveness.
The top ten heavyweight stocks selected by e fund blue chip in the first quarter remained basically stable. From the ranking of heavyweight stocks, although Zhang Kun slightly reduced his holdings of Kweichow Moutai Co.Ltd(600519) , Kweichow Moutai Co.Ltd(600519) still replaced Tencent holdings and promoted its largest heavyweight stocks, China Merchants Bank Co.Ltd(600036) and Tencent Holdings were the second and third heavyweight stocks respectively. Meituan-w is a heavy position stock with great strength in Zhang Kun’s position increase in the first quarter. Compared with the end of last year, e fund blue chip selected 5.4 million shares of meituan, with a position increase rate of 32.53%. Meituan also replaced Ping An Bank Co.Ltd(000001) , and the new e fund blue chip selected the top 10 heavy position stocks.
The top ten heavyweight stocks of e fund’s high-quality selection also changed little. In addition to the slight change in seating position, China Merchants Bank Co.Ltd(600036) , Tencent holdings and Kweichow Moutai Co.Ltd(600519) continued to rank among the top three heavyweight stocks. In the first quarter, Wuliangye Yibin Co.Ltd(000858) and JD group increased their positions by more than 10%, and reduced their holdings of Inner Mongolia Yili Industrial Group Co.Ltd(600887) by 13.51 percentage points.
The scale of management has shrunk
at present, the scale is nearly 85 billion
Zhang Kun is the first fund manager in the industry with an active equity fund management scale of more than 100 billion. Under the market shock in the first quarter of 2022, the management scale of Zhang Kun has shrunk. At present, the overall management scale is less than 100 billion, nearly 85 billion.
By the end of the fourth quarter of 2021, the total scale of the four funds managed by e fund Zhang Kun had reached 101936 billion yuan. At the end of the first quarter, the data was 84.928 billion yuan, with a difference of 17.008 billion yuan.
Specifically, at the end of the first quarter, the scale of e fund blue chip selection, e fund high-quality selection, e fund advantageous enterprises for three years and e Fund Asia selected stocks were 55.272 billion yuan, 16.867 billion yuan, 8.104 billion yuan and 4.685 billion yuan respectively. In addition to the growth of e fund’s selection scale in Asia, the scale of other funds declined.
Among them, e fund blue chip selection shrank by 12.351 billion yuan in the first quarter, but it is still the active equity fund of the “Big Mac” in the fund industry.
Liu Yanchun: chongcang Kweichow Moutai Co.Ltd(600519) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Wuliangye Yibin Co.Ltd(000858)
Jingshun Great Wall Liu Yanchun, who once managed more than 100 billion yuan, is the top fund manager in the industry and the “spring” in Jimin’s mouth.
In the volatile first quarter, Jingshun Great Wall Dingyi managed by Liu Yanchun maintained a high position to deal with the market. Data show that at the end of the first quarter, the market value of Jingshun Great Wall Dingyi shares accounted for 90.17% of the net asset value of the fund, which remained basically unchanged compared with 90.27% at the end of last year.
Liu Yanchun, who holds a lot of money, adjusted his position and exchanged shares to deal with the market in the first quarter. According to the data, at the end of the first quarter, the top five heavyweight stocks of Jingshun Great Wall Dingyi were Kweichow Moutai Co.Ltd(600519) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , China Tourism Group Duty Free Corporation Limited(601888) , which decreased slightly compared with the end of last year, but it is still the largest heavyweight stock.
In the first quarter, Chenguang shares entered the list of the top ten heavyweight stocks and Aier Eye Hospital Group Co.Ltd(300015) withdrew from the list of the top ten heavyweight stocks.
In the quarterly report, Liu Yanchun wrote that for the stock market, the overall valuation level of the market has dropped significantly. Although there are still many short, medium and long-term factors, the current valuation level is likely to reflect these potential risks to a large extent. As long as the capability of the enterprise has not changed, the change of the external environment is only a periodic disturbance, which has little impact on the reasonable pricing of the company. Compared with the growth, profitability and valuation level of global excellent companies, many high-quality listed companies in China have been very attractive at this stage. As the external environment returns to normal, stock pricing will eventually rise to a reasonable level.
Xie Zhiyu: maintain high position operation
At the end of March, Xie Zhiyu, the global deputy general manager of Xingzheng, known as “big white” by the market, once participated in a live broadcast to express his views on this uncertain market.
Xie Zhiyu said bluntly at that time: with the relatively large adjustment of the market, we will see that many enterprises begin to change, which is worth starting, much better than what we saw before; And said that there is no particularly big risk in the current market.
The first quarter report just disclosed revealed Xie Zhiyu’s investment in the first quarter. He managed the fund to maintain a high position of more than 90% at the end of the first quarter, which also demonstrated his attitude towards the market.
From the perspective of Xingquan Herun and Xingquan Heyi funds managed by Xie Zhiyu, the proportion of stock market value in the net asset value of the fund at the end of the first quarter was 94.01% and 94.08% respectively, while the two data at the end of last year were 93.9% and 94.07% respectively, which also means that Xie Zhiyu still maintained a high position to deal with the market under the market shock.
Xie Zhiyu wrote in the first quarterly report of Xingquan Herun that the stock position of the fund was relatively stable in the first quarter. He will adhere to the responsibility of Jimin trust, continue to select individual stocks, tap the long-term growth value of the company, strive to balance the long-term development space and short-term valuation of the company, and constantly look for excellent companies with good investment performance price ratio.
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.
Xiao Nan: first quarter coal and Baijiu
Xiao Nan of e fund has always been a fund manager who has attracted much attention in the field of consumption. Under the shock environment in the first quarter of this year, he basically maintained a high position, adjusted the position structure to deal with it, and increased his position in coal stocks.
From the perspective of e-fund Dake shundingkai managed by Xiao Nan, the first quarterly report shows that the stock portfolio of the fund accounts for 93.53% of the net asset value of the fund, of which the fair value of the domestic stock portfolio and Hong Kong stock connect stock portfolio accounts for 72.93% and 20.61% of the net asset value of the fund respectively. Compared with 82.42% of the positions in the fourth quarter report last year, it has also become the highest level at the end of the quarter since the establishment of the fund.
Xiao Nan said in the first quarter report of e-fund shundingkai fund in 2022 that in the first quarter of 2022, the consumption, medicine, science and technology and other sectors of A-Shares and H shares lagged behind, while the cycle and other sectors represented by traditional energy performed relatively well. In the first quarter, the overall valuation level of the group continued to decrease, and the cash flow, including dividends and Baijiu, including coal and liquor, was increased.
Turning to the future, Xiao Nan said that at present, the probability is a pessimistic moment in terms of fundamentals, capital and mood. We need some patience and take this opportunity to do more research and strive to layout companies that can gradually get out of various difficulties in the future.
In addition, Xiao Nan specially explained in the quarterly report that in the early stage, due to the end of the first three-year closure period of the fund, the position has been adjusted accordingly, and the position is still gradually recovering.
From the top ten heavyweight stocks at the end of the first quarter of e-square dakeshun, those holding more than 7% are China Merchants Bank Co.Ltd(600036) , Yankuang energy, China Shenhua Energy Company Limited(601088) , Kweichow Moutai Co.Ltd(600519) , etc.
Compared with the end of last year, Xiao Nan entered Yanzhou energy, Henan Shenhuo Coal&Power Co.Ltd(000933) , Tencent holdings and Pingdingshan Tianan Coal Mining Co.Ltd(601666) , among which Yankuang energy, Pingdingshan Tianan Coal Mining Co.Ltd(601666) are coal mining stocks, which shows that he is optimistic about this field.
At the same time, Xiao Nan withdrew from the top ten list in the first quarter of this year, including Anhui Gujing Distillery Company Limited(000596) , Li Ning, Oppein Home Group Inc(603833) , Wuliangye Yibin Co.Ltd(000858) , the top ten heavy positions in the fourth quarter of last year.
top flow fund manager’s “eyes” on the future
From the position of these top flow fund managers, most of them have maintained high position operation, showing a optimistic attitude towards the future market. In the statement of looking forward to the future market in the first quarterly report, it is more worthy for investors to carefully guess the “sincere views” of these investors.
Yi Fangda Zhang Kun often makes some careless remarks in the quarterly report, and has a deep understanding of the market and investment. In this first quarterly report of 2022, talking about the future, he said that although the short-term market faces many difficulties, it also provides a very attractive price for long-term investors.
Zhang Kun wrote in the quarterly report that in the first quarter, the net value of the fund fell significantly, which made many holders feel anxious, and I have the same feeling. I think anxiety may come not only from the realized decline, 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. If a stock rises for three consecutive days, people will automatically feel that it will rise on the fourth day. If the stock does rise on the fourth day, dopamine will be released and people will feel satisfied. Moreover, the feeling of anticipating good and bad things is often stronger than actually experiencing them. When imagining the possible painful things, the feeling is no less than real pain.
After millions of years of natural selection, our brain has formed the characteristics that are most conducive to survival, but some of them are unfavorable to investment. For example, the part of rational analysis (cerebral cortex) is much weaker than the powerful power of the most primitive part of the brain – the sensory and emotional system (amygdala and insula). When dealing with information, the sensory system often takes over at the first time. We need to spend considerable energy and time to take over with the rational analysis system.
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.
We cannot change these characteristics of the brain. After all, we have survived the primitive society with cruel living conditions by relying on these characteristics. I think accepting these characteristics may be the premise of maintaining peace of mind, and then we can avoid the harm of these characteristics to our investment.
When stocks fall, we may need some time and restraint to calm down and ask ourselves a few questions: 1 Does my fear come from the decline of share price or from the negative change of fundamentals? 2. Does the original investment reason no longer exist? 3. The share price is lower. As a long-term net buyer, shouldn’t I be happier? To judge the authenticity of something, the most reliable way 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”.
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 maintain rationality. 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. The stock price, like the weather, is always changing, unpredictable and difficult to grasp, while the enterprise 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.
We believe that although the short-term market faces many difficulties, it also provides quite attractive prices for long-term investors. We believe that the daily accumulated free cash flow of an enterprise will be reflected in its value accumulation, and the growing enterprise value will eventually be projected into its market value growth.
Liu Yanchun also believes that as the external environment returns to normal, stock pricing will eventually rise to a reasonable level. In Jingshun Great Wall Dingyi quarterly report, he wrote: there was a large pullback in the overall market in the first quarter. The economy is still weak, the total amount and structure of financial data are not ideal, and it still takes time for policies to turn to real recovery. The rapid rise in US bond yields has put pressure on equity assets. Under the background of Sino US trade friction, market sentiment is highly sensitive. The escalation of the conflict between Russia and Ukraine further reduced market risk appetite. Covid-19 epidemic repeatedly impacted China’s economy again, and stock market sentiment fell to freezing point.
The overseas supply chain is gradually recovering, superimposed with the interference of the epidemic, and it is expected that China’s export growth will gradually decline. It is urgent to boost domestic demand. In March, the transaction area and amount of real estate in China’s key cities were only about half that of the same period last year. In order to avoid systemic risks in the real estate industry, policies need to be adjusted to lead the orderly recovery of real estate demand. We have noticed that some cities have made adjustments in mortgage interest rates, down payment ratio and purchase restriction policies. It is estimated that the easing will also be gradually increased, and the real estate demand is expected to hit the bottom and pick up during the year.
Covid-19 virus strain continues to mutate, becoming more and more infectious, making it more difficult to prevent and control. I believe relevant Chinese departments are also thinking about how to strike a balance between ensuring life safety and maintaining the stable operation of the economy. We may still need to wait for the time, wait for the virus toxicity to weaken, and prepare vaccines, specific drugs and medical infrastructure. The path is difficult to predict, but the direction should be clear. It is expected that the impact of covid-19 epidemic on our lives will gradually decrease, and the market confidence in the end of covid-19 epidemic will gradually increase. The epidemic, an important factor perplexing the market valuation level, will gradually weaken.
For the stock market, the overall valuation level of the market has dropped significantly. Although there are still many short, medium and long-term factors, the current valuation level is likely to reflect these potential risks to a large extent. As long as the capability of the enterprise has not changed, the change of the external environment is only a periodic disturbance, which has little impact on the reasonable pricing of the company. Compared with the growth, profitability and valuation level of global excellent companies, many high-quality listed companies in China have been very attractive at this stage. As the external environment returns to normal, stock pricing will eventually rise to a reasonable level
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”
Liu Gesong, 60 billion “top stream”, said: don’t be pessimistic. I hope Jimin will be patient! The latest research and judgment of GUI Kai, Lin Yingrui and Yang Jinjin has also come!
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