A number of 10 billion fund managers' funds surfaced in the first quarter, and the position adjustment path in the first quarter was exposed. On the whole, in the first quarter, the position structure of 10 billion fund managers changed little, mainly fine-tuning the investment portfolio. When it comes to the follow-up investment direction, fund managers are not pessimistic and are committed to finding excellent targets with good investment cost performance.
By the end of the first quarter, Liu Gesong, the champion of public funds in 2019, had managed more than 60 billion yuan of funds. Taking the upgrading and mixing of GF dual engines under its management as an example, the configuration direction in the first quarter was mainly photovoltaic, power battery, new chemical materials, chips and other manufacturing industries. In terms of the top ten heavyweight stocks, compared with the end of the fourth quarter of last year, 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) . In addition, the number of shares held by Chongqing Sokon Industry Group Stock Co.Ltd(601127) , Rongsheng Petro Chemical Co.Ltd(002493) , Jafron Biomedical Co.Ltd(300529) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , etc. has not changed.
Liu Gesong explained the investment logic. "From the perspective of enterprise profit cycle, China's comparative advantage manufacturing industry represented by the photovoltaic industry will enter a three-year high-speed growth stage in the third quarter. The new technology photovoltaic cells of some 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 rapid growth of the industry in the future. From the perspective of cost performance, after 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. "
Several funds managed by Xie Zhiyu also released a quarterly report, and the scale of funds under management is also more than 60 billion yuan. Taking the Xingquan Heyi mixture managed by Xie Zhiyu as an example, the top ten heavy warehouse stocks have not changed much. Specifically, in the first quarter, Xie Zhiyu continued to add -W to Kwai Kong and became the first heavy position in the fund. Apeloa Pharmaceutical Co.Ltd(000739) , Meihua Holdings Group Co.Ltd(600873) etc. have become the top ten heavyweight stocks of the fund.
GUI Kai, who is in charge of a capital scale of more than 30 billion yuan, also fine tuned the fund position structure. Taking harvest emerging industry stocks under its management as an example, the fund position structure changed little in the first quarter, slightly increasing consumption and reducing pharmaceutical positions. The proportion of fund categories is technology, manufacturing, medicine and consumption in turn.
GUI Kai said that the fund allocation focuses on advantageous growth enterprises in line with the direction of long-term economic restructuring and industrial transformation and upgrading. Therefore, he has always been cautious about short-term themes or long-term uncertain directions. Although short-term fund performance is under pressure, we still believe that time can prove the value of excellent enterprises.
The consensus of looking for excellent enterprises to become 10 billion fund managers. "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." Xie Zhiyu said.
Looking forward to the future, Liu Gesong said that from a medium - and long-term perspective, he is 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.
