On April 22, Cai Songsong, the manager of noan fund, released the first quarterly report of 2022. Among them, Noah’s innovation driven large-scale position adjustment, the top ten heavy position stocks were all replaced, and there was no semiconductor target; Noan growth and noan Hexin continue the semiconductor position style. Cai Songsong’s technology investment capability circle has expanded outward from semiconductors.
Cai Songsong said that the main positions driven by noan’s innovation are in the computer sector, and the biggest investment logic is the low valuation of the industry and the inflection point of industrial fundamentals. The development trend of digital economy has the strongest catalytic effect on the development of the computer industry. Under the logic of policy catalysis, the improvement of information content and the improvement of the total amount of the industry, the subdivided tracks such as East digital West computing, digital RMB, network security and industry information innovation are investment opportunities that can be grasped from top to bottom.
Cai Songsong believes that the current downturn in semiconductor technology will not be easily affected by the current downturn in semiconductor technology. At present, the valuation of relevant core assets has fallen to an all-time low and has reached the stage of high purchase cost performance. In the future, we will continue to adhere to the investment trend of science and technology and accompany the growth of excellent companies.
noan innovation drives the replacement of all the top ten heavyweight stocks
The first quarterly report of noan innovation drive shows that by the end of the first quarter, the stock assets held by noan innovation drive were 372 million yuan, accounting for 91.62% of the total assets of the fund. The top ten top ten holding shares in the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten ten of the top ten of the top ten of the top ten of the Party of the , which is the following following following for the 002, which is known , Beijing Baolande Software Corporation(688058) . The total position ratio of these heavy position stocks was 54.66%, with no significant change from 55.83% in the previous quarter.
Noan innovation driven position in the first quarterly report
Source: first quarterly report of the fund
It is worth noting that the top ten heavy positions mentioned above are new targets in the first quarter, which can be described as a more thorough “big change”. The top ten heavy warehouse stocks shown in the fund’s 2021 quarterly report for the first quarter of the year 2021, the top ten heavy warehouse stocks in the first quarter of the 2021 quarter of the 2021 year, which are the top ten heavy warehouse stocks shown in the fund’s 2021 quarter quarter report, which are the top ten heavy warehouse stocks shown in the first quarter quarter of the 2021 quarter of the 2021, the top ten heavy warehouse stocks shown in the first quarter of the 2021 quarter of the year of the 2021 quarter of the year of the 2021, respectively, which are the top ten heavy warehouse stocks shown in the fund ”s 2021 quarter quarter report, respectively, which are respectively: shengus Shanghai, Dongguan Golden Sun Abrasives Co.Ltd(300606) 0 Dongguan Golden Sun Abrasives Co.Ltd(300606) 06060606060604 dingyangtechnology.
The growth of noan and noan Hexin managed by Cai Songsong still maintain the semiconductor position style. A quarterly report from noaan’s growing season shows that as of the end of the quarter, the stock asset size of the fund is 22774 billion yuan, accounting for 91.98% of the total assets of the fund, 91.98% of the total assets of the fund, with a stock asset size of $22774 billion at the end of the quarter, according to a quarterly report showing the growth of a growing quarter. At the end of the quarter, the fund’s stock asset size of the fund at the end of the quarter. The stock asset size of the fund is 227774 billion yuan, accounting for 91.98% of the total assets of the fund, 91.98% of the total assets of the fund, and the top ten heavyweight stocks are: Konfoong Materials International Co.Ltd(300666) 630066 Sg Micro Corp(300661) 35 \ , Semiconductor Manufacturing International Corporation(688981) , Ingenic Semiconductor Co.Ltd(300223) , National Silicon Industry Group Co.Ltd(688126) .
Noan Growth Mixed quarterly position
Source: first quarterly report of the fund
As far as noaan and Xin are concerned about what’s good about noaan’s and about being at the end of the first quarter, at the end of the first quarter, the size of the fund’s stock holdings was 31.56 billion yuan, accounting for 92.79% of the total assets of the fund, 92.79% of the total assets of the fund, with 92.79% of the total assets of the fund. The top ten heavyweight stocks are Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) 68 Will Semiconductor Co.Ltd.Shanghai(603501) , Sanan Optoelectronics Co.Ltd(600703) , Beijing Sinohytec Co.Ltd(688339) .
“undervalue + inflection point of fundamentals” is the maximum investment logic
Cai Songsong pointed out in the first quarterly report of noan innovation drive that “the main position of the fund is in the computer sector. The industry valuation is low and the industrial fundamentals have an inflection point, which is my biggest investment logic.”
According to CAI Songsong’s analysis, from the perspective of the computer industry itself, it has been a negative return compared with growth tracks such as new energy and semiconductors in the past few years. The current valuation is in the middle and lower part of the historical valuation center. From the perspective of industrial fundamentals, the digital economy in 2022 also has the logic of policy catalysis, improvement of information content, improvement of total industry volume and so on. For example, according to the overall goal proposed in relevant plans, the added value of core industries of digital economy will account for 10% of GDP by 2025.
Cai Songsong took over noan’s innovation driven hybrid in May 2021 and began to buy Semiconductors in the second quarter of 2021. The overall configuration idea is similar to noan’s growth. In the third quarter of 2021, individual non semiconductor stocks such as Westone Information Industry Inc(002268) and others began to appear in the top ten heavy positions of the fund; In the fourth quarter of 2021, although the top ten positions still have semiconductor targets, the number of non semiconductor targets such as Windsun Science Technology Co.Ltd(688663) , dingyang technology and so on has gradually increased.
In the previous interview, Cai Songsong systematically explained his investment philosophy to the reporter of China Securities Journal: to make the purest investment in the trend of science and technology industry and become the sharpest “spear” in this field. Cai Songsong believes that the investment logic of the science and technology industry can be summarized as “1 + 2”, which is to follow the innovation and upgrading trend of the science and technology industry and carry out investment layout along the two main lines of 5g and independent development. At that time, he also said that with the continuous promotion of scientific and technological innovation and the gradual improvement of performance certainty, in addition to the semiconductor sector, other tracks in the “cloud” field are also expected to become a new track for industrial trend investment.
Cai Songsong’s practice is not uncommon. For example, Yang Ruiwen, the science and technology fund manager of Jingshun Great Wall Fund, the growth leader of Jingshun Great Wall managed by him is positioned as a whole market fund, but the portfolio focuses more on large market leading growth stocks; Jingshun Great Wall corporate governance fund and growth pilot fund are also positioned for balanced growth, but there are more positions to invest in small and medium-sized market capitalization stocks represented by “specialization and innovation”.
continue to accompany the growth of excellent scientific and technological companies
In the first quarterly report, Cai Songsong also looked forward to the prospect of science and technology investment in the future.
Cai Songsong pointed out that since 2022, the market risk appetite has declined sharply to avoid the growth sector with long-term industrial trend. Growth track stocks such as semiconductor, new energy and military industry have led the decline, gradually focusing on the sectors related to steady growth. “Although the market is pessimistic about the growth sector, we need to look at it objectively. In this position, the market has reflected the expectations of interest rate hike, inflation and so on. At present, the valuation of many long-term competitive high-quality companies has fallen to an all-time low and reached the stage of high cost performance. At present, buying these high-quality core assets may suffer short-term pain, but in the long run, they often have high returns.
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With regard to the computer track with the latest positions driven by Noah’s innovation, caisongsong said that the development trend of digital economy has a strong catalytic effect on the development of the computer industry. Under the logic of policy catalysis, the increase of information content, and the increase of the total industry volume, such sub tracks as digital computing in the East and western, digital RMB, network security, and industry information innovation are investment opportunities that can be grasped from top to bottom.
In terms of semiconductors, Cai Songsong said that although the supply and demand of the semiconductor industry is affected by the epidemic, the long-term prosperity of the industry brought by scientific and technological innovation will not be easily changed. In addition, the biggest opportunity for the semiconductor industry in the future is independent development. The semiconductor investment should not be affected by the current decline, nor should it be ignored by the industrial development. “Contrarian investment is painful, and important investment opportunities often appear when there are major differences in the market. In the future, we will continue to maintain rational analysis and objective judgment on the industry and accompany the growth of excellent technology companies.”
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