A number of “top stream” star fund managers released the first quarterly report, and Ge Lan, Zhou Weiwen, Fu Pengbo and Yang Ruiwen made a heavy voice.
The scale of active equity funds managed by the four of them is at least 30 billion, of which the scale managed by Glenn is more than 90 billion. The four of them managed about 230 billion by the end of the first quarter of 2022.
Gran said that the core of risk control is to avoid permanent losses as much as possible, which requires us to carefully select enterprises and stick to the best quality companies. Fu Pengbo said that in the process of dynamic portfolio adjustment in the second quarter, it will make a more prudent assessment of the company’s valuation and growth certainty, and increase the allocation when the alternative target is “killed by mistake” by the market.
Glenn: select enterprises and stick to the best quality company
China Europe Fund Glenn is a fund manager who has attracted the attention of investors. “Lan Lan” has become the name of Jimin. The quarterly report just disclosed also shows her investment in the first quarter.
In the quarterly report of the China EU medical and health mixed fund managed by Gran, she wrote that 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.
In terms of fund operation, Ge Lan 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.
From the position of China EU medical and health fund at the end of the first quarter, it basically maintained the neutral position level. Data show that the market value of the fund’s shares accounted for 82.08% of the fund’s net asset value at the end of the first quarter, which is not far from 83.9% at the end of last year.
In the case of little change in position, Glenn responded to the market shock in the first quarter by adjusting his position. From the perspective of the top ten heavyweight stocks of China EU medical and health, the ones with a higher proportion are Wuxi Apptec Co.Ltd(603259) , Aier Eye Hospital Group Co.Ltd(300015) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Hangzhou Tigermed Consulting Co.Ltd(300347) , etc. Compared with the end of last year, Chongqing Zhifei Biological Products Co.Ltd(300122) newly entered the top ten heavyweight stocks, and Kyushu pharmaceutical withdrew from the top ten heavyweight stocks.
When it comes to the pharmaceutical sector, Glenn also said in his quarterly report that the continuous and repeated outbreak in the first quarter of 2022, the liquidity expectations of the global capital market and the complex changes in China’s macro environment have relatively enlarged the sensitivity of market sentiment, causing a certain 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. “
Looking to the future, Glenn said that innovation related markets are far from reaching the ceiling of the Chinese market, and overseas markets are 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.
Overall, Glenn stressed that he is still optimistic about the medium and long-term investment opportunities in the pharmaceutical and biological sector, but short-term market fluctuations are inevitable, and will continue to strive to create long-term investment returns for the holders.
It is worth noting that according to the quarterly report, the 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. China Europe Fund subscribed about 12.7 million China Europe medical innovation funds on January 27, with a total transaction amount of more than 50 million yuan.
In addition, Ge Lan wrote in the first quarterly report of China Europe at Mingrui’s new starting point that due to the excessive cumulative increase in the past few years and the relatively high valuation, many high-quality growth stocks fluctuated and retreated sharply, and the market style rotated rapidly; As always, we choose to stick to high-quality growth companies, accompany them for a long time, ignore valuation fluctuations that are difficult to grasp in the short term, and strive to make money for cognitive performance growth in the medium and long term.
In terms of fundamentals, we are still optimistic about this round of scientific and technological innovation cycle in the medium and long term, and China’s corresponding industries in various fields will undergo profound changes in the medium and long term. In terms of the market, we believe that short-term style changes are inevitable and difficult to predict, but after more than a year of significant adjustment, the valuation of many high-quality growth stocks has been at the bottom of history, with high security and high medium and long-term spatial certainty.
We divide risks into permanent losses and temporary adjustments. We believe that the core of risk control is to avoid permanent losses as much as possible, which requires us to carefully select enterprises and stick to the best quality companies. It is an effective strategy to do a good job in long-term performance by reviewing the bull stocks in the stock market and the test of substantial market adjustment we have faced in our investment in the past few years, focusing on core high-quality growth stocks through in-depth fundamental research and avoiding permanent losses.
Zhou Weiwen: looking for two types of investment opportunities
As one of the few veterans in the industry who has invested for more than 15 years, Zhou Weiwen of China Europe has attracted much attention from the market.
In Zhou Weiwen’s management of China EU new blue chip, it also maintains a neutral position level.
The first quarterly report of China Europe new blue chip shows that the fund’s positions at the end of the first quarter are relatively scattered, and the holding proportion of single stocks of the top ten heavy positions is about 2% ~ 4%. Among them, it mainly holds Bank Of Ningbo Co.Ltd(002142) , Xiamen Faratronic Co.Ltd(600563) , Muyuan Foods Co.Ltd(002714) , Kweichow Moutai Co.Ltd(600519) , etc.
At the end of last year, compared with the end of last year last year, there are also many changes in the top ten big warehouse shares of the new blue chip of the new blue chip of the EU and China Europe managed by Zhou Weiwen at the end of last year, among which Xiamen Faratronic Co.Ltd(600563) \ withdraw from the top ten heavyweight stocks.
Looking for “good investment opportunities in the future” along the main line of “alpha industry selection” means that “alpha industry selection” will look for two kinds of investment opportunities in the future.
How to adapt to the adjustment of valuation and macro environment? Zhou Weiwen believes that the valuation dimension is to digest the previous rise of stock price and make the long-term trend of stock price basically consistent with the long-term trend of fundamentals; The macro environment is to adapt to the change from the monetary environment with low interest rate and wide liquidity in the past to the international environment with tight liquidity and rising interest rate. At the same time, the shift of U.S. monetary policy will affect global liquidity and then the global capital market. The control of the epidemic, the recovery of real estate and Sino-U.S. relations also affect the market’s expectations for the future.
“After adjustment, the market is not pessimistic about the future.” Zhou Weiwen analyzed three main reasons in the first quarterly report. First, a considerable part of the adjustment of the track has basically been completed, and the foam has been very small. Second, in the past two or three years, the share prices of many excellent companies in the sector have rarely risen. After the industry boom bottoms out, it will usher in an improvement and gradually appear investment opportunities. Third, although the world is facing liquidity tightening, the previous policies of the Central Bank of China are more forward-looking, and there is room for loose monetary policy, which is relatively favorable.
Based on this, Zhou Weiwen said that he would look for two types of investment opportunities along the main line of “alpha for good industries and beta for difficult industries”. The first category is the industries that will continue to prosper in the coming years, such as new energy, photovoltaic, military industry and other industries. Most of these industries have high valuations, but the fundamentals of the subdivided sectors will be differentiated. The fund will select the subdivided sectors with positive changes in Fundamentals for allocation. The second category is the dilemma reversal industries. The stock prices of these industries are low and the short-term operation is uncertain. However, from the perspective of about two years, the probability operation will return to normal, even much better than the boom years in history. The representative industries include breeding, catering, tourism, media, real estate, etc.
continuous reflection and summary
Fu Pengbo increases the configuration of vaccine related sections
The drastic adjustment of A-Shares since the beginning of the year has dragged down the performance of equity funds during the year. In the face of the withdrawal of fund net value, the bosses are also constantly reflecting and summarizing.
Ruiyuan growth value, jointly managed by star fund managers fupengbo and Zhu Yu, first reviewed the market trend of the first quarter in the latest disclosed quarterly report: since the beginning of the year, the epidemic has put great pressure on China’s economy in terms of logistics, transportation and production organization. In the medium and short term, the growth of corporate income and profit is poor or expected. At the same time, under the background of the Fed accelerating the table contraction and interest rate rise, the market liquidity may gradually tighten, and the “numerator denominator” will face double pressure at the same time. In the first quarter, China’s market performance was very poor. Except for resource products such as coal and real estate, the overall decline was large. Among them, the decline of high valuation sectors such as gem index is almost close to the decline in 2018.
Fu Pengbo said that in the first quarter, the fund maintained a high position operation, and there was a large retreat in the net value. In this regard, we are also constantly reflecting and summarizing. We adjusted the key companies in the configuration of the previous quarter, increased Walvax Biotechnology Co.Ltd(300142) , which is related to the vaccine sector, and increased the configuration of China Mobile, which has a relatively stable dividend and provides a better safety margin for holding. From the perspective of industry distribution, the combination focuses on TMT, chemical industry, new energy equipment and building materials.
According to the first quarterly report, as of the end of the first quarter, the stock position of Ruiyuan growth value hybrid fund was 92.35%, and continued to maintain the operation of more than 90%. From the perspective of heavy position stocks, the top ten heavy position stocks remained basically stable. China Mobile replaced Sanan Optoelectronics Co.Ltd(600703) , and promoted Ruiyuan as the largest heavy position stock with growth value. Sanan Optoelectronics Co.Ltd(600703) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) were the second and third largest heavy position stocks respectively. At the same time, Ruiyuan growth value built a large position Walvax Biotechnology Co.Ltd(300142) in the first quarter, with a market value of more than 1 billion yuan at the end of the period, Walvax Biotechnology Co.Ltd(300142) also entered the top ten heavyweight stocks of Ruiyuan growth value for the first time, and Geely motor withdrew from the top ten heavyweight stocks.
Looking forward to the second quarter, Fu Pengbo said that in the process of dynamic portfolio adjustment, he would 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 operating conditions and expectations do not meet, and increase the allocation when the alternative target is “killed” by the market.
Yang Ruiwen 4000 word long text:
should resist inner fear and insist on necessary persistence
Yang Ruiwen, manager of Jingshun Great Wall Fund, is a well-known growth stock player in the market. He frankly said that the Jingshun Great Wall preferred hybrid fund managed by him achieved the largest single quarter withdrawal since its establishment in the first quarter of this year, which brought certain losses to the holders. I’m deeply sorry.
Although the process of market decline is full of difficulties and pain, he will still adhere to his own choice and style, constantly optimize and improve his position portfolio, and always adhere to investing in real growth stocks in line with industrial trends.
From the situation of the top ten heavyweight stocks disclosed in the first quarterly report, Yang Ruiwen’s position is still dominated by scientific and technological growth, and he has significantly increased his position in the process of callback of high-quality individual stocks on the science and innovation board.
The sweeping Siasun Robot&Automation Co.Ltd(300024)
In the past year, Yang Ruiwen explained his thoughts and Thoughts on the market in a large length in the quarterly and annual reports of the fund, and also explained in detail the investment logic of several major sectors, including self-control, science and technology and new energy vehicles.
In this quarterly report, Yang Ruiwen continued to offer a “long article” with more than 4000 words.
In the quarterly report, he first apologized for the loss caused to the holders by the withdrawal of the net value of the fund. He said that this quarter, the fund lost the benchmark and recorded the largest single quarter pullback since the establishment of the fund. In addition to the cyclical and undervalued stocks, there is little difference in the decline in both growth and consumption. In this quarter, our portfolio shareholding is still dominated by growth shares, and the pullback is not small. Therefore, we are deeply sorry that the fund has brought certain losses to the holders.
Although the current market performance is still very sluggish, we are more confident now. Since I became a fund manager, I have experienced three rounds of stock market disasters from 2015 to 2016 and sharp declines in 2018. Almost every year, I will experience a market retreat of nearly 20%. Every time I fall into the self doubt of the market, the market bottoms out. Although many people are pessimistic and the current market is depressed, we are still confident in the direction and portfolio of our investment. We still insist on investing in emerging industrial enterprises with great prospects and follow their growth, rather than strengthening the trend and seeking market hotspots. We believe that the winners in the future must be enterprises with continuous high-intensity investment. Although these enterprises are not necessarily the current focus, we believe that only through accumulation can we exchange for long-term development. Although this process is full of difficulties and pain, we will still adhere to our choice and style, and we will continue to optimize and improve our position portfolio.
The fund always insists on investing in real growth stocks in line with the industrial trend, and the fund position is in the high position (75% – 78%) in the position limit specified in the fund contract.
He also analyzed several major factors for the continuous decline of the market this year. “Our annual report last year was cautiously optimistic about the market this year, but the trend at the beginning of this year completely hit us in the face. Why did such misjudgment occur? We have said in the past that predictable risks are not risks, and unpredictable risks are real risks.”
Yang Ruiwen pointed out that since this year, there have been three unpredictable risks in the market:
1. The occurrence of the Russian Ukrainian war and a series of shocks;
2. The epidemic situation of Omicron broke out in many places, and the transmission speed and impact degree exceeded expectations;
3. Some policies in the past had “unintended consequences”, which hindered credit expansion and affected investor confidence to a certain extent.
He said that in the early stage, the sharp decline of the market was mainly caused by these three factors, but today we see more and more positive signals. Among them, the Finance Committee held a meeting on March 16 to make a series of specific arrangements for relevant policies and stability expectations. We have also seen the gradual adjustment of negative policies. We believe that the obstacles to credit expansion will be removed in the near future. As for the impact of the epidemic, the government is also dynamically adjusting policies to balance the relationship between the economy and the control of the epidemic. The biggest impact of the Russian Ukrainian war on market sentiment has also passed. Considering the material consumption of the daily war state, the probability of a protracted war is not too great, and a truce may occur at any time. We can see that every factor is improving. In fact, investment depends more on expectations. Although there seem to be various risks now, if the market thinks the future will be good, the market will rise. At this time, we should resist our inner fear, examine the internal logic of our own combination, and adhere to the necessary persistence.
When it comes to future investment opportunities, Yang Ruiwen believes that the first half of the year is dominated by cycle and the second half is dominated by scientific and technological growth. “Resource stocks represented by nonferrous metals and coal and steady growth stocks represented by real estate and infrastructure are probably the main investment axis in the first half of the year, and the market in the first quarter is fully revealed. We are not inclined to intervene in relevant sectors at this stage, mainly because we can’t measure the space and height of these opportunities. Although the opportunity performance of scientific and technological growth is relatively sluggish, we firmly believe that these are the future, with excessive pessimism Risk appetite repair, these sectors will also have opportunities for valuation repair. For these opportunities, we believe that the market overestimates the short-term risks and underestimates the long-term space and opportunities. Therefore, our layout is still dominated by scientific and technological growth, and the leading direction of this scientific and technological growth will be independent and controllable represented by semiconductors, new materials and software. “
he will continue to be optimistic about three major investment directions in the future:
First, self-control. After the outbreak of the Russian Ukrainian war, Russia has suffered unprecedented sanctions, which will strengthen our determination to vigorously promote self-control. There are many levels of self-control. We mainly analyze the self-control at the level of industry and information industry, including chips, software, new materials, etc.
Second, technology brand products. In the first quarter, the fund portfolio increased its positions in technology brand products represented by sweeping Siasun Robot&Automation Co.Ltd(300024) , short distance travel tools and projectors.
Third, electric smart vehicles. Affected by the rising price of raw materials, auto enterprises are facing huge cost pressure. Later, we will see the prosperity of the new energy vehicle industry decline, and this cycle may be as long as half a year to one year. However, this is not a bad thing for the new energy vehicle industry. The ultra-high growth rate in the past is not normal. Some links of the industrial chain also need time to alleviate the contradiction between supply and demand. For industry funds or indexes, the early decline has reflected some expectations. The adjustment of future industries or the decline of prosperity does not mean that stocks will adjust. After all, stocks reflect expectations in advance. At this stage, we need to make efforts to identify opportunities and risks and test our ability to find alpha.
Yang Ruiwen is not pessimistic about the future market. He said in the conclusion of the first quarterly report, “Despite the poor market performance in the past quarter, the freezing point of the market and Jimin’s mood, and the poor performance of our fund, we are indeed very optimistic at the moment. We believe that the risks have been reflected in the past and the opportunities are presented in the future. I believe that as long as we stick to the right industrial direction and excellent enterprises, we hope the fund will eventually give investors rich returns.”
