The first quarterly report of the fund successively disclosed that the positions of star fund managers such as Zhang Kun, Liu Gesong, Wang Zonghe and Hou Hao were exposed.
Affected by the adjustment of track stocks in the first quarter of this year, the net value of products managed by many star fund managers retreated. The mixed growth rate of GF small cap managed by Liu Gesong in the first quarter was – 16.39%, and the product scale directly fell below the 10 billion mark; Penghua ingenuity selection managed by Wang Zonghe has a mixed yield of – 15.40%, and the product scale has also fallen below 10 billion; Hou Hao managed Baijiu index fund yield -21.97%, the management scale of the first quarter fell below 100 billion.
The net value of fund products retreated in the first quarter, and the fund manager changed positions and shares obviously. Reporters combed found that Wang Zong and its fund products in the first quarter of this year, many new bank stocks, Industrial And Commercial Bank Of China Limited(601398) , China Construction Bank Corporation(601939) and other state-owned large bank shares were all heavily held, Hou Hao last year, the fourth quarter of the batch reduction of Baijiu shares, the first quarter of this year again increased holdings.
For the future A-share market, most fund managers are not pessimistic. In the quarterly report of the fund, Liu Gesong pointed out that 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, and the market may usher in a structural market from the second quarter.
Liu gezong inverter
On April 21, the first quarterly report of GF Small Cap Growth mix was released, and the latest positions and views of top flow fund manager Liu Gesong were also revealed.
In the first quarter of this year, the adjustment of track stocks such as photovoltaic and new energy vehicles was obvious, and the mixed net value of GF small cap growth also retreated significantly. The yield in the first quarter was – 16.39%, and the fund scale fell below 10 billion to the current 9.871 billion yuan. However, the total share of the fund was increasing, showing the characteristics of “falling and buying” by investors.
From the point of view of the positions, the Sg Micro Corp(300661) \ , Shanghai Pret Composites Co.Ltd(002324) are the top ten heavyweight stocks of the fund.
During the first quarter, Liu Gesong slightly reduced his holdings of Sg Micro Corp(300661) , Longi Green Energy Technology Co.Ltd(601012) , Lb Group Co.Ltd(002601) , Chongqing Sokon Industry Group Stock Co.Ltd(601127) and other positions, while the leader of photovoltaic inverter Ginlong Technologies Co.Ltd(300763) received a large increase, with an increase of 347.87% in the first quarter, and was promoted to the eighth largest heavy position stock of the fund.
Liu Gesong believes that 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 high-speed growth of the industry in the future.
At the same time, Liu Gesong’s view on high-end manufacturing remains unchanged. In his view, in the past decade, the complexity of China’s manufacturing products has been increasing, and the agglomeration effect of 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 established, this systematic advantage is difficult to be overturned. Therefore, China’s manufacturing industry with “global comparative advantage” will continue to broaden its moat.
Wang Zonghe enters bank shares
Since 2021, many core asset stocks have continued to adjust, and fund managers accustomed to “holding together” have been hurt.
In this context, fund managers are also actively adjusting positions to cope with changes in the market. On April 21, the star fund manager of Penghua Fund, Wang Zonghe, published the first quarterly report of several fund products. The reporter found that during the first quarter, Wang Zonghe bought a large number of bank shares, and Bank Of Ningbo Co.Ltd(002142) was increased to the largest heavy position shares. Large state-owned bank shares such as Industrial And Commercial Bank Of China Limited(601398) China Construction Bank Corporation(601939) .
The mixed scale of Penghua ingenuity selection managed by Wang Zonghe was relatively large, but affected by the withdrawal of net worth and the redemption of Jimin, the fund scale fell below the 10 billion mark. By the end of the first quarter, the fund scale of Penghua ingenuity selection and mixing was 9.644 billion yuan.
Bank Of Ningbo Co.Ltd(002142) , Wanhua Chemical Group Co.Ltd(600309) , Kweichow Moutai Co.Ltd(600519) , China Resources beer, Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Xiaomi group, Rongsheng Petro Chemical Co.Ltd(002493) , China Construction Bank Corporation(601939) , Industrial And Commercial Bank Of China Limited(601398) , Anhui Gujing Distillery Company Limited(000596) , etc. are the top ten heavy positions of the fund Bank Of Ningbo Co.Ltd(002142) in the first quarter of this year, Wang Zonghe increased 52.67% of the shares and entered the largest heavy position. Many shares of Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Xiaomi group, Rongsheng Petro Chemical Co.Ltd(002493) etc. were reduced.
Wang Zonghe said that he had a certain estimate of the relatively difficult state of the market in the first quarter, but the net value still suffered a certain loss. During the first quarter, some assets with high valuation and judgment that they may be lower than expected in the short term were sold, and then positions were adjusted.
Hou Hao’s management scale fell below 100 billion
The market adjustment in the first quarter weakened the “star aura” of many fund managers.
China Merchants Fund disclosed some of its fund positions in April 21st. Hou Hao managed the CSI liquor index fund position. The first quarter of this year, the investment rate of Baijiu Baijiu index was -21.97%, and the scale of fund was obviously shrinking. So the management scale of Hou Hao has fallen below 100 billion mark.
According to statistics, Hou Hao’s management scale peaked at 114468 billion yuan at the end of the third quarter of 2021, decreased to 103.4 billion yuan in the fourth quarter, and continued to decline to 93.019 billion yuan in the first quarter of this year.
It is worth noting that despite the substantial withdrawal of fund products, the total share of Baijiu liquor index fund increased, and “the more people buy and buy”.
China Merchants Baijiu liquor index fund disclosed the Baijiu stock reduction in the fourth quarter of last year, but it has resumed its holdings in the first quarter of this year. The increase of Kweichow Moutai Co.Ltd(600519) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Luzhou Laojiao Co.Ltd(000568) , Wuliangye Yibin Co.Ltd(000858) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) and so on is over 10%, and Shede Spirits Co.Ltd(600702) has a larger increase, which is directly entering the eleventh largest heavy position stock of the fund.
In the quarterly report of the fund, Hou Hao said that the first quarter of this year, the whole Baijiu sector is a relatively large impact on overseas interest rates. Baijiu before February Baiyun performance is stable, the epidemic situation in March has a certain impact on Baijiu consumption scenario and dynamic sales. Follow up needs to observe the changes of the dynamic sales data and the changes in the price. In the whole, although it is affected, it still has effect. The high price and the high-end Baijiu liquor still have the value of allocation in terms of the investment price ratio.
fund managers are not pessimistic about the future
In the first quarter of 2022, the epidemic situation in major cities in China occurred repeatedly, and the overseas conflict between Russia and Ukraine had a great adverse impact on the international environment. At the same time, the Federal Reserve entered the cycle of raising interest rates. Affected by the above multiple bad news, the A-share market fluctuated violently.
Liu Gesong believes that two important short-term expected changes affecting the capital market include: one is the pessimistic expectation of economic growth in the first half of the year caused by the impact of the epidemic and weak real estate demand; the other is the change of overseas investors’ attitude towards China’s capital market caused by the geopolitical changes caused by the Russian Ukrainian war. The above two changes have a great negative impact on the short-term microstructure of the A-share market.
However, with the convening of the financial committee meeting in the first quarter, there were obvious bottom characteristics in the market. Liu Gesong said that from a medium – and long-term perspective, we are not pessimistic about the future capital market. The market decline in the first quarter is a response to the superposition of multiple negative factors, which fully reflects most of the negative expectations. The market may usher in a structural market from the second quarter. “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.”
“After a substantial adjustment in the market, many excellent companies are gradually entering a buying point from a medium and long-term perspective.” Wang Zonghe said that at present, there is still a balance between the long-term prospects and short-term market expectations of some sectors and sub industries in the market.
Wang Zonghe believes that the market in the first quarter is reflected in a process of systematic contraction of valuation. In this process, many companies have a large callback range. The decline of some companies is caused by fundamental changes, and some have little to do with fundamental changes. “In this case, we will systematically sort out the key companies with reasonable valuation and excellent long-term return, and then conduct a systematic research to explore the investment opportunities.”
