Following the disclosure of the 2021 fourth quarter report of several bond products of BOC fund, the first 2021 fourth quarter report of equity fund was also announced today.
On January 14, Anxin medical health released the four seasons report, which said that since its establishment in early 2021, the fund yield has exceeded 40%, outperforming most star fund managers. From the perspective of fund positions, the fund holds a large number of traditional Chinese medicine stocks. At the end of 2021, traditional Chinese medicine stocks broke out, and the net value of the fund also rose sharply during this period.
In the quarterly report, the manager of Anxin pharmaceutical health fund talked a lot about investment strategy. He said: “the fund will still adhere to a more balanced allocation, actively layout some non popular track stocks with low valuation and good growth, and the targets of some high boom tracks have gradually entered the configurable area after adjustment.”
“novice” Chi chensen’s debut
Chi chensen is the fund manager of Anxin medical health. According to the public performance information, he used to be a researcher of the Research Institute of CIC Securities Co., Ltd., a researcher of the research department of Shanghai Yuxiu Asset Management Co., Ltd., Zhongtai Securities Co.Ltd(600918) Research Institute and a researcher of the research department of Anxin Fund Management Co., Ltd, He is currently the fund manager of the research department of Anxin Fund Management Co., Ltd.
At the beginning of this year, Anxin fund sold a stock fund, which is a stock sponsored securities investment fund with the theme of Anxin medicine and health. It is also Chi chensen’s first fund managed by Anxin fund. Judging from his resume, he is also a “novice” to be a fund manager this time.
Chi chensen, who was a researcher, performed well in the fund. In only one year, the return rate of the fund reached 42.84% and 16.66% in the fourth quarter, far outperforming the market and most star fund managers.
From the position of Anxin pharmaceutical health (class a share) at the end of 2021, the fund’s position is relatively scattered. The total market value of the top ten heavy positions is RMB 488 million, accounting for 43.78% of the net value of the fund.
There are several traditional Chinese medicine stocks in heavy positions, including Yixintang Pharmaceutical Group Co.Ltd(002727) , Guilin Sanjin Pharmaceutical Co.Ltd(002275) , Guizhou Xinbang Pharmaceutical Co.Ltd(002390) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , etc.
During the fourth quarter, the fund significantly increased its positions in many of its heavy positions, Wuxi Apptec Co.Ltd(603259) by 578.82%, held 457600 shares at the end of the period, with a market value of 54.2637 million yuan, and doubled its positions in Yixintang Pharmaceutical Group Co.Ltd(002727) , Apeloa Pharmaceutical Co.Ltd(000739) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) . The positions of Guilin Sanjin Pharmaceutical Co.Ltd(002275) , Hunan Jiudian Pharmaceutical Co.Ltd(300705) , Guizhou Xinbang Pharmaceutical Co.Ltd(002390) and other stocks have not been moved.
According to the fund contract, in terms of stock investment, Anxin pharmaceutical health stock a mainly tracks the pharmaceutical and health industry and is composed of companies engaged in the R & D, production or sales of pharmaceutical and health-related products or services. Based on the definition of the theme of medicine and health, through the combination of qualitative analysis and quantitative analysis, focus on the listed companies with obvious competitive advantages and good growth in the medicine and health industry, and select the stocks with investment potential.
Chi chensen: actively layout non popular track stocks with high cost performance
In 2021, many core asset stocks were adjusted one after another, while the funds of star fund managers focusing on the layout of core assets retreated to varying degrees, while the funds focusing on track stocks such as new energy broke out last year.
Some fund managers who do not follow the hot spots and have an unpopular layout also obtained excess returns. According to the four seasons report of Anxin medical health, during the fourth quarter, the fund still adhered to a relatively balanced allocation as a whole, gradually realized its income on some high boom track targets with over valuation, excavated some high growth targets with low bottom undervalued value, and increased its allocation in traditional Chinese medicine, low value consumption materials and other sectors.
In the fourth quarter of 2021, the CSI pharmaceutical index continued the downward trend since early July, with downward shocks during the period; Although the mainstream track targets are generally adjusted by a large margin, the undervalued sectors such as traditional Chinese medicine, characteristic APIs and low-value consumables are quietly strengthening.
Chi chensen believes that the adjustment of the subject matter of the mainstream track is, on the one hand, due to the continuous rise in the early stage, resulting in overvaluation. Overvaluation implies excessive expectations, which is easy to be lower than expectations on the fundamentals. On the other hand, due to the excessive concentration of institutional positions in the mainstream track targets in the early stage, some institutions have become short forces under the background that the fundamentals cannot continue to exceed expectations. The strength of undervalued sectors such as traditional Chinese medicine, characteristic APIs and low-value consumables is due to the market’s excessive disregard for some non popular tracks in the past few years and its insensitivity to changes in these industries. Many non popular track stocks have good valuation and cost performance. The valuation difference between popular track and non popular track is like a rubber band, which is pulled too long, and the endogenous power of natural rebound is great.
Looking forward to the first quarter of 2022, Chi chensen said that the fund will still adhere to a more balanced allocation, actively layout the stocks of some non popular tracks with low valuation and good growth, and the targets of some high boom tracks have gradually entered the configurable areas after adjustment. The future is still optimistic about innovation upgrading, consumption upgrading and manufacturing upgrading, but the position in the manufacturing upgrading direction with higher valuation and cost performance will be heavier. In the next stage of investment, the foundation adheres to the concept of looking for alpha with in-depth research in a good track and looking for investment opportunities.
is the style really going to change?
Since the beginning of this year, track stocks have continued to adjust the trend since the fourth quarter of 2021, and many track leading stocks have fallen sharply, which also led to a sharp retreat of many champion fund products last year, testing the psychological endurance of investors.
However, many unpopular stocks rose significantly at the beginning of this year. For example, after continuous adjustment, traditional Chinese medicine stocks have been particularly strong since the end of last year and continued their strong trend at the beginning of this year. After continuous adjustment, traditional blue chip sectors such as real estate, insurance and banking also ushered in a long lost strong rise.
Around the topic of style switching, at the beginning of this year, the organization had a heated discussion on this.
Some institutions believe that after the current round of track stocks decline, it is expected that the internal differentiation of track stocks will accelerate, and the market style may further shift from mainstream track stocks to marginal track stocks. However, some institutions pointed out that the industry fundamentals have not changed, and the short-term style switching may not be sustainable.
China Merchants Securities Co.Ltd(600999) believes that such drastic fluctuations in style and industry structure since 2022 have exceeded the expectations of most investors, mainly because: 1) the new development fund in the beginning of the year is slightly lower than expected, and there are doubts about the scale of incremental funds. 2) the US bond yields are rising rapidly, and investors are worried about the new energy re playing the 2021 medicine and Baijiu script. 3) The direction of steady growth has less resistance.
Will the growth sector continue to decline, how much room for growth in the direction of steady growth, and whether the market style will be fully switched? China Merchants Securities Co.Ltd(600999) said that at the beginning of the new year, the new energy sector has no real bad fundamentals, mainly due to changes in expectations for 2022. China Merchants Securities Co.Ltd(600999) it is expected that the overall market value style and the direction of steady growth during the year are relatively large. In addition to the valuation and repair market in traditional fields, we should also focus on the layout of new infrastructure (energy infrastructure and digital infrastructure). Under the background of economic downturn, the performance of individual stocks in subdivided sectors will be differentiated due to the differentiation of performance, and these popular sectors will be separated from the industry β Into stocks and segments α quotation.
However, Huajin Securities pointed out that a series of policy changes at the end of 2021 had different effects on the short-term sentiment of the market, but generally speaking, the formulation of positive fiscal policy and prudent monetary policy has not changed. It is necessary to ensure the intensity of fiscal expenditure, implement new tax and fee reduction policies, and moderately advance infrastructure investment. At the same time, we will strictly enforce financial discipline and resolutely curb the new implicit debts of local governments. Prudent monetary policy should be flexible and appropriate, and maintain reasonable and abundant liquidity. Overall, while stabilizing the economy, we will still pay attention to the stability, rationality and moderation of policies. The long-term logic of growth sectors such as new energy industry chain, large science and technology and national defense industry has not fundamentally changed, and the short-term style switching may not be sustainable.
