In the fourth quarter of 2021, Kweichow Moutai Co.Ltd(600519) rose from a phased low of 1525.5 yuan to 2000 yuan. In addition, there are endless calls for the return of "consumer market". Investors have high hopes for the "Baijiu" Kweichow Moutai Co.Ltd(600519) , thinking that Moutai will return to the position of "stock king".
However, investors were caught off guard at the beginning of 2022. The latest data disclosed by overseas funds also show that many heavy foreign investors have made a unanimous judgment on Kweichow Moutai Co.Ltd(600519) .
What the hell happened?
capital group reduced its holdings of Maotai
Capital group, a US $trillion long-term investment institution, recently updated the positions of some flagship funds on its official website as of the end of the fourth quarter of 2021. According to the data, as one of the asset management institutions with the largest holdings of Kweichow Moutai Co.Ltd(600519) in the world, capital group's two flagship funds " Shanghai New World Co.Ltd(600628) " and "European The Pacific Securities Co.Ltd(601099) Growth Fund" both reduced their holdings of Kweichow Moutai Co.Ltd(600519) in the fourth quarter of 2021.
As of December 31, fund holdings Kweichow Moutai Co.Ltd(600519) of capital group:
As of December 31, "European The Pacific Securities Co.Ltd(601099) Growth Fund" held Kweichow Moutai Co.Ltd(600519) 5456500 shares, a decrease of 366700 shares compared with 5.8232 million shares at the end of the third quarter. "European The Pacific Securities Co.Ltd(601099) Growth Fund" is the "Big Mac" fund of capital group, with the latest scale of US $186.289 billion, equivalent to more than trillion yuan, which is larger than the management scale of many public fund companies.
Another flagship fund, Shanghai New World Co.Ltd(600628) fund, held Kweichow Moutai Co.Ltd(600519) 2842700 shares at the end of the fourth quarter, a decrease of 29900 shares compared with 2872600 shares at the end of the third quarter. This fund is also the flagship product of capital group, with the latest scale of US $10 billion.
The capital group in Los Angeles is one of the most familiar long-term investment institutions for Chinese investors, with the latest management scale of US $2.6 trillion.
Why should we pay attention to the capital group's operation of Kweichow Moutai Co.Ltd(600519) . One reason is that capital group is one of the institutional shareholders holding the most Kweichow Moutai Co.Ltd(600519) . By the end of 2021, its eight funds ( Shanghai New World Co.Ltd(600628) two funds issued in different markets) had a total of Kweichow Moutai Co.Ltd(600519) 3.423 billion US dollars, equivalent to about 21.744 billion yuan.
In January 10th, -14 week, Baijiu plate continued to callback, analysts believe or caused by multiple reasons. First, the market is again worried about the landing of consumption tax; Secondly, the expectation of direct price increase in Maotai at the beginning of the year failed; Third, the epidemic is repeated, and the market is worried about Baijiu's Spring Festival sales. Finally, after rising in the fourth quarter, the valuation of leading companies is not cheap.
Despite the fact that the steady growth of consumer stocks is being valued by many investors, despite the uncertainties, some foreign investment agencies have voted against the Baijiu, such as Kweichow Moutai Co.Ltd(600519) .
In addition to Kweichow Moutai Co.Ltd(600519) , the two flagship funds of capital group slightly increased their positions in another biotechnology company Yaoming biotechnology in the fourth quarter. Capital Group believes that medical health and biotechnology are one of the most noteworthy areas in China.
In 2021, the capital group visited more than 20 manufacturing plants and held more than 90 dialogues with the research objects. In November, relevant fund managers and analysts expressed their views on the research industry. Turning to biopharmaceutical and other related industries, they said: Scientists and researchers returning from pharmaceutical enterprises in other countries have provided a strong talent pool for China's pharmaceutical industry. The government is committed to providing Lbx Pharmacy Chain Joint Stock Company(603883) affordable medicines. There is huge space in this field. In the past few years, although generic drugs have been asked to cut prices, there is less pressure to cut prices to a new high. In the pharmaceutical industry, a very good segment is cdrmo, which provides multinational enterprises with drug development, testing and manufacturing. They can provide such services at a lower price than their overseas competitors.
UBS flagship fund also reduced its holdings of Kweichow Moutai Co.Ltd(600519) in December
In December, another fund worthy of attention, "UBS (Lux) Equity Fund - China opportunity (USD)", also reduced its holdings by Kweichow Moutai Co.Ltd(600519) , with a reduction range of 12.4%. This fund is UBS's flagship China fund, with the latest scale of about US $7.718 billion. It is the third largest Chinese equity fund overseas.
This fund is managed by Shi bin, a veteran of overseas Chinese investment. Shi bin has deep research skills in Chinese consumer stocks, and has repeatedly seized the opportunity of Maotai market reversal and dared to make bold moves when others are afraid. Although Kweichow Moutai Co.Ltd(600519) was reduced to some extent, the fund still expressed its recognition of Kweichow Moutai Co.Ltd(600519) strong brand in the information disclosure document in December, " Kweichow Moutai Co.Ltd(600519) made outstanding contributions to the net value performance of the fund in December, showing its strong brand".
In addition to the reduction of Kweichow Moutai Co.Ltd(600519) , UBS (Luxembourg) China selection also reduced its holdings of Ping An Insurance (Group) Company Of China Ltd(601318) and China Merchants Bank Co.Ltd(600036) and slightly increased its position in meituan.
underweight of Aberdeen investment flagship fund Kweichow Moutai Co.Ltd(600519)
Another overseas Chinese investment cadre, Aberdeen investment fund managed by Yao Hongyao, also reduced its holdings of Kweichow Moutai Co.Ltd(600519) in December. This fund is called "Aberdeen standard SICAV I - China a share equity fund", with the latest scale of about US $4.479 billion.
AnBen standard SICAV I - China A-share stock fund reduced its holdings of Kweichow Moutai Co.Ltd(600519) 14.9% in December. After the reduction, Kweichow Moutai Co.Ltd(600519) still ranked the second largest heavy position stock. In addition to Kweichow Moutai Co.Ltd(600519) , it also reduced its holdings of Midea Group Co.Ltd(000333) , and Meidi ranked the ninth largest heavy position stock after the reduction. In December, the fund increased its holdings of Hangzhou Tigermed Consulting Co.Ltd(300347) and Glodon Company Limited(002410) .
Yao Hongyao is also a famous Chinese fund manager overseas. He has worked for a long time and his style does not drift. Consumption upgrading is also a promising Chinese track for Aberdeen investment. Was the reduction in December profit taking or found a more attractive target? With the subsequent position disclosure of the fund, the answer to this question will slowly surface.
It is worth noting that although these funds have reduced their holdings of Kweichow Moutai Co.Ltd(600519) , Kweichow Moutai Co.Ltd(600519) is still a heavy stock of the fund after the reduction. Institutional people believe that this situation is more an adjustment made by the fund for valuation and profit growth than a reversal of their fundamental judgment of Maotai.
Fidelity International flagship fund jiacang Maotai
It is worth noting that not all foreign-funded institutions are reducing their holdings in Maotai. For example, Fidelity Funds - China Consumer fund under Fidelity International increased its position by Kweichow Moutai Co.Ltd(600519) 4.64% in December. At the same time, the fund also increased its position by 7.86% in AIA, the leading insurance company in Asia.
funds of Morgan asset management Contemporary Amperex Technology Co.Limited(300750) 60%
Maotai was reduced, but "ningwang" was greatly increased.
For example, JPMorgan Funds - China A-share Opportunities Fund under Morgan asset management increased its holdings of Contemporary Amperex Technology Co.Limited(300750) by 60.86% in December. The latest scale of this fund exceeds 49 billion yuan, making it the second largest Chinese equity fund overseas. In December, it also increased its holdings of Ping An Insurance (Group) Company Of China Ltd(601318) by 42.84%, and its holdings of Tongwei Co.Ltd(600438) also reached 11.89%.
According to the data, Contemporary Amperex Technology Co.Limited(300750) since December 2021, the stock price has continued to decline. Since December 1, 2021, the stock price has fallen by 15.09%, and only recently has it stabilized and rebounded.
Alexander Treves, head of Morgan asset management's emerging markets and Asia Pacific stock investment expert team, told the fund Jun that the conversion of old and new energy is also a promising long-term investment opportunity for Morgan asset management. New energy, and new energy vehicles have broad growth space in China. Taking new energy vehicles as an example, there is not only policy support, but also the active support of the younger generation of consumers.
How do you stay flexible while capturing long-term trends? Alexander Treves believes that on the one hand, we should pay attention to valuation. When valuation becomes too expensive, we should strictly abide by investment discipline and appropriately reduce positions; On the other hand, be sensitive to the opportunities in different links of the industrial chain and find more attractive opportunities from the upstream and downstream of the industry. "In terms of the electric vehicle industry chain, the whole vehicle may not be the best attractive choice. The companies that provide batteries for these whole vehicle brands may be more attractive, or the companies that provide components for batteries are the best attractive. In short, we should find the most attractive nodes from upstream and downstream." He gave an example.
Schroeder's funds also increased their holdings of Contemporary Amperex Technology Co.Limited(300750)
Coincidentally, Schroder international selection fund China opportunities a accumulation USD under Schroder investment also significantly increased its holdings of Contemporary Amperex Technology Co.Limited(300750) in December. The latest size of the fund is $1.561 billion.
The fund increased its holdings of Contemporary Amperex Technology Co.Limited(300750) 18.02% in December. In addition to Contemporary Amperex Technology Co.Limited(300750) , the fund also significantly increased its holdings of Tencent and Alibaba. The increase in Tencent holdings was as high as 29.65%.
Recently, overseas investors' sentiment towards Chinese Internet stocks has improved. The largest Chinese stock ETF in the United States, etf-kweb, which tracks China's Internet Index, realized a net inflow of US $647 million from January 10 to January 13, ranking sixth among thousands of ETFs in the United States. At the end of December 2021, the ETF experienced capital withdrawal and its scale shrank. However, in the second week of 2022, investors returned.
The well-known long-term investment institution "Baiji" also said in the video activity recently that it still has a slightly high configuration for Alibaba compared with the benchmark, because Alibaba's layout in the electroacoustic field provides support for its profits.
