With the disclosure of the fund’s four seasons report in 2021, the position adjustment and stock exchange path of star fund managers also surfaced. According to statistics, up to now, among the top ten heavyweight stocks of many funds, new bank stocks, and many star fund managers have increased their positions in bank stocks in the fourth quarter.
Insiders told the financial associated press that the valuation of bank stocks is low and the fundamental risk is small. The fund increases the position of bank stocks in order to pursue stable investment, so it tends to allocate some competitive and growth space bank stocks. In addition, the bank performance express releases a good signal of fundamentals, which is optimistic about the repair of bank valuation.
Qiu Dongrong added more than 60 million shares in Changshu and Sunong
According to the statistics of Dongcai choice, as of press time, Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , Industrial Bank Co.Ltd(601166) , China Merchants Bank Co.Ltd(600036) four A-share banks have appeared in the list of the top ten heavy positions of the fund.
Zhonggeng fund disclosed some of its products in the 2021 fourth quarter report, of which four are products managed by Qiu Dongrong, its star fund manager. The financial Associated Press reporter found that the four funds all have heavy positions Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) and / or Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) . Among them, Zhonggeng value has flexible allocation mix, Zhonggeng value pilot mix has heavy positions in Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) two bank stocks. In addition, Zhonggeng value quality one-year holding period mixed heavy positions Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) and Hong Kong stocks China Everbright Bank Company Limited Co.Ltd(601818) ; Zhonggeng small cap value stock heavy position Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) .
Compared with the third quarter of last year, the four fund products under Qiu Dongrong’s management increased the positions of one or two bank stocks with heavy positions. Zhonggeng’s small cap value stocks were the largest increase in positions. The fund increased positions of Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) 2015.98 million shares in the fourth quarter. By the end of the fourth quarter of last year, Zhonggeng small cap value stocks held Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) 60363800 shares, accounting for 1.18% to 3.98% of the outstanding shares. Zhonggeng value quality one-year holding period hybrid and Zhonggeng value pilot hybrid increased their holdings of Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) in the fourth quarter, with positions increased by 19.954 million shares and 15.3114 million shares respectively. According to statistics, the four funds under Qiu Dongrong’s management increased their positions in heavy stocks Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) and Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) by more than 63.31 million shares in the fourth quarter.
In addition, a number of banks have entered a list of heavy positions in a number of funds. Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) new Zhonggeng is among the top ten heavy position stocks with flexible value and flexible allocation. Today, BlackRock China new vision, the first wholly foreign-owned public fund, released the four seasons report of 2021, which is also the first time that the fund has disclosed positions and other information since its establishment. It is understood that the fund completed its issuance in the third quarter of last year, and some growth bank stocks considered to be undervalued were appropriately arranged in the fourth quarter of the position building period. The data show that Industrial Bank Co.Ltd(601166) and China Merchants Bank Co.Ltd(600036) are among the top ten heavy positions of the fund, holding 14.1662 million shares and 6.3404 million shares respectively, with a market value of 270 million yuan and 309 million yuan respectively.
institutions are optimistic about bank stocks with high growth and unique competitive advantages
In fact, in the third quarter of last year, many star fund managers such as Zhang Kun and Wang Dongjie increased their positions in bank stocks. For some funds to increase their positions in bank stocks in the fourth quarter, a person in the fund industry said that the valuation of the bank stock market is low and has a certain investment value. Therefore, some funds pursuing stable returns tend to allocate some competitive and growth space bank stocks.
In the four seasons report of Zhonggeng value flexible allocation hybrid fund, Qiu Dongrong said that for the future investment ideas of the fund, he adhered to the concept of undervalued value investment, and listed finance and real estate in the large market value stocks as one of the four investment directions of key concern. It said that in the financial sector, it is optimistic about regional bank stocks related to the manufacturing industry chain, serving the real economy and having unique competitive advantages. Such banks have stable operation, low fundamental risk, extremely low valuation and high growth.
Recently, a number of securities companies also said they were optimistic about the performance of bank stocks. On January 18, the people’s Bank of China held a press conference on financial statistics in 2021. At the conference, the central bank mentioned “be more proactive, enterprising and focus on moving forward”, which showed that the policy has a strong determination to stabilize growth. The research team of Zheshang Securities Co.Ltd(601878) bank believes that under the general trend of steady growth, it is only a matter of time for the implementation of wide credit. It is expected that the subsequent market cognition will move from disagreement to consensus in the tangle, and bank stocks will continue to benefit from the valuation repair brought by steady growth.
Recently, a number of banks released their performance letters for 2021, with a year-on-year increase in net profit of more than 20%. Banking stocks bucked the trend and rose sharply under the expectation of good performance. According to statistics, since the beginning of the year, the banking sector index has risen by 5.3%, far outperforming the market.
“The bank performance express in 2021 reported good news one after another, and the revenue growth in the first quarter of 2022 was strongly supported.” Everbright Securities Company Limited(601788) Wang Yifeng, chief analyst of the financial industry, said that looking forward to the next stage, under the cross cycle arrangement, it is expected that the banking sector will have strong support for the annual revenue in 2022, the profit growth rate is slightly higher than the revenue by about 2 percentage points, and the fundamentals and valuation of high-quality banks will continue to be “strong and strong”.
