The disclosure of the fund’s four seasons report has entered the peak period, and the operation trend and management scale of more and more fund managers have been exposed.
As of January 22, the disclosed data of the fund’s four seasons report showed that among the active equity funds, only China Europe Fund Gelan and e fund Zhang Kun had a management scale of more than 100 billion. The management scale of China Europe Fund Ge Lan is 110.339 billion yuan, exceeding that of e fund Zhang Kun by 101.9 billion yuan, ranking first temporarily.
The management scale of GF fund Liu Gesong, who has a heavy position in new energy, is 77.335 billion yuan, and that of Yinhua Li Xiaoxing, who has a balanced allocation of science and technology, consumption and medicine, is 54.638 billion yuan.
Since the fourth quarter, the market style has changed sharply. What positions have these star fund managers adjusted to deal with, and what are the latest judgments?
Ge Lan’s management scale has exceeded 100 billion and is temporarily listed as the first in the scale of active equity fund
On January 22, five funds managed by China Europe Fund Manager Glenn released the fourth quarter report of 2021. Unlike most star fund managers, the management scale of Glenn has not decreased but increased. By the end of 2021, Ge Lan’s management scale had totaled 110.339 billion yuan, an increase of 13.338 billion yuan over the third quarter of last year. Among them, the scale of China EU medical and health care was 77.505 billion yuan, an increase of 14.065 billion yuan over the end of the third quarter of last year, the scale of China EU medical innovation increased by 1.476 billion yuan, and the scale of China EU alpha, China EU Mingrui new starting point and China EU research selection decreased slightly.
As of January 22, according to the data of the fund’s four seasons report, among the active equity funds, the management scale of Ge Lan has exceeded Zhang Kun’s 101.9 billion yuan, ranking first temporarily.
China Europe healthcare is the largest fund managed by Ge Lan. Its net value reached its peak in June 2021. So far, it has achieved an excellent performance of tripling in four years, which has attracted much attention from investors. However, the fund has performed poorly in the past six months, with a net withdrawal of more than 30%. It is worth noting that the short-term withdrawal of the net value of China EU medical and health fund did not trigger large-scale redemption by investors. During the fourth quarter, the net subscription share of China EU medical and health increased by 46% month on month compared with the end of the third quarter, and investors chose to increase their positions against the market.
The recent situation changes in the pharmaceutical and biological industry and the stock price correction since the second half of last year have not shaken Gran’s confidence in the allocation of innovative drugs. Ge Lan’s investment strategy disclosed in the four seasons continues the previous view that the fund has generally maintained the operation of high positions, and has focused on the long-term promising innovative drug industry chain, medical services and leading enterprises of high-quality generic drugs. From the perspective of future configuration direction, the innovative drug industry chain is still the most promising direction in the long term.
Judging from the heavy positions of the fund’s four seasons report, individual stocks in the pharmaceutical industry are still its focus. Compared with the third quarter, the ranking of the top five heavyweight stocks of China EU medical and health fund remained unchanged, followed by Wuxi Apptec Co.Ltd(603259) , Aier Eye Hospital Group Co.Ltd(300015) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Hangzhou Tigermed Consulting Co.Ltd(300347) and Pharmaron Beijing Co.Ltd(300759) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) newly entered the top ten heavyweight stocks.
Liu Gesong internally adjusted the position of new energy, saying that the market may continue to divide in 2022
Liu Gesong, the top flow fund manager of GF, managed 77.335 billion yuan at the end of the fourth quarter, an increase of 23.14% over the end of the third quarter of last year. In the fourth quarter, GF Small Cap Growth Fund, a representative work of Liu Gesong, still had heavy positions in new energy. It only adjusted within the top ten heavy positions, reducing its holdings of Sg Micro Corp(300661) , Longi Green Energy Technology Co.Ltd(601012) , Eve Energy Co.Ltd(300014) , increasing its positions of Ja Solar Technology Co.Ltd(002459) , Chongqing Sokon Industry Group Stock Co.Ltd(601127) , and raising its position of Ja Solar Technology Co.Ltd(002459) to the first heavy position.
Liu Gesong said that the situation of style differentiation may continue in 2022. Looking forward to 2022, Liu Gesong is still optimistic about the growth sustainability and profit growth of assets in the direction of “global comparative advantage manufacturing”: a leading manufacturing company with global comparative advantage has been established, and the “moat” created by its entrepreneur leadership, advanced manufacturing capacity under industrial agglomeration and other factors is still widening. It is judged that in the future, photovoltaic, power cells More world-class companies will appear in energy storage, panels, new chemical materials, automobiles and auto parts, high-end equipment and other directions, and the asset allocation of the fund will still focus on these directions in the future.
Li Xiaoxing adds Baijiu, medicine and new energy storage.
At the end of the fourth quarter, the management scale of Yinhua Fund Li Xiaoxing reached 54.638 billion yuan. Li Xiaoxing manages three funds with a scale of over 10 billion, namely Yinhua Xinyi flexible allocation, Yinhua Xinjia two-year holding period and Yinhua Xinjia one-year holding period.
Yinhua Xinyi flexible configuration is an earlier fund of Li Xiaoxing, which is more balanced in technology, consumption and medicine. Compared with the end of the three quarter, the warehouse adjustment rate is larger. Baijiu liquor, medicine and new energy storage are specifically adjusted. Specifically, Ganfeng Lithium Co.Ltd(002460) , China Three Gorges Renewables (Group) Co.Ltd(600905) , Shenzhen Inovance Technology Co.Ltd(300124) , Tongwei Co.Ltd(600438) , Longi Green Energy Technology Co.Ltd(601012) and Shenzhen Kedali Industry Co.Ltd(002850) withdraw from their top ten heavy positions, Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Qinghai Salt Lake Industry Co.Ltd(000792) , Tianqi Lithium Corporation(002466) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Wuxi Apptec Co.Ltd(603259) , Wuliangye Yibin Co.Ltd(000858) new top ten heavy positions.
Li Xiaoxing said in the four seasons report that during the reporting period, the market continued to differentiate, still maintained high positions, and the allocation of science and technology and consumption was relatively balanced. He focused on the allocation of new energy, food and beverage, medicine, electronics, media, non-ferrous metals and other industries, and selected high growth stocks in high boom industries.
In the field of new energy, Li Xiaoxing believes that there will still be a large number of investment opportunities in photovoltaic, wind power, power grid equipment, energy storage and electric vehicles. Of course, the investment opportunities in the above five subdivided directions have been fully explored in 2021, and some stock prices are even in front of the fundamentals. This increases the difficulty of investment in 2022. In 2022, more efforts should be made in the selection of industrial chain links and the mining of individual stocks.
In the consumer segmentation industry, Li Xiaoxing is optimistic about high-end Baijiu and the high-end high-end products with national expansion potential. The fourth quarter Baijiu liquor allocation is also seen because the positive factors are accumulating constantly, the obvious signal of reform is strengthened, and the long-term and long-term performance is strengthened. Mass consumer goods are expected to perform better in the second quarter. They are optimistic about condiments with price elasticity and the recovery of catering supply chain suppressed by the epidemic. The breeding industry also has opportunities and needs to gradually verify the inflection point, but the strength of this cycle will be significantly weaker than that of the last time. The selection of benchmarking should pay more attention to growth. Emerging consumption is now in the process of digesting valuation. There will be differentiation of different tracks. It is necessary to tap individual stock opportunities from bottom to top.
Li Xiaoxing said that the pharmaceutical sector will choose the best among the cro / cdmo sectors; Continue to hold medical devices with friendly policy environment and steady performance growth and vaccine leaders with strong R & D strength and continuous performance; Gradually buy consumer medical products whose performance is expected to recover after the epidemic; And select other high-quality targets with underestimated value and obvious improvement in fundamentals.
