With the successive disclosure of the fund's four seasons report, the heavy positions of well-known fund managers have gradually surfaced.
On January 21, the funds managed by Yinhua Fund Li Xiaoxing, China Europe Fund Zhou Yingbo, Harvest Fund GUI Kai, Agricultural Bank of China Huili Zhao Yi, Wanjia fund Huang Xingliang and Oriental fund Li Rui disclosed the fourth quarter report of 2021.
Li Xiaoxing's heavy position stocks "changed blood", increased position consumption and reduced position new energy; Zhao Yi did not make major adjustments on the basis of the third quarter of last year. At present, the portfolio positions are mainly concentrated in high-end manufacturing industries such as computer, electronics, machinery, power equipment, military industry and new energy; Although the heavy positions of Harvest Fund Guikai and Oriental fund Li Rui changed little, their positions were further dispersed compared with the third quarter of 2021. Huang Xingliang of Wanjia fund mainly focuses on the field of innovation and growth.
Looking forward to 2022, Li Xiaoxing believes that the consumer sector as a whole is more optimistic than that in 2021, and it is more difficult to invest in the new energy sector, so more efforts should be made in the selection of industrial chain links and the mining of individual stocks. Zhou Yingbo is also full of sincerity, with more than 4000 words describing his past fund management experience. Looking forward to 2022, Zhou Yingbo's view is "patiently waiting for the bottom of the economy, carefully screening new energy bubbles, and actively seeking new kinetic energy".
Yinhua Fund Li Xiaoxing
increase consumption and reduce new energy
Yinhua Xinyi flexible allocation hybrid fund is one of the funds managed by Li Xiaoxing with balanced positions in science and technology, consumption and medicine.
According to Yinhua Xinyi's four seasons report, as of the end of the fourth quarter of 2021, the fund's stock position was 94.59%, up 1.86 percentage points from the third quarter. Compared with the end of the three quarter, Li Xiaoxing added Baijiu, medicine, and reduced the new energy, and six stocks were the top ten largest stocks in the fund.
Yinhua Xinyi
top ten heavyweight stocks at the end of the fourth quarter of 2021
Source: Fund announcement
Compared with the end of the third quarter, 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) , Shenzhen Kedali Industry Co.Ltd(002850) withdrew from its 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) newly added top ten heavy positions.
For the market view of 2022, Li Xiaoxing summarized as: "carbon neutralization, stable consumption, focusing on core assets."
Li Xiaoxing pointed out in the four seasons that in 2022, the negative factors faced by the consumer sector in 2021 will be weakened, and the investment of overall consumption will be more optimistic than that in 21 years. In the consumer segmentation industry, we hope that the high-end liquor and the high-end high-end products with national expansion potential will be allocated Baijiu Baijiu in the fourth quarter. Because we see the positive factors constantly accumulating, the obvious reform signals will strengthen the long-term and long-term performance certainty.
For the new energy sector, he pointed out that there will still be a lot of investment opportunities in photovoltaic, wind power, power grid equipment, energy storage and electric vehicles. However, the investment opportunities in these five segments have been fully exploited 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.
Zhou Yingbo reviews six years of investment experience
In the fourth quarter, Zhou Yingbo's major adjustments in fund allocation for innovative future include: first, significantly reducing the allocation position of Hong Kong stocks and focusing on A-share investment; Second, in terms of industry allocation, the allocation proportion of consumer electronics and media has been increased due to the optimistic attitude towards automobile intelligence, meta universe and other industries. At the same time, the allocation proportion of Finance and nonferrous chemical industry has been reduced from the perspective of "preventing macro risks", and the allocation proportion of new energy vehicles and medicine has been reduced from the perspective of "reducing the risk of crowded transaction direction"; Third, insist on focusing on individual stocks and continue to "entrust important tasks" to the management who can understand the deterministic growth and trust.
As far as the overall investment strategy is concerned, the China EU Innovation future fund managed by Zhou Yingbo has maintained consistency since its establishment in October 2020. First, it closely adheres to the fund contract and really focuses on industries related to the theme of "Innovation future". Second, it focuses on mining "differentiated growth stocks" at any time and focuses on Allocation in new energy, TMT and other fields where the fund management team is relatively good at, Third, pay attention to the duration constraint of fund holders with an 18 month closed period, combined with the investment goal of absolute return.
China EU Innovation future fund
top ten heavyweight stocks at the end of the fourth quarter of 2021
Source: Fund announcement
Looking forward to 2022, Zhou Yingbo's view is "patiently waiting for the bottom of the economy, carefully screening new energy bubbles, and actively seeking new kinetic energy".
In his report, Zhou Yingbo reviewed his fund management experience over the past six years, "What I remember most is the mistakes and lessons I have made in investment. There are thick snow on Changpo and desert dust in the vast capital market. We often imagine our investment framework as a 'round rolling stone that can stick thick snow', but we have found countless times that it is just a 'funnel filtering gravel'. Confucius said that 'knowing is knowing, knowing is not knowing, knowing is knowing', and Charlie Munger said 'sure' The boundary of one's own ability is the most important thing. "The biggest gain of fund management over the years is to know a lot of things that one is not good at and can't do well. Looking forward to the future, there are more and more companies in China's capital market with core competitiveness and endogenous sustainable value growth, which is the basis for us to do a good job in growth stock investment. We hope to continue to be realistic and pragmatic, look for good "differentiated growth stocks" in long-term promising new energy, TMT, high-end manufacturing and pharmaceutical innovation, and create returns for investors. "
Harvest Fund Guikai
positions are more dispersed
Compared with the third quarter of 2021, harvest emerging industry under GUI Kai's management did not change the top ten heavy positions, but the number of positions was adjusted, reducing its holdings of Topchoice Medical Co.Inc(600763) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) and other pharmaceutical stocks. On this basis, GUI Kai's positions were further dispersed, and the number of individual stocks accounting for more than 6% of the fund's net asset value decreased from 7 at the end of the third quarter to 4 at the end of the fourth quarter.
harvest emerging industry
top ten heavyweight stocks at the end of the fourth quarter of 2021
Source: Fund announcement
GUI Kai pointed out in the report that investment is a long run. Although the fund has lost the market since the beginning of 2021, at the current time point, it is still full of confidence in the quality and future prospects of the main positions, and will continue to adhere to and continuously improve its own investment methodology, striving to achieve long-term excellent performance for investors.
Zhao Yi focuses on new energy
Taking Agricultural Bank of China Huili new energy as an example, Zhao Yi's position in the whole fourth quarter was at a relatively stable level, and the structure was not greatly adjusted on the basis of the third quarter. At present, the portfolio positions are mainly concentrated in high-end manufacturing industries such as computer, electronics, machinery, power equipment, military industry and new energy.
The report shows that at the end of the fourth quarter of 2021, the top ten heavy positions of ABC Huili new energy were: Contemporary Amperex Technology Co.Limited(300750) , Shanghai Putailai New Energy Technology Co.Ltd(603659) , Guangzhou Tinci Materials Technology Co.Ltd(002709) , China Zhenhua (Group) Science & Technology Co.Ltd(000733) , Yunnan Energy New Material Co.Ltd(002812) , Beijing Easpring Material Technology Co.Ltd(300073) , Wingtech Technology Co.Ltd(600745) , Longi Green Energy Technology Co.Ltd(601012) , Ganfeng Lithium Co.Ltd(002460) .
ABC Huili new energy
top ten heavyweight stocks at the end of the fourth quarter of 2021
Source: Fund announcement
Looking forward to the next quarter, Zhao Yi said that for the photovoltaic industry, at present, the price of upstream silicon began to loosen and the price of other links began to decline. From the perspective of fundamentals, there continues to be a game between various links of the industry. Considering that the stock price has been ahead of the fundamentals and the valuation has been very high, the cost performance is relatively poor, Enterprises with core competitiveness can only be selected in a longer time dimension.
For new energy vehicles, Zhao Yi said that they still belong to the sector with very high certainty and growth rate. The production scheduling of leading enterprises in the whole battery industry chain is still at a high level. With the continuous expansion of the production capacity of front-line enterprises, the production scheduling is still improving month on month in the first quarter. However, considering that the production capacity of all links begins to be released in succession next year, The balance between supply and demand will also begin to reverse.
For this year's transformation of new energy enterprises also face the problem of performance fulfillment, Zhao Yi believes that there will be differentiation next year. Considering that the battery link is in multi application resonance, it is necessary to select companies with core competitiveness, continue to maintain the configuration idea based on new energy vehicle batteries and materials, and stack photovoltaic, military industry High end manufacturing industries such as vehicle specification semiconductor.
Huang Xingliang's style tends to grow
The position structure of Wanjia preferred managed by Huang Xingliang changed little, and increased some stocks with large decline in the process of the decline of science and technology growth sector. As of the end of the year, the main industries allocated by the fund include: semiconductor, computer, new energy vehicle, biotechnology, industrial control automation, etc., and the overall style is growing.
The report shows that at the end of the fourth quarter of 2021, Wanjia preferred the top ten heavy position stocks as follows: Gigadevice Semiconductor (Beijing) Inc(603986) , Byd Company Limited(002594) , 3Peak Incorporated(688536) , Yonyou Network Technology Co.Ltd(600588) , Sg Micro Corp(300661) , Sangfor Technologies Inc(300454) , Bgi Genomics Co.Ltd(300676) , Dbappsecurity Co.Ltd(688023) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Rockchip Electronics Co.Ltd(603893) .
Wanjia preferred
top ten heavyweight stocks at the end of the fourth quarter of 2021
Source: Fund announcement
Li Rui of Oriental fund
the top ten heavyweight stocks accounted for 39.6% of the net asset value of the fund
In the fourth quarter of 2021, Xinjin Beijing Easpring Material Technology Co.Ltd(300073) , Jiangsu Cnano Technology Co.Ltd(688116) , Shenzhen Capchem Technology.Ltd(300037) , Ganfeng Lithium Co.Ltd(002460) withdrew from the top ten heavy positions of Dongfang new energy vehicles managed by Li Rui. Although the position changes little, Li Rui adjusted the position structure and further dispersed his position.
Yunnan Energy New Material Co.Ltd(002812) as the largest heavyweight stock of the fund, it accounted for only 5.31% of the net asset value of the fund, the top ten heavyweight stocks accounted for only 39.6% of the net asset value of the fund, and the proportion was 42.82% at the end of the third quarter of 2021.
Oriental new energy vehicle
top ten heavyweight stocks at the end of the fourth quarter of 2021
Source: Fund announcement
In Li Rui's view, the new energy vehicle industry belongs to a typical emerging technology industry, with rapid changes, many innovations and complexity. It needs to turn complexity into simplicity and find the main contradiction after grasping the framework and integrity. Therefore, the market of the new energy vehicle industry needs to stick to the most precious unchanged things on the one hand, and look for changes in the unchanged on the other hand:
From the perspective of industrial trend, what remains unchanged is that the industrial trend has been irreversible, and what changes is that the driving force has changed from policy to product.
From the perspective of industrial chain, what remains unchanged is the continuous exceeding of downstream demand and the diversification of high-quality supply, and what changes is the supply and demand gap caused by insufficient upstream supply.
In terms of competitive elements, what remains unchanged is the differentiated competition of the whole vehicle, what changes is the change of industrial competitive elements, and the competitive elements of the automobile have become intelligent and electric.
In terms of the whole vehicle pattern, what remains unchanged is the rapid progress of various automobile enterprises, and what changes is that some independent automobile enterprises began to stand out and achieved a leading advantage.
From the perspective of the core elements of industrial development, what remains unchanged is the theme of cost reduction and efficiency increase, and what changes is the gradual diversification of the path of cost reduction and efficiency increase.
From the perspective of growth pole, what remains unchanged is the rise of global permeability, and what changes are the diversification of growth level and the difference of growth slope.
