The just disclosed fourth quarter report of 2021 fund shows that by the end of last year, Kweichow Moutai Co.Ltd(600519) exceeded Contemporary Amperex Technology Co.Limited(300750) , and returned to the number one heavy position stock of public fund.
According to the statistics of Tianxiang investment adviser, the total market value of Kweichow Moutai Co.Ltd(600519) held by the fund with heavy positions is 121.96 billion yuan, exceeding 119.96 billion yuan of Contemporary Amperex Technology Co.Limited(300750) , Kweichow Moutai Co.Ltd(600519) has become the “favorite of public offering” again by a narrow margin.
fund position increase
According to the data of Tianxiang investment consulting, the equity position of the fund not only did not decline in the fourth quarter of last year, but increased by nearly 3 percentage points compared with the end of the third quarter of last year.
Although fund managers are optimistic about the future market, from the perspective of shareholding concentration, it has decreased compared with the end of the third quarter of last year, indicating that fund managers believe that market opportunities will spread.
The specific positions are shown in the table below:
Compared with the position data at the end of the third quarter of last year, by the end of the fourth quarter of 2021, the average position of all comparable funds was 74.44%, an increase of 2.84 percentage points compared with 71.6% at the end of the third quarter.
In terms of classification, among all comparable funds, the average position of equity open-end funds at the end of the fourth quarter was 88.49%, an increase of 1.65 percentage points over 86.85% at the end of the third quarter.
The average position of hybrid open-end funds at the end of the fourth quarter was 71.51%, up 2.97 percentage points from 68.55% at the end of the third quarter.
industries damaged by the epidemic
From the situation disclosed in the fund’s four seasons report, the fund has increased its positions in the affected market of the epidemic in the past two years, including aviation, tourism, accommodation, etc. In addition, the proportion of positions in the manufacturing industry has increased, indicating the importance attached to the manufacturing industry.
The changes of the fund’s position in the industry are as follows (ranked by the market value of the position, and the red is the industry with increased positions):
Kweichow Moutai Co.Ltd(600519) “return of the king”
According to the statistics of Tianxiang investment adviser, by the end of 2021, the top 50 heavy positions of the fund were mainly distributed in four industries: consumer goods and services, information technology, medicine and raw materials.
Among them, there are 14 companies in the consumer goods and services sectors, including Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) and Anhui Gujing Distillery Company Limited(000596) of Baijiu. Midea Group Co.Ltd(000333) and Haier Smart Home Co.Ltd(600690) in the home appliance sector; Dairy products leader Inner Mongolia Yili Industrial Group Co.Ltd(600887) and duty-free leader China Tourism Group Duty Free Corporation Limited(601888) , as well as Contemporary Amperex Technology Co.Limited(300750) and Byd Company Limited(002594) in the field of new energy vehicles.
There are 14 information technology companies with heavy positions in the fund, including Luxshare Precision Industry Co.Ltd(002475) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Naura Technology Group Co.Ltd(002371) , Will Semiconductor Co.Ltd.Shanghai(603501) , Sanan Optoelectronics Co.Ltd(600703) in the field of components.
It is worth noting that affected by positive factors such as yuanuniverse, Goertek Inc(002241) share price rose sharply and was sought after by the fund.
Affected by the adjustment of the pharmaceutical sector, by the end of the fourth quarter of last year, there were only 7 pharmaceutical companies among the top 50 heavyweight stocks of the fund. The above seven companies still held by the fund include Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , the leader in the field of medical services Aier Eye Hospital Group Co.Ltd(300015) , the leader in the field of CXO (Pharmaceutical outsourcing) Wuxi Apptec Co.Ltd(603259) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Porton Pharma Solutions Ltd(300363) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , and the traditional Chinese medicine Bull Stock Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) .
The field of raw materials includes Wanhua Chemical Group Co.Ltd(600309) , Rongsheng Petro Chemical Co.Ltd(002493) , Guangzhou Tinci Materials Technology Co.Ltd(002709) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Tianqi Lithium Corporation(002466) , etc.
In addition to the above companies, the top 50 heavyweight stocks of the fund also include traditional white horse blue chips such as China Merchants Bank Co.Ltd(600036) , Bank Of Ningbo Co.Ltd(002142) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , China Vanke Co.Ltd(000002) , Poly Developments And Holdings Group Co.Ltd(600048) .
From the market value of the fund’s heavy positions, in the third quarter of 2021, Contemporary Amperex Technology Co.Limited(300750) surpassed Kweichow Moutai Co.Ltd(600519) and became the largest heavy positions of public funds. However, in the fourth quarter of last year, Kweichow Moutai Co.Ltd(600519) returned to the number one heavy position stock of the fund, but the market value gap between the two companies held by the fund is less than 2 billion yuan.
Data show that as of the end of last year, 1378 funds held Kweichow Moutai Co.Ltd(600519) heavy positions, with a market value of 121.955 billion yuan; Contemporary Amperex Technology Co.Limited(300750) was heavily held by 1297 funds, with a total market value of 119.962 billion yuan. However, compared with Contemporary Amperex Technology Co.Limited(300750) with a total market value of about 1.4 trillion yuan and Kweichow Moutai Co.Ltd(600519) with a total market value of 2.5 trillion yuan, the difference between the two companies held by the fund is only less than 2 billion yuan, which is almost inseparable.
In addition, Wuliangye Yibin Co.Ltd(000858) surpassed Wuxi Apptec Co.Ltd(603259) and became the third largest heavy position stock of the fund. By the end of last year, 634 funds held Wuliangye Yibin Co.Ltd(000858) in heavy positions, with a total market value of 59.8 billion yuan; 537 funds hold Wuxi Apptec Co.Ltd(603259) heavy positions, with a market value of 52.7 billion yuan.
changes in heavy positions reflect social changes
In the fourth quarter of last year, the market said it was calm. From the change of fund heavy position stocks, there was little change compared with the heavy position stocks at the end of the third quarter of last year. It is worth noting that the fund still firmly holds the new energy sector and increases its position in the electronics sector.
According to the data, by the end of last year, among the top 50 heavyweight stocks of the fund, the fund still held 11 new energy concept stocks. In addition to Contemporary Amperex Technology Co.Limited(300750) , it also includes photovoltaic faucets Longi Green Energy Technology Co.Ltd(601012) , Tongwei Co.Ltd(600438) , Sungrow Power Supply Co.Ltd(300274) , Trina Solar Co.Ltd(688599) , lithium battery upstream resource shares Zhejiang Huayou Cobalt Co.Ltd(603799) , Tianqi Lithium Corporation(002466) , battery midstream sector Guangzhou Tinci Materials Technology Co.Ltd(002709) , Yunnan Energy New Material Co.Ltd(002812) , in addition to vehicle faucets Byd Company Limited(002594) , battery manufacturing Eve Energy Co.Ltd(300014) .
The changes of heavy positions of public funds show that Gree Electric Appliances Inc.Of Zhuhai(000651) , Ping An Insurance (Group) Company Of China Ltd(601318) which have been heavily held by the fund for many years in the list of the top 50 heavy positions of the fund have not returned again since they disappeared in the third quarter of last year. Institutional investors “vote with their feet” to pursue targets that can better adapt to social development.
In terms of the targets of the increase of public funds in the fourth quarter of last year, they are also concentrated in emerging industries that comply with the trend of social development, such as Qinghai Salt Lake Industry Co.Ltd(000792) , Yongxing Special Materials Technology Co.Ltd(002756) , Jiangsu Azure Corporation(002245) , Tianqi Lithium Corporation(002466) in the field of new energy. In addition, cycle reversal stocks in some traditional industries have also been increased by the fund, including Wens Foodstuff Group Co.Ltd(300498) in the pig raising sector, Jiangsu Zhongtian Technology Co.Ltd(600522) in the communication sector, and Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) in the construction sector.
A fund manager in South China said that from the perspective of investment, funds always tend to be invested in places with higher returns. Emerging growth industries represent the future development trend. “Through the changes of fund heavy positions, we can see the development and changes of social economy.”
