With the gradual disclosure of the fund’s fourth quarter report, the operations of a group of top fund managers at the end of last year were also exposed.
Due to the great differences in the personal styles of fund managers, the position preference of top flow funds also shows diversity in the fourth quarter report. The total proportion of the top ten stock positions of fund managers has been reduced to less than 20%, while some fund managers continue to concentrate their stock positions on a small number of core leaders.
For fund managers with balanced layout, at the end of the fourth quarter of last year, in addition to the moderate concentration and dispersion of the top ten stocks, we also focused on the varieties with less crowded funds and relatively weak market performance in terms of individual stock strategy.
scattered anti callback, Feng Mingyuan significantly reduced the position concentration
Feng Mingyuan, the star fund manager and deputy general manager of Cinda Aoyin fund, recently disclosed the position operation of the products managed by Feng Mingyuan. The four seasons report showed that the star fund manager had further reduced the positions of the top ten heavy positions by the end of last year, which made Feng Mingyuan’s stock concentration extremely dispersed.
In the concentration of heavy stocks of star fund managers, more than 40% is almost a common indicator, but Feng Mingyuan is almost an exception. The concentration of the top ten stocks of his funds is usually about 25%. As a fund manager with very personal operation style, Feng Mingyuan is rare to further reduce the position concentration during the fourth quarter.
Compared with the 22% position concentration of the top ten stocks at the end of the third quarter of last year, the information disclosed by Cinda Aoyin new energy industry fund showed that by the end of the fourth quarter of last year, the total proportion of the top ten stocks of this star fund product with a scale of 17.4 billion had been reduced to 17.85%, which set a new low for the position of the top ten heavy positions of star fund managers.
Among the new energy industry funds managed by Feng Mingyuan, the positions of up to eight of the top ten stocks are less than 2%, and the positions of the largest heavy stock Shanghai Putailai New Energy Technology Co.Ltd(603659) are only 3.55%. Considering that the stock position of Cinda Bank of Australia New Energy Fund as of the end of the fourth quarter of last year was as high as 93%, which means that the number of stocks held by the fund may continue to increase compared with the previous period. The data disclosed during the interim report of last year showed that the number of stocks held by Cinda Bank of Australia New Energy Industry Fund was close to 400, while the concentration of individual stocks shown in the latest fourth quarter report continued to decrease, It also means that Feng Mingyuan continues to strengthen the strategy of individual stock dispersion.
industry insiders believe that the significant dispersion of individual stocks may be related to the recent adjustment of new energy stocks. By reducing the concentration of positions, the risks caused by concentrated positions can be reduced to a certain extent.
Feng Mingyuan said in his fourth quarter report that despite some new changes in the market, such as the high shock of the new energy sector, the gradual exit of the undervalued sector from the weak state, and the continuous strength of small market value companies, the fund still maintained the allocation direction of emerging industries, focusing on the allocation of new energy vehicles, new materials, photovoltaic, wind power, high-end equipment Semiconductor and other fields. He judged that the global energy industry is undergoing profound changes, and the proportion of new energy is increasing, which will gradually replace the mainstream position of traditional fossil energy in the next 50 years. This process should be irreversible. I believe that in this process of change, a large number of great enterprises will emerge in China. I hope to grow together with these great enterprises.
sells high and buys low, Li Xiaoxing cuts new energy Baijiu
The funds managed by Li Xiaoxing, a top flow fund manager with a management capital of more than 50 billion, are also disclosing the four seasons report. The star fund manager’s total positions in the top ten stocks by the end of the fourth quarter of last year were about 54%.
Li Xiaoxing’s position is relatively balanced. He has laid out several industrial tracks in the top ten stocks, including new energy, medicine, nonferrous metals, Baijiu, and media. Compared with the operation at the end of the third quarter, his boldest operation is to further highlight the weight of media stocks in its core stock pool, Focus Media Information Technology Co.Ltd(002027) is also the largest heavy stock of Yinhua Xinjia two-year fund. At the end of the third quarter of last year, Focus Media Information Technology Co.Ltd(002027) was only the third largest stock of the fund, but at the end of last year, Focus Media Information Technology Co.Ltd(002027) was already the largest heavy stock of the fund.
In fact, Li Xiaoxing’s overall operation highlights the strategy of selling high and buying low, especially those tracks with abnormally concentrated transactions and crowded funds. Typically, each branch track of the new energy industry chain, Shenzhen Inovance Technology Co.Ltd(300124) was called out of the list of top ten core stocks. At the end of the third quarter of last year, Shenzhen Inovance Technology Co.Ltd(300124) was the fourth largest heavy position stock of Yinhua Xinjia fund. At the same time, Contemporary Amperex Technology Co.Limited(300750) was also reduced by fund managers. Yinhua Xinjia fund managed by Li Xiaoxing held Contemporary Amperex Technology Co.Limited(300750) 208 million shares by the end of the third quarter of last year, which was listed as the largest heavy position stock of the fund. However, during the fourth quarter, Li Xiaoxing reduced Contemporary Amperex Technology Co.Limited(300750) about 500000 shares. Similarly, Byd Company Limited(002594) listed in Hong Kong stocks has faded out of the list of the fund’s top 10 core stocks at the end of the fourth quarter.
While selling new energy, Li Xiaoxing increased the holding position of Baijiu shares, Baijiu is the most unpopular market in 2021. I pick up what others discard. But at the end of the three quarter, the silver cash group had no Baijiu holdings in the ten largest stocks. But at the end of the fourth quarter, Li Xiao Xing transferred Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Wuliangye Yibin Co.Ltd(000858) and Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) to the ten major heavy positions. This highlights the strategy of Li Xiaoxing’s rejection.
In this regard, Li Xiaoxing pointed out in his fourth quarter report that if the investment in science and technology is change, what consumption provides us is certainty and stability. From the income side and profit side, the performance of consumer goods companies will return to normal operation next year, and there is also room for valuation switching. 2021 is undoubtedly a year with great changes in external factors for consumption. The repeated disturbance of the epidemic throughout the year, anti-monopoly, strong supervision and other industrial policies, as well as the sharp rise of production and power restrictions and raw material costs, have led to a quarterly slowdown in performance and continued pressure on valuation. However, every bad external environment in history will strengthen the competitiveness of high-quality companies and is more conducive to the optimization of the pattern. He believes that these negative factors will be weakened in 2022, and the investment of overall consumption will be more optimistic than that in 21 years.
In the consumer segmentation industry, the top fund manager admitted that he had a good view of high-end Baijiu and the national high expansion potential. Therefore, the Baijiu liquor allocation in the four quarter was due to the accumulation of positive factors and the obvious improvement of the signal, which strengthened the long-term and long-term performance. 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 next year 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 choice of target should pay more attention to growth. Emerging consumption is now in the process of digesting valuation, and there will be differentiation of different tracks. It is necessary to tap individual stock opportunities from bottom to top.
concentrated position, Liu Gesong firmly believes in high-end manufacturing
Among the fund leaders, Liu Gesong, the top fund manager, has continued the strategy of centralized shareholding in his position style, and the GF technology pioneer fund he manages also disclosed the fourth quarter report a few days ago.
According to the information disclosed by GF technology pioneer fund, by the end of last year, the total positions of the fund’s top ten stocks accounted for 74.45%. During the fourth quarter of last year, GF technology pioneer adjusted the positions of several heavy stocks to a certain extent, Sungrow Power Supply Co.Ltd(300274) was the main object of Liu Gesong’s position increase during the fourth quarter. By the end of the third quarter of last year, GF science and technology pioneer fund holds Sungrow Power Supply Co.Ltd(300274) about 9.48 million shares, accounting for 7.30% of the net asset value of the fund. At the end of the fourth quarter of last year, GF science and technology pioneer fund held Sungrow Power Supply Co.Ltd(300274) 12.15 million shares, accounting for 9.64% of the net value, which is the second largest heavy position stock of the fund.
During the fourth quarter of last year, the main position reduction object of GF technology pioneer fund was BOE. At the end of the third quarter of last year, the fund held as many as 327 million shares of BOE, accounting for 8.57% of the net value of the fund. At the end of the fourth quarter of last year, GF technology pioneer fund held 182 million shares of BOE, accounting for about 5% of the net value of the fund.
In his fourth quarter report, Liu Gesong said that on the one hand, the “core assets” have experienced the rise in the past few years, and the relative valuation level has been in a high historical quantile. At the same time, the prosperity has not been significantly improved to correspond to the relatively high valuation; On the other hand, the cyclical, power utilities and new energy sectors have their own upward catalysts. The upward prosperity of cyclical and resource-based industries comes from the rapid rise of prices under the change of supply and demand pattern. The power and new energy sectors benefit from the background of carbon neutralization, and the prosperity is rising steadily.
He believes that the situation of style differentiation may continue in 2022. The potential value of assets or the income expectation of the fund for a class of assets depends on the performance growth rate of such assets, the sustainability of the growth rate and the valuation level that the market is willing to give such assets. Under the business model of sustainable growth, the market is more willing to give such assets a higher valuation level when the asset performance growth continues to exceed the expected period, and vice versa. In the current period of the transformation between the old and new driving forces of China’s macro-economy, different assets are in different boom stages, so the differentiation of assets is a high probability event.
At the beginning of 2021, GF put forward the concept of “global comparative advantage manufacturing industry”. In 2022, Liu Gesong stressed that he was still optimistic about the growth sustainability and profit growth expectation of assets in this direction: it has established a leading manufacturing company with global comparative advantage, and its entrepreneurial leadership The “moat” created by factors such as advanced manufacturing capacity under industrial agglomeration is still widening. Guangfa fund judges that more world-class companies will appear in the direction of photovoltaic, power battery, energy storage, panel, new chemical materials, automobile and auto parts, high-end equipment and so on. In the future, the asset allocation of the fund will still focus on these directions. Starting from the supply and demand pattern, the fund will look for excellent enterprises from the perspective of industry and grow together with great enterprises, in order to obtain long-term excess returns for holders.
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