With the continuous disclosure of the four seasons report, the other two 100 billion fund managers Liu Yanchun and Xie Zhiyu also released the latest quarterly report.
As of the fourth quarter report of 2021, the total scale of funds under Liu Yanchun’s management was 97.85 billion yuan, falling below the 100 billion mark. In his last quarterly report in 2021, he said, “the most difficult stage of investment has passed. Be patient and the value will always return.”
While Liu Yanchun’s scale shrank, Xie Zhiyu caught up. The latest fund under management was 96.345 billion yuan, only 1.5 billion yuan away from Liu Yanchun. Xie Zhiyu said in the quarterly report, “the stock position is relatively stable. We continue to adhere to the operation concept of selecting individual stocks from bottom to top, mainly focus on the company’s core competitiveness, and balance the company’s short-term valuation and long-term value.”
From the latest scale ranking, Ge Lan surpassed Zhang Kun and became the largest active fund manager in charge with a fund scale of 110.3 billion yuan; Zhang Kun ranked second, with a risk of 100 billion in the fourth quarter. Liu Yanchun and Xie Zhiyu followed suit, with the management scale exceeding 96 billion yuan. After the rapid rotation and change of market style last year, the management scale of well-known fund managers in the market has undergone a “big reshuffle”.
Liu Yanchun: “the most difficult stage of investment has passed”
“be patient and value will always return”
Compared with China Europe Fund Ge Lan and e fund Zhang Kun, Liu Yanchun is also a fund manager with a volume of 100 billion. After reaching 102.9 billion yuan in the third quarter of last year, the scale of funds under management shrank by 5.066 billion yuan in the fourth quarter of this year. At present, the scale of funds under management is 97.85 billion yuan, falling below 100 billion again.
By product, Jingshun Great Wall’s emerging growth scale shrank the most, from 54.3 billion yuan in the third quarter to 51.7 billion yuan, and the scale shrank by 2.6 billion yuan in a single quarter; The scale of Jingshun Great Wall Dingyi and Jingshun Great Wall’s excellent growth has also shrunk by 1 billion yuan, and the scale of other products under management has also shrunk.
On the whole last year, Jingshun Great Wall emerging growth lost 9.94% last year, and the total share of the fund showed a trend of increasing first and then decreasing. During the shock and decline of the net value of the fund in the first three quarters, the funds were “falling and buying”. During the short-term rebound in the fourth quarter, it may encounter a net outflow of some funds.
Throughout 2021, Jingshun Great Wall under Liu Yanchun’s management grew up, and its shareholding position remained around 90%. However, in the extreme interpretation of the market, his heavy position stock structure was constantly adjusted.
Fourth quarter, he recently cut down Kweichow Moutai Co.Ltd(600519) , Luzhou Laojiao Co.Ltd(000568) , Wuliangye Yibin Co.Ltd(000858) and other Baijiu stocks, but added the China Tourism Group Duty Free Corporation Limited(601888) and other damaged sectors, the pharmaceutical stocks, household appliances, electronics and other positions in the heavy positions remain unchanged.
Turning to his investment ideas, Liu Yanchun said in the four seasons that in 2021, the economy surged and fell due to factors such as credit crunch, repeated epidemic and industrial policy adjustment. Covid-19 epidemic has a significant impact on various industries. The supply-demand relationship of some industrial chains is unbalanced at different stages, and the supply contraction caused by the superposition of the dual control policy of energy consumption has significantly increased the cost pressure in the middle and lower reaches of the industrial chain. New energy related fields encouraged by policies are rare industries with high prosperity.
Looking ahead, he believes that 2022 is probably the beginning of the end of covid-19 epidemic. From a global perspective, the investment side lagging behind the recovery of consumption is expected to gradually return to normal. In the early stage, China made full use of the time window of rapid increase in export share to reduce macro leverage, adjust economic structure and digest long-term risks, laying a good foundation for sustainable economic development in the post epidemic era. At this stage, China’s economic growth is already below the potential growth rate. It is expected that broadening credit, stabilizing growth and boosting domestic demand will be the policy focus of this year.
From cross cycle to counter cycle, from external demand to boosting domestic demand, the marginal boom will no longer be scarce, the funds tend to be scattered and the market wind will be strong
The grid will be rebalanced. Those excellent companies with short-term headwinds have great investment value. The short-term boom fluctuation affects investors’ risk preference periodically, and has little impact on the internal value of the company. What’s more, with the gradual force of the counter cyclical policy, the downward cycle is expected to end and usher in an upward turning point, and many industries will usher in a boom reversal. Industries and companies with long-term and short-term logical resonance are expected to usher in good performance in the new year.
“The most difficult stage of investment is over. Be patient and value will always return.” Liu Yanchun said.
Xie Zhiyu: 2.5 billion yuan against the market
charge to the scale of 100 billion
By the end of last year, the total scale of Xie Zhiyu’s funds under management was 96.345 billion yuan. The scale rose by 2.5 billion yuan against the market in the fourth quarter. At present, he is also a fund manager who launched an attack on the volume of 100 billion yuan.
The largest product he managed was Xingquan Herun fund. With the rebound of the market in the fourth quarter of last year, the scale of Xingquan Herun fund increased by 4.65 billion yuan in the fourth quarter. In the same period, the value of Xingquan and Xingquan society also increased in the same period of three years. Only the investment scale of Xingquan trend decreased by 3.4 billion yuan.
From the perspective of capital flow, the yield of Xingquan Herun last year was 6.32%, 11.5 percentage points higher than that of the Shanghai and Shenzhen 300 index in the same period, and the overall capital showed a state of net inflow. By the end of last year, the fund had a total share of 15.7 billion, with a total scale of 33.4 billion yuan, both reaching a record high.
From the perspective of investment operation, in the extreme structural market last year, Xie Zhiyu’s shareholding position is the idea of concussion and position increase. The latest shareholding position is 93%, maintaining a high position.
Over the same period, cash positions such as bank deposits also fell to 1.75% from 7% at the beginning of the year, maintaining the lowest level of the whole year. In last year’s interim report, the highest position of bank deposit position was 10%, which may be to solve the problem of liquidity in a weak market.
From the perspective of shareholding structure, Xingquan Herun currently has heavy positions in the sectors of household appliances, electronics, chemical industry and medicine. Among them, Sanan Optoelectronics Co.Ltd(600703) , Apeloa Pharmaceutical Co.Ltd(000739) were increased in the fourth quarter, while Haier Smart Home Co.Ltd(600690) , Wanhua Chemical Group Co.Ltd(600309) , Mango Excellent Media Co.Ltd(300413) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) were reduced. In electronic and pharmaceutical stocks, there were also increases and decreases for different stocks.
The overall investment style of the product is to maintain a high position, maintain a balanced allocation between sectors, and pay more attention to the selection of individual stocks.
Xie Zhiyu said in the four seasons that China’s economic operation maintained a certain tenacity in the fourth quarter, industrial production and export were relatively good, and there was still some pressure on real estate and other departments. Overseas, US inflation remains high, and the Fed’s monetary policy is gradually biased towards hawks.
The Shanghai Composite Index rose 2.01%, the Shenzhen Composite Index rose 3.83% and the gem index rose 2.40% in the fourth quarter. Industries with good performance mainly include media, military industry, auto parts and other industries, while coal, petrochemical, steel and other sectors have weak performance.
During the reporting period of the fund, the stock position was relatively stable, and continued to adhere to the operation concept of selecting individual stocks from bottom to top, focusing on the company’s core competitiveness and balancing the company’s short-term valuation and long-term value.
“We will continue to look for investment targets with good cost performance and pay attention to excellent companies in the direction of long-term development.” Xie Zhiyu said.
Kwai Hing Global Fund Xie Ji Yu four seasons report: scale up to 93 billion 800 million rush to raise fast
Zhu Shaoxing four seasons: maintain high warehouse position and increase high-end Baijiu, electronics and medicine stocks.
Zhang Kun, Fu Pengbo, Liu Gesong, Xiao Nan Top flow fund manager’s latest heavy exposure
110 billion! The scale of the fund managed by Ge Lan exceeds that of Zhang Kun. The latest heavy positions and views of the top ten well-known fund managers have been exposed
