Last week, 33.1 billion yuan of hybrid and equity new funds were established, of which the new funds managed by star fund managers such as Lu Bin, Tang Xiaobin and Han Chuang ended their raising. The raising scale was squeezed into the top four partial equity funds this year, accounting for nearly 40% of the total fund-raising.
Holding “heavy money”, where will these fund managers invest their funds? Insiders believe that fund managers tend to lay out the direction of previous heavy positions, and the latest position adjustment of their four seasons report has revealed clues
when the “new bullet” comes to hand, attack quickly
“Originally, we wanted to try to end the raising ahead of time, but after the market weakened at the beginning of the year, the market sentiment was not high, and the final raising volume of our new fund was far from expected. However, when the overall issuance was cold, the size of some top fund managers last year was fairly good.” A large and medium-sized fund company disclosed.
Although there have been few new funds in the fund market since this year, some new funds listed by star fund managers still raised a lot of “bullets” during the raising period.
Partial stock funds with the largest issuance scale since this year
This year’s first “hot money” fund, Xingzheng global Heheng, was held for three years and sold out after only two days of issuance, raising a scale of nearly 6 billion yuan. Last week, the selection of HSBC Jinxin research managed by 2020 stock based champion Lu Bin ended the offering, with an issuance scale of more than 5.3 billion yuan, ranking second temporarily.
At the same time, Guangfa Ruiyu, which was held by Tang Xiaobin, the top 10 fund managers in 2021 and Han Chuang, and Dacheng Juyou growth, was established on the same day on January 19, with an issuance scale of 4.1 billion yuan and 3.2 billion yuan respectively, ranking third and fourth.
Just got the money, someone started!
Guangfa Ruiyu, which was just established on January 19, has been held for one year. The net value announced on January 21 has changed, with a slight increase of 0.41%. Fund managers have begun to enter the layout
latest net worth held by GF Ruiyu in one year
So, where will these fund managers with heavy money throw their “bullets”?
the latest investment direction of the new fund
In the past, when managing different products, fund managers often have replication strategies in the investment direction. The investment direction of their new funds may refer to the heavy positions of “same series” old funds.
According to the data of Tiantian fund platform, the difference between the actual net value and estimated net value of these star funds is small. For example, the estimated net value of GF multi factor increased by 0.62% and the actual net value increased by 0.57% on January 24. This means that since the end of last year, the layout of heavy positions announced in its four seasons report may not have been significantly adjusted, which is worthy of investors’ reference.
For example, Lu Bin’s famous work, HSBC Jinxin low-carbon pioneer, is an “old fund”. Compared with the third quarter of last year, the list of the top ten heavy positions of the fund in the fourth quarter of last year did not change, but some stocks were increased in different proportions, and the shareholding concentration increased. Among them, the largest increase in positions is the lithium industry chain stocks, including Ganfeng Lithium Co.Ltd(002460) , Sichuan Yahua Industrial Group Co.Ltd(002497) and Contemporary Amperex Technology Co.Limited(300750)
HSBC Jinxin low carbon pioneer’s top ten heavyweight stocks: the fourth quarter on the left and the third quarter on the right
Lu Bin said in the four seasons that the new energy industry has large long-term space, low penetration and many high-quality companies. At the same time, there will be many investment opportunities for technological innovation. In 2022, he will pay close attention to the policy direction and competition pattern of the new energy industry, and dynamically grasp the investment opportunities of the new energy industry in 2022.
At the same time, Han Chuang, who managed Dacheng’s cutting-edge industries and ranked among the top performers last year, was relatively cautious in the short term while optimistic about the long-term performance of the new energy sector. He recently said that the new energy industry is a long-term direction. If there is adjustment in 2022, it may bring better layout opportunities. However, now this “super track” has accumulated more investors and the trading is more crowded. The importance of selecting individual stocks is increasing. In addition, the competition pattern of many links of the new energy track is deteriorating rapidly, but the stock price has not been fully reflected in this regard, so the risk has not been released.
From his “old fund” Dacheng cutting-edge industry, in the fourth quarter of last year, there was a certain adjustment in the top ten heavy warehouse stocks, but the focus is still on nonferrous metals, chemical industry, building materials, etc. Haohua Chemical Science & Technology Corp.Ltd(600378) , Zhejiang Huatie Emergency Equipment Science & Technology Co.Ltd(603300) , Shenzhen Sunnypol Optoelectronics Co.Ltd(002876) , Anhui Jinhe Industrial Co.Ltd(002597) entered the top ten list.
Tang Xiaobin, a GF multi factor fund manager who also ranked among the top 10 active equity funds last year, continued his previous preference for brokerage stocks in the fourth quarter of 2021 and increased his positions significantly. According to the four seasons report, gf’s positions in Huatai Securities Co.Ltd(601688) and Citic Securities Company Limited(600030) have been close to 7% and 6%, ranking the first and second largest heavy positions of the fund respectively; In addition, the fund’s shareholding in Hithink Royalflush Information Network Co.Ltd(300033) , Guotai Junan Securities Co.Ltd(601211) has also increased
GF multi factor top ten heavyweight stocks in the fourth quarter
“We are still optimistic about the future development of the large asset management industry, especially the leading companies. Whether it is investment banking, securities lending or derivatives business, there is an obvious trend of securities companies taking the lead.” Tang Xiaobin said.
In his opinion, according to the interim report of listed securities companies in 2021, 18 fund companies contribute more than 5% of the profits to securities companies and 5 fund companies contribute more than 30%. This proportion will still increase in the future, which is his long-term logic of paying attention to securities companies; In the short term, the high trading volume of the A-share market now supports the brokerage business of securities companies. From the perspective of valuation level, the Pb valuation of securities companies belongs to the level of the last 20% in the past five years. Therefore, the current cost performance of securities companies may be higher.
