The fund industry is also clearly moving towards the era of “large funds”, and the management scale of head fund managers is increasing.
According to statistics, by the end of 2021, the total size of funds managed by 15 equity fund managers (including hybrid and stock funds, and stock funds including index funds) who ranked first in the total size of funds under management reached more than 1 trillion yuan.
It is worth mentioning that the industry trend in the past two years is that incremental funds flow to these well-known fund managers. On the one hand, well-known fund managers rely on outstanding performance and personal appeal to attract incremental funds, which continue to flow into old products and new development funds under their management. On the other hand, with the support of policies, prominent wealth effect and other factors, active equity funds are the highlight of the continuous distribution of public offering.
Every move of top flow fund managers has attracted much attention from the market. The reporter listed the top ten heavy positions of these star helmsman’s funds through statistics for your reference.
Glenn still loves Wuxi Apptec Co.Ltd(603259)
In the fourth quarter of last year, Gran, the “goddess of medicine”, broke through 100 billion in the scale of products under management and became the “first sister” of public funds.
From its heavy position stocks, as of the end of last year, the top ten comprehensive positions of Gelan’s funds were: Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Aier Eye Hospital Group Co.Ltd(300015) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Topchoice Medical Co.Inc(600763) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) .
According to the latest four seasons report, Glenn still chooses to closely embrace Wuxi Apptec Co.Ltd(603259) , Aier Eye Hospital Group Co.Ltd(300015) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) and other industry leaders and head platform companies. China Europe healthcare is the largest fund managed by Ge Lan. By the end of 2021, the asset scale had reached 77.505 billion yuan, belonging to a super large fund.
In the fourth quarter of last year, the ranking of the top five heavyweight stocks of China EU medical and health did not change, and they increased their holdings to varying degrees. Among them, as the largest heavy warehouse stock of China Europe medical and health, Glenn continued to increase its holdings of Wuxi Apptec Co.Ltd(603259) to 65.7161 million shares in the fourth quarter, an increase of 24.8067 million shares compared with the end of the third quarter. The number of individual shares such as Aier Eye Hospital Group Co.Ltd(300015) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) has also been increased to varying degrees. Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Topchoice Medical Co.Inc(600763) were also increased.
Compared with the previous quarter, Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) and Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) newly entered the top ten heavy positions of China EU medical and health. By the end of 2021, China EU medical and health held Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) 7869300 shares and Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) 40737300 shares respectively, ranking 7th and 10th among the heavy positions of the fund, while Chongqing Zhifei Biological Products Co.Ltd(300122) and Shanghai Medicilon Inc(688202) withdrew from the top ten heavy positions.
Another fund managed by Glenn, China Europe medical innovation heavy warehouse stocks, changed more. Among them, Asymchem Laboratories (Tianjin) Co.Ltd(002821) was increased from 949500 shares to 2847300 shares, and was promoted to the largest heavyweight share; Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) also entered the list of the top ten heavyweight stocks in the fourth quarter; Other long-term heavy positions such as Wuxi Apptec Co.Ltd(603259) , Yaoming biology, Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) have been increased to varying degrees.
In addition, China Europe alpha and China Europe Mingrui new starting points managed by Glenn reduced their holdings of new energy giants Contemporary Amperex Technology Co.Limited(300750) in the fourth quarter of last year; Luzhou Laojiao Co.Ltd(000568) newly entered the top ten positions of China Europe alpha, and Aier Eye Hospital Group Co.Ltd(300015) withdrew from the top ten positions of the fund in the same period; Ja Solar Technology Co.Ltd(002459) , Byd Company Limited(002594) newly entered the top ten heavyweight stocks of China Europe Mingrui new starting point; Lithium giants Ganfeng Lithium Co.Ltd(002460) , Wuxi Apptec Co.Ltd(603259) quit. Kweichow Moutai Co.Ltd(600519) replaced Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) into the top ten heavyweight stocks selected by China EU research.
Tencent became the largest heavy warehouse stock of Zhang Kun
As the first fund manager in China to manage hundreds of billions of funds, Zhang Kun is the most concerned by Jimin. Zhang Kun’s management scale at the end of the fourth quarter of 2021 decreased by 3.8 billion yuan compared with 105.7 billion yuan at the end of the third quarter, but still exceeded 100 billion yuan, reaching 101.9 billion yuan.
Zhang Kun, the “first brother” of public offering, also adjusted his position in the fourth quarter. While improving his stock position, he adjusted the position structure. Throughout the allocation of Zhang Kun’s four funds, the top ten heavy position stocks basically remain unchanged. The overall direction of position adjustment is to increase positions in science and technology, consumption and reduce holdings in finance, medicine and real estate, which are different for each fund.
Specific to the breakdown industry, Zhang Kun’s interest in Internet leading companies has increased sharply, and has been significantly reduced in the Baijiu stock that has always been favored, while reducing the allocation of bank shares.
By the end of last year, Tencent holdings had become the largest heavy position stock of many funds under Zhang Kun, and also jumped to the largest heavy position stock of Zhang Kun, with a total market value of 10.248 billion yuan. In the fourth quarter of last year, e fund blue chip selection increased its holdings of Tencent holdings, which jumped from the eighth heavyweight at the end of the previous quarter to the first heavyweight. At present, the fair value held accounts for 10.12% of the net asset value of the fund.
Due to the reduction of the first heavyweight stock Kweichow Moutai Co.Ltd(600519) of e fund quality selection in the previous quarter, Tencent holdings, previously the fourth heavyweight stock, jumped to the new first heavyweight after being reduced by 15200 shares, while Kweichow Moutai Co.Ltd(600519) fell to the second heavyweight stock.
Yi Fang Da quality company held four holdings in Tencent for three years, including Tencent holdings and Hangzhou Hikvision Digital Technology Co.Ltd(002415) , and Inner Mongolia Yili Industrial Group Co.Ltd(600887) , which reduced 4 Baijiu shares and reduced Ping An Bank Co.Ltd(000001) positions, while the Bank of China Merchants Bank and HKEx kept their positions unchanged.
In 2021, the share price performance of some high-quality enterprises lags behind the market. Zhang Kun believes that “to make a good investment, it is more important to focus on the field rather than the scoreboard”.
Liu Yanchun heavy liquor Baijiu
Liu Yanchun, whose management scale is close to 100 billion yuan, has a total of six funds under management. Among them, Jingshun Great Wall emerging growth hybrid and Jingshun Great Wall Dingyi hybrid have been managed for the longest time, both of which have exceeded 6 years.
Overall, Liu Yanchun still likes Baijiu and medicine in the fourth quarter. The top ten heavy stocks include Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Anhui Gujing Distillery Company Limited(000596) and other high-end Baijiu, and MINDRAY medicine, Wuxi Apptec Co.Ltd(603259) and other sub leading medicine, and feed faucet Guangdong Haid Group Co.Limited(002311) and duty-free {601888 China Tourism Group Duty Free Corporation Limited(601888) .
From the position change of its representative fund, we can get a glimpse of the latest trend of fund managers. At present, the largest fund under Liu Yanchun’s management is Jingshun Great Wall emerging growth, with a scale of 51.694 billion yuan at the end of the fourth quarter of 2021.
Fourth quarter, the fund heavily loaded Baijiu shares, the top ten heavy stocks in Baijiu shares nearly half. In the past ten big positions, the top ten big margin stocks had not changed, but the number of shares was adjusted. The fourth quarter was China Tourism Group Duty Free Corporation Limited(601888) , and the Baijiu liquor stocks were Kweichow Moutai Co.Ltd(600519) , Luzhou Laojiao Co.Ltd(000568) and Wuliangye Yibin Co.Ltd(000858) .
In terms of Jingshun Great Wall Dingyi mixing, there are similar operations, Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) also have a decline in the number of shares. From these changes, we can see that although Liu Yanchun still optimistic about the Baijiu industry, but also carried out the action of lighten up.
Liu Yanchun said in the fourth quarter: “From cross cycle to counter cycle, from external demand to boosting domestic demand, the marginal boom will no longer be scarce, the funds will tend to be dispersed, and the market style will be rebalanced. Those excellent companies with short-term adverse winds have great investment value. The short-term boom fluctuations have a phased impact on the investor’s risk, and the impact on the company’s internal value is actually minimal. What’s more, with the counter cycle policy gradually Gradually, 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. “
Xie Zhiyu shifted his position to technology stocks
By the end of the fourth quarter of 2021, Xie Zhiyu had managed four funds: Xingquan Herun hybrid, Xingquan social responsibility hybrid, Xingquan Heyi hybrid jointly managed with another fund manager Yang Shijin, and Xingquan Trend Investment hybrid, which took over from Dong Chengfei last year.
At the end of last year, Xie Zhiyu’s management scale was 96.345 billion yuan, an increase of 2.538 billion yuan compared with 93.807 billion yuan at the end of the third quarter of 2021. According to the scale of 100 billion yuan, it is only one step away.
All along, Xie Zhiyu’s fund position style is “balanced position”. However, from the perspective of the four funds under its management, its position adjustment style in the fourth quarter prefers growth stocks, such as Wingtech Technology Co.Ltd(600745) and Sanan Optoelectronics Co.Ltd(600703) .
Overall, the top ten heavyweight stocks of the four products managed by Xie Zhiyu are: Sanan Optoelectronics Co.Ltd(600703) , Haier Smart Home Co.Ltd(600690) , Wingtech Technology Co.Ltd(600745) , Poly Developments And Holdings Group Co.Ltd(600048) , Wanhua Chemical Group Co.Ltd(600309) , Amlogic (Shanghai) Co.Ltd(688099) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Mango Excellent Media Co.Ltd(300413) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) .
Specifically, compared with the third quarter, at the end of last year, Xie Zhiyu’s largest managed shares of Xingquan Herun were still Haier Smart Home Co.Ltd(600690) , but the shareholding ratio decreased. Xie Zhiyu also reduced his holdings by Wanhua Chemical Group Co.Ltd(600309) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Apeloa Pharmaceutical Co.Ltd(000739) , Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) and Industrial Bank Co.Ltd(601166) .
Among them, Industrial Bank Co.Ltd(601166) fell out of the top ten heavy positions of Xingquan Herun. Xie Zhiyu’s holdings were increased by semiconductor company Sanan Optoelectronics Co.Ltd(600703) , film and television entertainment stock Mango Excellent Media Co.Ltd(300413) , smart set-top box SOC leader Amlogic (Shanghai) Co.Ltd(688099) , tourism stock Shanghai Jin Jiang International Hotels Co.Ltd(600754) and optical lens supplier Wingtech Technology Co.Ltd(600745) who entered the top ten heavyweight stocks for the first time.
Another fund independently managed by Xie Zhiyu reduced its holdings of Wuxi Apptec Co.Ltd(603259) , Topchoice Medical Co.Inc(600763) and Aier Eye Hospital Group Co.Ltd(300015) in the fourth quarter, while Shanghai Milkground Food Tech Co.Ltd(600882) , Nuode Investment Co.Ltd(600110) fell out of the top ten heavy positions.
Xie Zhiyu added Xiamen Faratronic Co.Ltd(600563) , Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Hundsun Technologies Inc(600570) , Nantong Jianghai Capacitor Co.Ltd(002484) , Gigadevice Semiconductor (Beijing) Inc(603986) , Wanhua Chemical Group Co.Ltd(600309) to the top ten heavyweight stocks.
Taking over the trend of Dong Chengfei’s rejuvenation, in the fourth quarter, Shenzhen Sunlord Electronics Co.Ltd(002138) , Wingtech Technology Co.Ltd(600745) are the top ten electronic companies, Unigroup Guoxin Microelectronics Co.Ltd(002049) are semiconductor companies, and Huaneng Power International Inc(600011) and China National Nuclear Power Co.Ltd(601985) are power companies related to new energy.
Xie Zhiyu also said that under the medium and long-term background of economic restructuring, major adjustment of energy structure and technological progress promoting the electronization of social life, some industries will benefit in the next few years and many high-level investment opportunities will emerge. Such assets are relatively less under the pressure of economic cyclical adjustment, In the process of counter cyclical adjustment, the liquidity environment is conducive to the stability of the valuation system of the stock market.
Zhou Weiwen arranges new energy and dilemma reversal industries
Zhou Weiwen, another big coffee fund manager of China Europe, is currently in charge of nine funds. Excluding the several funds taken over from Zhou Yingbo in December 2021, there are six in total.
By the end of the fourth quarter, the top ten heavyweight stocks of the funds managed by Zhou Weiwen included: Luxshare Precision Industry Co.Ltd(002475) , Bank Of Ningbo Co.Ltd(002142) , Contemporary Amperex Technology Co.Limited(300750) , Kweichow Moutai Co.Ltd(600519) , Spring Airlines Co.Ltd(601021) , Fuyao Glass Industry Group Co.Ltd(600660) , Songcheng Performance Development Co.Ltd(300144) , Juneyao Airlines Co.Ltd(603885) , Shunyu optical technology, Mango Excellent Media Co.Ltd(300413) . On the position, Zhou Yuwen mainly bought stocks in banking, aviation, Baijiu, new energy and chemical industry.
It is not difficult to find that there are not only the targets of high boom tracks, but also the sectors with low valuation level and just experienced difficulties. In the four seasons report of the fund, Zhou Yuwen believes that after two years of structural bull market, the overall valuation is not low, there are some structural bubbles, there are also reasonable or undervalued valuation sectors, and there are structural opportunities.
In the four seasons report, Zhou Weiwen summarized his operation: avoid overestimation and layout underestimated values in advance. He said he avoided some track stocks with high valuations, while some fundamentals of the early left layout reversed and undervalued stocks began to perform better.
He wrote that in the future, we will look for two types of investment opportunities: first, industries with sustained prosperity in the coming years, such as new energy, photovoltaic, military industry and other industries. Most of these industries have expensive valuations, but the fundamentals of the subdivided sectors will be differentiated. We will select the subdivided sectors with positive changes in Fundamentals for allocation.
The second category is the dilemma reversal industries. The stock prices of these industries are low and the short-term operation is uncertain. However, from the perspective of about two years, the probability operation will return to normal, even better than the boom years in history. The representative industries include breeding, catering, tourism, media, real estate, etc.
And his position adjustment path also follows such an idea. According to the four seasons report, Zhou Weiwen added more positions in the fourth quarter, including Sungrow Power Supply Co.Ltd(300274) , Tongwei Co.Ltd(600438) , Songcheng Performance Development Co.Ltd(300144) ; In the same period, Kweichow Moutai Co.Ltd(600519) , Fuyao Glass Industry Group Co.Ltd(600660) , Hengli Petrochemical Co.Ltd(600346) were reduced.
Liu Gesong still focuses on scientific and technological growth
The latest management scale of Liu Gesong, the top flow fund manager of GF, also exceeded 77 billion yuan (based on the data of the third quarter report and the fourth quarter of last year’s new development fund), ranking among the top six in the whole market.
In the fourth quarter, he still focused on the growth of science and technology. The top ten heavyweight stocks were concentrated in sectors such as lithium battery, photovoltaic and semiconductor. By the end of the fourth quarter, the top ten comprehensive positions of Liu Gesong’s funds were: Longi Green Energy Technology Co.Ltd(601012) , Eve Energy Co.Ltd(300014) , Sungrow Power Supply Co.Ltd(300274) , Chongqing Sokon Industry Group Stock Co.Ltd(601127) , Sg Micro Corp(300661) , Lb Group Co.Ltd(002601) , Ja Solar Technology Co.Ltd(002459) , Rongsheng Petro Chemical Co.Ltd(002493) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Boe Technology Group Co.Ltd(000725) .
One fund he has managed for a long time is the growth mix of GF small cap. From the perspective of the stocks of the top ten positions, it is consistent with the third quarter, mainly some new energy, semiconductor and pharmaceutical stocks.
However, the position structure has been adjusted, reducing holdings of Longi Green Energy Technology Co.Ltd(601012) , Eve Energy Co.Ltd(300014) , and increasing positions of Ja Solar Technology Co.Ltd(002459) , Chongqing Sokon Industry Group Stock Co.Ltd(601127) and other stocks. Among them, Ja Solar Technology Co.Ltd(002459) jumped from the ninth largest heavy position stock in the third quarterly report to the first largest heavy position stock, with an increase of 3.4369 million shares.
Liu Gesong concluded last year’s differentiation and believed that the previous core asset valuation was high, while the landscape did not improve accordingly to support the overvalued value.
Looking forward to 2022, Liu Gesong is still optimistic about the growth sustainability and profit growth of assets in the direction of “global comparative advantage manufacturing”. He believes that the “moat” created by entrepreneurs’ leadership, advanced manufacturing capacity under industrial agglomeration and other factors has been widening. In the future, more world-class companies will appear in photovoltaic, power cells, energy storage, panels, new chemical materials, automobiles and auto parts, high-end equipment and other directions, The asset allocation of the fund is still dominated by these directions.
In addition, Liu Gesong believes that the situation of style differentiation may continue in 2022. The potential value of assets or our income expectation 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.
Hu Xinwei’s heavy consumption, new energy and semiconductor
Hu Xinwei is a well-known fund manager of huitianfu fund. As of the end of the fourth quarter, the total assets of the fund under management were 69.4 billion yuan.
Fourth quarter, Hu Xinwei still prefer baijiu. At present, its fund holds the top ten positions in the comprehensive position. Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Jiugui Liquor Co.Ltd(000799) and other 5 stocks are among them, occupying general seats. In terms of large consumption, Li Ning and China Tourism Group Duty Free Corporation Limited(601888) are configured by their heavy positions.
In addition, Contemporary Amperex Technology Co.Limited(300750) , Will Semiconductor Co.Ltd.Shanghai(603501) and other leading targets in new energy and semiconductors are also among Hu Xinwei’s top ten heavy positions,
Based on the financial reports of its funds, it can be found that the proportion of Hong Kong stock positions has increased significantly, and Li Ning, China Resources beer, Pharmaron Beijing Co.Ltd(300759) and others have been increased
In addition, Baijiu liquor industry sector stocks are more concerned about it, compared with the previous quarter, Kweichow Moutai Co.Ltd(600519) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Luzhou Laojiao Co.Ltd(000568) and so on were overweight, Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) and other new ten heavy positions. The home appliance industry sector was reduced, Ecovacs Robotics Co.Ltd(603486) and others withdrew from the top ten heavy positions, Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) and others were reduced.
Hu Xinwei wrote in the fourth quarter of huitianfu consumer industry, the largest of his current funds, “In the fourth quarter of 2021, the fund continued to focus on high-quality companies in the A-share consumer industry, continued its consistent investment style, maintained a stable position structure on the whole, and focused on the medium and long-term development trend of the consumer industry and the company’s core competitiveness. We also made continuous and dynamic adjustments to the composition. In the fourth quarter, we added brand traditional Chinese medicine consumer goods and new energy Investment in industries such as automobiles. “
Xiao Nan sticks to big consumption
At the end of the fourth quarter, the management scale of “consumption brother” Xiao Nan reached 54.146 billion yuan. Among them, the scale of e fund’s consumer industry stock fund reached 31.053 billion yuan.
According to the comprehensive positions of its funds, Xiao Nan still focuses on the large consumption sector, Wuliangye Yibin Co.Ltd(000858) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Oppein Home Group Inc(603833) , Haier Smart Home Co.Ltd(600690) , Muyuan Foods Co.Ltd(002714) are among the top ten positions.
According to the data of Yi Fang Da consumer industry equity fund holdings, the top five heavy positions are Baijiu shares: Kweichow Moutai Co.Ltd(600519) ranked first in the 3 billion 20 million position market position, followed by Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) and Anhui Gujing Distillery Company Limited(000596) . Beijing Shunxin Agriculture Co.Ltd(000860) and Shanghai Bairun Investment Holding Group Co.Ltd(002568) have been replaced by Oppein Home Group Inc(603833) and Haier Smart Home Co.Ltd(600690) in the fourth quarter. Overall, the top ten heavyweight stocks have been reduced to varying degrees.
According to Yi Fang Da Ke Shun opened mixed fund position data, the top ten heavy margin stocks mainly Baijiu and Chao play, although Kweichow Moutai Co.Ltd(600519) has been reduced by 127 thousand and 600 shares, but still sit on the top spot. Compared with the third quarter, Beijing Shunxin Agriculture Co.Ltd(000860) fell out of the top ten heavyweight stocks in the fourth quarter. In addition, bubble Mart was added to the top ten heavyweight stocks in the fourth quarter.
For the investment strategy and operation of the fund in the fourth quarter, Xiao Nan said that the game on short-term data is not the best choice. For example, once some consumer goods enter the sales recession, they will not improve for a long time; The huge capital expenditure at the high point of the industry will inevitably lead to the precarious cash flow at the low point. These lessons are very simple to recover, but it is easier to know than to do. We must examine our investment behavior with a more ruthless attitude in order to avoid or capture those natural accidents.
Based on this idea, the allocation of power and coal sectors was increased in the fourth quarter. Xiao Nan believes that a possible and reasonable accident caused by this round of new energy revolution is that traditional energy is becoming more and more valuable – with the promotion of new energy, the supply of traditional energy is becoming more and more tense. Secondly, Xiao Nan has arranged some leading companies in the fine molecule industry that are not fully recognized by the market – for such companies, the accumulation from quantitative change to qualitative change itself will bring “reasonable accidents” to the market.
This quarter we adjusted the structure of food and beverage sectors, reduced the middle and low end Baijiu which was affected by the epidemic. Meanwhile, we adjusted the changes of other sectors according to the pattern and supply and demand. In addition, Xiao Nan also continued to buy related companies in the fashion industry. Although the stock price has not performed well in the short term, Xiao Nan believes that these emerging business models and product forms will eventually be recognized by the market.
Li Xiaoxing:
heavy warehouse Contemporary Amperex Technology Co.Limited(300750) , Focus Media Information Technology Co.Ltd(002027) etc.
“Lonely thoughts are well hidden.” This distracted text of the quarterly report made Li Xiaoxing of Yinhua Fund “circle powder” again.
In 2011, Li Xiaoxing became a monk halfway and took a “routine road” from industry researcher to fund manager. He was sought after by funds for his outstanding performance. At the end of last year, the management scale reached 52.45 billion yuan and became one of the top fund managers.
With regard to his investment strategy and operation, Li Xiaoxing used more than 5000 words to analyze the holders in the 2021 fourth quarter report of the fund he managed. From the top ten heavy positions he managed, the configuration is more balanced, which has actively arranged Contemporary Amperex Technology Co.Limited(300750) in the new energy field, and also has laid out Baijiu stocks such as Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Wuliangye Yibin Co.Ltd(000858) , Kweichow Moutai Co.Ltd(600519) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) and so on, and has also arranged Wuxi Apptec Co.Ltd(603259) , Chongqing Zhifei Biological Products Co.Ltd(300122) , etc.
Looking forward to 2022, Li Xiaoxing summarized his view as “carbon neutralization, stable consumption, focusing on core assets”. He said that looking forward to the dimension of 2-3 years, the economy will gradually rise to a higher level; Liquidity will gradually return to normal. The leading edge of leading companies in the past year has not decreased, but increased in many industries, and then the valuation of many companies has become relatively cheap in the industry. The performance time of high-quality companies will come sooner or later. Just like after 2015, when the liquidity tide fades, it is a sweet time for the performance of high-quality leading companies.
Yang Ruiwen:
Hangzhou Silan Microelectronics Co.Ltd(600460) , Sunwoda Electronic Co.Ltd(300207) , Guangzhou Shiyuan Electronic Technology Company Limited(002841) ranked among the top three
“Top flow fund manager” Jingshun Great Wall Yang Ruiwen also often writes “long distracted words” in the quarterly report, with frequent golden sentences. By the end of last year, the fund scale managed by Yang Ruiwen was close to 50 billion yuan, reaching 48.25 billion yuan.
According to the data, Yang Ruiwen’s top four heavy positions at the end of last year were Hangzhou Silan Microelectronics Co.Ltd(600460) , Sunwoda Electronic Co.Ltd(300207) , Guangzhou Shiyuan Electronic Technology Company Limited(002841) , Raytron Technology Co.Ltd(688002) , with a market value of more than 2 billion. In addition, he also held heavy positions in Anhui Jianghuai Automobile Group Corp.Ltd(600418) , Wingtech Technology Co.Ltd(600745) , purple National emblem, Beijing Roborock Technology Co.Ltd(688169) .
Yang Ruiwen wrote in the quarterly report that looking forward to 2022, the challenge of economic growth is huge after the real estate freezes.
In the face of these challenges, it is expected that steady growth measures will be introduced one after another, and strong fiscal policy and loose monetary policy are expected to work together. Liquidity spillover caused by loose monetary policy is also inevitable. Under our strong foreign exchange control, the capital market is expected to be the main destination of liquidity.
From the past history, in the years with abundant liquidity, A-Shares have never performed poorly. However, the main risk of the market may not come from China, but more likely from overseas. The inflationary pressure in the United States and the possible interest rate hike cycle will have an impact on global liquidity and risk appetite. China’s liquidity tends to be loose and overseas liquidity may be tightened. In contrast, the performance of the two may be very different. Overseas fluctuations are more likely to be a one-time blow to the risk appetite of a shares, which will not affect the bull trend of A-Shares in theory. Under the background of China’s excess liquidity, the A share market is like soap water. It is more likely that the bubble is constantly emerging and annihilated. It is difficult to see a big adjustment in the market, and more likely to be a wheel structure market.
Where do the opportunities for A-Shares come from? Periodic opportunities will appear in industries related to steady growth, and there may be some valuation repair in real estate and related industrial chains. However, these are phased opportunities, not the future. We still have to choose the future for our investment. Therefore, we believe that there are greater opportunities for high-quality technology leading white horse stocks and small and medium-sized market leaders represented by specialized Texin. The promising directions are semiconductors, electric smart cars, metauniverse and AR / VR, as well as small and medium-sized market leaders represented by “specialization and innovation”.
Feng Bo:
heavy warehouse Longi Green Energy Technology Co.Ltd(601012) , Goertek Inc(002241) , Midea Group Co.Ltd(000333)
At the beginning of 2021, yifangda competitive advantage enterprises managed by Feng Bo issued a mixed issue, which attracted nearly 240 billion subscription funds one day, breaking the subscription record of new funds in the history of public funds. Feng Bo became a fund manager with high market attention, and the scale he managed reached 46.92 billion yuan at the end of last year.
In the quarterly report of the fund under management, Feng Bo reviewed the investment in the fourth quarter and wrote that the industry has mainly increased the allocation of automobile industry chain, photovoltaic, express and other industries. In terms of individual stocks, the allocation of individual stocks benefiting from economic restructuring, strong enterprise competitiveness, stable growth and reasonable valuation has been increased.
According to Feng Bo’s top ten heavyweight stocks at the end of last year, they are mainly configured with Longi Green Energy Technology Co.Ltd(601012) , Goertek Inc(002241) , Midea Group Co.Ltd(000333) , Luzhou Laojiao Co.Ltd(000568) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Great Wall Motor Company Limited(601633) , Wuliangye Yibin Co.Ltd(000858) , Geely Automobile and China Resources beer, with a market value of more than 1.2 billion yuan.
Feng Bo wrote in the quarterly report that the general secretary of Xi Jinping pointed out many times that “today’s world is experiencing great changes that have not been seen in a century”. “Change” is very obvious in the political and economic life of the past few years. Especially in the past two or three years, China’s foreign economy has been undergoing great changes under the influence of international political relations, epidemic situation, science and technology and policies. The capital market is the projection of the real world in the financial field, and the changes of economy are fully reflected in the capital market.
In the short term, these changes may affect the short-term profits of some enterprises; In the medium term, it may affect the upward or downward cycle of some industries; However, from a more macro perspective, these changes may change the structure of China’s economy and the business logic of some industries. Therefore, these changes will have a far-reaching impact on the operation of the capital market.
Qu Yang:
heavy warehouse Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750)
Qu Yang is also a fund manager who has attracted much attention from the market. He is a distinctive fund manager with a doctor’s degree in the computer department of Tsinghua University. He is a fund manager with a unique international perspective who has rarely managed QDII funds and A-share funds in the industry.
Qu Yang’s investment philosophy is to seek a good company in the sunrise industry from a long-term perspective. At the end of the fourth quarter of last year, the top six heavy positions of Quyang management fund were Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Goertek Inc(002241) , Byd Company Limited(002594) , China stock market news, etc., with a market value of more than 3 billion. In addition, it also held China Resources Power, Xiamen Faratronic Co.Ltd(600563) , Eve Energy Co.Ltd(300014) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) .
Qu Yang said in the 2021 fourth quarter report on the comparative advantages of Qianhai open source countries that the fund maintained a high position, focusing on the allocation of targets in the directions of food and beverage, new energy, medical treatment, consumer electronics and wealth management. Positions will be mainly held by high-quality companies in Chaoyang industry, and strive to obtain sustained and stable excess returns.
Zhao Yi:
heavy warehouse Contemporary Amperex Technology Co.Limited(300750) , China Zhenhua (Group) Science & Technology Co.Ltd(000733) etc.
In 2020, ABC Huili industry 4.0 managed by Zhao Yi became the annual income champion of the fund with a yield of 166.56%. Three products also managed by him, including the new energy theme of ABC Huili, the selected research of ABC Huili and the three-year fixed opening of ABC Huili Begonia, ranked second to fourth. This is a rare phenomenon of “one person in the top four” in the history of the fund industry. Zhao Yi has also become one of the top fund managers in the market.
At the end of last year, Zhao Yi’s first and second largest positions were Contemporary Amperex Technology Co.Limited(300750) , China Zhenhua (Group) Science & Technology Co.Ltd(000733) , with a market value of 3.329 billion and 3.042 billion. In addition, he also held Shanghai Putailai New Energy Technology Co.Ltd(603659) , Guangzhou Tinci Materials Technology Co.Ltd(002709) , Yunnan Energy New Material Co.Ltd(002812) , Shenzhen Capchem Technology.Ltd(300037) , Wingtech Technology Co.Ltd(600745) with a market value of more than 2 billion.
Zhao Yi pointed out in the quarterly report that, on the one hand, in the short term, since December 2021, companies dominated by new energy have made continuous adjustments due to large increases in the early stage and differences in future expectations. The decline of share price also means the release of risks. It is necessary to base on fundamentals and choose competitive companies; On the other hand, some companies will enter the performance forecast period one after another, and industries with inflection points or accelerated performance will deserve special attention.
Zhao Yi said that he would pay more attention to the direction of “increment”. One is the direction of increasing demand brought by technological progress, including new energy and 5g applications; The other is the direction of making up for weaknesses under the setting tone of “China’s big cycle is the main body, and China’s international double cycle promotes each other”.
GUI Kai: Shandong Sinocera Functional Material Co.Ltd(300285) , Thunder Software Technology Co.Ltd(300496) ,
Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) is the top three heavyweight stocks
GUI Kai of Harvest Fund is also a top-level fund manager concerned by the market. At the end of last year, he managed a fund scale of 41.38 billion yuan.
GUI Kai’s investment philosophy is that value investment tends to grow. He believes that the core of investment is the continuous growth of the internal value of the enterprise, rather than the return of the average value of valuation. He is based on the long-term and looks for good companies and businesses that can continuously improve the internal value.
GUI Kai wrote in the quarterly report that the investment focus in the fourth quarter of last year was still focused on high-quality growth enterprises in line with China’s long-term economic restructuring and industrial transformation and upgrading. By the end of the fourth quarter, the positions of harvest emerging growth fund under his management were technology, advanced manufacturing, medicine and consumption.
According to the data, the top six heavy positions of GUI Kai are Shandong Sinocera Functional Material Co.Ltd(300285) , Thunder Software Technology Co.Ltd(300496) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Centre Testing International Group Co.Ltd(300012) , Glodon Company Limited(002410) , Sg Micro Corp(300661) respectively, with a market value of more than 2 billion.
In addition, it also holds Sangfor Technologies Inc(300454) , Huichuang technology, Ecovacs Robotics Co.Ltd(603486) , Hangzhou Great Star Industrial Co.Ltd(002444) .
Feng Mingyuan:
heavy warehouse Shanghai Putailai New Energy Technology Co.Ltd(603659) , Zte Corporation(000063) etc.
Feng Mingyuan, the post-80s generation, is the representative of the Mesozoic fund manager. He has been a fund manager for only more than five years, but he has created very leading performance and has become the “top fund manager” of the industry with his strength.
By the end of last year, Feng Mingyuan currently managed 9 funds, with a management scale of 41.09 billion yuan. From the perspective of Xinda Aoyin new energy industry under his management, the management began on October 19, 2016. As of January 24, 2022, the return on employment reached 367.36% and the annualized return was 33.98%, which well grasped the investment opportunities in the field of science and technology in recent years.
By the end of last year, the top five heavyweight stocks managed by Feng Mingyuan were Shanghai Putailai New Energy Technology Co.Ltd(603659) , Zte Corporation(000063) , Tianqi Lithium Corporation(002466) , Guangdonghectechnologyholdingco.Ltd(600673) and Contemporary Amperex Technology Co.Limited(300750) . Except that the market value of Shanghai Putailai New Energy Technology Co.Ltd(603659) reached 1.355 billion, other holdings were less than 1 billion. In addition, it also heavily positions Sunwoda Electronic Co.Ltd(300207) , Xiamen Faratronic Co.Ltd(600563) , Shenzhen Sunnypol Optoelectronics Co.Ltd(002876) , Hunan Zhongke Electric Co.Ltd(300035) , Henan Huanghe Whirlwind Co.Ltd(600172) and so on.
Feng Mingyuan pointed out in the quarterly report of Xinda Aoyin new energy industry that in the fourth quarter of 2021, although there were some new changes in the market, such as the high shock of the new energy sector, the gradual out of the weak state of the undervalued sector, 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.
Feng Mingyuan 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. China will emerge a large number of great enterprises in this process, hoping to grow with these great enterprises.
rationally view the “star effect” of fund managers
At present, the information flow is very rapid. In the Internet era, it is easy to form a winner take all situation, and the funds are quickly concentrated to fund managers and head companies with long-term performance. Many people believe that “big funds” are becoming a trend in the development of active equity funds.
In the future, with the improvement of the investment experience brought by the excellent return performance of blue chip funds, the stickiness of investors will become more prominent, and the concentration of blue chip fund managers will also be improved. In the future, star fund managers will continue to emerge, thus forming the phenomenon of “explosion”.
This is because first, as investors’ investment ideas gradually mature and change to value and fundamentals, they will be more willing to hand over professional things to professional institutional management; Second, the proportion of institutional investors increased. From the perspective of the long-term performance of public funds, the performance of excellent funds is bright, so investors have higher and higher recognition of the investment ability of institutions.
However, it is worth noting that in 2021, it was difficult for big tycoons to dance. Many large star fund managers make complaints about their products, even in many forums. There are market reasons behind this, and it is also related to the large scale of the fund and the high cost of warehouse adjustment. This problem does appear in the process of the rapid development of the industry. Both fund managers and fund companies need to be gradually improved to match the research investment capacity and scale.
Investors also need to be more rational. They should pay attention to the matching of the fund manager’s ability circle with the current market environment and his management scale. They should not blindly layout a “fund boss”.
At the same time, fund companies should also start from the interests of investors and long-term, do not blindly pursue scale, pay attention to investor education and output correct investment values for investors.
Big fund adjustment! The latest list of top 100 heavy positions, top 50 increased positions and top 50 reduced positions was announced
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
