With the disclosure of the fund’s four seasons report, the positions of many star fund managers have surfaced, some of which are interesting.
For example, Zhu Shaoxing of Wells Fargo fund, the growth mix of Wells Fargo Tianhui managed by him, has three new faces in the top ten heavyweight stocks in the fourth quarter of 2021, Changchun High And New Technology Industries (Group) Inc(000661) is one of them, and the stock has fallen by the limit continuously recently, falling by more than 7% on January 24.
Liu Yanchun managed the new growth mix of the Great Wall, and the the Great Wall mixed with the Baiyun baijiu. HSBC Jinxin intelligent manufacturing Pioneer stock managed by Lu Bin bought back Contemporary Amperex Technology Co.Limited(300750) in the fourth quarter after selling Contemporary Amperex Technology Co.Limited(300750) in the third quarter of 2021.
In addition, Xingzheng Global’s funds also disclosed the fourth quarter report of 2021. From the perspective of the two funds that Dong Chengfei had left office, not only did they increase their positions on a large scale, but also the top ten heavyweight stocks changed significantly. Xie Zhiyu made some adjustments in the fourth quarter of last year, such as the three year’s mix of the whole society and the Kwai Chung -W, and the fast hand -W entered the top ten heavy positions.
Zhu Shaoxing: three new stocks in the fourth quarter
Zhu Shaoxing, who has managed a fund for more than 16 years, is a rare public offering “veteran” in the market. On the 24th, the Wells Fargo Tianhui growth mix under his management also disclosed the fourth quarter of 2021.
On the whole, it still maintains a high position operation. The proportion of stock positions in the total assets of the fund increased slightly from 93.42% at the end of the third quarter of 2021 to 93.53% at the end of the fourth quarter, and the change is almost negligible.
In terms of the top ten heavyweight stocks, three new faces appeared, namely Luxshare Precision Industry Co.Ltd(002475) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) and Changchun High And New Technology Industries (Group) Inc(000661) , while Yantai Jereh Oilfield Services Group Co.Ltd(002353) , Shenzhen S.C New Energy Technology Corporation(300724) and Shanghai Baosight Software Co.Ltd(600845) faded out of the top ten.
One of the most noteworthy is Changchun High And New Technology Industries (Group) Inc(000661) . The stock has a continuous decline limit in the previous trading days, but the proportion of the stock in the net assets of the fund is only 2.01%. If it is not sold after 2022, without considering the performance of other stocks, the impact of one-day decline limit is estimated to be about 0.2%. From the perspective of the rise and fall of the net value of the fund, in the first three trading days, it was negative in two days, and the decline in one day did not exceed 1%, and it was positive in one day, so it can be seen that the impact was small.
Zhu Shaoxing said in the fourth quarter: “The positive aspect is that in the core assets, the early share price of some high-quality targets has retreated significantly, and the valuation attraction has increased. In the future, we will still focus on finding value in high-quality stocks and turning more ‘stones’. We do not have the reliable ability to accurately predict the short-term trend of the market, but focus on patiently collecting high-quality stocks with broad prospects Show the company and wait for the realization of the value created by the company itself and the periodic return of market sentiment. “
Liu Yanchun: lighten the liquor stocks
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.
From the perspective of these two funds, the top ten heavyweight stocks in Jingshun Great Wall emerging growth mix have not changed at all, and are still Kweichow Moutai Co.Ltd(600519) , Luzhou Laojiao Co.Ltd(000568) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Wuliangye Yibin Co.Ltd(000858) , China Tourism Group Duty Free Corporation Limited(601888) , Wuxi Apptec Co.Ltd(603259) , Guangdong Haid Group Co.Limited(002311) , Anhui Gujing Distillery Company Limited(000596) , Midea Group Co.Ltd(000333) and Hangzhou Hikvision Digital Technology Co.Ltd(002415) .
Although the subject matter of the position has not changed, the number of shares held has changed. The number of shares held by Kweichow Moutai Co.Ltd(600519) decreased from 2.9134 million shares at the end of the third quarter of last year to 2.4615 million shares at the end of the fourth quarter, the number of shares held by Luzhou Laojiao Co.Ltd(000568) decreased from 24.4 million shares to 19.2 million shares, and the number of shares held by Wuliangye Yibin Co.Ltd(000858) decreased from 23.1017 million shares to 20.9641 million shares.
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. “
Yang Ruiwen: optimistic about power semiconductor and automotive semiconductor
Yang Ruiwen is another star fund manager of Jingshun Great Wall, with a management scale of nearly 50 billion yuan. At present, there are 8 products under management. Among the eight products, there are track products and stock selection products in the whole market. Among them, the management time of Jingshun Great Wall preferred mixing is the longest, more than 7 years, and the management time of Jingshun Great Wall environmental protection advantage stock is also more than 5 years.
From the fourth quarter of the preferred mix of Jingshun Great Wall, the stock position is not high, accounting for only 77.2% of the total assets of the fund. The biggest change of the top ten heavy positions is that Anhui Jianghuai Automobile Group Corp.Ltd(600418) enters the top ten and Jiangsu Yoke Technology Co.Ltd(002409) fades out of the top ten.
Looking at Jingshun Great Wall environmental protection advantage stocks, the direction of warehouse adjustment is also relatively consistent, Anhui Jianghuai Automobile Group Corp.Ltd(600418) also entered the top ten, and Beijing Kingsoft Office Software Inc(688111) exited the top ten.
It is worth mentioning that Yang Ruiwen is also a fund manager who prefers to write Quarterly “composition”. In the fourth quarter of this time, he once again analyzed the market and shared promising industries. Especially with regard to the semiconductor industry, it is difficult to hide the optimism about this sector in words, especially about power semiconductors and automotive semiconductors.
He even said: “technology stocks may not be a question of whether to invest, but how to invest. Perhaps, if we ignore today’s Chinese technology stocks, it will be like ignoring American technology stocks a decade ago. The abandonment of the times will not even say goodbye. The rise of China cannot leave the rise of technology, and the future probability of A-Shares will be deduced in this way.”
Lu Bin: continue to buy Contemporary Amperex Technology Co.Limited(300750)
Lu Bin of HSBC Jinxin is a new generation of fund manager with outstanding performance emerging in recent years, with a management scale of more than 30 billion yuan.
Lu Bin currently manages five products, of which both HSBC Jinxin intelligent manufacturing Pioneer stock and HSBC Jinxin low-carbon Pioneer stock have been managed for more than two years. From the fourth quarter of HSBC Jinxin intelligent manufacturing Pioneer stock, the biggest attraction is to buy back Contemporary Amperex Technology Co.Limited(300750) . The reporter noted that the fund held Contemporary Amperex Technology Co.Limited(300750) heavily at the end of the second quarter of last year, but there was no trace of Contemporary Amperex Technology Co.Limited(300750) at the end of the third quarter, which is equivalent to buying back this time.
In addition, in terms of HSBC Jinxin low-carbon pioneer stocks, Lu Bin also increased his position on Contemporary Amperex Technology Co.Limited(300750) in the fourth quarter, and his shareholding increased from 1283200 shares at the end of the third quarter of last year to 1662500 shares at the end of the fourth quarter.
Lu Bin said in the fourth quarter of HSBC Jinxin dynamic strategy mix: “most of the risks of the fundamentals or valuation of some industries and styles we have been worried about before have been basically released. We believe that the main investment line in 2022 will be ‘return to value and high-quality growth’.”
“For 2022, we are mainly optimistic about three areas: first, the new energy industry represented by electric vehicles; actively looking for structural opportunities for stable competition and technological innovation. Second, the new materials and high-end equipment industry; third, the TMT industry represented by electronics and computers.” Lu Bin said in the fourth quarter of HSBC Jinxin intelligent manufacturing pioneer.
Dong Chengfei’s resignation fund’s heavy position stock exchange
Dong Cheng left his post unofficially a few days ago. In October last year, he actually resigned as the fund manager of the two funds he managed.
From the fund’s four seasons report just disclosed, the positions and heavy positions of the two funds have undergone great changes. Specifically, the first is the overall trend. The stock position increased from 65.35% at the end of the third quarter of last year to 85.24% at the end of the fourth quarter. The increase in position is very obvious.
At the same time, great changes have taken place in the top ten heavy position stocks, Zijin Mining Group Company Limited(601899) , Oppein Home Group Inc(603833) , Beijing New Building Materials Public Limited Company(000786) , Ping An Insurance (Group) Company Of China Ltd(601318) , Hubei Dinglong Co.Ltd(300054) , Shanghai Milkground Food Tech Co.Ltd(600882) have withdrawn from the top ten heavy position stocks, and the new top ten heavy position stocks are Shenzhen Sunlord Electronics Co.Ltd(002138) , Wingtech Technology Co.Ltd(600745) , Huaneng Power International Inc(600011) , China National Nuclear Power Co.Ltd(601985) , Unigroup Guoxin Microelectronics Co.Ltd(002049) and China stock market news.
The fund manager said in the four seasons: “The portfolio has adjusted its position from the perspective of counter cyclical adjustment and medium and long-term growth. Under the medium and long-term background of economic restructuring, major adjustment of energy structure and technological progress promoting the electronization of social life, there are some industries that will definitely benefit from this trend in the next few years, and many high-level investment opportunities have emerged, which are affected by the economy The pressure of economic cyclical adjustment is relatively small. In the process of counter cyclical adjustment, the liquidity environment is conducive to the stability of the valuation system of the stock market. Therefore, we will continue to be optimistic about this kind of growth stocks from a longer-term perspective. “
In terms of Xingxin new vision and fixed opening mix, the stock position of the fund increased from 53.56% at the end of the third quarter of last year to 84.70% at the end of the fourth quarter, with a more significant increase in position.
The top ten heavyweight stocks have also been significantly adjusted, Zijin Mining Group Company Limited(601899) , Poly Developments And Holdings Group Co.Ltd(600048) , Hubei Dinglong Co.Ltd(300054) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Shanghai Milkground Food Tech Co.Ltd(600882) , Beijing New Building Materials Public Limited Company(000786) , Oppein Home Group Inc(603833) , Songcheng Performance Development Co.Ltd(300144) all withdrew from the top ten, and only Sanan Optoelectronics Co.Ltd(600703) and China Vanke Co.Ltd(000002) were retained. The new top ten stocks include Sieyuan Electric Co.Ltd(002028) , Wingtech Technology Co.Ltd(600745) , Zhejiang Chint Electrics Co.Ltd(601877) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Zte Corporation(000063) , Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) and Yunda Holding Co.Ltd(002120) .
Housewarming said in the four seasons: “Structurally, we take the bottom-up selection of individual stocks in a long cycle as the primary strategy and pay attention to pricing protection, so as to grasp the part with greater certainty of obtaining income in a long cycle as far as possible in the environment with many short-term uncertainties. In the trade-off between income and risk, we are still more willing to put risk control and certainty in a long cycle in a more important position at the present stage At the same time, appropriately combine the medium and short-term macro and market factors to rebalance the aggressiveness of the portfolio, so as to have a better balance in the short-term and long-term return performance of the fund’s net worth. “
Xie Zhiyu has increased Kwai -W .
Xie Zhiyu, who has a cumulative management scale of more than 90 billion yuan, has also attracted the attention of investors. At present, there are four funds under his management. In addition to the above-mentioned Xingquan trend investment mix, there are Xingquan suitable mix, Xingquan social value three-year holding mix and Xingquan Herun mix.
First, from the perspective of Xingquan appropriate mix, the change of the overall stock position is not very obvious, rising slightly from 92.70% at the end of the third quarter of last year to 93.13% at the end of the fourth quarter. The top ten heavy positions, Hangzhou Hikvision Digital Technology Co.Ltd(002415) and Apeloa Pharmaceutical Co.Ltd(000739) quit the top ten, and the top ten of the top ten are Kwai -W and Wingtech Technology Co.Ltd(600745) .
Xingquan social value’s mixed positions held in the past three years changed similarly, rising slightly to 93.48% at the end of the fourth quarter from 92.02% at the end of the third quarter of last year. The top ten heavy positions, Tencent holdings, XinDa bio quit the top ten, the new ten of the top ten are -W and Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , of which Kwai Kwai bought the first big heavy position.
Xingquan Herun’s position also changed slightly, and its stock position rose slightly to 92.78% at the end of the fourth quarter from 92.01% at the end of the third quarter of last year. In terms of the top ten heavyweight stocks, Industrial Bank Co.Ltd(601166) withdrew from the top ten and Wingtech Technology Co.Ltd(600745) entered the top ten.
From the positions of these funds, the most important adjustment is the heavy position of Kwai -W. But Xie Zhiyu, as always, spared no words in the four seasons newspaper, repeatedly said: “mainly focus on the company’s core competitiveness, balance the company’s short-term valuation and long-term value. Constantly look for investment targets with good cost performance, and pay attention to excellent companies in the direction of long-term development.”
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