2021 is a year when many top stream fund managers are eclipsed. At the same time, many cutting-edge fund managers are emerging, such as Cui Chenlong of Qianhai open source fund, Yang Jinjin of BOCOM Schroeder fund, Liu Changchang of Hua’an fund, etc.
With the disclosure of the four seasons, the positions of these cutting-edge fund managers have also been exposed. Compared with investment veterans who have been fighting on the battlefield for many years, the style of these cutting-edge fund managers is more distinctive and aggressive, and the range of position adjustment is also more open and close.
For example, Cui Chenlong’s position is still dominated by new energy, in which several new energy operators of Hong Kong stocks have significantly increased their positions, and at the same time, they have heavy positions in Byd Company Limited(002594) shares of Hong Kong stocks and Byd Company Limited(002594) shares of a shares; Yang Jinjin’s position was further dispersed, and six heavy position stocks were replaced; Liu Changchang significantly increased his position of Guangzhou Great Power Energy&Technology Co.Ltd(300438) , making him not only new to the top ten but also the largest heavy position stock.
Cui Chenlong increased his position as a new energy operator and heavily placed Byd Company Limited(002594) ah shares
Recently, some cutting-edge fund managers released the four seasons report, including Cui Chenlong, the winner of the public offering champion in 2021.
Taking Qianhai Kaiyuan public utility as an example, the fund’s position in the fourth quarter was still dominated by new energy, among which there were several green power stocks in the Hong Kong stock market, such as China Resources Power, Huaneng Power International Inc(600011) power shares, China power, etc., and China Resources Power was still the largest heavy stock; In addition, the fund also heavily positions Byd Company Limited(002594) shares of Hong Kong shares and Byd Company Limited(002594) shares of a shares, ranking fifth and ninth respectively.
By the end of 2021, the scale of Qianhai Kaiyuan public utilities was 25.816 billion yuan, an increase of 9.187 billion yuan compared with the end of the third quarter; The total management scale of Cui Chenlong also reached 40.962 billion yuan, a sharp increase of 5977.45% compared with 674 million yuan at the beginning of 2021.
\u3000\u3000 “At present, the whole human society is at a major turning point in the energy revolution. As representatives of the production end and application end of the energy revolution, photovoltaic and lithium batteries have huge growth space in the face of this major historical opportunity. Therefore, we are firmly optimistic about the investment opportunities around the core theme of the energy revolution of human society. New energy operators have begun to improve their business models and are in the process of development The certainty of long-term growth is high. Compared with the manufacturing end, it has lower penetration rate, strong operation stability and large development space in the future. We will pay attention to the medium and long-term investment opportunities of new energy operating enterprises. ” In the quarterly report, Cui Chenlong firmly expressed his optimism about photovoltaic, lithium battery, new energy operators and other directions.
However, it is worth noting that since the fourth quarter of 2021, the overall fluctuation of the new energy sector has increased. Cui Chenlong frankly said that “the possibility of continuous fluctuation in the short term is not ruled out”, but said that he would continue to adhere to the above investment main line and adhere to the long-term investment concept in the market fluctuation. At the same time, he also hoped that all investors would invest rationally and adhere to the long-term investment concept, Do not make short-term and blind investment to avoid unnecessary losses.
Yang Jinjin reduces shareholding concentration and pays attention to inflection point opportunities
In addition, a number of “line drawing fund managers” have emerged in 2021, such as Yang Jinjin of BOCOM Schroeder fund and Liu Changchang of Hua’an fund.
As a representative of BOCOM trend hybrid fund, Yang Jinjin earned 81.45% in 2021, ranking among the top 10 active equity funds. The four seasons report showed that the fund continued its relatively decentralized position style, and the shareholding concentration further decreased. The total weight of the top ten heavy positions was only 22.59%.
Specifically, the fund has a large range of position adjustment, Hangzhou Juheshun New Material Co.Ltd(605166) , Zhejiang Zheneng Electric Power Co.Ltd(600023) , Suzhou Etron Technologies Co.Ltd(603380) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) , Phichem Corporation(300398) , Senci Electric Machinery Co.Ltd(603109) and other six stocks have newly entered the top ten. The once largest heavy position stock Zhe Jiang Taihua New Material Co.Ltd(603055) has been reduced to the fourth largest heavy position stock, and Henan Mingtai Al.Industrial Co.Ltd(601677) ranks the first heavy position.
Looking back on the market in 2021, Yang Jinjin believes that what the small and medium-sized sectors have experienced in the past year is not the so-called overall “style switching”, but the “value discovery” of some stocks. In other words, a large source of opportunities in 2021 is to identify “what has happened but the market does not recognize”. As long as investors look at the simplest income statement without prejudice, they can identify many obvious individual stock opportunities.
However, he believes that the market in 2022 is expected to return to the normal state, that is, there is no systematic underestimation and overestimation between sectors and individual stocks. The new sources of individual stock opportunities are from identifying “what has happened but the market does not recognize” to predicting “what will happen and changes in the industry and individual stocks in the future”, and judging how the market will interpret them.
To be more specific, the sources of new opportunities in 2022 are expected to come from inflection point opportunities, including company inflection point and industry inflection point. With the return of the market normal value discovery system, the time point of investment research intervention needs to be advanced, and the cognitive system and investment research framework should also change accordingly. It is far more difficult to judge what will happen in the future than to recognize what has happened. Therefore, how to further improve the investment research framework and strive to improve the portfolio yield according to the changes of the external environment is the main work in 2022.
Liu Changchang significantly increased his position Guangzhou Great Power Energy&Technology Co.Ltd(300438) , and will carefully look for opportunities in 2022
Liu Changchang, also an ABB fund manager, has been sought after by investors since last year. By the end of the fourth quarter, its management scale had increased to 17.852 billion yuan, an increase of 90 times compared with 196 million yuan at the beginning of the year.
Taking Hua’an sports and sports health as an example, Liu Changchang’s position adjustment range in the fourth quarter was also large, of which Guangzhou Great Power Energy&Technology Co.Ltd(300438) obtained a significant increase in positions, not only entering the top ten stocks, but also ranking the first heavyweight stocks. The stock rose 72.41% in the fourth quarter, which contributed a lot to the fund’s earnings.
In addition, the fund also increased its positions in Jiangsu Yoke Technology Co.Ltd(002409) , Focus Media Information Technology Co.Ltd(002027) , Huadian technology, Zhejiang Medicine Co.Ltd(600216) and reduced its holdings in Jiangsu Azure Corporation(002245) , Perfect World Co.Ltd(002624) , China Tourism Group Duty Free Corporation Limited(601888) . The total proportion of the top ten heavy positions is only 26.7%, which is also relatively scattered.
Looking forward to the first quarter of 2022, Liu Changchang predicts that various policies during the epidemic period will gradually withdraw gently. At the same time, due to the high overall valuation level of stocks and the compression of medium and long-term yield space, the valuation and profit trend will pose the challenge of investment in 2022 and increase the uncertainty of investment and stock selection.
“Nevertheless, choosing stocks that highlight growth and looking for the poor expectations of the market in this regard has always been the focus of our efforts.” Liu Changchang said that after the epidemic, with the great changes from energy generation to use brought about by the development of new energy, this industrial chain will continue to be the main line of stimulating economic growth in the future. She will always maintain a relatively high allocation level in this field.
In addition, in addition to growth opportunities, since the disturbance of the epidemic is far from over (whether on demand or supply), there are still many cyclical or undervalued investment opportunities in the economy due to phased mismatches, distortions or correcting these mismatches and distortions, which may also become a source of long-term returns. Moreover, in 2022, the steady growth policy will continue to work, which has also become an important direction for investment and stock selection.
“To sum up, we will look for investment opportunities more carefully in 2022.” Liu Changchang said that he was worried that the market risk preference in the first quarter might still fall in stages, and would continue to pay attention to the directions of domestic consumption, modern services, high technology and oligarch manufacturing, and choose the investment target with high risk return ratio to build the investment portfolio.
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