On January 24, the fourth quarter report of 2021 of public funds was disclosed. On the whole, consumer stocks have once again become the preferred investment direction of public funds, and the market value of the fund’s holdings of Luzhou Laojiao Co.Ltd(000568) and Kweichow Moutai Co.Ltd(600519) has increased the most; Pharmaceutical stocks have become the main direction for the reduction of public funds. Among the top 10 stocks with the largest reduction in market value, pharmaceutical stocks accounted for 5 seats. At the end of the fourth quarter of 2021, the stock position of public funds increased steadily, but the shareholding concentration decreased further, and the dispersion of positions has also become the consensus of many “top flow” fund managers.
consumption is the main increase direction
Different from the overall increase of individual shares in the new energy industry chain by public funds in the third quarter of 2021, Tianxiang data shows that in the fourth quarter of 2021, Luxshare Precision Industry Co.Ltd(002475) was increased most by public funds, and the market value of shares increased by 26.268 billion yuan. Consumer stocks become the main direction of increasing the market value of public offering funds, and the market value of public offerings of Baijiu Luzhou Laojiao Co.Ltd(000568) and Kweichow Moutai Co.Ltd(600519) has increased significantly.
As of December 31, 2021, the fund held the highest market value of 10 A shares, Baijiu shares occupy 3 seats, namely Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) . It is worth mentioning that Kweichow Moutai Co.Ltd(600519) has returned to the throne of the largest heavy position stock of public funds. At the end of the third quarter of 2021, the market value of Kweichow Moutai Co.Ltd(600519) held by public funds decreased by 17.229 billion yuan, which made Kweichow Moutai Co.Ltd(600519) lose the name of the largest heavy stock of public funds for the first time since the third quarter of 2019 and replace it with Contemporary Amperex Technology Co.Limited(300750) . In the fourth quarter of 2021, although the market value of Contemporary Amperex Technology Co.Limited(300750) held by public funds increased by 2.84 billion yuan, Kweichow Moutai Co.Ltd(600519) became the largest heavy stock of public funds again.
Liu Yanchun of Jingshun Great Wall Fund believes that from a global perspective, the investment side lagging behind the recovery of consumption is expected to gradually return to normal, and the market style will be rebalanced. Hou Hao, a business investment fund, pointed out that the valuation of Baijiu sector has dropped to a reasonable allocation interval, and that the consumption of the liquor sector is stronger than expected under the steady economic growth. Baijiu has better allocation value. Yinhua Fund Li Xiaoxing believes that in the field of segmentation, the high-end liquor and the second high-end varieties with national expansion potential are currently in good value. Baijiu has been added to the Baijiu because of the high certainty of the medium and long term performance.
pharmaceutical stocks were successively reduced
The pharmaceutical sector became the sector with the largest decrease in the market value of fund holdings in the fourth quarter of 2021. Among the top 10 stocks with reduced market value held by the fund, pharmaceutical stocks occupy 5 seats, including Wuxi Apptec Co.Ltd(603259) , Topchoice Medical Co.Inc(600763) , Aier Eye Hospital Group Co.Ltd(300015) , Chongqing Zhifei Biological Products Co.Ltd(300122) , Pharmaron Beijing Co.Ltd(300759) . However, pharmaceutical stocks experienced a sharp correction in the fourth quarter of 2021, and the decrease in the market value of holdings was not entirely due to the active reduction of holdings by fund managers.
Zhao Bei of ICBC Credit Suisse Fund said that in the early fourth quarter of 2021, it reduced its holdings of some second-line stocks in the CXO field with high valuation, increased its holdings of some stocks with stable growth of undervalued value, and the stock position of ICBC Frontier Medical under its management decreased by 3.22 percentage points month on month at the end of the fourth quarter of 2021.
China Europe Fund Glenn believes that China’s innovative drug industry chain is expected to remain in a high-profile state for a long time. Zhao Bei said that after this round of adjustment, some biomedical stocks have entered the stage of relatively reasonable valuation, the investment and financing heat of the primary market remains at a high level, and the innovative drugs and innovative drugs industry chain will remain in a high growth state in the future.
position dispersion has gradually become a consensus
At the end of the fourth quarter of 2021, the overall stock position of public funds increased steadily, but the dispersion of positions has become the consensus of many fund managers. “The most difficult stage of investment has passed.” Liu Yanchun said that the market style will be rebalanced in 2022.
According to the data of Tianxiang investment consulting, under comparable data, the average position of all public fund stocks at the end of the fourth quarter of 2021 was 74.44%, an increase of 2.84 percentage points over the previous quarter. Among them, the average stock position of equity open-end funds was 88.49%, compared with 86.85% in the previous quarter; The average stock position of hybrid open-end funds was 71.51%, compared with 68.55% in the previous quarter. At the same time, the shareholding concentration of public funds (the proportion of the top 10 heavyweight stocks in the fund’s positions) further decreased. In the fourth quarter of 2021, the shareholding concentration of all public funds was 55.87%, compared with 58.57% in the previous quarter.
The stock position of Yinhua Xinyi managed by Li Xiaoxing at the end of the fourth quarter of 2021 was 94.59%, an increase of 1.86 percentage points over the previous quarter, but its position was further dispersed, and the number of individual stocks accounting for more than 5% of the net asset value of the fund decreased to 5 from 7 at the end of the previous quarter. At the end of the fourth quarter of 2021, the top 10 heavyweight stocks of the fund accounted for 52.98% of the net asset value of the fund, compared with 57.87% in the previous quarter.
The China Europe Innovation future managed by Zhou Yingbo has also decentralized its positions. Except that the positions of two stocks, Shunyu optical technology and Luxshare Precision Industry Co.Ltd(002475) , account for more than 9% of the net asset value of the fund, five stocks account for about 3% of the net asset value of the fund. At the end of the previous quarter, eight stocks accounted for more than 4% of the fund’s net asset value.
Zhao Yi of ABC Huili fund also conducted decentralized operation. At the end of the fourth quarter of 2021, among the top 10 heavyweight stocks of ABC Huili new energy, there were no stocks accounting for more than 8% of the fund’s net asset value, and the number of stocks accounting for more than 6% of the fund’s net asset value decreased to 7 from 8 in the previous quarter.
Although Ge Lan further increased its position Wuxi Apptec Co.Ltd(603259) , among the top 10 heavyweight stocks, the proportion of positions in other stocks decreased. The proportion of Aier Eye Hospital Group Co.Ltd(300015) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) and other stocks in the net asset value of China EU medical and health fund decreased by more than 2 percentage points.
