The disclosure of the four seasons report of public funds in 2021 is gradually coming to an end, including the fourth quarter position ideas of many star fund managers of Huaxia, e fund, GF, Xingquan, China Europe, Ruiyuan and other fund companies.
In the disclosed four seasons report of the fund, the only active equity fund managers with a management scale of more than 100 billion are e fund Zhang Kun and China Europe Fund Ge Lan, of which Ge Lan is a newcomer in the fourth quarter. According to the data, by the end of the fourth quarter of last year, the scale of all funds managed by Glenn was 110.339 billion yuan, an increase of 13.338 billion yuan over the third quarter. Zhang Kun’s management scale in the fourth quarter was 101.935 billion yuan, a decrease of 3.813 billion yuan over the end of the third quarter.
In terms of positions, Glenn focused on the industrial chain of innovative drugs, medical services and leading enterprises of high-quality generic drugs in the fourth quarter. According to the mixed four seasons report of China EU health care managed by her, as of the end of the fourth quarter of 2021, the stock position of the fund was 81.47%, down 8.15 percentage points month on month. Among the top ten heavyweight stocks, Wuxi Apptec Co.Ltd(603259) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) were significantly increased; Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) are new entrants; Chongqing Zhifei Biological Products Co.Ltd(300122) , Shanghai Medicilon Inc(688202) exit. Ge Lan said in the four seasons that the innovative drug industry chain is still the most promising direction for a long time. From the top-level design of policies at the national level to the innovation accumulation of Chinese enterprises in recent years, China’s innovative drug industry chain has been maintained in a high boom state for a long time.
At the end of the fourth quarter of last year, stock investment accounted for 94.23% of the total assets of the fund, and the position increased slightly month on month. At the same time, Zhang Kun added positions in technology and other industries in the fourth quarter, reducing the allocation of finance, medicine and other industries. Heavy warehouse stocks, Tencent holdings, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) were added, Ping An Bank Co.Ltd(000001) and Luzhou Laojiao Co.Ltd(000568) , Kweichow Moutai Co.Ltd(600519) and other Baijiu shares were lighten up. Zhang Kun believes that after the valuation digestion in 2021, the valuation of some high-quality enterprises has become attractive. In three to five years, the performance growth rate of enterprises will be projected into the growth of their market value.
In addition, the position adjustment of many star fund managers such as GF fund Liu Gesong, Ruiyuan fund Fu Pengbo and Xingquan fund Xie Zhiyu was also disclosed recently.
The GF small cap managed by Liu Gesong increased its holdings of Ja Solar Technology Co.Ltd(002459) , Chongqing Sokon Industry Group Stock Co.Ltd(601127) and other companies in the fourth quarter of last year. These two stocks also jumped from the 9th and 7th at the end of the third quarter to the 1st and 3rd largest heavy position stocks respectively. Companies such as Longi Green Energy Technology Co.Ltd(601012) , Sg Micro Corp(300661) , Eve Energy Co.Ltd(300014) , Boe Technology Group Co.Ltd(000725) were reduced by Liu Gesong in the fourth quarter, especially Eve Energy Co.Ltd(300014) and Boe Technology Group Co.Ltd(000725) were greatly reduced; Ruiyuan’s growth value managed by Fu Pengbo significantly increased its position Sanan Optoelectronics Co.Ltd(600703) in the fourth quarter, making it the largest heavyweight stock; In addition, Shandong Sinocera Functional Material Co.Ltd(300285) replaced Shenzhen Capchem Technology.Ltd(300037) and entered the top ten heavyweight stocks; At the same time, the fund slightly reduced its holdings of Luxshare Precision Industry Co.Ltd(002475) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Han’S Laser Technology Industry Group Co.Ltd(002008) and other stocks; Xie Zhiyu managed the Kwai Chung Kwai LOF (ten) of the top second heavy stocks, and Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Apeloa Pharmaceutical Co.Ltd(000739) and Haier Smart Home Co.Ltd(600690) (HK shares) disappeared, and fast hand and Wingtech Technology Co.Ltd(600745) went in, and the fast hand became the second largest heavy share.
The first quarterly report on foreign public offering was also unveiled recently. Tang Hua and Shan Xiuli, managers of BlackRock China new vision hybrid fund, said in the four seasons that since the establishment of the fund, the A-share market has been in a situation of frequent style switching and volatile game market. To this end, the fund has adopted a relatively stable position building strategy, and the overall industry configuration is relatively balanced. It is mainly distributed in food and beverage, consumer electronics, semiconductors, medical services, etc. at the same time, it has also appropriately distributed some growth bank stocks that it believes are undervalued.
It is worth noting that a number of fund managers in the field of new energy have prompted investment risks in the four seasons report. Zhao Yi, the fund manager of ABC Huili, said in the four seasons report on the theme of new energy managed by him that the price of silicon materials in the upstream of the photovoltaic industry began to loosen and the price in other links began to fall. From the perspective of fundamentals, there continues to be a game between the links of the industry. Considering that the stock price has been ahead of the fundamentals and the valuation has been very high, the price performance ratio is relatively poor, Enterprises with core competitiveness can only be selected in a longer time dimension. Zheng Zehong, a Chinese fund manager, also said in the four seasons newspaper that the short-term energy market of new energy is relatively high, and that the stock price of some sectors has shown a short-term bubble tendency. But in the medium and long term dimensions, the industry still has larger investment opportunities.
