The disclosure of regular reports of public funds is not only the source of market tracking fund managers’ investment ideas, but also an important window for fund managers to communicate with investors. More and more fund managers began to pay attention to the “fund manager report” column in the fund regular report, and some fund managers changed from “a few words” to “a thousand words”. With the disclosure of the fourth quarter report of public funds in 2021, the contents released by many fund managers are “distracted”.
The reporter of China Securities News combed the fund manager report column of “actively investing in equity funds” sorted out by Tianxiang investment adviser, and found that many key words revealed the mystery of fund manager investment allocation. “Consumption” has become the hottest keyword occupying position C, and the keywords in the growth direction such as new energy and semiconductors are also hot. In addition, in the context of steady growth, keywords such as “cycle” and “real estate” have also been repeatedly mentioned by many fund managers.
consumption occupies C place
The reporter of China Securities Journal made word frequency statistics on the fund manager report column in the four seasons report of 2021 and found that among active equity funds, “consumption”, “new energy”, “growth” and “cycle” are the most frequently mentioned keywords.
In terms of industry keywords, the word “consumption” ranks first among all keywords with a “appearance rate” of 739 times. This is the same as the main increase direction of the market value of public funds at the end of the fourth quarter of 2021. As of December 31, 2021, the fund held the highest market value of 10 A shares, Baijiu shares occupy three seats, namely Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) .
Xiao Fang, an easy fund, said that some negative factors of the consumer sector were eased, but there was no sign of a complete improvement. The consumption sectors such as Baijiu and household appliances were in the game market after the rebound. This shows that investors are still worried about the uncertainty of long-term variables such as policy, epidemic and macro-economy.
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 liquor sector is still strong under the expected economic growth. Baijiu sector still has better allocation value.
“Medicine” is also one of the high-frequency words mentioned in the industry. Ge Lan and Zhao Bei, two star pharmaceutical fund managers, are both optimistic about the innovative drug industry chain. Glenn believes that from the top-level design of the policy to the innovation accumulation of Chinese enterprises in recent years, China’s innovative drug industry chain has been maintained in a high-profile state for a long time. Zhao Bei said that the valuation of Hong Kong stock biomedical sector has entered a relatively reasonable stage, the investment and financing heat of the primary market remains at a high level, and the innovative drugs and innovative drug industry chain may still maintain a high growth state in the future.
In addition, in the context of steady growth, “cycle” and “real estate” are representatives of undervalued value, and their allocation value is also valued by many fund managers. The words “real estate” and “real estate” were mentioned 402 times in total, while “cycle” appeared 399 times.
Cao Mingchang, fund manager of China Europe Fund, said that under the premise of the policy of “stabilizing the economy”, industries with low valuation and close relationship with the macro economy, such as real estate, infrastructure, finance and optional consumption, may perform well in 2022. On the contrary, some industries that have “overdrawn” in the past few years may have insufficient stamina in the new cycle.
the heat in new energy and other directions will not decrease
In addition to consumption, new energy, semiconductors and military industry are all industries of great concern to the current market. According to the statistics of China Securities Journal, although the word “new energy” is less popular than “consumption”, it is still mentioned 490 times, and the word “automobile” is mentioned 341 times. In addition, “military industry”, “semiconductor”, “Electronics” and “manufacturing” are also high-frequency words. Although the market has some differences on these growth sectors due to high valuation, many “top flow” fund managers still maintain confidence in these directions.
Cui Chenlong of Qianhai open source Fund said that the world is currently at a major turning point in the energy revolution. As representatives of the production and application ends of the energy revolution, photovoltaic and lithium batteries have huge growth space in the face of this major historical opportunity. Therefore, they are firmly optimistic about the investment opportunities around the core theme of the energy revolution in human society. Cui Chenlong said that the possibility of continuous fluctuation in the short term is not ruled out, but from the perspective of long-term investment, he will continue to adhere to the above investment main line.
Zhao Yi of ABC Huili Fund said that for the photovoltaic industry, there continues to be a game between various links of the industry. When the valuation is already very high, the cost performance is relatively poor. For new energy vehicles, it still belongs to the sector with very high certainty and growth rate, and the production scheduling of leading enterprises in the whole battery industry chain is still at a high level. With the continuous expansion of the production capacity of front-line enterprises, the production level in the first quarter is still improving month on month. However, the sector will be divided in 2022. Considering that the battery link is in multi application resonance, companies with core competitiveness can be selected.
Cai Songsong of noan fund, which is famous for its heavy position in semiconductors, said that the market’s concern about the prosperity of the industry in the fourth quarter of 2021 dragged down the trend of the chip sector. However, in terms of industry, on the one hand, the shortage momentum of the chip industry may be more tense; On the other hand, some key technologies are about to usher in breakthroughs. In 2022, the industry is facing a strong logical tuyere with the superposition of the two. But now the company’s share price is mostly hovering at a low level, and the “scissors gap” between industry and share price is becoming larger and larger. Looking forward to 2022, the easing cycle is very beneficial to the capital market, and more attention needs to be paid to the industry itself. When there are differences in the market, it is a good opportunity to pay attention to and layout.
differentiation or will continue
For the description of market style, the words “differentiation”, “shock” and “structure” appeared 208, 193 and 102 times respectively.
GF fund Liu Gesong pointed out that in 2021, various assets in the market showed a relatively obvious rotation trend, and the performance of steel, coal, power utilities, upstream resource products, new energy and other sectors in the whole year was better than that of “core assets”. For the reasons for the style differentiation in 2021, he believes that on the one hand, the “core assets” have experienced the rise in the past few years, the relative valuation level has been in a high historical quantile, and the prosperity has not been significantly improved to correspond to the relatively high valuation; On the other hand, the cyclical, power utilities and new energy sectors have their own upward catalysts. The upward prosperity of cyclical and resource-based industries comes from the rapid rise of product prices under the change of supply and demand pattern. The power and new energy sectors benefit from the background of carbon neutralization, and the prosperity is rising steadily. Liu Gesong believes that the situation of style differentiation may continue in 2022.
In addition, the words “value” and “balance” were mentioned 250 and 94 times. From the specific statements of fund managers and the signs of position adjustment, it can be found that the two words mostly describe the position adjustment ideas and future market style. As mentioned by Zhang Kun of e fund, at present, a number of high-quality companies can create value for customers, improve the efficiency and productivity of the whole society, and have the ability to continuously create free cash flow for shareholders; Among the products managed by fund managers such as Li Xiaoxing and Zhou Yingbo, the proportion of heavy position stocks in the net value of the fund decreased month on month, and “scattered positions” has gradually become the consensus of fund managers.
In addition, words such as “meta universe”, “monetary policy” and “loose” appear frequently, which reflects the main concerns of fund managers to a certain extent. “Meta universe” has been mentioned 129 times as a “new face”, which echoes the popularity of the theme of meta universe in the A-share market in 2021. In the fourth quarter of 2021, the measures of the central bank also made topics such as monetary policy and quantitative easing become the focus of public offering discussion.
