“Consumption” is firmly in the C position, “differentiation” and “shock” appear frequently, and “balance” and “value” have gradually become the mainstream.
On January 25, the three major A-share indexes made a sharp correction. The reporter of China Securities Journal and China Securities Taurus combed the fund manager report column in the 2021 fund four seasons report and found that the key words revealed the mystery of many fund managers’ investment allocation in 2022.
one picture condensed four seasons
China Securities News · China Securities Taurus reporter conducted word frequency statistics on the fund manager report column of the 2021 four seasons report and found that among the 471 active equity funds, “consumption”, “new energy”, “growth” and “cycle” are the most frequently mentioned keywords. At the same time, high-frequency words such as “differentiation”, “shock” and “structure” describe the market style portrait of the fourth quarter. In addition, there are “new faces” such as “meta universe” in high-frequency vocabulary.
In terms of industry keywords, the word “consumption” ranks first among all keywords with a “appearance rate” of 739 times. The word “new energy” was mentioned 490 times, while the word “automobile” was mentioned 341 times. In addition, the words “real estate” and “real estate” were mentioned 402 times in total. The three industries of “medicine”, “military industry” and “semiconductor” were mentioned 249 times, 242 times and 239 times respectively.
For the description of market style, the words “differentiation”, “shock” and “structure” appeared 208, 193 and 102 times respectively, which to some extent depicts the evolution of the market in the fourth quarter.
The words “value” and “balance” have also been frequently mentioned 250 and 94 times. From the specific statements of fund managers and position adjustment, it can be found that most of the two words are descriptions of position adjustment ideas and future market style. As Zhang Kun mentioned in the quarterly report, at present, a number of high-quality companies can create value for customers, improve social efficiency and productivity, and have the ability to continuously create free cash flow for shareholders; Li Xiaoxing, Zhou Yingbo and other “top stream” heavy position stocks accounted for a lower proportion of net worth in the fourth quarter, which can reflect that “position dispersion” has gradually become the consensus of fund managers.
In addition, the high frequency of words such as “meta universe”, “monetary policy” and “loose” reflects the main concerns of fund managers in the fourth quarter to a certain extent. “Metauniverse” has been mentioned 129 times as a “new face”, which echoes the popularity of the theme of metauniverse in the market in 2021. The expectation of the central bank’s interest rate cut in the fourth quarter of 2021 also makes the monetary policy a hot topic of public offering discussion.
uncover the post market allocation strategy of public offering
The high frequency of the term “consumption” is also the same as that of the main fund raising market held by the end of 2021. The A shares of the 10 largest companies with the highest market value in the year December 31, 2021 Baijiu share three seats, namely Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) and Luzhou Laojiao Co.Ltd(000568) .
Hou Hao, manager of China Merchants Fund, said in the quarterly report that the valuation of Baijiu sector has dropped to a reasonable allocation interval, and that the consumption of the liquor sector is still strong under the expected economic growth. The Baijiu sector still has better allocation value. In addition to traditional consumption, Yi Fangda, managed by Xiao Nan, continued to buy related companies in the fashion industry in the fourth quarter of 2021 for three years. Although the stock price has not performed well in the short term, Xiao Nan said he believes that these emerging business models and product forms will eventually be recognized by the market.
In the fourth quarter of 2021, the new energy sector fluctuated at a high level, and many fund managers also expressed their observation and Analysis on the future market of new energy in the quarterly report. Zhao Yi said that new energy still belongs to the sector with very high certainty and growth rate. As for the subdivided industries, Cui Chenlong believes that new energy operators start to improve their business model, with high certainty of medium and long-term growth. Compared with the manufacturing end, they have lower penetration rate, strong operation stability and large development space in the future. They will pay attention to the medium and long-term investment opportunities of new energy operators.
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. Cao Mingchang, fund manager of China Europe Fund, said in the quarterly report that looking forward to the future, under the premise of stabilizing the economy, those industries with low valuation, such as real estate, infrastructure, finance and optional consumption, may have a good performance in 2022. On the contrary, some industries that have overdrawn too much in the past few years may be difficult to perform in the new cycle.
