The first quarterly report is officially exposed! BlackRock China New Horizons is a mixed season for food and beverage, consumer electronics, and more

On January 19, Capital State learned that as the first product of blackRock, the first product of blackRock, a wholly foreign-owned public fund, BlackRock China New Horizon Hybrid was publicly offered in August last year, and the fund was officially established in September of the same year. With the recent approaching Spring Festival, the 2021 quarterly report of public funds has been disclosed, and today, BlackRock China New Horizons Hybrid released its first report (2021 quarterly report).

In the fourth quarter of last year, the growth rate of the net value of A/C shares was negative

According to the announcement, as of the end of December 2021, the net value of BlackRock China New Horizons Hybrid Fund Class A shares was 0.9867, with a net value growth rate of -0.83% and a performance benchmark yield of 0.86% during the reporting period; BlackRock China New Horizons Hybrid Fund Class C Share Net Value was 0.9851, with a net value growth rate of -0.96% and a performance benchmark yield of 0.86% during the reporting period.

It can be seen that the performance of the fund in the fourth quarter of last year outperformed its peers. Fund managers Tang Hua and Shan Xiuli pointed out in the quarterly summary that the cyclical sectors that performed well in the third quarter of last year, with the strengthening of the epidemic and policy correction, the general rise market has entered the end, and the coal, steel, petroleum and petrochemical industries have experienced a relatively large correction. High-boom tracks such as new energy and new energy vehicles have opened a shock trend at a high level. In addition, the Central Economic Work Conference at the end of the year released a clear signal of stable growth, the market's marginal relaxation of monetary policy, and the expectation of the phased relaxation of real estate, which made the real estate industry chain stocks and large financial sectors rebound. In addition, due to the price increase of some consumer products, the market has returned to a more balanced stage. After a long period of adjustment, the consumer electronics sector has shown some signs of emotional repair, and the sector has shown an upward trend.

In response to the frequent switching of the A-share market style and the shock game, the two fund managers said that the fund has adopted a relatively stable position-building strategy, mainly in food and beverage, consumer electronics, semiconductors, medical services, etc., and also appropriately laid out some growth bank stocks that they believe to be undervalued.

Buy a large percentage of financial assets for resale

As a hybrid fund, BlackRock China New Horizons Hybrid completed the opening of BlackRock China New Horizons Hybrid A/C in the third quarter of last year, and completed the position building in the fourth quarter, with investment assets accounting for 100% of the fund's total assets.

Specifically, the fund's stock selection and investment strategy is similar to other QFII, the pursuit of stable and the company's fundamentals continue to improve listed companies, especially the investment preferences of the target northbound funds, BlackRock China New HorizonS A/C's heavy stocks are mostly the targets of the northbound funds.

According to the fourth quarter report of 2021, the top ten heavy stocks of BlackRock China New Horizons Hybrid are Luxun Precision, SilanWei, China Merchants Bank, Luzhou Laojiao, Industrial Bank, Guizhou Moutai, Juxing Technology, Daotong Technology, Honglu Steel Structure and Dongfulong, of which only two stocks, Lixun Precision and SilanWei, accounting for more than 5% of the fund's net asset value, are 5.74% and 5.28% respectively.

It is reported that in the fourth quarter of last year, BlackRock China New Horizons Hybrid's first heavy stock Lixun Precision rose by 37.78% in the quarter, while the second largest heavy stock, Silan Micro, rose or fell by -5.06% in the quarter. In addition, China Merchants Bank also fell slightly in the quarter, and the rest all closed higher.

Statistics show that BlackRock China New Horizons' stock position in the A/C season is only 63.31%, which is in the lower limit of the range of 60%-95% of the stock allocation agreed in the fund contract; In the low-risk asset allocation, the fund is not the main bond, but instead buys and sells back financial assets, the latter accounting for 24.92% of the fund's total assets, and the bond investment ratio is only 0.54%.

What is a buy-back financial asset? It mainly refers to the financial assets that are first bought according to the agreement and then sold back at a fixed price, which is a financial means of flexible allocation of asset portfolios. Specifically, the financing party raises funds from the lender, and the financing party buys the relevant assets (bonds) from the lender at the agreed coupon price, and after a period of time, it will be sold back to the lender at a price lower than the face price of the bonds, which is equivalent to such assets (bonds) returning to the lender's hands, but the financing party charges the difference for the lender as interest.

This article originated from Capital State