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Fu Pengbo's four-season report was released: focusing on building materials, chemicals, TMT and new energy

The Paper's reporter Ge Jia

On January 20, the Ruiyuan Growth Value Hybrid Fund, co-managed by star fund managers Fu Pengbo and Zhu Xuan, announced the fourth quarter report of 2021, which further increased its stock position in the fourth quarter on the basis of maintaining a high position, focusing on sub-sectors such as building materials, chemicals, TMT and new energy.

The proportion of core stocks is relatively stable

Specifically, in the fourth quarter of 2021, the Ruiyuan Growth Value Hybrid Fund maintained a high position, and the proportion of stock market value to the total assets of the fund further increased from 93.05% in the third quarter to a record high of 93.51%.

From the perspective of industry distribution, Ruiyuan Growth Value Hybrid Fund focuses on sub-sectors such as building materials, chemicals, TMT and new energy, and the proportion of core stocks is relatively stable.

Specific to individual stocks, the top ten stocks in the portfolio have not changed much, and Sanan Optoelectronics (600703. SH), Wanhua Chemical (600309. SH), Geely Automobile (00175. HK) in the fourth quarter of 2021 to obtain fund managers to increase holdings, National Porcelain Materials (300285. SZ) replaced the new state (300037.SZ) and entered the top ten heavy stocks.

Luxshare Precision (002475. SZ), Oriental Yuhong (002271. SZ), Weining Health (300253. SZ), Han's Laser (002008. SZ), Pilot Intelligence (300450. SZ) was reduced by fund managers.

Fu Pengbo's four-season report was released: focusing on building materials, chemicals, TMT and new energy

Ruiyuan Growth Value Hybrid Fund reported the top ten heavy stocks in the four quarters, source: wind

As of the end of the reporting period, the net share value of the Ruiyuan Growth Value Hybrid A Fund was 2.1187 yuan, and in the fourth quarter of 2021, the net value growth rate of the shares of this type of fund was 6.93%, and the performance comparison benchmark yield for the same period was 0.08%; as of the end of the reporting period, the net value of the Ruiyuan Growth Value Hybrid C Fund was 2.0953 yuan, and in the fourth quarter of 2021, the net share value growth rate of the fund was 6.82%, and the performance comparison benchmark yield for the same period was 0.08%.

In addition, although the Ruiyuan Growth Value Hybrid Fund has maintained a single-day subscription amount of no more than 1,000 yuan per fund account, the fund's share has maintained a steady growth in the fourth quarter of 2021.

As of December 31, 2021, the total number of shares of the Ruiyuan Growth Value Hybrid Fund was 17.281 billion, an increase of 0.34 billion from 17.247 billion at the end of the third quarter of 2021. The total size of the fund in the fourth quarter of 2021 was 36.57 billion yuan, an increase of 2.432 billion yuan from 34.137 billion yuan at the end of the third quarter of 2021.

New energy, military industry, new materials, high-end manufacturing is still the focus of the industry

Reviewing the operational strategies during the reporting period, fund managers Fu Pengbo and Zhu Xuan said in the four-quarter report that at the macro level, the Central Economic Work Conference at the end of 2021 confirmed the increased downward pressure on the economy and clearly put forward the direction of stable growth. The market's expectations for the recovery of social financing and the forward movement of fiscal rhythm in the later period have gradually repaired, but at present, we have not yet seen a clear roadmap for policy easing. Overseas markets, U.S. inflation has reached the threshold of interest rate hikes, unemployment has fallen to a low level, and the working population with work aspirations has achieved full employment, so the Fed has the conditions to raise interest rates.

At the mesoscopic level, the fund manager pointed out that the performance disclosure of listed companies in the third quarter showed that the net profit of A-share non-financial enterprises showed negative growth, and real estate and consumption were the main drags. The latest industrial enterprise profit data show that although enterprises are facing problems such as cost pressure and fast inventory growth, the profits of the midstream manufacturing industry have improved compared with the previous quarter, and with the continuation of the stable supply policy, the decline in the price of upstream resources is expected to be further transmitted, so that the profits of middle and downstream enterprises continue to improve.

"At the end of the year, institutions do asset redistribution for the next year, coupled with the intensification of capital disturbances, the market's expectations for the year-end style switch have increased, the infrastructure and consumption sectors have led the market, and the new energy sector with higher valuations has adjusted." Looking ahead to 2022, fund managers expect that the growth rate of all-A non-financial institutions may fall back, and high-growth companies will highlight their scarcity.

In addition, in terms of industry and stock selection, the fund manager also said that the prosperity of the industry in which the listed company is located, the medium- and long-term development space and certainty, and the resources available in the growth process are all important indicators of screening. They will dynamically adjust the position structure in combination with the pre-disclosure of the performance of listed companies in January, while new energy, military industry, new materials, and high-end manufacturing are still the key industries.

Responsible editor: Yes Dong Dong Photo editor: Shen Ke

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