Oriental Red Qidong held for three years
Interpretation of the 2021 Four Quarters Report
Historical reviews
Brief comments on the Eastern Securities Asset Management Li Jing - Oriental Red Rui and the three-year fixed opening fund | more to say
Is the Oriental Red Departure Fund worth buying?
NO.510 | Orient Securities Asset Management Li Jing - Oriental Red Qidong held for three years, is it worth buying?
NO.449 | Orient Securities Asset Management Li Jing - Oriental Red Qidong held for three years, is it worth buying?
"Is the fund worth buying the 013th issue" - Li Jing | the Oriental Red Qidong three-year holding period fund
Subscription and redemption
During the quarter, 0.6 billion new subscriptions were made, and since it was a holding period fund, there was no redemption share, and the overall share of this fund was 8.3 billion shares, with a total size of 16.4 billion yuan.
At present, Li Jing manages 4 funds with a total management scale of 23.8 billion. That's up 3.8 billion from the previous quarter. This size is acceptable.
Heavy holdings
The proportion of the fund's top ten heavy stocks has decreased significantly, from 56.68% in the previous quarter to 45.79%, a decline of more than ten points. Moreover, since the end of 2020, the concentration of shareholdings has been reduced by more than twenty points. The magnitude of the change is very large.
Looking at the specific changes in individual stocks, the top ten heavy stocks replaced five stocks, adding Azure Lithium Core, Siyuan Electric, Bosideng and Dongfang Cable, excluding Tencent Holdings, Xingyu Shares, Linglong Tire and Meituan. The magnitude of the change is also not small.
Quarterly review
In the fourth quarter, the capital market fluctuated widely, and we hope that in the face of market fluctuations, more pressure will be borne and borne by managers, and transformed into professional motivation, feel the market, experience the market, and respect the market; actively look for reverse investment opportunities brought about by short-term fluctuations and herd effects, and avoid the style drift and investment action deformation brought about by self-doubt and doubt.
Having heard Li Jing's roadshow before, I can feel his attitude of putting the interests of the holders first.
In 2021, we have a deeper understanding of the difficulties and missions of the entrusted asset management industry, and also feel a responsibility to increase the value of our clients' assets; for the holders who accompany us day and night, we are grateful for the trust and the ups and downs we have spent together, and we have confidence and will work hard, hoping to join hands in the future to meet the rainbow.
Mr. Li Jing's management scale has risen relatively quickly in the past two years, and from the previous private equity team of Dongfang Hong to the line of public funds, the structure and scale of holders have undergone great changes, as he said: "More deeply appreciate the difficulty and mission of the entrusted asset management industry." ”
When the market style is more game-oriented, we hope to keep the original intention and focus on the long term; most of the investment behavior of the manager is based on the judgment of industrial trends and company fundamentals, and observes the long-term development of the industry from a longer-term perspective. Eggs can neither be put in one basket nor too many baskets, because a limited basket can reflect our research ability and concentration ability in the medium and long term probabilities.
"Eggs can neither be put in one basket, nor can they be placed in too many baskets", Li Jing's previous industry concentration was relatively dispersed, and the proportion of positions in a single industry usually did not exceed 20%. How there will be changes in this quarter, we need to wait for the annual report to see more clearly, and with this data we can better understand what kind of concentration change "can not be placed in too many baskets" means.
The past year has been a very difficult year for many industries and Chinese people, and we also hope to do our part to live up to the trust of this era and customers, overcome difficulties with everyone, keep the clouds open and see the moon, and witness the preservation and appreciation of assets.
During the reporting period, the product position did not change much, based on the judgment of the trend of the times, while maintaining a certain balance, the focus was on research and configuration of the new energy sub-track competitiveness and market expectations of relatively reasonable plates, and at the same time, after the plate adjustment, some sub-industries and companies with relatively reasonable valuations in the manufacturing and consumption sectors were increased, and the combined valuation level and risk exposure were reduced.
This quarter, Li Jing's heavy stocks changed quite a lot, switching 4.
- Added a new energy sub-industry azure lithium core, directly bought the fifth largest heavy stock, accounting for 4%.
- Siyuan Electric, the leader of power grid equipment, has been added, which is also the position of Ms. Industrial Securities Global Housewarming, Mr. Zhao Feng of Ruiyuan Fund, Mr. Yang Hao of Bocom Schroder, Mr. Liang Yuejun of Suzaku Fund and Ms. Fan Yan of Yuanxin Yongfeng Fund;
- Increased the consumer industry Bosideng, ranked the seventh largest position, accounting for 3.92%, this target to buy the fund manager is very few, Dongfang Hong is the most important institutional investors;
- In addition, the wind power submarine cable leader Dongfang Cable was also added, ranking the eighth largest position, accounting for 3.87%.
Among the heavy stocks exchanged, there are two stocks in the automotive industry chain, namely Xingyu shares and Linglong Tire. There are also two Internet companies, Tencent Holdings and Meituan.
At this stage, the proportion of the top ten heavy stocks is the new energy industry, new energy vehicles, photovoltaics and wind power are involved, Ningde Times, LONGi shares, Azure lithium core and Oriental Cable, respectively, ranked first, third, fifth and eighth heavy positions. In the consumer industry, Guizhou Moutai ranked fourth largest, Bosideng ranked seventh, and ANTA Sports ranked tenth.
From the perspective of holding style, the combination configuration of maintaining the growth style has increased the proportion of small-cap growth stocks.
summary
This quarter, there were some changes in Mr. Li Jing's portfolio, and he did not give a more detailed introduction to the specific allocation of the industry and individual stock logic. How the effect is, we can observe and observe.
Mr. Li Jing is a fund manager in our tier 1 investment pool, and he is also the first fund manager we give a worth buying grade, and we recognize his long-term investment ability.
Last quarter we wrote that "it is worth buying less at this stage, after all, it is not cheap at this stage." "Judging from the performance of the recent period, the retracement is indeed relatively large, and it is still the same view, if you can withstand the fluctuations of 15%-20% in the process, and can hold it for more than 3 years, then it is worth buying less."