China Fund News reporter Fang Li Lu Huijing
The first quarter report of the public fund in 2022 has gradually been disclosed, and the investment trends of the "top" fund managers in the first quarter have been exposed.
Today, the much-watched E Fangda, Invesco Great Wall, Industrial Securities Global and other funds disclosed the first quarterly report of their funds in 2022, and the first quarter investment of well-known fund managers such as Zhang Kun, Liu Yanchun, Xie Zhiyu and Xiao Nan was unveiled.
In the first quarter, the A-share market correction was quite deep, both for the fund manager and for the holders is a cruel test, Zhang Kun mentioned in the latest quarterly report that the net value of the fund has fallen significantly, which makes many holders feel anxious, and they also have the same feelings.
He said that when stocks fall, we may need some time and restraint to calm ourselves down and then ask ourselves a few questions: 1. Is my fear coming from a decline in stock prices or from a negative change in fundamentals? 2. Does the original reason for the investment no longer exist? 3. The stock price is lower, as a long-term net buyer, shouldn't I be happier?
In a quarterly report, Zhang Kun also said, "Although the short-term market is facing many difficulties, it also provides a fairly attractive price for long-term investors." Liu Yanchun also believes that as the external environment returns to normal, stock pricing will eventually return to a reasonable level.
Zhang Kun maintains a "90%+" high position operation
Zhang Kun, known as "Kun Kun", is the fund manager who is most concerned by the basic people, he is the first 100 billion active equity fund manager in China, and he has a huge amount of money to make him full of weight.
Judging from the table compiled by the fund Jun, compared with the end of last year, the four funds managed by Zhang Kun basically maintained a "high position" operation in the first quarter of this year, and the position at the end of the first quarter was above 93%.
Specifically, the largest of the four funds managed by Zhang Kun, the position of E Fangda Blue Chip Select, declined slightly in the first quarter, from 94.54% of the equity market value at the end of last year to 93.97% at the end of the first quarter.
Similarly, E Fangda Mid-Cap Transformation of E Fangda Quality Selection, the fund at the end of the fourth quarter of last year's stock position of 94.97%, the current end of the first quarter of 94.26%, basically the same. Zhang Kun also said bluntly in the quarterly report that the stock position in the first quarter was basically stable and the structure was adjusted.
On September 10 last year, the original E Fonda Small and Mid Cap Hybrid Fund was registered as an E Fonda Premium Select Hybrid Fund, and Hong Kong stocks were included in the scope of investment. Judging from the first quarter report of E Fangda Quality Selection in 2022, as of the end of the first quarter, the fund's stock and depositary receipt investment distribution in the securities markets of various countries (regions), the fair value of China accounted for 57.21% of the net asset value of the fund, while the proportion of Hong Kong accounted for 37.05%.
As a QDII fund managed by Zhang Kun for 8 years, in terms of holdings, the fund's stock position at the end of the first quarter was 93.54%. In addition, the position held by E Fangda high-quality enterprises at the end of the first quarter for three years also reached 94.61%, maintaining a high position.
Zhang Kun increased the allocation of medicine and science and technology in the first quarter
Reduce financial allocation
Zhang Kun said in the quarterly report of many funds managed by E Fangda Blue Chip Selection and E Fangda Quality Selection that the stock position in the first quarter was basically stable, and the structure was adjusted, increasing the allocation of pharmaceutical, technology and other industries, and reducing the allocation of finance and other industries. In terms of individual stocks, we still hold high-quality companies with excellent business models, clear industry patterns and strong competitiveness.
E Fangda blue-chip selected the top ten heavy stocks in the first quarter basically remained stable, from the perspective of heavy stocks, Zhang Kun although he slightly reduced his holdings in Guizhou Moutai in the first quarter, Guizhou Moutai still replaced Tencent Holdings and promoted its first largest heavy stock, China Merchants Bank and Tencent Holdings ranked second and third largest heavy stocks. Meituan-W is Zhang Kun's heavy stock with greater strength in the first quarter, compared with the end of last year, E Fangda Blue Chip Select added 5.4 million shares of Meituan, with an increase of 32.53%, meituan also replaced Ping An Bank, and the new E Fangda Blue Chip Select top ten heavy stocks.
E Fangda high-quality selection of the top ten heavy stocks also did not change much, in addition to a slight change in the number of seats, China Merchants Bank, Tencent Holdings, Guizhou Moutai continued to rank among the top three heavy stocks, the first quarter of the increase in the strength of Wuliangye and Jingdong Group, the increase in the range are more than 10%, The reduction of Yili shares is more obvious, the first quarter of the reduction of Yili shares by 13.51 percentage points.
Zhang Kun's management scale has shrunk
The current scale is nearly 85 billion
Zhang Kun is the first fund manager in the industry to manage active equity funds with a scale of more than 100 billion, and in the first quarter of 2022, under the market shock, Zhang Kun's management scale has shrunk, and the overall scale of management is currently less than 100 billion, nearly 85 billion.
As of the end of the fourth quarter of 2021, the total size of the four funds managed by E Fangda Zhang Kun reached 101.936 billion yuan. At the end of the first quarter, this data was 84.928 billion yuan, a difference of 17.008 billion yuan.
Specifically, at the end of the first quarter, the scale of E Fangda Blue Chip Selection, E Fangda High Quality Select, E Fangda Advantage Enterprise for three years, and E Fangda Asia Select stocks was 55.272 billion yuan, 16.867 billion yuan, 8.104 billion yuan and 4.685 billion yuan, respectively. In addition to the increase in the size of E Fangda Asia Selection, the size of the remaining funds has declined.
Among them, E Fangda Blue Chip Select shrank by 12.351 billion yuan in the first quarter, but it is still an active equity fund of the "Big Mac" in the fund industry.
Liu Yanchun: Heavy warehouse Guizhou Maotai, Mindray Medical, Wuliangye
Liu Yanchun, who once managed more than 100 billion yuan in The Invesco Great Wall, is the top fund manager in the industry and the "spring spring" in the mouth of the basic people.
In the turbulent first quarter, Invesco Great Wall Dingyi, managed by Liu Yanchun, maintained a high position to cope with the market. According to the data, at the end of the first quarter, the market value of Invesco Great Wall Dingyi stock accounted for 90.17% of the net asset value of the fund, which was basically unchanged from 90.27% at the end of last year.
Liu Yanchun, who holds a lot of money, adjusted his position and exchanged shares in the first quarter to cope with the market. According to the data, at the end of the first quarter, the top five heavy stocks of Invesco Great Wall Dingyi were Guizhou Moutai, Mindray Medical, Wuliangye, Luzhou Laojiao, and China Zhongwai, compared with the slight reduction of Guizhou Moutai at the end of last year, it was still the largest heavy stock. In the first quarter, Chenguang shares entered the list of the top ten heavy stocks, and Aier Ophthalmology withdrew from the list of the top ten heavy stocks.
In the quarterly report, Liu Yanchun wrote that for the stock market, the overall valuation level of the market has dropped significantly. Although there are still many short,medium- and long-term figuishes, valuation levels at this stage are likely to reflect these potential risks to a greater extent. As long as the company's capabilities have not changed, the changes in the external environment are only periodic disturbances, and have little impact on the company's reasonable pricing. Comparing the growth, profitability and valuation level of excellent companies in the world, many high-quality listed companies in China are already very attractive at this stage. As the external environment returns to normal, stock pricing will eventually return to reasonable levels.
Xie Zhiyu: Maintain high position operation
At the end of March, Xie Zhiyu, deputy general manager of Industrial Securities Global, who was called "Big White" by the market, participated in a live broadcast and expressed his views on this uncertain market.
Xie Zhiyu said bluntly at that time: With the relatively large adjustment of the market, we will see that many companies are beginning to become very worthwhile, much better than the situation we have seen before; and said that there is no particularly large risk in the current market.
The first quarterly report just disclosed reveals Xie Zhiyu's investment in the first quarter, and he managed the fund at the end of the first quarter to maintain a high position of more than 90%, which also shows his attitude to the market.
From the perspective of the two funds managed by Xie Zhiyu, Xingquan Herun and Xingquan Heyi, the proportion of stock market value to the net asset value of the fund at the end of the first quarter was 94.01% and 94.08%, respectively, and at the end of last year, the two big data were 93.9% and 94.07%, which also means that Xie Zhiyu still maintained a high position to cope with the market under the market shock.
Xie Zhiyu wrote in the quarterly report of Xingquan Herun that the fund's stock position in the first quarter was relatively stable, and it would adhere to its trust responsibility to the basic people, continue to select individual stocks, tap the company's long-term growth value, strive to balance the company's long-term development space and short-term valuation, and constantly look for excellent companies with good investment cost performance.
From the perspective of the first quarter of Xingquan Herun, the top ten heavy stocks have not changed much compared with the end of last year, and the heavy positions have been Haier Zhijia, Sanan Optoelectronics, Jingchen Shares, Puluo Pharmaceutical, and Mango Super Media. It is worth noting that in the first quarter, Sanqi Interactive Entertainment and Meihua Biology were newly entered, with a holding ratio of 2.88% and 256% respectively, while Wanhua Chemical and Shunyu Optical Technology, which had a heavy position at the end of last year, withdrew from the top ten heavy stocks.
The top ten heavy stocks at the end of the quarter managed by Xie Zhiyu are somewhat similar to Xingquan Herun, but the fund's heaviest position is the Hong Kong stock Kuaishou -W, accounting for 7.71%, in addition to the heavy position of Haier Zhijia, accounting for 5.91% of the shares. Compared with the new Puluo Pharmaceutical and Meihua Biology at the end of last year, wanhua chemical and shunyu optical technology also withdrew from the top ten heavy stocks of the fund.
Xiao Nan: In the first quarter, coal and liquor were added
E Fund Xiao Nan has always been a high-profile fund manager who is deeply involved in the consumer field. Under the turbulent environment in the first quarter of this year, he basically maintained a high position, adjusted the position structure to cope, and increased the position of coal stocks.
According to the E FangDake Shundingkai managed by Xiao Nan, the first quarterly report shows that the proportion of the fund's equity portfolio in the fund's net asset value is 93.53%, of which the fair value of the domestic stock portfolio and the Hong Kong Stock Connect stock portfolio accounts for 72.93% and 20.61% of the fund's net asset value, respectively. Compared with the 82.42% position in last year's four-quarter report, it has also increased significantly, and it has also become the highest level at the end of the quarter since the establishment of the fund.
Xiao Nan said in the 2022 quarterly report of E Fangda Ke Shundingkai Fund that in the first quarter of 2022, the consumption, medicine, technology and other sectors of A-shares and H-shares lagged behind, while the cycle and other sectors represented by traditional energy performed relatively well. During the quarter, it continued to reduce the valuation level of the portfolio as a whole, increased its holdings in sectors with high cash flow, including coal and liquor, clear dividends, and overall improvement in governance, and appropriately increased some Hong Kong stock positions at the end of the quarter.
Talking about the future market, Xiao Nan said that the current probability is that the fundamentals, funds and emotions are more pessimistic moments, we need some patience, and take this opportunity to do more research, and strive to lay out the future of the company that can gradually get out of various difficulties.
In addition, Xiao Nan also specifically explained in the quarterly report that due to the end of the fund's first three-year closed period in the early stage, the position was adjusted accordingly, and the position is still gradually recovering.
Judging from the top ten heavy stocks at the end of the first quarter of E Fangda Keshun, the holding ratio of more than 7% includes China Merchants Bank, Yankuang Energy, China Shenhua, Guizhou Moutai and so on.
Compared with the end of last year, Xiao Nan has newly entered Yanzhou Energy, Shenhuo Shares, Tencent Holdings and Heping Coal Shares, of which Yankuang Energy and Pingmei Shares are all coal mining stocks, showing that he is optimistic about this field.
At the same time, Xiao Nan withdrew from the top ten lists in the first quarter of this year in Gujing Gongjiu, Li Ning, Oupai Home and Wuliangye, which were the top ten heavy warehouses in the fourth quarter of last year.
The "eyes" of the top fund manager
Judging from the positions of these top-tier fund managers, most of them have maintained higher position operations, showing a bullish attitude towards the future market. In the statement of looking forward to the future market in a quarterly report, it is more worthwhile for investors to carefully ponder the "sincere views" of these investors.
E Fangda Zhang Kun often has some heartfelt words in the quarterly report, and the understanding of the market and investment is also very profound, in this 2022 quarterly report, talking about the future, he said that although the short-term market is facing many difficulties, it also provides a fairly attractive price for long-term investors.
Zhang Kun wrote in the quarterly report that in the first quarter, the net value of the fund fell significantly, which made many holders feel anxious, and I also felt the same feeling. I think the anxiety may come not only from the fall that has already been achieved, but also from the fear of continued decline in the future.
After all, the brain is born to sense trends, even if they don't exist. If a stock rises for three consecutive days, people will automatically have a hunch that the fourth day will rise, and if the stock really rises on the fourth day, the dopamine will be released and people will have satisfaction. Moreover, the feeling of anticipating good and bad things is often stronger than actually experiencing them. When imagining painful things that could happen, the feeling is no less than real pain.
After millions of years of natural selection, our brains have developed the most pro-survival traits, but some of them are detrimental to investment, for example, the rationally analyzed parts (the cerebral cortex) are much weaker than the most primitive parts of the brain, the sensory and emotional systems (amygdalas and insulas, etc.). When processing information, the sensory system tends to take over at the first time, and we need to spend considerable energy and time to take over with a rational analysis system.
This makes people sometimes involuntarily replace it with another simpler problem when faced with a difficult problem. When people are asked," will this stock continue to rise?" It feels like the system will "trick" them into answering a very different question: "Is this stock going up all the time?" And investors often have a hard time realizing this.
We can't change these characteristics of the brain, after all, it is by virtue of these characteristics that we have survived the primitive society with cruel living conditions. I think that accepting these characteristics may be a prerequisite for maintaining peace of mind before you can avoid investing in them.
When stocks fall, we may need some time and restraint to calm ourselves down and then ask ourselves a few questions: 1. Is my fear coming from a decline in stock prices or from a negative change in fundamentals? 2. Does the original reason for the investment no longer exist? 3. The stock price is lower, as a long-term net buyer, shouldn't I be happier? The most reliable way to judge the authenticity of something is to prove its error (falsification). This way of thinking can be effective in inhibiting the sensory system, because the sensory system is good at dealing with vivid facts such as "what", and when faced with abstract concepts such as "what is not" or "why", our rational analysis system is forcibly invoked.
Buffett once mentioned that for an investor, the most important thing is temperament, and I understand that the most important of them is the ability to control emotions and maintain rationality. Graham once said that the reason why most investors fail is that they are too concerned about the current operation of the stock market, and for such investors, it may be better for stocks to have no market quotes at all.
Because then he would not suffer mental torture because of the misjudgments of others. The human reflex system is so focused on change that it has a hard time noticing things that remain constant. Stock prices, like the weather, are always changing and uncertain and difficult to grasp, while corporate values are like the climate, always changing slowly and regularly. Although in the short term, it seems that the weather seems to catch our eyes and determine the environment, in the long run, it is the climate that really determines the environment of a region.
We believe that although the short-term market faces many difficulties, it also provides a fairly attractive price for long-term investors. We believe that the free cash flow that a company accumulates every day will be reflected in the accumulation of its value, and the growing value of the enterprise will eventually be projected into its market capitalization growth.
Liu Yanchun also believes that as the external environment returns to normal, stock pricing will eventually return to a reasonable level. In the Invesco Great Wall Dingyi Quarterly Report, he wrote: In the first quarter, the market as a whole showed a large drawdown. The economy remains weak, the aggregate and structure of financial data is not ideal, and it will take time for policy to shift to a physical recovery. The rapid upward trend of US Treasury yields has put pressure on equity assets. Under the background of Sino-US trade frictions, market sentiment is highly sensitive. The escalation of the Russian-Ukrainian conflict has further reduced market risk appetite. The COVID-19 pandemic has repeatedly hit the domestic economy again, and stock market sentiment has dropped to a freezing point.
Overseas supply chains are gradually recovering, superimposed on the interference of the epidemic, it is expected that the growth rate of mainland exports will gradually decline, and boosting domestic demand is a top priority. In March, the real estate transaction area and amount of key cities in China were only about half of the same period last year. In order to avoid systemic risks in the real estate industry, it is necessary to adjust policies to lead the orderly recovery of real estate demand. We have noticed that some cities have made adjustments in mortgage loan interest rates, down payment ratios and purchase restriction policies, and it is estimated that the easing will gradually increase, and real estate demand is expected to bottom out during the year.
The strains of the new crown virus continue to mutate, becoming more and more contagious, and making prevention and control more difficult. It is believed that the relevant domestic departments are also thinking about how to achieve a balance between ensuring life safety and maintaining the smooth operation of the economy. We may still have to wait for the virus to be less toxic and for vaccines, medicines, and medical infrastructure to be ready. The path is difficult to predict, but the direction should be clear. It is expected that the impact of the new crown epidemic on our lives will gradually decrease, and the market's confidence in the end of the new crown epidemic will gradually increase. The epidemic, an important factor plaguing the level of market valuations, will gradually weaken.
For the stock market, the overall valuation level of the market has fallen significantly. Although there are still many short,medium- and long-term figuishes, valuation levels at this stage are likely to reflect these potential risks to a greater extent. As long as the company's capabilities have not changed, the changes in the external environment are only periodic disturbances, and have little impact on the company's reasonable pricing. Comparing the growth, profitability and valuation level of excellent companies in the world, many high-quality listed companies in China are already very attractive at this stage. As the external environment returns to normal, stock pricing will eventually return to reasonable levels.
EDIT: Captain
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