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Let's see how the 80 billion top-notch fund manager "Tiantuan" adjusts its position and exchanges shares.
The end of 2020 is the year when the fund industry is "out of the circle", and it is also a year when the scale of public assets has increased sharply, when the fund manager represented by Zhang Kun and the liquor, new energy and other sectors have become a hot topic of discussion, and more than 50 billion or even 100 billion has also become the threshold of "top stream".
With the rotation of the plate and the market volatility, the ranking of equity fund managers has changed rapidly over the past year, and the management scale of Glen, Li Xiaoxing, Zhou Weiwen, Xie Zhiyu and so on has increased significantly, and some fund managers have been squeezed out of the top ten. As of the end of the second quarter, there are 9 active equity fund managers with a management scale of more than 50 billion yuan, 2 more fund managers than the end of the first quarter, and the current 100 billion top stream is only one "medicine goddess" Glen, and Zhang Kun's management scale is only one step away from 100 billion.
Gülen dominates the "100 billion" position
According to the announcement of CEIBS Fund, as of the end of the second quarter, the management scale of Gülen's public funds returned to above 100 billion yuan, at 101.751 billion yuan, an increase of 5.602 billion yuan from 96.149 billion yuan at the end of the first quarter. This also makes it surpass Zhang Kun, deputy general manager of E Fund, to become the fund manager with the largest management of active partial stock funds in the A-share market.
Gülen increased its equity position in the second quarter, with the equity asset positions of the three funds celebrant medical innovation, CEIBS Alpha and CEIBS Mingrui new starting point exceeding 90%. In terms of earnings, since escaping the haze of April, the five funds under Gülen's helm have subsequently outperformed benchmarks and recovered lost equity.
Taking cereli-EUROPE medical health as an example, the current scale of the fund is 71.082 billion yuan in heavy stocks, Aier Ophthalmology, WuXi AppTec, Kanglong Huacheng, Mindray Medical, Tigermed, Gloria Ying, Katazai Zhen, Tongrentang, Tongce Medical, and Jiuzhou Pharmaceutical are the top ten heavy stocks of CEIBS medical health.
From the perspective of position changes, in the second quarter, CEIBS Medical Health significantly increased its position in Kanglong to 16.1641 million shares, making it jump from the sixth largest holding stock to the third. In the second quarter, Aier Ophthalmology was added to 11.4279 million shares by Glen, becoming the number one heavy stock, in addition to Glen also increased the position of WuXi AppTec, Mindray Medical and Tablet Zai Zhen to varying degrees.
Looking ahead, Gülen believes that the innovation-related market is far from touching the ceiling of the domestic market, and the overseas market is gradually accumulating strength. Specific to the company level, the trend of enterprise transformation and innovation is still continuing, and the number of clinical applications for innovative drugs has reached a new high year by year. In terms of innovation quality, in recent years, the overall R&D pipeline layout has become more rational, resources have been tilted in the direction of differentiation, and even globally competitive innovative varieties have been born.
"In addition, with the rapid improvement of the per capita income and cognitive level of mainland residents, the demand for medical services and consumer medical care is still growing rapidly and has not been fully met, and the future space is still huge." Overall, we are still optimistic about medium- and long-term investment opportunities in the pharmaceutical and biological sector, but short-term market fluctuations are difficult to avoid. ”
Zhang Kun reduced his holdings in Hikvision
Zhang Kun, as a former "first brother", is still appealing. At the end of the second quarter, its scale was 97.137 billion yuan, an increase of 12.209 billion yuan over the first quarter, and once again launched an impact on the scale of 100 billion.
From the perspective of positions, Zhang Kun still maintained a high position operation in the second quarter, and the equity asset positions of the four funds exceeded 92%. Its representative E Fangda Blue Chip Select reached 62.779 billion yuan at the end of the second quarter, and the growth rate of the net value of the fund's shares during the reporting period was 13.20%, significantly outperforming the benchmark yield in the same period.
In terms of industry, Zhang Kun has increased the allocation of industries such as medicine and reduced the configuration of industries such as science and technology and finance. According to the second quarterly report, the top ten heavy stocks at the end of the second quarter were: Wuliangye, Yanghe Shares, Luzhou Laojiao, Guizhou Moutai, Tencent Holdings, Hong Kong Stock Exchange, China Merchants Bank, Yili Shares, Meituan, and WuXi Biologics.
Compared with the first quarter of 2022, E Fangda Blue Chip Select reduced its holdings of five heavy stocks in the second quarter, including Luzhou Laojiao, Yanghe Shares, Wuliangye, Guizhou Moutai and Hong Kong Stock Exchange. At the same time, it also increased its holdings in Tencent to 18.1 million shares, and newly entered WuXi Biologics as the tenth largest heavy stock, holding 27 million shares.
It is worth mentioning that Hikvision withdrew from the list of the top ten heavy stocks of the fund, and the company's stock price fell by nearly 10% in the second quarter, even in the market after the sharp rebound of A shares after the end of April, it also appeared to be weak. In the first quarter, the fund held Hikvision 5.166 billion yuan, while WuXi Biologics, the tenth largest heavy stock at the end of the second quarter, held 1.658 billion yuan, which is estimated that Hikvision was sold for more than 3.5 billion yuan in three months.
Zhang Kun believes that the essence of investment is to make a judgment on the future of each enterprise. He hopes that when making judgments, he will return more to common sense or the basic probabilities of things. For example, will the products or services offered by the company continue to be demanded and grown by customers in the future? Is it difficult enough for outsiders to imitate the business of this business? Can the business model generate sufficient free cash flow (which can continue to grow without relying on external capital)? Is there good corporate governance and shareholder friendliness (good cost control, aggressive buybacks when undervalued, high standard reinvestment, etc.)? Are there sufficient resources and mechanisms for tech companies to attract and retain the world's top talent?
"We believe that these factors are important to the company's development prospects on the one hand, and on the other hand, they are less likely to change in 5-10 years (but not zero, so they need to be evaluated from time to time). Correspondingly, some market factors (such as short-term economic fluctuations, short-term supply and demand imbalances in the industry, etc.) have a significant impact on the short-term market, but they are not important in the long cycle, and when these factors are unfavorable, they provide better odds for long-term investors to buy excellent companies. ”
Liu Yanchun's "wine aroma" is still the same
At the end of the second quarter, Invesco Great Wall Star Fund Manager Liu Yanchun's six funds reached 87.038 billion yuan, an increase of 12.203 billion yuan from the end of the first quarter. Its representative invesco Great Wall Emerging Growth reached 45.214 billion yuan at the end of the second quarter, and the scale of Invesco Great Wall Dingyi was 19.568 billion yuan.
In the second quarter of the "V-shape", Liu Yanchun will fund still maintain a high position operation. For example, invesco Great Wall's emerging growth position was 93.45%, which increased for two consecutive quarters. In terms of holdings, the fund's second quarterly report shows that the top ten heavy stocks are China Zhongwai, Wuliangye, Luzhou Laojiao, Guizhou Maotai, Mindray Medical, WuXi App AppTec, Haida Group, Gujing Tribute Wine, Shanxi Fenjiu, and Midea Group. During the second quarter, the overall position of Invesco Great Wall's emerging growth did not change much, and Shanxi Fenjiu became one of the top ten heavy stocks.
Another representative work, Invesco Great Wall Dingyi Second Quarterly Report top ten heavy stocks have not changed significantly, namely: Wuliangye, Luzhou Laojiao, China Zhongwai, Guizhou Maotai, Mindray Medical, Gujing Tribute Wine, WuXi AppTec, Shanxi Fenjiu, Haida Group, Aier Ophthalmology. Among them, the number of positions held by 5 individual stocks has not changed in a single quarter, Shanxi Fenjiu and Aier Ophthalmology have newly entered the top ten heavy stocks, Wuliangye, Luzhou Laojiao and Guizhou Moutai have been slightly reduced, and Hikvision and Chenguang shares have fallen out of the top ten.
Looking forward to the second half of the year, Liu Yanchun believes that with the gradual control of the epidemic, the mainland's economic upward trend is clear. It is expected that the entity financing will be further accelerated and the structure will gradually improve. Major overseas economies need greater contraction to control inflation at this stage due to the late tightening of monetary policy, and the probability of further adjustment of globally priced commodity prices is high. Demand expanded, costs fell, and the mainland's real economy as a whole entered a period of profit expansion. After the economy stabilizes, the need to maintain an overly loose liquidity environment has declined, and market interest rates are expected to gradually move closer to policy rates. Although the liquidity of the financial system has converged, the overall valuation level of the stock market is likely to continue to expand, and the economic recovery and the improvement of corporate earnings are the main drivers of the market at this stage. The intensity and sustainability of recovery need to be tracked in the second half of the year.
Xie Zhiyu laid out new energy
Xie Zhiyu, global star fund manager of Industrial Securities, has always been known for its balanced positions, and has long been focused on stable sectors such as home appliances, medicine and consumption, but as new energy stocks continue to be hot, Xie Zhiyu has timely turned his attention to the hot track.
Xingquan Herun's second quarterly report shows that its top ten heavy stocks are Haier Zhijia, Sanan Optoelectronics, Wingtech Technology, Mango Super Media, Jin Jiang Hotel, Jingchen Shares, Jianyou Shares, Tongwei Shares, Meihua Biological, and Gujia Home. Among them, haier Zhijia, the largest heavy stock, was reduced by 10.31%, Jin Jiang Hotel was reduced by 12.27%, and Sanan Optoelectronics, Wingtech Technology, Mango Super Media, etc. were slightly increased. Puluo Pharmaceutical and 37 Mutual Entertainment, which were previously heavily positioned, withdrew from the list of the top ten heavy stocks.
It is worth mentioning that Xie Zhiyu directly bought the silicon leader Tongwei shares into the eighth largest heavy stock in the second quarter, and Gujia Home also newly entered the tenth largest heavy stock of the fund. There is also the Xingquan trend of the same operation, and the CATL era has entered the top ten heavy stocks of the fund for the first time. According to the data, at the end of the second quarter, Xingquan Trend held 1.7339 million shares of Ningde Times, with a market value of 926 million yuan, which was the sixth largest heavy stock in the fund. At the same time, German Nano was also doubled by Xie Zhiyu, with an increase of 127.76% during the period. As new energy stocks continue to explode, Xie Zhiyu has also turned his attention to the popular track. As early as last August, Xie Zhiyu investigated the photovoltaic inverter leader Jinlang Technology; In January this year, Xie Zhiyu investigated the photovoltaic micro-inverse leader Hemai shares.
For the strategy and operation of the fund, Xie Zhiyu did not spend too much ink, but simply reviewed the economic trend: in the second quarter, the country experienced the negative impact of the Omikejong variant on the economy; In order to stabilize the economy and increase employment opportunities, the State has adopted measures to support the economy; With the continuous increase in infrastructure investment, the real estate policy in some cities has begun to relax, and real estate sales have shown a bottoming out trend since June, and the domestic economy has also shown a moderate recovery trend. The International Federal Reserve continues to raise interest rates, the CPI of various countries remains high, and it remains to be seen whether overseas demand will slow down.
During the reporting period, Xie Zhiyu said that he maintained a high position, and will continue to select individual stocks, tap the long-term growth value of the company, and constantly look for excellent companies with good investment cost performance.
Editor-in-charge: Yang Yucheng
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