On October 25, the third quarterly report of Wanjia Fund Huanghai Province, the top three winners of equity fund performance in the first three quarters of this year, was released. From the perspective of equity holdings, the three funds managed by Huanghai all increased their equity positions in the third quarter, and their equity positions exceeded 90% at the end of the third quarter.
From the perspective of heavy stocks, Huanghai did not change shares in a big way in the third quarter, but adjusted the number of holdings of previously heavy stocks. All three funds significantly increased their holdings of CNOOC in the third quarter, making it the largest heavy stock among the three funds. In addition, China Shenhua, Huayang and Yingjiu all entered the list of the top ten heavy stocks of the three funds in the third quarter, while Poly Development, Jinkong Coal Industry and Yankuang Energy fell out of the top ten heavy stocks of the three funds.
Increased holdings of CNOOC The top 10 heavy stocks are mainly "old energy" stocks
Among the active equity funds in the whole market, three products managed by Huanghai of Wanjia Fund won the first and second runners-up in the first three quarters of this year. Among them, the return rate of Wanjia Macro Timing Multi-Strategy reached 68.46% in the first three quarters, ranking first; Wanjia Xinli's return in the first three quarters was 61.92%, ranking second; Wanjia Select Hybrid A returned 53.77% in the first three quarters, ranking third.
All three funds released their three quarterly reports on October 25. In terms of scale, as of the end of the third quarter of this year, the net asset values of Wanjia Macro Timing Multi-strategy, Wanjia Xinli and Wanjia Select were 1.822 billion yuan, 1.007 billion yuan and 1.032 billion yuan respectively (Class A and C shares are combined).
In terms of portfolios, the three funds managed by Huanghai all increased their equity positions in the third quarter. Among them, Wanjia Macro timing multi-strategy stock investment accounted for 91.88% of the fund's total assets, an increase of 2.11 percentage points compared with the end of the second quarter; Wanjia Xinli stock investment accounted for 91.96% of the fund's total assets, an increase of 1.69 percentage points from the end of the second quarter; Wanjia selected stock investment accounted for 91.96% of the fund's total assets, an increase of 3.04 percentage points from the end of the second quarter.
From the perspective of heavy stocks, in addition to the slight difference in relative order, the top ten heavy stocks of the three funds basically coincide, mainly "old energy" stocks represented by coal and oil, including CNOOC, Lu'an Environmental Energy, Shanxi Coking Coal, Shaanxi Coal, Huaibei Mining, China Coal Energy, China Shenhua, Huayang Shares, Gemdale Group, and Yingjiao Gongjiu. Compared with the end of the second quarter, Huanghai did not make a big stock change, but adjusted the number of shares held by the previously heavy stocks.
As of the end of the third quarter, the top heavy stocks of the three funds were all CNOOC, and at the end of the second quarter, CNOOC had not yet entered the list of the top ten heavy stocks of the three funds. Among them, Wanjia Macro Timing Multi-Strategy increased its holdings of CNOOC by 8.0151 million shares in the third quarter, with 10.1197 million shares held by the end of the third quarter, with a market value of 160 million yuan, accounting for 8.79% of the fund's net asset value. Wanjia Xinli increased its holdings of CNOOC by 4.1115 million shares in the third quarter, and the number of shares held at the end of the third quarter was 5.4748 million shares, with a market value of 86.6663 million yuan, accounting for 8.6% of its position. Wanjia Select increased its holdings of CNOOC by 4.1977 million shares in the third quarter, and the number of shares held at the end of the third quarter was 5.800 million shares, with a market value of 91.8135 million yuan, accounting for 8.90% of the position.
CNOOC landed on A-shares on April 21 this year, and after listing, it has risen by more than 30% by the end of the third quarter. However, its share price adjusted in the third quarter, falling by 3.24% in the quarter.
In addition to CNOOC, China Shenhua, Huayang and Yingjiu are all stocks that have newly entered the top ten heavy stocks of the three funds. Poly Development, Jinkong Coal and Yankuang Energy fell out of the top ten heavy stocks of the three funds in the third quarter. Among them, Poly Development is the largest heavy stock in the second quarter of Wanjia Select Mix, and Wanjia Select held 4.0321 million shares of Poly Development at the end of the second quarter, and it is speculated from the top ten heavy stocks at the end of the third quarter that the fund reduced its holdings of Poly Development by more than 3 million shares in the third quarter.
In addition, the three funds all increased their holdings of Lu'an Environmental Energy and Shanxi Coking Coal. Wanjia Macro Timing Multi-Strategy, Wanjia Xinli and Wanjia Select increased their holdings of Lu'an Huaneng by 4.2835 million shares, 2.1621 million shares and 841,700 shares respectively in the third quarter; Shanxi Coking Coal increased its holdings by 4,672,800 shares, 2,567,100 shares and 895,900 shares, respectively.
Shaanxi Coal Industry, the largest heavy-position stock of Wanjia Macro and Wanjia Xinli, at the end of the second quarter, received 2.4833 million shares and 1.0505 million shares from two funds in the third quarter, and China Coal Energy, the second largest heavy-weight stock, increased its holdings by 3.5421 million shares and 1.4381 million shares by two funds, respectively. Wanjia Select slightly increased its holdings in Shaanxi Coal and reduced its holdings in China Coal Energy.
Increase the weight of oil and gas, reduce the weight of real estate Judge that the current value stocks are more cost-effective
The three funds managed by Huanghai took over the top three active equity funds in the first half of this year, and continued to lead in the third quarter, which is inseparable from its heavy position in "old energy" stocks such as coal stocks.
Since the beginning of this year, the coal sector has experienced a round of continuous growth. From the beginning of this year to the end of the third quarter, according to the Shenwan first-class industry classification, the coal sector rose by 32.67%. Shaanxi Coal, which is heavily held in the Yellow Sea, rose nearly 100% in the first three quarters of this year, Shanxi coking coal rose by more than 93%, and China Coal Energy rose by 75%.
In fact, Huanghai has been adding to coal stocks since the third quarter of last year. From the perspective of industry allocation, previously, the largest heavy industry of the three funds he managed was the real estate industry, and the mining industry has become the second largest heavy industry of the three funds since the third quarter of last year, and the real estate industry has surpassed the real estate industry to become the largest heavy industry of the three funds in the first quarter of this year. By the end of the third quarter of this year, the proportion of holdings in the mining industry in the net asset value of the three funds had increased to about 70% from about 20% in the third quarter of last year.
The third quarterly report also revealed Huang Hai's views on market and industry allocation. For the overall market, he pointed out that the A-share market as a whole showed a weak and differentiated pattern in the third quarter, of which the CSI 300 fell by 15.16% and the ChiNext board fell by 18.56%, also in terms of style, the growth and consumption sectors were weak, and the financial and cyclical sectors were relatively stable. This is mainly due to the sharp rebound of growth stocks in the second quarter, the valuation rises, while the pace of overseas interest rate hikes accelerated in the third quarter, US bond yields are at a ten-year high, and the liquidity of the domestic financial market has also tightened marginally, resulting in a recovery in the funding rate, further exacerbating the divergence of styles. In terms of fund investment, it is mainly deployed in value stocks with low valuation, high dividends and stable performance. In the third quarter, the position structure was slightly adjusted, moderately increasing the weight of the oil and gas industry, while reducing the weight of real estate, and increasing the allocation of other industries such as consumption, finance, and construction, and the overfall of the latter's stock price brought better layout opportunities.
Looking ahead, Huang Hai said that it will maintain a cautious optimistic attitude, although the A-share market is affected by various negative factors and shows a trend of repeatedly bottoming out, due to the vast Chinese market and the complete manufacturing system, structural opportunities in the A-share market will still emerge one after another. He judged that value stocks are more cost-effective in the current environment and continue to benefit from the process of rebalancing asset allocation from growth stocks to value stocks.
Beijing News shell financial reporter Gu Zhijuan
Editor Song Yuting
Proofreading Wang Xin
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