China Fund News Wei Zhongzhe
The AI market continues, the "China Special Valuation" sector leads the valuation of central enterprises and state-owned enterprises to rise, and under the squeeze of new hot spots, the new energy sector, which has led the market for nearly two years, has tasted a touch of snub in the recent momentum: according to WIND data, the CSI New Energy Index has continued to fluctuate downward after January 30, and as of May 29, the index has retraced by 12.6% compared with the beginning of the year.
DUE TO THE LARGE ENVIRONMENTAL IMPACT, THE PERFORMANCE OF NEW ENERGY-RELATED FUNDS WAS SLUGGISH OVERALL, AND MORE THAN 900 OF WIND NEW NEW Energy Concept Thematic Funds had negative returns this year.
However, even with the poor performance of the new energy industry environment, some fund products have still achieved "swimming against the current": as of May 30, 138 new energy thematic funds had positive returns, of which 13 were outstanding performers, returning more than 10% during the year.
Looking closely at the positions of some products, it is not difficult to find that the reason why these products outperform their peers and become the best, "technology" elements have played a big role in it. Some analysts said that some fund managers who invest in new energy are heavily invested in technology stocks led by artificial intelligence, and the performance of the product has indeed improved to a certain extent as far as the current situation after the position adjustment is concerned.
From these products that have obtained positive returns since the beginning of the year, Fund Jun selected three fund managers to briefly analyze their views in this rotation, they are: Wei Dong of Guolianan Fund, Chen Baoguo of Western Lide Fund, and Fang Jian of Yinhua Fund.
Guolian Security Fund: Wei Dong
Wei Dong graduated from Fudan University with a master's degree in economics and is a veteran driver with 26 years of experience in the securities industry. Since 2003, Wei Dong has officially started his career in the fund industry and successively served as the general manager of the trading department, fund manager, deputy director of investment and general manager of the investment department of the fund company where he worked at that time. In June 2009, Wei Dong officially joined GuoLian Fund, and held many important positions in addition to managing fund products.
Up to now, Wei Dong has a total of 7 fund products under management, and currently has 3 products under management (all of which only count initial funds), with a management scale of 2.129 billion yuan.
Wei Dong briefly summarized his long-term investment methodology as: active value discovery, value following model, and trading model. In terms of investment strategy, Wei Dong said that he practices "macro first, then micro", and the choice of track is crucial to investment; When selecting companies, he attaches great importance to the impact of cycles: long-term whether it is a good company, while short and medium-term periods affect stock price fluctuations, and the secret to ultimately obtaining profits is to withstand fluctuations and hold on.
"I have a little bit of a left-hand investment tendency, and sometimes I may not be completely on the same page with the market, nor may I necessarily buy the hottest in the market. I was able to take what I saw as an opportunity. Wei Dong said in an earlier interview with a reporter from China Foundation News.
In terms of heavy position allocation, in the first quarter of this year, Wei Dong's two representative products focused the top ten heavy stocks on the three major industries of information technology, industry and materials. The big change of heavy stocks is the key factor of leading performance: Unigroup Guowei, AMEC, AVIC Electronics, and China Communications Construction are all among the top ten heavy stocks of the two products for the first time, except for Unigroup Guowei, the range of the rest of the heavy stocks has significantly outperformed the industry.
(Guolianan Core Trend holds the top ten heavy stocks in the first quarter of 2023 for one year)
For this adjustment of the heavy position industry, Wei Dong also gave a corresponding interpretation in the quarterly report: the TMT all-round market caused by ChatGPT is the biggest change in the market this year. Market-related sectors and individual stocks are in full swing, and Wei Dong has appropriately and actively participated in this. From the perspective of individual companies, valuations have bubbled a bit, but in the medium to long term, the new productivity revolution triggered by AIGC is expected to have just begun, and related products will continue to follow up and choose the opportunity to participate.
Western Profit Fund: Chen Baoguo
Chen Baoguo graduated from Shanghai University of Finance and Economics with a master's degree in finance. In the 13 years of his professional counterpart, his growth path is very clear: after 6 years as a researcher in securities firms and investment institutions, Chen Baoguo officially joined Western Profit Fund in early 2016 and was in charge of research. Since February 2020, he has officially started his career as a fund manager, and the investment manager has been 3.29 years so far. He is currently the general manager of the research department of Western Lide Fund and a specially invited expert of the economic and financial research mechanism of the People's Bank of China Shanghai headquarters.
At present, Chen Baoguo has 3 products under management (only counting the initial fund), and the management scale is 2.022 billion yuan.
In the choice of investment industry, Chen Baoguo said that he will follow the direction of economic development and economic transformation, and in the specific industry allocation, he also chose to assist decision-making through a combination of top-down and bottom-up methods, through micro-observation, these concepts also make Chen Baoguo a loyal fan of the new energy industry: since the previous year, the development of the new energy industry has been hot, and Chen Baoguo issued two new energy-themed fund products in August 2021 and November 2022.
Chen Baoguo adheres to the investment philosophy of adhering to absolute returns, grows and progresses together with the market, and is in line with the direction of economic development. At the same time, in terms of investment logic, one is to adhere to the left layout and buy when the underlying price is lower than the value; The second is to focus on growth industries, share the dividends of long-term growth of the industry and the company, and be bearish on short-term fluctuations in the market.
In the first quarter of this year, Chen Baoguo made a major adjustment in the heavy holdings of representative products: six of the top ten heavy stocks entered heavy positions for the first time, including TCL Zhonghuan and Jolywood, which belong to the technology industry. After this round of adjustment, heavy stocks also have a pillar that focuses on science and technology under the general direction of focusing on power equipment.
(Western Lide Carbon Neutrality launched the top ten heavy stocks in the first quarter of 2023)
In the face of the change of technological content, Chen Baoguo also mentioned in the quarterly report: Looking forward to the second quarter, the investment strategy has not changed, but the industry view abandons the industry beta attribute, emphasizes the ability to tap individual stocks, and strives to obtain stable and sustained returns. In stock selection, it will be screened by three dimensions: performance growth rate, valuation level and future growth. As for whether this adjustment will shift the direction of his original focus, Chen Baoguo added that although it is still adjusting in the short term, he is still optimistic about the long-term investment opportunities of carbon neutrality.
Yinhua Fund: Fang Jian
Fang Jian, who has been immersed in the securities industry for 11 years, graduated from Tsinghua University with a doctorate degree in materials science. He used to work for Beijing Shennong Investment and managed fund products, and also worked in Southern Fund. He joined Yinhua Fund in May 2018 and soon began managing his own products.
Under the influence of the good performance of representative products, Fang Jian has also issued several Celgene in recent years. Up to now, Fangjian's management scale has reached 4.059 billion yuan, and the number of products under management is 4 (only the initial fund is counted).
In an early interview with a reporter from China Fund News, Fang Jian once shared his investment framework: because he admires investment guru Charlie Munger, he is also like an idol - buying the best quality growth companies at reasonable prices and holding them for a long time, earning money for the company's long-term performance. At the same time, Fang Jian has made his own improvements according to the characteristics of domestic public fund management, he will choose the best companies in the industry in the next 3~5 years at a reasonable price, as well as the "1 to N" companies that have come out, and at the same time dare to hold heavy positions, do not choose the timing, but obtain long-term returns through fluctuations. Previously, Fund Jun introduced that Fangjian's heavy position industry will be in line with the hot track of the market. Looking at the individual stocks of Fangjian's products in the first quarter of 2023, 8 of them belong to the technology-related electronics industry that is currently attracting attention, and in the case of three new heavy stocks, the original 7 stocks also increased their holdings as a whole.
In the case of positive returns in heavy stocks for nearly a year, the performance of Fangjian's products is very good: according to the statistics of Zhijun Technology, as of June 1, Fangjian's quartile ranking under all range statistics is generally at a high level.
In the face of market changes in the first quarter of this year, Fang Jian also made a lot of adjustments in its representative products in the direction of re-energies: after appropriately reducing some of the original heavy stocks, Fang Jian chose to transfer into the TMT industry related stocks such as 360 and Kunlun Wanwei into heavy positions, and the cumulative number of new heavy stocks in this period reached 6, and these two TMT industry stocks also performed well in the heavy stocks it held.
(Yinhua New Growth Top 10 Heavy Stocks in the First Quarter of 2023)
Referring to the reasons for increasing the proportion of science and technology in the portfolio, Fang Jian also mentioned in the quarterly report that in the first quarter full of opportunities but obvious structural differentiation, the artificial intelligence industry chain replaced the new energy sector and became the focus of the market. "Artificial intelligence is like a famous mountain that has always attracted many investors to come and explore. In each round of scientific and technological revolution, it is necessary to find both those "newborns" who benefit and those "survivors" who can resist the trend. ”
As for how to choose between artificial intelligence and new energy, Fang Jian's answer is "two-pronged". Fang Jian said that the focus will be on the industries with the most certain and fastest growth in the next 3 to 5 years, as well as the leading companies in these industries. "First of all, we will continue to pay attention to the changes in the technology industry, especially the artificial intelligence industry chain, and the gradual realization of semiconductor localization." Secondly, we will continue to pay attention to the new energy industry and continue to screen out high-quality companies with high moats. ”
(Note: Unless otherwise specified, the chart data in this article comes from Zhijun Technology and Wind Data)
Risk warning: The fund is risky and investment needs to be cautious. The past performance of the Fund is not indicative of its future performance. Fund research and analysis does not constitute investment advisory or advisory services, nor does it constitute any substantive investment advice or commitment to readers or investors. Please read the Fund Contract, Prospectus and relevant announcements carefully.