On January 3, 2024, the 2023 annual results of public fund products were fully disclosed, and the GF Global Select Equity Fund (QDII) managed by Li Yaozhu won the championship with an annual performance of 66.08%.
According to the latest disclosure of all the performance, among the top four fund products, QDII occupies three seats, and in the context of the high overlap of most QDII's heavy stocks, the independent heavy stocks have become the core grasp of GF Global Select Equity Fund to overcome "you have me" and surpass its peers.
In an exclusive interview with the Securities Times and Brokerage China reporters, Li Yaozhu said that the performance breakthrough lies in the forward-looking research on artificial intelligence, and continues to observe the revenue driving trend of related companies' landing applications, and the core of 2024 will be mainly deployed in SaaS software, computing power chips and other five tracks.
The best performance of the public offering exceeded 66%
The QDII fund disclosed its net value for the last two trading days of 2023 on January 3. So far, the annual results of the whole product line of the public fund have been disclosed.
After this full disclosure, the GF Global Select Equity Fund (QDII) managed by Li Yaozhu won the first place in the performance of all public fund products with an annual performance of 66.08%, which was higher than the 58.56% annual performance created by the ChinaAMC Beijing Stock Exchange Select Fund in A-shares.
ChinaAMC Global Technology Pioneer Fund (QDII) managed by Li Xiangjie achieved a performance of 58.19% and won the third place in 2023.
CUAM Global Mobile Internet (QDII) managed by Yang Jin ranked fourth with a 2023 annual performance of 49.87%.
The performance of Soochow Mobile Internet Fund was 44.93%, ranking fifth.
It is worth noting that among the top 10 fund products in 2023, only GF Global Select Equity Fund has an initial scale of more than 2 billion funds, and most of the top 10 fund products have an initial scale of less than 500 million funds. This means that in the mass selection of stocks, the accuracy of individual stock mining and firm heavy positions is extremely important.
Unique heavy stocks defeat "you have and I have"
In the top four of the 2023 annual results, three QDIIs occupy the list, among which many stocks such as NVIDIA, META, Google, and Tesla appear in the list of heavy stocks of major public QDIIs.
The Securities Times and Brokerage China reporter noticed that behind the 66.08% annual performance of the GF Global Select Equity Fund managed by Li Yaozhu, on the one hand, it is to hold the "big road goods" of the public offering in the U.S. stock market, and on the other hand, to obtain excess returns with exclusive varieties, among which, Li Yaozhu's unique heavy position in the U.S. stock listed company Odori is the most critical performance grasp of the relevant fund in 2023.
Audobie is a multinational company that competes with Meitu, a Hong Kong-listed company. In the market in 2023, Audobie and Meitu soared across the sea, Meitu, which started with micro-cap stocks, rose about 1.8 times in Hong Kong stocks, and Oldobie, which has a market value of more than one trillion yuan, also began to perform strongly in US stocks, although it is not as good as Meitu, which has a smaller market capitalization, but it is enough for Li Yaozhu.
Wind data shows that Odobie, the sixth largest heavy stock of GF Global Select Equity Fund, has seen its share price rise by 77.28% in 2023. The unique heavy position of Odobie has enabled this QDII fund to achieve a breakthrough in performance and win the first place in QDII and the performance champion of the whole product line of the public offering when most of the heavy stocks are highly overlapped with other public QDIIs.
Exclusive interview with Li Yaozhu: Focus on five major areas
After the results were fully disclosed, Li Yaozhu also accepted an exclusive interview with the Securities Times and Brokerage China reporters, as for why it can achieve good returns in 2023, Li Yaozhu first summarized it as the company's continuous cultivation in the field of technology and advanced manufacturing, "The company attaches great importance to the mining of investment opportunities in TMT and other related fields, drives investment with in-depth research, and grasps opportunities in a forward-looking manner." Among them, artificial intelligence is the concentrated embodiment of the field of hard technology. "We focus on the long-term opportunities in the field of artificial intelligence in the next five or even ten years, and the investment research team has done in-depth research in related fields, focusing on companies that benefit from artificial intelligence. ”
In 2023, GF Global Select Equity Fund will take artificial intelligence as a key investment area, mainly allocating computing chips, cloud computing, vertical software applications, network security and other directions. In terms of finding individual stocks, especially at the valuation level, Li Yaozhu told the Securities Times Brokerage China reporter that many mainstream technology stocks will have double-digit growth in 2023, and the stock prices of some companies will double. In addition to the factor of earnings growth, there is also a reason for valuation repair. In 2022, the valuation contraction of technology stocks will be more severe, which means that in 2023, with the expansion of valuation and earnings, the valuation of some technology companies will return to the historical average level.
"The ROE of some excellent technology stocks has increased from about 15% 10 years ago to 20%~30% now, and the overall valuation can be maintained at about 20~30 times, the core reason is that their ROE is higher than before, and the driving factors behind it include the improvement of human efficiency and the reduction of equity capital due to buybacks. ”
Li Yaozhu said that the more important performance driver in 2023 is the computing power side, the application of related technology companies is expected to be launched in 2024, and the application landing is very important to the driving trend of revenue, and it is more important to observe the pull of AI for the income of software companies in 2024.
He believes that the level of valuation is a static appearance, and the core is whether the company can absorb the valuation pressure with sustained high growth. If the current high valuation can be turned into a lower valuation through future growth, then the current valuation is not really a high valuation, on the contrary, if the current low valuation company does not grow in the future, then it may become a high valuation company in the future. If there is a valuation bubble that deviates from the extreme, it will also make some defensive adjustments.
Regarding the stock market opportunities in 2024, Li Yaozhu believes that there are five major tracks to focus on:
The first is SaaS software companies empowered by AI technology, which are mainly large B-end companies, which have strong network effects, and their main customers are Fortune 500 companies. For example, SaaS companies related to business operations, including sales and service SaaS companies, and SaaS companies that improve the efficiency of middle and back office operations. This type of software can improve efficiency through the use of AI technology, so customers are willing to pay, and the higher the efficiency improvement, the larger the proportion of payment. Since the cost of software is much lower than that of labor, this also means that there is more room for software price increases in the future.
Second, in terms of computing power chips, the supply and demand of chips in 2024 is expected to be better than this year, and there may be more high-end high-end high-computing power products launched.
Third, cloud platform companies with large model capabilities are mainly public cloud companies, and cloud platform companies with large model capabilities may gain a larger market share in the future, and we believe that they still have very large growth potential in the long run.
Fourth, network security companies are the mainstay, because in the era of artificial intelligence, the security of terminals or clouds will become more important, and the payment rate of network security companies may continue to increase in the future.
Fifth, the use and popularization of blockchain technology. In the era of generative AI, more and more AI-generated works such as articles, pictures or videos need to be identified or copyright protected, and the use of blockchain technology can solve these problems, and we believe that blockchain technology will be gradually applied to these fields in 2024.
Source: Oriental Fortune Network
Editor: Xiang Yanhong