China Fund News reporter Cao Wenjing
With the completion of the disclosure of the first quarterly report of the fund in 2024, the position building of the new active equity fund has also surfaced.
Wind data shows that many new funds have chosen to actively build positions in the volatile market, and the average stock position of nearly 100 active equity funds that have disclosed quarterly reports for the first time is 63.24%, which is at the upper neutral level.
The new active equity fund is more active in building positions on dips
A number of sub-new equity funds established since November last year disclosed their quarterly reports for the first time, revealing the fund's position building under the market turmoil in the first quarter.
On the whole, although the market continues to adjust, the new active equity funds are actively building positions. According to the data, the average stock market value of 99 active equity funds (including equity and hybrid funds) (statistical initial shares) that disclosed quarterly reports for the first time accounted for 63.24% of the fund's net asset value, which was at the neutral upper level.
The reporter selected some active equity sub-new funds that have been actively building positions, and from their quarterly reports, they can understand the overall position building ideas of fund managers.
Huaxia Zhaoxin Hongrui, managed by Zhong Shuai, was established in mid-January this year, and the fund continued to increase its investment in the TMT sector during the reporting period. He pointed out that the portfolio will continue to explore potential beneficiary investment targets around artificial intelligence technology and its related industrial chains, and further increase the allocation proportion of the TMT sector while maintaining a relatively balanced allocation of the portfolio as a whole. As of the first quarter, the fund's equity position exceeded 75%.
Founded in mid-to-late December last year, the top 10 heavy stocks of the fund were distributed in various fields such as optional consumption, industrials, information technology, and materials as of the first quarterly report.
Gao Nan, who currently serves as the chief equity investment officer and general manager of the equity investment department of Yongying, said that the fund adopts an absolute return strategy for portfolio management during the opening period, adopts a more cautious strategy for positions and drawdowns, and tries to select stocks with sufficient callbacks and relatively low valuations for the accumulation of fund asset safety cushions, and cooperates with take-profit and stop-loss operations. As of the first quarter, the fund's equity position was nearly 90%.
Wells Fargo Insight Value, managed by Bai Bingyang, was established at the end of December last year, and as of the first quarter, the fund's top 10 heavy stocks are distributed in various sectors such as consumer discretionary, health care, and information technology.
Bai Bingyang said that in the first quarter of this year, some investment opportunities with suitable risks and returns were found in different industries and fields, so they quickly opened positions during the position building period. Although we are exposed to the risk of market volatility in the short term, the starting point of our investment decisions is the medium to long-term dimension, considering the margin of safety. The valuation of the selected target has fully considered various negative factors, and it is hoped that with the economic development in the future, the investment target can usher in the mean reversion of performance and valuation.
The three-year sustainable investment of China Industrial Securities Global Sustainable Investment managed by He Yiguang was established in early December last year, and during the opening period, the fund portfolio mainly allocated Hong Kong stocks, nonferrous metals, pharmaceuticals, chemicals, consumption and other industries.
Looking forward to the future, He Yiguang believes that there is a high probability that the market will fluctuate upward, and a number of companies with excellent quality and independent fundamentals will have greater investment opportunities.
This year is a turning point for investment opportunities to outweigh risks, and the market is expected to continue to recover upward
In the first quarter of 2024, the A-share market experienced a wide range of fluctuations, with most of the stocks experiencing large fluctuations except for high-dividend stocks, posing a higher challenge to fund managers.
In the first quarterly report, Cai Zhiwen of China Universal Fund judged that 2024 is a turning point when investment opportunities significantly outweigh risks, and A-shares and Hong Kong stocks are expected to continue to repair upward. The investment style of the A-share market is undergoing a historic change: from preference for growth to preference for value, from focusing on relative value to focusing on absolute value, from focusing on the future growth of the company to focusing on the dividend return of stocks. This shift has left some pseudo-growth stocks that have been mispriced in the past at great downside risk, and funds are concentrating on a small number of companies with absolute value that are willing to actively pay dividends to investors. In the future, only growth stocks with core competitiveness, sustainable growth, reasonable valuations and excellent corporate governance will be favored by funds.
"At present, the overall valuation of A-shares is relatively cost-effective, and we remain optimistic about the capital market overall. Gao Nan of Yongying Fund said in a quarterly report that it is too mechanical to use the historical valuation level to evaluate investment opportunities in a sword-like manner. We will find that with each round of price fluctuations of weighted assets, there will always be a group of assets that fit the background of the times and become more expensive than in the past. In line with the background of high-quality development, in addition to the overall return of the valuation center of equity assets, we are also committed to finding assets that will become more valuable in the current round of cyclical fluctuations, and actively deploying stable and predictable high-quality assets.
"After the A-share market experienced a rapid decline in small and mid-cap stocks at the beginning of the year, the market has been partially cleared, and the market bottom has formed. Zhong Shuai of China Asset Management believes that China's economy still has strong endogenous growth potential, and if the policy can respect the laws of the market and further release the vitality of the market, the economic fundamentals are expected to improve. Believing in the power of technological progress, the great progress of artificial intelligence technology will completely change the face of human society in the near future, and the digital economy industry chain with artificial intelligence as the core will become the main line of the next cycle of the market.
He Qi of Western Lidl Fund said that in terms of valuation, A-shares are currently in a historically low range, and there is a certain valuation depression effect on a global scale. In 2024, after a brief correction before the Spring Festival, the A-share market is expected to recover. Among them, the growth of science and technology is expected to become one of the core driving forces of the economy and the market, with artificial intelligence, data elements, robots and intelligent driving as the representative of a new wave of scientific and technological innovation, the direction of scientific and technological growth is expected to usher in industrial dividends, in addition, consumption, manufacturing, finance, resources and other pro-cyclical and export direction has the opportunity to repair the valuation.
Editor: Joey
Review: Chen Siyang