Refine the dry goods of the next quarterly report,
The fund manager finally couldn't bear it anymore and began to reduce his position.
However, the decline was modest, with an average of only 0.8 points.
The reduction is mainly due to concerns about macro risks, such as the domestic economy, overseas geopolitical conflicts, and the Fed's interest rate cut expectations have been repeatedly delayed...
There are also people who swim against the current,
Hu Zhongyuan, after 13 quarters, once again raised his position to more than 80%.
Gilly, after 12 quarters, also raised the position to more than 80%.
In terms of fund subscription and redemption,
Active equity funds continue to be redeemed,
It was redeemed by an average of 3% in the fourth quarter of last year and an average of 4% in the first quarter of this year, with a slight increase in the redemption speed.
Among them, quantitative funds and micro-cap strategy funds are the hardest hit areas for redemption, and many star funds have been redeemed about half~
01
Position changes
The fund is required to be established for more than one year (before 31 March 2023),
The average position of common equity, partial stock hybrid, balanced hybrid, and flexible allocation funds all declined in the first quarter.
After such a long time, the fund manager finally couldn't bear it anymore and began to reduce his position, but the range was limited, with an average reduction of 0.8 points.
single fund,
- Fund managers are more famous, and the funds that have reduced their positions more are mainly the following:
1) Shu Jinwei
Wanjia's ingenuity is far-reaching, this fund was originally managed by Li Wenbin, and it was handed over to Shu Jinwei after Li Wenbin left on February 8.
Looking at Shu Jinwei's representative fund, Wanjia New Opportunity Leading Enterprises, has gradually reduced its position from 90.78% to 60.67% since the second quarter of 2023. In the fourth quarter of last year and the first quarter of this year, Shu Jinwei increased his position slightly, and Shu Jinwei was still cautious about the market.
In the 2023 annual report, he said that due to concerns that "the risk of continued contraction of China's balance sheet has not yet been fully released", the current thinking is to "defend first, then attack" and control the total position.
2) Geng Jiazhou, Liu Huiying
They all have a heavy investment in artificial intelligence. In the first quarter, Wanjia AI's position fell from 83.8% to 71.1%, and Sino's positive return position fell from 91.5% to 69.7%.
As for the reasons for reducing positions,
Geng Jiazhou said: "The market has begun to spread from strong industrial trend varieties such as AI to some themes, which is an important sign that the market has peaked in stages."
For those who are still on the AI track, you should pay attention to the risks~
3) Cui Chenlong
Cui Chenlong's quarterly report is still optimistic about new energy, new materials, innovative drugs, medical devices, AI, independent and controllable, semiconductors, satellite Internet and other directions with good growth, but look at the changes in the positions of several funds...
4) Xu Tuo
Xu Tuo's position was significantly reduced because there were too many new subscription funds, and the preferred share of Yongying Dividend increased by 159% from 165 million shares to 428 million shares in the first quarter.
Xu Tuo said that his steadiness is not only reflected in the position, but also in the choice of position. It has maintained restraint on new funds, is not urgent, does not chase high, and gradually disperses to other industries, reduces portfolio fluctuations, and has increased the allocation of port companies and some consumer leaders.
5) Cai Yubin & Yang Siliang
Cai Yubin reduced his position out of concern about macro risks.
Domestically, electricity consumption and PMI exceeded expectations in the first quarter, and the manufacturing industry recovered, but the driving force behind it came from the replenishment of inventories in Europe and the United States.
Overseas, geopolitical conflicts are frequent, inflation expectations in the United States are rising, and the Fed's interest rate cut expectations have been repeatedly postponed, and the global economy is under great pressure.
Yang Siliang also reduced his position out of concern about macro risks.
In a quarterly report, he said:
In the face of the problems of the century of "secondary inflation" and "economic recession", developed countries have preferred the worsening of their deficits to fiscal stimulus the economy, resulting in secondary inflation.
Coupled with the hard constraints on the supply side, he is in awe of uncontrollable inflation.
The core contradiction of this round of inflation lies on the supply side, and the demand side may have to pay an unexpected price to solve the inflation problem, and the global economy may experience a process of violent fluctuations of "first entering the trough and then reaching its peak".
6) Lin Yingrui
Several funds managed by Lin Yingrui have reduced their positions to varying degrees.
It feels like he's been tormented by the structural conditions of the market.
In a quarterly report, he said:
Macro data and some high-frequency data exceeded market expectations and were different from their own intuitive feelings, indicating that this economic cycle is approaching an inflection point.
Meaning, the economy has reached an inflection point of recovery, and he is optimistic about economic recovery.
But at the same time, in a fragmented macro environment, instead of continuous confusion and helplessness, it is better to accept changes in the economic structure, which can be regarded as a bet on a low or even negative correlation of the economic downturn.
In other words, I am not so confident, and I really can't buy some high-dividend assets to hedge other positions.
- Fund managers are more famous, and the funds that have increased their positions are mainly the following:
1) Hu Zhongyuan
Hu Zhongyuan has a fixed income background and is good at large-scale asset allocation, which is the first time in 13 quarters that he has raised his position to more than 80%.
In the quarterly report, although the reason for the sharp increase in positions was not said, actions speak louder than words~
2) Yang Jinjin
Bank of Communications Ruiyuan, a new fund issued by Yang Jinjin in October last year, has been slow to build positions, with a stock position of 33.11% in the fourth quarter of last year and 71.68% in the first quarter of this year.
Yang Jinjin's 2 old funds have slightly increased their positions.
3) Yongying Hongze is scheduled to open in one year
This is an automatic timing fund, which determines the position level according to the earnings ratio of the A stock market on the last working day of June and December every year.
Due to low market valuations, it increased its position in equities by 20.3% in the first quarter of this year.
4) Jiri
Gilly is "the first time in 12 quarters" that she has raised her position to more than 80% again.
In the first quarterly report, she said that the increase was mainly due to "low market valuations".
5) Lu Yushan
Lu Yushan also raised the position to more than 80%.
The reasons are:
"The current overall valuation of the market is relatively undervalued, both relative to its own history and relative to bond assets
For the annual outlook, equity assets are still a cost-effective choice. ”
6) Qi Binpeng
Qi Binpeng's reason is more down-to-earth.
He said
The market valuation is at a medium to long-term low, and the win rate and odds are attractive, but he is also puzzled by the lack of marginal changes and the delay in getting up.
However, from the perspective of large types of assets, the cost performance of equity assets is very good, and there are many investment targets, but it may be necessary to reduce expectations appropriately.
02
Change in share
The same requires that the fund be established for more than 1 year,
Active equity funds are being redeemed at an accelerated pace, with common equity funds redeemed 5.08% in the first quarter, partial equity hybrid funds redeemed 3.67%, and flexible allocation funds redeemed 4.72%.
Redeemed funds may have gone to bond-based and index funds. The share of passive index funds (excluding feeder funds) increased by 5.72% from the previous quarter, and the share of bond funds increased by 5.92% from the previous quarter.
Specific to a single fund,
1) The most redeemed funds are quantitative funds and micro-cap strategy funds.
Ma Fang's two representative funds, Guojin Quantitative Selection and Guojin Quantitative Multi-Factor, were redeemed by about 45%, and Ma Fang's management scale also dropped to 15.5 billion, nearly half of which was at its peak.
Sheng Fengyan, Western Profit Quantitative Growth was redeemed by 60.5%.
Zhou Boyang, Jin Yuan Shun An Premium Select was redeemed by 48.2%.
Su Bingyi and Dacheng Jingheng were redeemed by 67.4%.
Qiao Liang, Wanjia Quantitative Smart Selection was redeemed by 62.4%.
Jiang Feng, CITIC Prudential multi-strategy was redeemed 51.2%.
Hu Chonghai and Sun Meng were better, and the fund was redeemed by about 20%.
Miao Weibin, Jin Yuan Shun An Yuanqi was redeemed 49 million shares, and the redemption rate was 13.8%, which can be regarded as sparing~
Gao Nan's new fund, Yongying Ruixin, was redeemed 1.06 billion shares, with a redemption rate of 73%.
Now I kind of understand why Gao Nan is not in a hurry to open a position, since its establishment, Yongying Ruixin has risen by 7.62%, with a maximum drawdown of 2.94%, and the large amount of money bought at the time of establishment should have been completely withdrawn.
2) Funds that have been overweighted
One is AI-themed funds, which are marked in blue.
The other type is the deep value fund, which is marked with purple, Bao Wuke, Lan Xiaokang, Yang Xinxin, etc.
After a long hibernation in the Yellow Sea, it finally ushered in a major explosion, and the scale of management increased from 3.443 billion yuan to 6.595 billion yuan, nearly doubling.
Other star fund managers, Yang Siliang, Zhang Jing, Tian Yu, Liu Lili, Feng Hanjie, Liu Xu, Zheng Ling, Xue Lili, also have more funds subscribed.
Of course, the biggest dark horse is Wen Yufeng, who manages the quality value of China Universal Wealth, and its share has increased from 1.91 billion to 3.35 billion, an increase of 75.7%.
Moreover, this is an institutional heavy position fund, with an institutional holding ratio of more than 90%, which does not rule out the possibility of a substantial increase in institutional holdings.
In terms of performance,
Wen Yufeng is a veteran driver, from 1994 to 1997, he served as a chief clerk in the issuance department of the China Securities Regulatory Commission, and then moved to securities companies and fund companies. From 2010 to 2014, he successively served as the General Manager of the Research Department of Bosera Fund, the Investment Director of the Growth Group of the Equity Investment Department, and the Fund Manager.
In September 2014, Wen Yufeng joined China Universal as the investment manager of the special account department. On December 12, 2022, a new fund was launched, CUAM Quality Value, which has risen by 10.06% since its inception, and is in the top 3% of its peers.
In terms of investment methods,
Wen Yufeng is a value fund manager who values valuation, free cash flow, and dividend ratio.
In his quarterly report, he said,
"Focus on investing in public companies that can generate free cash flow and are willing to return to shareholders with cash dividends",
"At present, we are adopting a dumbbell combination structure of 'value-based strategy' + 'reasonably priced growth strategy'."
Looking at the positions, the heavy positions are mainly in the financial, textile, home appliances, petroleum and petrochemical, electronics, environmental protection and other industries.
There is also the "absolute return" mentality.
"I hope that when there is a significant drawdown in the market, my holders will not be overly concerned because they can expect that the fund managers have dealt with the portfolio level and are in a relaxed state of market volatility," he said. ”
Reflected in the operation, Wen Yu Summit chose the time.
In the fourth quarter of last year, the stock position was reduced from 91.23% to 62.43% and has remained so until now, reducing the drawdown of the portfolio.
3) Index funds
Index funds with a large increase in share, mainly CSI 300 and SSE 50 ETFs.
You don't have to guess, you know, this is the handiwork of the national team.
According to the statistics of "China Fund News", in the first quarter, Central Huijin spent about 310 billion yuan on increasing its holdings of Huatai Barry CSI 300 ETF, E Fund CSI 300 ETF, ChinaAMC SSE 50 ETF, Harvest CSI 300 ETF, and ChinaAMC CSI 300 ETF.
Disclaimer: The content of this article is for informational purposes only and does not constitute investment advice