As the third place contributor to the annual return of equity funds last year, Liu Yuanhai, the star manager of Soochow Fund, performed well in the first quarter, and the four funds under management all significantly outperformed the benchmark, with a total scale increase of 48% quarter-on-quarter, and a five-fold year-on-year increase compared with a year ago.
In the first quarter, Liu Yuanhai's heavy positions in industries and individual stocks remained basically unchanged, continuing the aggressive style of high position operation and concentrated holdings. For the investment ideas in the second quarter, he said that he will continue to be firmly optimistic about the three major directions of AI, electronic semiconductors, and automotive intelligence.
The scale under management reached 5 times that of the same period last year
In the first quarter, Liu Yuanhai managed 4 funds, 3 mixed bases all achieved positive returns, and its Dongwu New Trend Value Line Flexible Allocation Mixed rose first, with a net value increase of 8.71% in the first quarter, Soochow Mobile Internet Flexible Allocation Mixed rose 8.08%, with an excess return of 10%, Soochow Jiahe Advantage Select Mixed rose 7.94%, and Soochow New Energy Vehicle Stock fell 1.82% in the first quarter, but also outperformed the benchmark return of -6.15%. Overall, all four funds significantly outperformed the benchmark.
The change in size was also relatively satisfactory, with the share of all four funds increasing. Its Middle East Wu Mobile Internet Flexible Allocation Mix increased by 304 million shares in the first quarter, an increase of 58% over the end of last year, and the net asset value at the end of the period reached 2.152 billion yuan, which is the largest fund under management by Liu Yuanhai. The scale of the remaining three funds has also increased by 10 million. As of the end of the first quarter, Liu Yuanhai's assets under management had reached 3.17 billion yuan, more than five times that of the same period last year.
Last year, Liu Yuanhai's Soochow Mobile Internet Hybrid won the third place in the annual income of equity funds with a score of 44.94%. According to Flush iFinD data, the flexible allocation fund managed by Liu Yuanhai has a total return of 72.29% in the past three years, ranking second in the same category.
Concentrate on positions and firm the three major investment directions
As one of the fund managers who are firmly optimistic about the TMT industry, Liu Yuanhai was called "a growth stock player who is good at grasping industrial trends" by the fund manager research report of Guoyuan Securities.
Liu Yuanhai's heavy stocks did not change much in the first quarter, continuing his style of highly concentrated holdings and firm positions in TMT. The first quarterly report shows that the top 10 heavy stocks in the 4 funds under its management are highly consistent, taking Soochow Mobile Internet Hybrid as an example, the top 10 heavy positions are Desay SV (002920. SZ), Zhongji InnoLight (300308. SZ), Weir shares (603501. SH), Lixun Precision (002475. SZ), Kingsoft Office (688111. SH), Xinyisheng (300502. SZ), Tianfu Communication (300394. SZ), Shanghai Electric Co., Ltd. (002463. SZ), Crystal Optoelectronics (002273. SZ), Tuopu Group (601689. SH）。 In addition, Soochow New Energy Vehicle stocks are heavily invested in Li Auto-W (02015.HK), Xpeng Motors-W (09868.HK) and Bethel (603596.SH).
Among the 3 mixed bases under its management, only 2 new top 10 heavy stocks are Tuopu Group and Haiguang Information, and the rest are only fine-tuned in terms of position ratio. However, compared with the disclosure in the 2023 annual report, these two stocks have long been hidden and heavy. A relatively new face is CATL (300750. SZ), after two quarters, once again squeezed into the top 10 of Soochow new energy vehicle stocks.
On the whole, the shareholding concentration of Liu Yuanhai's funds under management is more than 70%, and the value line of Soochow New Trend is as high as 79.61%. In the whole year of 2023, he will only focus on the three industries of electronics, computers, and communications, and in the first quarter of 2024, he will increase his holdings in the new energy vehicle sector in a small amount.
The aggressive style also corresponds to high risks, Liu Yuanhai's fund under management has repeatedly broken through 30% in the first quarter, and the maximum drawdown of Soochow Mobile Internet Hybrid in the first quarter has reached 37.81%. Liu Yuanhai said in a quarterly report that although the A-share market fell sharply in January, resulting in a sharp drawdown in the net value of the fund, "but in mid-to-late January, we believe that the market may be overly panicked, when the long-term investment value in the market is more obvious, so the fund still maintains a high position operation, and the direction of industry allocation basically remains unchanged."
For the investment strategy in the second quarter, Liu Yuanhai said that he will focus on three major directions: AI computing power and application, electronic semiconductors and automotive intelligence. He believes that the current A-share electronic semiconductors may be in a triple bottom moment: the bottom of profits, the bottom of valuation and the bottom of the position, and the AI content is expected to increase, and the investment opportunities in the electronic semiconductor industry in the second quarter may be worth paying attention to. The demand for computing power is still expected to be a relatively certain direction in the next few years, and while continuing to pay attention to the potential opportunities in the direction of AI computing power, we will also gradually pay attention to the investment opportunities in AI applications.
In addition, smart cars may be an area that Liu Yuanhai is optimistic about since 2024. He said in the quarterly report of Soochow New Energy Automobile that he will continue to focus on intelligent vehicles, and at the same time pay attention to the investment opportunities expected by the digestion of electrification capacity and the development of European and American markets.