Interface News Reporter | Zou Wenrong
In the first quarter of 2024, the A-share market first fell and then rose, and with the sharp fluctuations in the market, the ranking of tens of billions of fund managers in the asset management equity category of securities companies changed.
As of April 23, the first quarterly report of the asset management fund of the brokerage has been disclosed. According to the statistics of the interface news reporter, compared with the end of the first quarter of last year, the list of equity brokerage asset management fund managers of tens of billions of securities companies (only the first ranking of fund managers, the same below) not only declined, but the net asset value of the funds under management also almost "shrunk".
According to the latest quarterly report, except for Jiang Yongming of Caitong Asset Management, who fell out of the echelon of 10 billion, the remaining 5 fund managers on the list are still from Orient Securities Asset Management and Zhongtai Asset Management, and Orient Securities Asset Management continues to "dominate the list".
In terms of scale, at the end of the first quarter of last year, 5 of the 6 fund managers on the list had a management scale of more than 15 billion yuan. Among them, Wang Yanfei has a scale of 22.063 billion yuan under management, ranking first on the list, followed by Sun Wei, the outgoing fund manager of Orient Securities Asset Management, with a scale of 22.042 billion yuan, and Li Jing's management scale has also reached 19.267 billion yuan.
However, a year later, the management scale of all fund managers on the list has dropped to 15 billion yuan, except for Jiang Cheng of Zhongtai Asset Management and Zhang Feng of Orient Securities Asset Management, the rest of the fund managers continued to decline compared with the end of the fourth quarter of last year.
Among them, the scale of the fund managed by Wang Yanfei of Orient Securities Asset Management "plummeted" by 9.120 billion yuan year-on-year, and the scale shrank most seriously, with a decrease of 1.804 billion yuan month-on-month, followed by Jiang Yongming of Caitong Asset Management, which "shrunk" by 7.227 billion yuan year-on-year, and a month-on-month decrease of more than 1 billion yuan.
In contrast, due to Sun Wei's "jumping" to Quanguo Fund, as of the end of the fourth quarter of last year, the scale of Miao Yu under management of Orient Securities Asset Management has exceeded 10 billion yuan to 11.646 billion yuan, but due to the "sharp decline" in the market in the first quarter, the current management scale of Miao Yu has fallen out of the echelon of 10 billion.
In the first quarter of this year, there was a liquidity crisis in the capital market under the successive declines and flash crashes of micro-cap stocks.
For example, the funds with the best performance under management by the fund managers on the list show that as of the end of the first quarter, except for two fixed-opening products, the rest of the products had net redemptions.
Among them, Jiang Cheng is the fund manager with the least net redemption pressure, but the Zhongtai Xingyuan Value Preferred A (006567.OF) managed by him also suffered a net redemption of 433,300 shares.
Zhang Feng, Jiang Cheng and Li Jing all achieved positive returns in the first quarter. Zhou Yun, Miao Yu, Wang Yanfei and Jiang Yongming's funds under management all recorded negative returns in the first quarter.
Among them, Jiang Yongming managed 6 products, 4 of which had a return of less than -10% in the first quarter.
In contrast, the six products managed by Li Jing all returned positive in the first quarter of this year. Dongfanghong Qidong, which has the best performance, has been held for three years (008985. As of the end of the first quarter, the stock holdings of this product increased by 3.11 percentage points from the end of the fourth quarter of 2023 to 93.15%.
In terms of the industries and individual stocks of the funds under management, in the first quarter, Li Jing's non-ferrous metals sector was heavily held in Zijin Mining (601899. SH) has come out of a wave of strong pull-up. In the past three months, Zijin Mining, Shandong Gold (600547. SH) has risen by more than 40%, in addition, Shenhuo shares (000933. SZ) also rose by 38.96%.
The strategy of heavy exposure to non-ferrous metals is also reflected in the products managed by Zhang Feng.
Wind shows that in the first quarter, Zijin Mining and China Molybdenum (603993.SH) ranked third to fourth respectively in Zhang Feng's heavy stocks, among which, during the reporting period, Zhang Feng significantly raised Zijin Mining by as much as 74.87%. Two stocks also brought it huge profits, rising as much as 34.99% and 60.00% respectively in the first quarter.
In addition to betting on the non-ferrous metals sector, Zhang Feng's heavy energy stocks also performed strongly during the reporting period. As of the end of the first quarter, Zhang Feng's second largest heavy stock China National Offshore Oil Corporation (0883. HK) rose 39.38% during the reporting period, leading the energy industry sector.
In the first quarter report, Zhang Feng mentioned that the fund's investment portfolio has not changed much, and it is biased towards stocks with barriers on the supply side, less affected by the macroeconomy, obvious product differentiation, low leverage, and strong dividend ability, such as hydropower, nonferrous metals, energy and other assets with relatively stable operation or relatively strong supply rigidity.
Although they both prefer dividend stocks, Jiang Cheng of Zhongtai Asset Management is significantly different from the above two fund managers, and is still dominated by bank stocks.
From the performance point of view, among the 7 products managed by Jiang Cheng of Zhongtai Asset Management, only Zhongtai Xingcheng Value held A (010728.OF) negative in the first quarter of the year, and the remaining 6 all closed positive.
Among them, Zhongtai Dividend, which has the best performance, is preferred to hold it for one year (014771. OF) returned 10.14% in the first quarter, ranking first among the fund managers on the list.
Up to now, Zhongtai Dividend Preferred One-year Holding Stock Position decreased slightly by 0.64 percentage points from the end of the fourth quarter of last year, but still maintained a high position of 93.64%, and only four bank stocks accounted for 47.76%.
In addition to bank stocks, during the reporting period, Jiang Cheng also significantly increased his position in China State Construction (601668. SH), the number of positions increased by 12.70% from the end of the fourth quarter of last year.
Wind shows that since its listing, China State Construction has paid dividends 14 times, with a cumulative cash dividend of 81.532 billion yuan, a dividend yield of 4.88%, ranking 24/1123 in the industry.
As for the reason for the preference for high dividends, Jiang Cheng mentioned in the first quarterly report of Zhongtai Xingyuan Value Preferred A (006567.OF) that the stock price performance is the result of market voting, and the profit growth rate is the core evaluation index. But under the logic of weighing, the long-term dividend level is the most important, not the fluctuation pattern of profits.
As a weigher, in Jiang Cheng's view, what the weigher needs to care about is not when the fundamental inflection point appears and how high the slope of the recovery is, but how low the position of the inflection point is, because the extremely poor state corresponding to the low point is an important grasp for constructing the margin of safety.
"At the moment, many industries are past their worst, and some are at their worst. Enterprises with competitive advantages can still make considerable profits at the low point of the industry, they are the leaders after the big waves, and the price is reassuring, which is a good target that we particularly cherish. Jiang Cheng mentioned.