The first quarterly report is the first regular report of the fund to disclose the fund manager's position every year, and in a sense, it has a certain reference. In the first quarter of this year, affected by multiple factors, the GDP growth rate exceeded market expectations, the dividend value style was outstanding, and the petroleum and petrochemical, coal, household appliances, non-ferrous metals and other industries rose first (data source: Wind, the statistical period is from January 1, 2024 to March 31, 2024). So, in the face of the market that has stepped out of the deep V market in the first quarter, how do active equity funds respond?
In the first quarter of the Year of the Dragon, active equity funds adjusted their positions in this way
According to the disclosed data of the first quarterly report of public funds, Fu Er observed that the stock position of equity funds decreased slightly in the first quarter, but remained stable overall (data source: Wind).
In the past quarter, in the context of the popularity of resource products, the popularity of high dividends and high dividends, and the emergence of new AI applications, industries such as dividends, resources and technology have become popular keywords for equity funds in the whole market to adjust their positions and swap shares: compared with the end of last year, active equity funds have increased their positions in non-ferrous metals, communications, household appliances, public utilities and other industries as a whole in the past quarter, and at the same time reduced their positions in pharmaceutical and biological, computer, electronics and other industries to varying degrees.
Market-wide active equity funds
Q1 compared with Q4 heavy stock holdings industry position changes
Data source: Wind, the statistical caliber of active equity funds is: partial stock hybrid fund + common equity fund + flexible allocation fund, and the position change data is calculated by subtracting the quarterly report data from the quarterly report data, as of March 31, 2024.
Wells Fargo's equity fund, the first quarter of the position adjustment trend revealed
After looking at the trend of active equity funds in the whole market, and then looking at their own products, Fu Er found that the trend of adjusting positions in the first quarter of their own equity funds and equity funds in the whole market was basically the same, and they increased their positions in communications, non-ferrous metals, transportation, public utilities and other industries as a whole, and at the same time reduced their positions in electronics, medicine and biology and other industries. Fu Er also noticed that although the equity funds in the whole market have reduced the allocation ratio of food and beverage and machinery and equipment, the equity funds of Fu Er still increased their positions in these two industries in the first quarter.
Wells Fargo's active equity fund
Q1 compared with Q4 heavy stock holdings industry position changes
Data source: Wind, the statistical caliber of active equity funds is: partial stock hybrid fund + common equity fund + flexible allocation fund, as of March 31, 2024.
After understanding the trend of the rebalancing of equity funds in the whole market, how did the two active equity fund managers look back on the market environment and investment opportunities in the past three months? No, it is time for all the guests to read the regular reports of the funds together
Zhu Shaoxing is the manager of Fuguo Tianhui Select Growth Fund
"The overall valuation of the current market is in a very attractive position in the long cycle, and the equity market is in a good risk-return range. In the longer term, we believe that the difficulties we are facing will eventually find a way out. The level of expected returns that investors currently choose to withstand market volatility is quite appropriate.
At the current valuation, the dividend value style can still find good investment opportunities, but the quality growth style also has many investment opportunities. ”
——Fuguo Tianhui Selected Growth 2024 First Quarter Report
Lin Qing is the manager of Wells Fargo Culture, Sports and Health Fund
"The 24Q1 market has experienced a lot of fluctuations, and the rebound after the year is significantly differentiated, no matter what kind of investment system you believe, the market has given you the opportunity to admit your mistakes and buy well, and the final decision lies with you, whether you are open-minded, so Munger likes to study "failure" things, which can avoid stepping on a lot of thunder. ”
——Phu Quoc Culture, Sports and Health 2024 First Quarter Report
Lili Liu is the manager of Wells Fargo Research Select Fund
"In the first quarter, under the impact of the liquidity crisis, the market experienced a deep adjustment, and many companies with deep barriers and unchanged fundamentals also produced large drawdowns. The fund still adheres to the principle of high-quality stocks with a margin of safety on the left side, and increases the position of related companies at the bottom. ”
-- Selected Wells Fargo Research 2024 First Quarter Report
Pu Shilin is the manager of the Phu Quoc Urban Development Fund
"The market performance in the first quarter showed obvious dumbbell strategy characteristics, dividends and resources and growth sectors represented by AI performed better, and the performance of the sectors in the middle state was weaker, reflecting that the market's expectations for the macro economy are still weak. The allocation structure of the fund in the first quarter still continued the idea since last year, focusing on the three major directions of medicine and biology, manufacturing overseas and high dividends. ”
-- Phu Quoc Urban Development 2024 First Quarter Report
Sun Bin is the manager of Wells Fargo Value Advantage Fund
"In the first quarter of 2024, we gradually increased the allocation ratio of cyclical products and deliveries. We maintain our view from the previous quarter and continue to favor dividend assets as well as USD-denominated commodities. Although the performance of the entire pharmaceutical sector weakened in the first quarter, we believe that the innovative drug sector will usher in an inflection point in terms of policy and fundamentals. We also maintain our bullishness on the innovative drug sector. ”
-- Wells Fargo Value Advantage 2024 Q1 Report
Wenjun Cao is the manager of the Wells Fargo Transformation Opportunities Fund
"In the first quarter, the A-share market fluctuated greatly, showing a deep V trend. Trading factors are an important factor in the sharp decline of the market before the Spring Festival, and with the follow-up ETF subscription, the economy is expected to stabilize and the market recovers its losses. In terms of industry sectors, upstream resource products, high-dividend sectors and export industry chains performed better, while the TMT sector performed poorly overall. During the quarter, the Fund's yield outperformed the median of its peers, mainly due to certain excess returns in industries such as coal and non-ferrous metals, tires, and export chains. ”
——Rich Countries' Transformation Opportunities 2024 Q1 Report
Yu Bo Fuguo Tianrun Return Fund Manager
"Looking forward, we remain positive and optimistic, domestic structural opportunities emerge in an endless stream, especially the new quality of productivity industries, large space, friendly policies, low penetration, fast development, breeding good investment opportunities, in addition, with the gradual stabilization of the domestic economy, traditional industry odds are better, will also provide phased investment opportunities. However, we will always pay attention to risk factors, including but not limited to changes in the global macro environment, the pace of risk clearance in specific domestic industries, etc. ”
——Wells Fargo Tianrun returns 2024 first quarter report
Cao Jin is the manager of the Wells Fargo Small and Mid Cap Select Fund
"The stock market is a barometer of the economy, and the structural direction in 2024 is still worth looking forward to. From a static point of view, the current overall valuation level in China is still not high. In terms of big ideas, enterprise going overseas and technology upgrading are still the two major directions that we pay more attention to. ”
——Wells Fargo Small and Mid Cap Selection 2024 Q1 Report
Wang Yuanyuan is the manager of the Wells Fargo Consumer Theme Fund
"During the reporting period, due to the relatively large fluctuations experienced in the market, the valuation of the consumer sector further fell to a very cost-effective level, and the Fund's confidence in the medium- to long-term performance of the consumer sector has increased based on the medium- to long-term perspective. At the same time, based on the continuous adjustment of the consumer sector since the beginning of 21, the valuation has returned to the value range, and since last year, the market no longer has high expectations for the recovery of consumption, but has turned neutral or pessimistic, so on the whole, the consumer sector has been in a relatively low position of valuation and expectations. ”
-- Wells Fargo Consumption Theme 2024 First Quarter Report
Xu Zhixiang is the manager of Fuguo New Materials New Energy Fund
"In the future, I hope that this product can be more balanced, more to capture the singularity of non-linear growth brought about by disruptive innovation, and to judge in advance, the left layout is about to enter the 1→10 industry. We see a lot of such companies, after entering the singularity in a year to earn back the money accumulated in the past many years of losses, such explosiveness may be amazing, will also be exciting, for example, now the end-to-end model route of intelligent driving is basically running through, leading companies are stepping into the singularity, will also promote the rapid entry of robots into the singularity. ”
——Fuguo New Materials & New Energy 2024 First Quarter Report
Zhang Fusheng is the manager of Wells Fargo Auto Smart Fund
"In the first quarter, we still paid more attention to the structure in portfolio management, overallocated automotive intelligent components and energy storage-related assets, and appropriately increased positions in power grid equipment and photovoltaics. In addition, we underweight the dividend assets in the new energy sector, which also makes the overall performance of the portfolio in the first quarter relatively lagging behind. However, with inventory depletion and earnings bottoming out, we are gradually turning optimistic about the sector, and the inflection point in demand in Q2 is expected to drive sector valuation recovery. ”
——Wells Fargo Auto Express 2024 first quarter report
Zeng Xinjie is the manager of Wells Fargo Biomedical Technology Fund
"In the long run, the demand for the pharmaceutical industry is strong, and it belongs to the field of long slopes and thick snow. Against the backdrop of bottoming out of negative policies and the recovery of in-hospital diagnosis and treatment, we still believe that the market will refocus on long-term factors and quality factors, and the industry may also usher in a new round of growth cycle and a new batch of growth stocks. At present, the valuation of each sub-field is at a ten-year low valuation, and the targets that can continue to be realized with long-term performance have a high implied rate of return, which means that the pharmaceutical industry has extremely high long-term systematic layout opportunities. ”
——Wells Fargo Biomedical Technology 2024 first quarter report
Han Xue is the manager of Wells Fargo Financial Real Estate Fund
"The performance of the financial real estate sub-sector is quite differentiated, and the high dividend dividend style is significantly superior. In the first quarter, the Fund significantly increased its allocation to high-dividend banks, optimistic about the medium-term performance of high-dividend dividend style in the stage of high-quality macroeconomic development, and strives to find stocks with valuation repair potential in sub-industries to obtain better returns for holders. ”
——Wells Fargo Financial Real Estate 2024 Q1 Report
Feng Zhang is the manager of Wells Fargo China Small and Mid-Cap Fund
"Looking ahead, the gradual stabilization of the domestic economy will bring a relatively moderate macro environment if there are no major systemic risks in overseas markets. Nevertheless, it will take some time for the overall macro economy to truly return to solid growth, but the overall environment of the domestic economy is gradually improving. On the one hand, we continue to hold and buy some deep value stocks, and on the other hand, we select some growth stocks.
Looking forward to the whole year in the first quarter, we feel that this year may be a year in which the systemic risks in the Hong Kong market will be well released. On the basis of a relatively stable general environment, market activity has increased. In this way, if we dig out some deep value stocks and growth stocks that are over-falling and have relatively good quality, we are expected to bring better returns to the portfolio. ”
——Wells Fargo China Small and Mid Cap 2024 Q1 Report
Limited by space, Fu Er only selected some of the views in the quarterly report, and those who haven't seen enough can find a quarterly report of all fund products on the official website of Fu Er!