Public Offering China Research Group | Mina
Editing, co-ordinating| Jamie
制作 | Jessica
After Cai Songsong hastily left Sino Fund in September 2023, the products he managed were handed over to the new generation of Sino Fund, including Liu Huiying, Deng Xinyi, Zuo Shaoyi and Chen Yanpeng.
Among them, "Sino Analytica and Xin" are jointly managed by Deng Xinyi and Chen Yanpeng, "Sino Analytica Innovation Drive" is managed by Deng Xinyi and Zuo Shaoyi, and "Sino Growth", "Sino Positive Return" and "Sino Optimal Allocation" are all handed over to Liu Huiying for independent management. Liu Huiying, as the main successor of Cai Songsong Fund, took over most of the scale, which shows that Nuoan Fund has entrusted Liu Huiying with important responsibilities.
Liu Huiying, who has been an investment manager for less than 2 years, was pushed to the front of the stage and became a fund manager of 10 billion yuan.
As of April 22, Liu Huiying's management scale totaled 20.343 billion yuan. Following Cai Songsong's style, Liu Huiying also bet on the track without mercy, and played high through heavy AI. Can she replicate Cai Songsong's star-making path?
Who will be the successor?
According to public information, Liu Huiying has 8 years of experience in securities investment management, and before that, she worked in Dongxing Securities, etc., engaged in industry research, and joined Nuoan Fund in December 2020 as a researcher. Since August 2022, he has been a fund manager and has only been involved in investment for 1 year and 10 months.
Nuoan Fund intends to arrange Liu Huiying to succeed Cai Songsong, and the signs can be seen from 2022.
Cai Songsong took over the optimization of Sino Analytica in July 2022, and a month later, the fund hired Liu Huiying, and the two jointly managed the fund for nearly a year until Cai Songsong stepped down in July 2023, after which Liu Huiying officially started her career as an independent fund manager.
According to the WeChat public account of Nuoan Fund, Liu Huiying focuses on the science and technology track, studying and working in the United States makes her familiar with the development path of the semiconductor industry and the current research and development height of industrial technology, Liu Huiying has rich research experience in the field of science and technology, and after returning to China, she served as the chief analyst of the electronics industry and the head of the TMT team at Dongxing Securities, and then joined the Nuoan Fund.
From Liu Huiying's experience, we can also see why Nuoan Fund let Liu Huiying take over Cai Songsong, because the industries and directions it covers are the same as Cai Songsong's, which are very pure "science and technology control", focusing on domestic substitution of science and technology.
Sino Asset Management has always prided itself as a "technology supermarket", and now this supermarket has a new "shopkeeper".
After Cai Songsong left Sino Fund, the WeChat official account of Sino Fund issued a letter to the investors of Sino Analytica's "Technology Supermarket", which mentioned the reason why Liu Huiying became the "successor" in one sentence: Liu Huiying's professional ability has been recognized by the company's investment committee, and as an important member of the science and technology group, she is also optimistic about the general trend of science and technology brought about by the development of the semiconductor and artificial intelligence sectors.
2024 Q1 Phased Earnings Champion
Liu Huiying has replaced Cai Songsong since the end of September 2023 and began to manage "Sino Positive Returns", comparing the third quarterly report of the fund in 2023 and the 2023 annual report, it can be seen that Liu Huiying has newly transferred into Tianfu Communications, High-tech Development, New Yisheng and iSoftStone, among which "Sino Positive Returns" is the only institution among the top ten circulating shareholders of High-tech Development, which has increased by 204.23% in the fourth quarter of 2023 and iSoftStone by 73.81%. It can be seen that the ability of Sino Analytica Technology Group and Liu Huiying to mine individual stocks in the technology sector is still online.
In the fourth quarter of 2023, Sino Analytica's positive return A returned -7.26%.
Entering 2024, the phased performance of "Sino Analytica's Positive Return" is very outstanding, recording a positive return of nearly 24.65% (Class A) in the first quarter of 2024, ranking first among similar equity products.
According to the fund report for the first quarter of 2024, "Sino Analytica Positive Return" mainly invests in the field of artificial intelligence, covering algorithms, applications and computing power, among which the computing power track in artificial intelligence is the top priority, including Inspur Information, Industrial Fortune Union, High-tech Development, Kesugon, iSoftStone, in addition to the "Yi Zhongtian" (Zhongji Innolight, Tianfu Communication, Xin Yisheng) of the three musketeers of optical modules, iFLYTEK on the application side, and Cambrian on the chip track.
After the Spring Festival in 2024, Sora detonated the artificial intelligence sector to rise sharply, and Liu Huiying's "Sino Positive Return" heavy position of high-tech development, industrial Fortune Union, and Tianfu Communication all rose by more than 50% in the first quarter, and "Nuoan Positive Return" once again became the "most beautiful boy" in the market.
In addition to stock selection, part of the reason for the sharp performance comes from the high concentration of shareholdings, 82.01% at the end of 2023 and 62.62% at the end of the first quarter of 2024, both of which are significantly higher than the average level of the same category (37%-38%).
All in AI+半导体
However, for Liu Huiying's other two fund products, their returns made fund holders a little unable to laugh.
(Liu Huiying's net value trend of fund products under management this year)
As of April 22, the net value growth rate of "Sino Analytica Optimal Allocation A", "Sino Growth" and "Sino Positive Return" this year was -22.38%, -15.85% and 13.09% respectively, and only "Sino Analytica Positive Return" recorded a positive return record.
The gap between the latest performance of the three products managed by Liu Huiying is very large, which shows that although Liu Huiying has been optimistic about the direction of science and technology for a long time, the focus of each fund product is very different.
(Liu Huiying's top 10 heavy stocks in the first quarter of 2024)
First of all, let's look at the position. According to the fund report for the first quarter of 2024, the heavy position direction of "Sino Analytica Optimal Allocation" and "Sino Analytica Growth" is consistent, mainly deploying the localization of chips, and the industries in which individual stocks are located are mostly electronics-semiconductors, and the allocation strategies of the two fund products are similar; Although Sino Analytica's positive returns are also in the technology track, it has significantly repositioned more stocks in the communications and computer industries, mainly investing in the field of artificial intelligence.
Comparing the three fund products from the industry allocation, the industries with the largest holdings in "Sino Optimized Allocation" and "Sino Growth" are electronics, accounting for 73.32% and 70.34% of the net value of the fund respectively, followed by computers and mechanical equipment; The industries with more positive return positions are computer, communication and electronics, accounting for 35.73%, 33.21% and 13.06% respectively.
In terms of position concentration, at the end of the first quarter, the top 10 heavy stocks of "Sino Optimal Allocation", "Sino Growth" and "Sino Positive Return" accounted for 92.89%, 70.45% and 62.62% of the net value of the fund, respectively.
According to the performance report of the three fund products, "Sino Optimal Allocation" and "Sino Growth" share an "investment strategy and operation analysis", Liu Huiying believes that the market hot phenomenon brought about by the release of new machines in consumer electronics such as Huawei and Apple reflects the recovery of domestic chip demand, and the record high of the Philadelphia semiconductor index in the United States confirms the opening of the global semiconductor upward cycle, and the clear recovery of consumer electronics demand and the growth of new demand for AI prove that the inflection point of the chip industry cycle has arrived; The U.S. has had little effect on the extreme blockade of Chinese technology companies, the localization rate of chip equipment has grown by leaps and bounds, and the acceleration of the domestic substitution process has pulled the EDA sector of equipment and materials, which is likely to exceed expectations, and is optimistic about China's chip sector in the long term.
The "Positive Returns" of Sino Analytica expressed concern about the development of artificial intelligence at home and abroad. Liu Huiying said that the "Nuoan Fund Return" was mainly invested in the field of artificial intelligence in the first quarter, and there was a corresponding layout in algorithms, applications, and computing power. The medium- and long-term industrial trend of the artificial intelligence industry in the future is irreversible, and it will continue to focus on this field in the future.
On the whole, "Sino Analytica's Optimal Allocation" and "Sino Analytica's Growth" both continue the style of Manager Cai, choosing to bet on a single track and committing to "being the sharpest spear of semiconductors (or AI)".
This choice is not difficult to understand, after all, according to the assessment indicators of fund managers, management scale is one of the most important indicators, which is also the reason why many public funds represented by Sino Fund have loved "star-making" in the past few years. How to stand out among thousands of fund managers and quickly be understood, followed and sought after by hundreds of millions of ordinary investors, Liu Huiying's predecessor Cai Songsong's road to fame has written the answer very clearly, that is, to bet on a single track, and when the tuyere comes, you can make the performance soar and become the brightest star in the market.
From the perspective of institutional holdings, Liu Huiying is still recognized by a considerable number of institutions, and the "positive return" of its management, the proportion of institutional holdings has climbed from 0.89% at the end of 2022 to 43.58% at the end of 2023.
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