The third quarter of 2024 has just begun, and I will take a look at the past twelve quarters (2021Q3~2024Q2), and there are funds that can outperform the CSI Partial Stock Fund Index (930950) in each quarter.
The data has been sorted out, and for 12 consecutive quarters (2021Q3~2024Q2), each quarter (the yield is reserved to two decimal places in the percentile) has outperformed the CSI Partial Stock Fund Index (930950) There is only one fund in the whole market: China Securities Construction Investment Selection Mixed A (008347), the fund manager is Luan Jiangwei, the fund was appointed on December 23, 2019, and the phased rise and fall are shown as follows, with a return of -2.78% in the past three years, and an average return of -34.87% in the same category, During the same period, the CSI 300 fell by -31.84%, ranking 79/1980 in the same category, and ranking excellent in the quartile.
Data source: Tiantian Fund, as of July 3, 2024, historical performance is not indicative of future trends
It is worth noting that Luan Jiangwei's turnover rate is relatively high, and he can be regarded as a "sickle-type" fund manager.
Source: Tian Tian Fund, as of December 31, 2023
However, the concentration of positions is very low:
Source: Tian Tian Fund, as of March 31, 2024
Luan Jiangwei He Xu Renye, according to public information, he has 14 years of experience in the securities industry, 9 years of fund manager, a master's degree in pharmaceutical analysis from Peking Union Medical College, first in Xinhua Fund, and then went to China Securities Construction Investment, and is currently the administrative head and fund manager of the equity investment department of China Securities Construction Investment Fund Management Co., Ltd. Judging from his resume, he is a "senior" fund manager.
Source: Dongcai Choice data, as of July 4, 2024
I was curious to see if he held his own fund - check the 2023 fund annual report, Luan Jiangwei does not hold his own fund.
Data source: China Securities Construction Investment Selection Mixed A 2023 Fund Annual Report
That's a bit of a disappointment for me.
I took a look at the attitude of the institution towards this fund - the number of shares and the proportion of holdings held for many consecutive periods are increasing, indicating that the institution is more optimistic.
Source: Dongcai Choice data, as of December 31, 2023
After taking a look at the holding style, the fund is biased towards mid-cap "value", and from the top ten heavy stocks, I can feel that it is a fund that is not grouped.
Data source: Dongcai Choice data, as of March 31, 2024, the display of heavy stocks does not constitute investment advice
The distribution of the top ten heavy industries is relatively balanced, and the weights of Shenwan's first-class industries from high to low are medicine and biology, textiles and apparel, building decoration, food and beverage, petroleum and petrochemical, social services, power equipment, and non-ferrous metals.
Data source: Dongcai Choice data, as of March 31, 2024, the display of heavy individual stocks does not constitute investment advice
I have counted the changes in the proportion of the fund's industry to the net value of the fund in the past five quarters as follows, a very conspicuous change is that Luan Jiangwei began to increase his position in pharmaceutical biology for two consecutive quarters.
Data source: Dongcai Choice data, as of March 31, 2024, the display of heavy industry positions does not constitute investment advice
The holdings in 2023Q3 show that the proportion of pharmaceutical biology in the net value of the fund is not higher than 2.11% and failed to make the list, and in 2023Q4, the proportion of pharmaceutical biology will increase to 4.43%, and in 2024Q1, it will further increase to 8.30%, leaving off the weight of textile and apparel in the second heavy position industry.
In the 2023 fund annual report, Luan Jiangwei said,
"Looking forward to 2024, with the adjustment of the securities lending system in early February 2024 and the new leadership of the China Securities Regulatory Commission, the trading structure of the stock market will gradually return to reasonable, the market sentiment will improve, and the short-selling power will weaken significantly. Due to the serious involution of most industries and the increase in unreasonable pressure on China in the U.S. election year, the fundamentals of corporate earnings may not be optimistic in the short and medium term, but we believe that the overall opportunities in 2024 outweigh the risks, and the opportunities may be structural opportunities, after all, the current valuation of many individual stocks is already very cheap, even if the performance does not grow, the margin of safety is also high.
In terms of positioning, the low position strategy since the end of 2021 will remain neutral and high. In terms of stock selection, we will pay attention to the scarcity of individual stocks, industry status, low valuation, performance certainty and corporate governance. In the medium and long term, stocks with high dividend yields still have some room to rise, and they will choose the opportunity to increase their positions. The fund will pay more attention to fundamental research, pay attention to valuation and cost performance, and expect to achieve positive returns. In the future, the concentration of sectors and individual stocks may increase appropriately. Future investment is based on value investment, and growth sectors should be carefully selected, focusing on the alpha logic of individual stocks.
Finally, it is hoped that the reform of the system will become more and more fair and reasonable, so that a fair, just and open securities market can bring greater benefits to the people. ”
In this year's quarterly report, Luan Jiangwei said,
"In the first quarter of 2024, the industry concentration of fund holdings is low, and the concentration of individual stocks has increased, increasing holdings in express, gold, medicine, home textiles, food and beverage, home furnishing, engineering design and other sectors, and reducing holdings in tourism, photovoltaics, lithium batteries and other sectors.
In the first quarter, the high-dividend and low-valuation sectors performed well, and other sectors rotated rapidly, such as artificial intelligence, optical modules, humanoid robots, low-altitude economy, and metals, but they rose and fell very quickly, which is difficult to grasp. The market continued to fall in January to the beginning of February, after the securities lending was strictly restricted, the market quickly rose to around 3000 points, and then began to fluctuate back and forth around 3000-3100 points, the index rose and fell space is limited, the market money-making effect has also begun to weaken significantly, the market after the Spring Festival is basically a repeat of last year's play, the capital dominates the market speculation, no concept has been falling, there are very few concepts of big ups and downs, other weak concept stocks rose little, but fell quickly.
In the short and medium term, the fundamentals of corporate earnings may not be optimistic, at the current point in time, the market opportunity may still be a structural opportunity, the general rise is very difficult, the market performance is lower than the previous personal expectations, because it is difficult to rise, the importance of the position declined, the position in April to maintain a low position, the future may maintain a neutral position.
In terms of stock selection, we will pay attention to the scarcity of individual stocks, industry status, low valuation, performance certainty and corporate governance. There is still some room for growth in the medium and long term for stocks with high dividend yields, and the short-term increase is larger.
At present, the dilemma of the market is that the rising stocks are still dominated by garbage concept stocks with no performance, and the rotation is very fast, it is difficult to grasp, value investment is too harsh on the fundamentals, and the stock price plummets if the performance is slightly lower than expected. ”
I noticed that among the top ten heavy stocks in Luan Jiangwei's latest issue, there are three in the pharmaceutical and biological industry, namely Zuoli Pharmaceutical, Poinsettia, and Tongce Medical, with a closing market value of 10.352 billion yuan, 8.679 billion yuan, and 17.140 billion yuan respectively on July 4, of which Poinsettia and Tongce Medical are currently at a relatively low price level in the past year.
Data source: Dongcai Choice data, as of July 3, 2024, the display of individual stocks does not constitute investment advice, Qianmo said that it should be noted that here I mentioned the price-earnings ratio = PE/ROE, which is a reference to "Buffett Drinking: Why Don't You Buy Kweichow Moutai?" In the article, a concept mentioned by snowball golfers. A metric greater than 1 means overvalued, equal to 1 means a reasonable valuation, and less than 1 means undervalued.
Although they are all pharmaceutical and biological, from the perspective of Shenwan's tertiary industry, Zuoli Pharmaceutical belongs to traditional Chinese medicine, poinsettia belongs to chemical preparations, and Tongce Medical belongs to hospitals...... The display of heavy stocks does not constitute investment advice.
If you only invest in funds, it is recommended to pay more attention to the pharmaceutical industry where Luan Jiangwei has increased his position, and the industry with the worst decline in the past three years mentioned in my article yesterday is the pharmaceutical industry.
What do you think of Luan Jiangwei's increase in the pharmaceutical and biological industry for two consecutive quarters?
Next: Plan to write for 11 consecutive quarters and 10 quarters...... Funds that outperform the CSI Partial Equity Fund Index (930950), stay tuned.
This article is my own combing notes, all content is personal research, does not constitute investment advice, please pay more attention to objective data.
Risk Warning: The relevant views quoted are from relevant institutions or public media channels, and I do not make any guarantee for the accuracy and completeness of the views. The market is risky, regular investment is risky, and investment needs to be cautious. The above content is for reference only, the article involves individual stocks, does not constitute stock recommendations and investment advice, the stock market is volatile, please operate cautiously before purchasing. The market is risky and investors should be cautious.