Financial Associated Press (reporter, Han Li Shen Shuhong) news, as the amount of the second quarter report continues to disclose, Wu Chuanyan, Zou Xi, Feng Bo, Wang Zonghe and other veterans to manage the fund positions also surfaced.
In the past two quarters, Wu Chuanyan's Hongde three-year Fortress increased its holdings in LONGi shares to its largest heavy stocks, while increasing its holdings in Hengrui Pharmaceutical, Haitian Flavor Industry, Yihai International, and Xinjin Haidilao as its eighth largest heavy stock, holding the same number of shares of Haomai Technology, Guanglianda and Guangguang Media, and reduced its holdings of Shiyuan shares and Farah Electronics, and Huichuan Technology is no longer in its top ten heavy stocks.
Zou Xi, a veteran of the fund industry, and He Long jointly managed the second quarterly report of Rongtong Leading Growth Disclosure, showing that Ningde Times, Guizhou Moutai, Wuliangye, Zhuoshengwei and Hengli Hydraulics have become its top five heavy stocks. In the same period, China China Exemption, Shanxi Fenjiu and Changchun High-tech withdrew from the top ten heavy stocks of the fund, while Zhuoshengwei, Tigermed and Longji shares were newly included.
Star fund manager Wang Zonghe managed Penghua Select Returns three years set to open the second quarterly report shows that Shanxi Fenjiu was reduced and is still the largest heavy stock. The fund increased its holdings in Aier Ophthalmology, China Resources Beer was the new top ten heavy stocks, Ping An of China withdrew from the top ten, and other positions remained basically unchanged.
The E Fangda Competitive Advantage Enterprise Mix managed by veteran Feng Bo is still in the construction period, and the position in the second quarter reached 61.6%, which was a significant increase from 35.96% in the previous quarter. Among the top ten heavy stocks, Tencent Holdings jumped from the second largest heavy stock to the first largest heavy stock, Changchun High-tech and Goertek shares were new, and Focus Media and China Merchants Bank withdrew from the top ten.
Hongde Wu Chuanyan: Completely abandon the game thinking, increase the holding of LONGi shares to the first largest heavy stock
According to the second quarterly report released by Hongde Sannian Fortress, which is led by star fund manager Wu Chuanyan, the latest disclosure scale of the fund reached 2.374 billion yuan, a slight increase from 2.280 billion yuan at the end of the first quarter; the stock position was 87.02%, down slightly from 89.10% at the end of the first quarter.
Among them, the fund increased its stake in LONGi to its largest heavy stock in the second quarter, holding 2.296 million shares at the end of June.
In addition, this product has also increased its holdings in Hengrui Pharmaceutical, Haitian Flavor Industry, Yihai International, and xinjin Haidilao is its eighth largest heavy stock, holding the same number of shares of Haomai Technology, Guanglianda and Guangguang Media.
At the same time, Hongde Three Years Fortress also reduced its holdings in Vision Source and Farah Electronics, and Huichuan Technology is no longer in its top ten heavy stocks.
<h3>Hongde's top ten heavy stocks at the end of the second quarter of the third year</h3>
In the past two quarters, Wu Chuanyan's Hongde three-year Fortress completely abandoned game thinking, firmly adhered to long-term doctrine, maintained the relative stability of the stock allocation ratio and portfolio structure, and "did not adjust the allocation ratio and structure because of the changes in short-term expectations in the market." ”
In the face of recent investor entanglements, Wu Chuanyan expressed his views. In his view, the A-share market has shifted from a complex game market composed of institutions and many individual investors to a market dominated by institutional investors, which means that institutional investors have actually been difficult to earn income from individual investors with lack of technology and professionalism, the value return law of the A-share market is weakening, and the fundamental-driven value differentiation law is strengthening.
"Therefore, after each fluctuation, the differentiation of the market will be more significant, which is the basic premise for the long-term existence of the structural characteristics of our market."
He believes that in the process of economic transformation, the economy has entered an environment of quality growth driven by science and technology and management technology, the non-linear characteristics of the market will appear, the role of enterprise management and corporate culture in the creation of value in enterprises is growing rapidly, and they have exceeded the role of tangible assets such as technology and equipment. When value creation shifts at the enterprise level from the effective organization of tangible technologies and equipment to the effective organization of invisible human wisdom, the market is shifting from the original market that rises and falls to a bull market with a growing structure.
In a super-long-term structural bull market, many stocks may be gradually abandoned by time, and when the price of a few good stocks increases, its value will continue to grow, and it cannot be rotated into those sectors and stocks whose values cannot rise synchronously, and the value basis of the mean reversion law has been shaken. "So, as investors try to keep up with each rotation, they may be getting farther and farther away from the long-term goals of our investments."
Wu Chuanyan found that in a structural bull market where only a few companies can get out of the secondary or even tertiary growth curve, it is actually difficult for investors to effectively rotate investments. At the same time, because this round of bull market is mainly driven by the value of corporate intangible assets rather than mainly driven by funds, its long-term existence also has a solid value foundation.
Therefore, he believes that we need to face the fact that the volatility of the global interconnected capital market has increased, and we also need to recognize that the possibility of A shares accumulating a serious bubble for a long time in the future is not very likely, and the possibility of a rare bear market in the history of the A-share market is unlikely, but the probability will show a typical structural feature, and the price and value of a few high-quality stocks will be synchronized for a long time, but the probability of finding them is declining. In this market environment, investment strategies based on games and rounds of action are gradually failing.
For investment, Wu Chuanyan believes that the main contradiction we should grasp is the most fundamental driving force for promoting corporate value creation, and it is also the source of our long-term investment income.
Rongtong Zou Xi: increase the allocation of new energy, reduce the holding of construction machinery
As a veteran of the public fund industry, Zou Xi is a fund manager with high market recognition in recent years, and his position has also attracted much attention.
On July 19, Zou Xi and He Long jointly managed Rongtong Leading Growth disclosed its second quarterly report. In the second quarter, the fund basically maintained a high position, reaching 90.14% at the end of June.
From the perspective of positions, Ningde Times, Guizhou Moutai, Wuliangye, Zhuoshengwei and Hengli Hydraulics are the top five heavy stocks that Rongtong leads the growth. Compared with the end of the first quarter, China China Exemption, Shanxi Fenjiu and Changchun High-tech withdrew from the list of the top ten heavy stocks, while Zhuoshengwei, Tigermed and Longji shares were newly included.
<h3>Rongtong led the top ten heavy stocks at the end of the second quarter of growth</h3>
Zou Xi mentioned in the quarterly report that the domestic new energy industry entered a stage of rapid development in the second quarter, the consumption attributes of electric vehicles were enhanced, sales continued to grow at a high rate, the photovoltaic industry chain game was close to steady state, prices remained stable, and demand was good for a long time. Therefore, he appropriately increased the allocation of new energy industries and reduced the construction machinery and other sectors based on domestic infrastructure investment.
Looking forward to the third quarter, the domestic and foreign economies are facing high-level shocks, and even marginal weakening, liquidity expectations are gradually normalizing, the A-share market remains stable and volatile, and there are still structural opportunities.
He said that he is relatively optimistic about the long-term trend of the new energy and semiconductor industries, and at the same time, in the process of continuous upgrading of the manufacturing industry, he seeks individual stock opportunities with international competitiveness and large long-term space.
Penghua Wang Zonghe: Adjusting stocks that have problems with the logic of medium- and long-term growth
The second quarterly report of Penghua Select Returns managed by star fund manager Wang Zonghe shows that as of the end of the second quarter, the fund's stock position was 84.8%, down from 91.79% in the first quarter.
Specifically, Shanxi Fenjiu was reduced, but it is still the largest heavy stock. The fund increased its holdings in Aier Ophthalmology, China Resources Beer was the new top ten heavy stocks, Ping An of China withdrew from the top ten, and other positions remained basically unchanged. All the top ten heavy stocks are Shanxi Fenjiu, Wuliangye, Meituan-W, Gujing Gongjiu, Guizhou Moutai, Tencent Holdings, Aier Ophthalmology, Beida Pharmaceutical, Changchun High-tech and China Resources Beer.
<h3>Penghua Select Returns three years set to open the top ten heavy stocks at the end of the second quarter</h3>
Looking back at the market performance in the second quarter, Wang Zonghe believes that the second quarter is a rebound market after the decline, and the market is more volatile in the process. Some sub-sectors and companies with performance exceeding expectations performed relatively well, including some sub-industries of medicine, new energy, and automotive intelligence.
"In the second quarter, we still insisted on in-depth fundamental research, and continued to study industries and individual stocks in some new segmentation directions. The direction mainly includes new energy vehicles, automotive intelligence, semiconductors, innovative drugs, medical services, CXO, etc.; in addition, we have maintained close tracking of the consumer goods industry. Or adhere to the idea of value investment, fundamental investment, long-term investment, and strive to tap into the space is relatively large, and the cost performance is also more appropriate target. Wang Zonghe said.
In addition, he made adjustments to the combination. "Throughout the second quarter, we also made some adjustments to stocks that have problems with the long-term growth logic of the portfolio. The adjustment is still based on adhering to in-depth fundamental research and industrial research, and on this basis, a value judgment is made about the future of the company. ”
E Fangda Feng Bo: Configure the Internet, consumption, new energy, etc
Feng Bo's management of E Fangda Competitive Advantage Enterprise Mix has increased its position by 61.6% in the past two quarters, which has increased significantly from the 35.96% above, but it is still running at a low position. Feng Bo said that the second quarter still belongs to the fund's position building period.
Specifically, the top ten heavy stocks are Tencent Holdings, LONGi Shares, Midea Group, Changchun High-tech, Hong Kong Stock Exchange, Luzhou Laojiao, Wuliangye, Meituan-W, Shanxi Fenjiu and Goertek. Among them, Tencent Holdings jumped from the second largest heavy stock to the first largest heavy stock, Changchun High-tech and Goertek shares were new, and Focus Media and China Merchants Bank withdrew from the top ten.
<h3>E Fangda Competitive Advantage Enterprise Mix top ten heavy stocks at the end of the second quarter</h3>
Feng Bo said that in the second quarter, the fund mainly allocated the Internet, consumption, new energy, home appliances, TMT, automobiles and so on. In terms of individual stocks, we insist on stock selection in the medium and long-term dimensions, and buy stocks with strong core competitiveness, reasonable valuation and may provide long-term stable returns.
In the quarterly report, Feng Bo put forward his own views on the expected return rate of the stock at high valuation.
In the long run, the expected return on a stock at a high valuation depends on two aspects: First, the accuracy of investor forecasts. Assuming that investors are 90% accurate in their forecasts of business growth for each year, then the accuracy of their forecasts of business growth becomes 59% after five years, showing that the longer the forecast, the lower the accuracy.
The second is the probability that the growth of the industry or enterprise exceeds expectations. At high valuation levels, investors' expectations are themselves high, and it is difficult to exceed expectations. However, it is worth noting that the growth of industries or enterprises in the rapid growth period is often non-linear, while investors' expectations are mostly linear, which opens up the possibility of exceeding expectations. Historically, some companies have experienced non-linear growth in the process of going from 0 to 1, and some industries with penetration rates from 10% to 50%.
"In the long run, the ability of investors to identify industries and companies beyond expectations may be a key element in obtaining excess returns at high valuations, which also puts forward higher requirements for the foresight and depth of our research." He said.