On October 26, Penghua Emerging Industry Hybrid Securities Investment Fund (hereinafter referred to as "Penghua Emerging Industry Hybrid Fund") released the third quarter report of 2021 (hereinafter referred to as the "three quarterly reports"). Liang Hao, fund manager of the fund, vice president of Penghua Fund and general manager of the research department, pointed out that since the third quarter, he has continued to look for competitive advantage stocks and increased his holdings in some companies with continuous fundamentals, which will lay the foundation for future portfolio performance.
Liang Hao pointed out that in the third quarter, the macro economy showed weakness, indicators such as industrial added value began to decline, and consumption data continued to be sluggish. Based on this prediction, the domestic boom caused by overseas monetary easing and production capacity mismatch and its performance in asset prices are nearing the end.
In terms of investment, Liang Hao said that since the third quarter, he has partially participated in the targets on the track of the boom cycle, but the main energy is still focused on finding companies with competitive advantages in the medium and long term, stable profits and reasonable valuations, and has increased his holdings of some companies that have long-term tracking and continuous fundamentals, believing that these companies will lay a better foundation for the future performance of the portfolio.
According to the third quarterly report, among the top ten heavy stocks of the fund, 5 stocks have an increase in the proportion of individual stocks compared with the previous quarter, and 3 stocks are new entrants, namely Unigroup Guowei, Venustech and Jiabiyou.
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