Penghua Fund Liang Hao: "Ten-year base" encountered a major challenge The operating conditions and profits of companies that are still holding positions are in line with expectations

On July 20, Penghua Emerging Industry Hybrid Securities Investment Fund (hereinafter referred to as "Penghua Emerging Industry Hybrid Fund") released its second quarter report for 2021 (hereinafter referred to as the "Second Quarterly Report"). During the reporting period, the growth rate of the fund's net share value was -0.41%, the benchmark growth rate of performance comparison in the same period was 11.50%, and the realized income in the second quarter was -95.8892 million yuan. Liang Hao, the fund manager of the fund, vice president of Penghua Fund and general manager of the research department, pointed out in the second quarterly report that the second quarter was the tenth anniversary of the establishment of the fund, but it ushered in the worst performance quarter in the history of the fund, encountering unprecedented pressure and challenges. Liang Hao pointed out that recently made some mistakes in stock selection, but these mistakes in the overall portfolio is not high, in the adjustment at the same time did not complain about the market, but actively mobilize the team to increase learning, the current still holding positions of the company is the reason for the backward performance, but the operating conditions and profits of these companies are in line with expectations, it is worth continuing to wait. Liang Hao said that in the process of backward performance, he did not complain about the market or passively waited, but accelerated the pace of work, increased the intensity of learning, and more actively mobilized the strength of the team. This unprecedented backward experience and the shortcomings exposed in the process also inspired them to devote themselves to learning.

Penghua Emerging Industries Hybrid Fund was established on June 15, 2011 and has returned more than 330% since its inception so far. Liang Hao has been managing the fund since July 2011 and has been in the company for 10 years.

In terms of market prediction, Liang Hao believes that the market is currently in an extremely complex situation. The various impacts of the epidemic have emerged one after another. In the past year, the capital market has enjoyed the dividends of global currency over-issuance, and it is inevitable that there will be some changes in the global industrial structure after the epidemic. Some industry performance and stock prices have been catalyzed in the past, and then they will begin to slowly take back. "We will still take corporate profitability and medium- and long-term development as the main starting point, do a good job of portfolio layout, and strive to create better returns for investors who continue to trust us."

According to the second quarterly report, the top ten heavy stocks of the fund are Yasui Food, Changliang Technology, OneNet One Chuang, Magmite, Milkwell, Kanglong Chemical, Mike Bio, LONGi Shares, Boss Software, and NSFOCUS Technology.