Financial Associated Press (reporter, Shen Shuhong, Zhou Xiaoya) news, on July 20, the fund market entered the intensive period of quarterly report release, as of now, Penghua Fund Liang Hao, ICBC Credit Suisse Fund Yuan Fang, E Fund Chen Hao, Wells Fargo Fund Zhu Shaoxing, Harvest Fund Guikai and other star fund managers' products have been disclosed in the second quarterly report.
As a representative fund manager of Penghua Fund, Liang Hao ushered in a relatively mediocre performance stage in the past quarter, and the growth rate of the net share value of his representative product Penghua Emerging Industry in the second quarter was only -0.41%, and the performance benchmark growth rate in the same period was 11.50%. Judging from the top ten heavy stocks at the end of the second quarter of the fund, Yasui Food and OneNet One Chuang are still among the top three heavy stocks of the fund, and the position of Mike Bio, the second largest heavy stock at the end of the first quarter, was replaced by Changliang Technology. Kanglong Chemical, LONGi and Boss Software once again entered the top ten heavy stocks of the fund, while NSFOCUS Technology directly "parachuted" and replaced the positions of Anker Innovation, Focus Media, Yuxin Technology and Huahai Pharmaceutical.
In the second quarterly report, Liang Hao rarely "walked up the heart". He frankly stated that the second quarter was the tenth anniversary of the fund's establishment, but he ushered in the worst quarter in the fund's history, encountering unprecedented pressure and challenges. Liang Hao said that he had recently made some mistakes in stock selection, but these mistakes did not account for a high proportion of the overall portfolio, and he cleaned up in time, and the loss for the overall portfolio was not serious. What really makes the fund lag behind are the companies that are still holding positions and think it is worth waiting. This unprecedented backward experience and the shortcomings exposed in the process also inspired Liang Hao and his team to devote themselves to learning.
Yuan Fang of ICBC Credit Suisse Fund is also a fund manager that the market is very concerned about. According to the second quarterly report of ICBC Credit Suisse Cultural and Sports Industry, which she managed, the fund has increased its position in the new energy leader - Ningde Era, and ningde Era has also jumped from the seventh largest heavy stock in the first quarter to the largest heavy stock in the second quarter, with a number of shares held of 2.5456 million shares. In addition to CATL, Yuan Fang also increased her holdings in Fuyao Glass, Yili Shares, and China Unicom; at the same time, she also reduced her holdings in Hikvision, Tsingtao Beer, WuXi AppTec, Gujing Tribute Wine, and Wuliangye. Compared with the end of the first quarter, Ruike Laser was newly promoted to the top ten heavy stocks in ICBC Credit Suisse Cultural and Sports Industry, with a number of shares held by 5.6801 million shares; at the same time, Angel Yeast withdrew from the ranks of the top ten heavy stocks.
Chen Hao, a balanced growth player of E Fangda, actively adjusted the position structure in the second quarter and increased the layout of the new energy industry, and among the products managed, Tongwei shares "airborne" became the top ten heavy stocks in many products.
Wells Fargo Fund Zhu Shaoxing maintained a high stock position in the second quarter, of which Weier shares, which had entered the top ten heavy stocks in the first quarter, continued to increase their holdings to the first largest heavy stocks in the second quarter, and Zhifei Bio was greatly reduced, from the first largest heavy stock to the tenth largest heavy stock.
Harvest Fund's position structure in Harvest Emerging Industries under Guikai is generally stable, with slight increases in semiconductor and pharmaceutical sectors and slight reductions in consumer stocks, as of the first half of the year, the proportion of fund assets held in major categories of assets is technology, medicine, advanced manufacturing and consumption.
Penghua Lianghao: Ushering in the worst performance quarter in history, mistakes and reflections under unprecedented pressure
As a representative fund manager of Penghua Fund, Liang Hao has ushered in a stage of mediocre performance in the past quarter. In the second quarterly report, he also rarely "walked up the heart".
The second quarter coincided with the 10th anniversary of Penghua Emerging Industries. However, in the past quarter, the growth rate of the fund's net share value was only -0.41%, and the benchmark growth rate of the performance in the same period was 11.50%; at the end of the second quarter, the size of the product was 7.614 billion yuan, down from 9.143 billion yuan at the end of the first quarter.
In terms of positions, the fund's stock position at the end of the second quarter was 88.51%, down from 90.49% at the end of the first quarter. Judging from the top ten heavy stocks at the end of the second quarter of the fund, Yasui Food and OneNet One Chuang are still among the top three heavy stocks of the fund, and the position of Mike Bio, the second largest heavy stock at the end of the first quarter, was replaced by Changliang Technology.
Kanglong Chemical, LONGi and Boss Software once again entered the top ten heavy stocks of the fund, while NSFOCUS Technology directly "parachuted" and replaced the positions of Anker Innovation, Focus Media, Yuxin Technology and Huahai Pharmaceutical.
<h3>Penghua Emerging Industry's top ten heavy stocks at the end of the second quarter</h3>
Liang Hao said in the report that the second quarter is 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.
He pointed out that since the establishment of Penghua Emerging Industry, he has always adhered to the bottom-up investment method of selecting individual stocks. Because at the beginning of being a fund manager, he deeply perceived his own shortcomings and the diversity of the market. He believes that the foundation of the long-term survival of fund managers is the ability to conduct in-depth research on companies and industries. With the accumulation of experience and knowledge in various fields, he gradually extended from the point of in-depth research to a wider coverage.
But in fact, this extension is not only an expansion of knowledge, but also a revision of the investment methods that have been used to.
"The experience of in-depth research tells us that the study of a company is not achieved overnight, nor can it be achieved by one or two surveys, but must go through long-term tracking and multi-dimensional thinking." Liang Hao pointed out that with the passage of time, the wealth of experience and the accumulation of knowledge, this cycle can be gradually shortened. The result of such a study is bound to be the "certainty" of cognition over a period of time. Because after going through this process, his understanding of the company's business and finance has been close to the real state of the company, and his understanding of the development status of the industrial development in the future period of time is basically clear. This is often the basis for its heavy positions.
But this is different from the method of investing according to the degree of prosperity, and there are indeed some excellent companies behind the prosperity, but the A-share market often interprets the industrial development of the future for a long time into the stock price in a year or even half a year, and does not care about the uncertainty in the industrial development contained in it. This poses a great challenge to their ability, energy and pace of work, and the past year has been a time when such challenges have erupted in concentration.
Liang Hao also admitted that he has made some mistakes in stock selection recently, but these mistakes do not account for a high proportion of the overall portfolio, and they have been cleaned up in time, and the loss for the overall portfolio is not serious. Last year made more money on some varieties, we also had a lot of at the almost top, at the most optimistic time in the market, did take profit. In the process of these stock declines, our losses are not large, and the profits contributed to the portfolio are retained.
He said bluntly that what really makes the fund's performance lag behind is the company that is still holding positions and thinks it is worth waiting. The operating conditions and profitability of these companies are in line with expectations, but these companies are indeed not the best assets in the market at this stage.
Liang Hao also 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.
Regarding the market, 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. Profits in some industries have benefited from the pandemic, and their performance and share 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." Liang Hao said.
ICBC Credit Suisse Yuan Fang: Ningde era promoted to the first largest heavy stock
Yuan Fang is a female fund manager who is very concerned by the market. On July 20, the second quarter report of several products she managed was released. From the perspective of ICBC Credit Suisse Cultural and Sports Industry managed by Yuan Fang, the net value growth rate of the fund in the second quarter was 16.50%. As of the end of June, the scale of the product reached 18.335 billion yuan, an increase of more than 3 billion yuan from 15.017 billion yuan at the end of the first quarter; the position was 87.65%, down from 92.56% at the end of the first quarter.
In the second quarter, Yuan Fang added a position in the new energy leader - Ningde Times, and Ningde Times also jumped from the seventh largest heavy stock in the first quarter to the largest heavy stock in the second quarter, with the number of shares held reaching 2.5456 million shares.
In addition to CATL, Yuan Fang also holds shares in Hikvision, Tsingtao Beer, Fuyao Glass, WuXi AppTec, Gujing Tribute Wine, Yili Shares, China Unicom, Wuliangye and other shares. Specifically, the above-mentioned funds reduced their holdings in Hikvision, Tsingtao Beer, WuXi AppTec, Gujing Tribute Wine and Wuliangye in the second quarter; increased their holdings in Fuyao Glass, Yili Shares, and China Unicom.
Compared with the end of the first quarter, Ruike Laser was newly promoted to the top ten heavy stocks in ICBC Credit Suisse Cultural and Sports Industry, with a number of shares held by 5.6801 million shares; at the same time, Angel Yeast withdrew from the ranks of the top ten heavy stocks.
<h3>ICBC Credit Suisse Cultural and Sports Industry was the top ten heavy stocks at the end of the second quarter</h3>
Yuan Fang wrote in the second quarterly report that in the medium and long term, it continues to be optimistic about the medium- and long-term upward trend of growth high-quality companies, and factors such as economic transformation, interest rate environment, residential asset redistribution, and capital opening have all formed support for the medium- and long-term improvement of such high-quality assets, which are long-term logic and will not change because of short-term fluctuations.
In the short term, in the second half of the year, domestic attention to credit risk and policy response under economic downward pressure, overseas attention to the Expected Landing of the Fed Taper.
E Fangda Chen Hao: Actively adjust and increase the allocation of the new energy industry
As a balanced growth player, Chen Hao maintained a high position in the stock in the second quarter, of which the stock position of E Fangda Kexiang reached 91.93%, the stock position of E Fangda New Economy was also 89.76%, and the stock position of E Fangda's steady growth was relatively low, 62.73%, but it also increased compared with the previous quarter.
In the second quarterly report of the above-mentioned products, Chen Hao frequently used "positive" to describe his layout in the second quarter, he said that he actively adjusted the stable growth of E Fangda's position structure, increased the allocation of new energy industry and some alpha stocks with relatively high risk returns, and achieved a certain excess return; E Fangda Kexiang and E Fangda New Economy also adopted an active investment strategy to maintain a higher position operation.
From the perspective of product management scale and net value income, all three products have performed well. As of the end of the second quarter, the scale of E Fangda's steady growth was 3.293 billion yuan, an increase compared with 2.969 billion yuan at the end of the first quarter, and the net value growth rate in the past three months was 14.49%; the scale of E Fangda Kexiang was 5.103 billion yuan, compared with 5.172 billion yuan at the end of the first quarter, the overall change was not much, and the growth rate of net asset value in the past three months was 18.21% The size of E Fangda's new economy was 3.451 billion yuan, an increase of nearly 60% compared with 2.167 billion yuan at the end of the first quarter, and the net value increased by 20.25% in the past three months.
From the perspective of industry allocation, the new energy industry is his main layout direction in the second quarter, while the stocks in the real estate, leasing and business services industries laid out in the previous quarter have been cleared.
Specific to the layout of individual stocks, the top ten heavy stocks of the products managed by Chen Hao changed greatly in the second quarter, Tongwei shares became his "favorite", the top ten heavy stocks of new products, among them, in the new economy of E Fangda, Tongwei shares jumped to become the largest heavy stocks, holding 4.9896 million shares; at the same time, Fosun Pharma, Renhe Pharmaceutical New Jin became the top ten heavy stocks of the above three products; Ningde Times New Entry became E Fangda's steady growth, E Fangda Kexiang Top Ten Heavy Positions; Hangke Technology, BYD has newly entered the top ten heavy positions of E Fangda's new economy.
<h3>Details of the top ten heavy stocks in the second quarter of 2021</h3>
In addition to the aforementioned new heavy stocks, the allocation of pharmaceutical stocks has also been adjusted, and Palin Bio and Stelly have withdrawn from the top ten heavy stocks of E Fangda's steady growth and E Fangda's new economy.
For the allocation of liquor stocks, there is also a differentiation, before it was E Fangda Kexiang's eighth largest heavy position in the first quarter, Guizhou Moutai withdrew from the ranks of the top ten heavy stocks in the second quarter, while Wuliangye, which was once the largest heavy stock, continued to increase its holdings by 109,000 shares in the second quarter, maintaining the position of the largest heavy stock.
Fuguo Zhu Shaoxing: Maintaining a high position operation, Weier shares increased to the largest heavy stock
Zhu Shaoxing maintained a high stock position in the second quarter, and the second quarter report of Fuguo Tianhui Growth under management showed that as of the end of June, the size of the fund reached 44.556 billion yuan, an increase of 17.26% from 37.996 billion yuan at the end of the first quarter, and the net value growth rate of the fund in the second quarter was 7.00%.
In the second quarter, the fund's stock position reached 93.77%, compared with 93.06% in the previous quarter. Judging from the changes in the top ten heavy stocks, Yiwei Lithium Energy, Jereh shares, and Qingdao Beer have newly entered the top ten heavy stocks, and Ping An of China, Gree Electric Appliances, and Baoxin Software have withdrawn from the top ten heavy stocks.
In addition, Weier shares, which were once the fifth largest heavy stocks in the first quarter, continued to increase their holdings to the largest heavy stocks in the second quarter, with a number of 5.8 million shares, and Individual stocks such as Guizhou Moutai, Wuliangye and Bank of Ningbo were also increased; while the largest heavy stock in the first quarter, Zhifei Bio, was reduced by 4.7 million shares in the second quarter, becoming the tenth largest heavy stock in the second quarter, in addition, National Porcelain Materials was also reduced.
<h3>Details of the top ten heavy stocks at the end of the second quarter of 2021</h3>
"The market opportunity in the second quarter mainly came from two directions. In the early stage, the less popular companies showed investment opportunities with excellent performance and valuation. Among the core assets that retreated sharply in the first quarter, companies that maintained strong performance had investment opportunities with stock prices returning to previous highs. Zhu Shaoxing said in the quarterly report that the above two directions will be the direction of his continuous search for opportunities, and he will still be committed to finding value in high-quality stocks in the future to turn over more "stones". The energy is focused on patiently collecting excellent companies with great prospects, waiting for the realization of the company's own value creation and the cyclical return of market sentiment at some point in the future.
Harvest Guikai: The position structure is generally stable, and the semiconductor pharmaceutical sector has increased slightly
Harvest Emerging Industries managed by Gui Kai was 13.889 billion yuan at the end of the second quarter, an increase of 11.41% from 12.467 billion yuan in the first quarter, and the net value growth rate was 18.40%.
The product's quarterly report shows that the fund's holding structure is generally stable, with slight increases in the semiconductor and pharmaceutical sectors and slight reductions in consumer stocks. As of the first half of the year, the proportion of the Fund's major asset holdings was technology, medicine, advanced manufacturing and consumption.
<h3>Harvest Emerging Industry at the end of the second quarter of 2021 top ten heavy stocks details</h3>
Among the top ten heavy stocks in the product, Shengbang shares and Coworth have newly entered the top ten heavy stocks, and Guizhou Moutai and Juxing Technology have withdrawn from the top ten heavy stocks. In addition, Huichuan Technology and Convinced Service were increased, Mindray Medical, Huace Testing, Tongce Medical and other stocks were reduced, and the number of shares held by China Porcelain Materials, Zhongke Chuangda and Guanglianda remained unchanged.