● Reporter Li Huimin Zhang Shulin of this newspaper
In the fund's third quarterly report, the anxiety of some fund managers is overflowing. Some tens of billions of fund managers reflected on their own investment frameworks, and even more doubted the heavy position track, and switched to the new energy sector. China Securities News reporter found that in the context of this year's new energy boom, many fund managers increased the allocation of various segments of new energy in the portfolio in the third quarter.
Differentiation of the market leads to confusion
A well-known 10 billion fund manager said bluntly in the quarterly report: "The fund has experienced a more painful and anxious process of building a position, and the past three quarters are the most anxious period in the history of the fund manager after the 2016 circuit breaker." Compared with the mud and sand of that year, the extreme differentiation and market noise in the third quarter of this year have made fund managers doubt their own stock selection logic at some points: Is the logic of a good company and a good business model of ROE stock selection destroyed? Do friends of time want to give way to friends of policy? Is consumer medicine really going to make way for manufacturing? ”
The above-mentioned fund managers are not unique, and there is a top fund manager with a management scale of more than 50 billion yuan, which represents the decline in the net value of the product in the third quarter. Faced with the performance of outperforming the benchmark, he reflected on his investment framework in his quarterly reports. Another Internet theme fund he manages fell 12.22% in the third quarter, also performing poorly; in this regard, he said in the performance report: "The downside of the Internet industry as a whole is insufficiently judged, and the higher position has endured a sharp decline in the sector, reflecting on his operation in the third quarter." ”
What's more, he had doubts about the track of heavy positions, and comprehensively reflected on the tracks he had previously been optimistic about in the three quarterly reports, and at the same time expressed optimism about popular industries such as new energy. A 10-billion-level fund manager who had a heavy position in liquor and medicine changed blood in the third quarter, and the top ten heavy stocks added new energy and communications industry stocks such as Putailai and Yilian Network, and increased the allocation of new energy stocks such as Ningde Times and Longji Shares. At the same time, in the quarterly report, a larger space was used to express optimism about semiconductors, photovoltaics, military and other industries that had previously been less laid out. The combing found that many funds managed by the fund manager have been collectively turned, and the favored industries are very different from the past.
Add warehouse new energy subdivision field
In fact, in the context of the new energy boom, although many fund managers are not as aggressive as the above fund managers, they generally increased the allocation of new energy segments in the portfolio in the third quarter.
For example, the top ten heavy stocks in the third quarter of Huaxia Pansheng Flexible are Tianqi Lithium, Tongwei Shares, Jiejia Weichuang, AVIC Shenfei, NINGDE Times, AVIC Optoelectronics, Zhichun Technology, Phillips, Guanglianda and Taihe New Material. Compared with the fund's top ten heavy stocks in the second quarter, only 2 stocks are the same. It can be seen that the fund has significantly increased its position in the middle and upper reaches of new energy and photovoltaic targets in the third quarter.
In addition, the GF GEM was scheduled to open for two years, and in the third quarter, it increased its holdings in some of the targets in the upstream materials of new energy vehicles and the optical communications in the communication industry; the 3-year closed operation of Boshi Science and Technology Innovation Theme also increased its holdings in the new energy vehicle industry in the third quarter, mainly related to the lithium battery industry chain; Huaxia Xiangyang increased its holdings in the new energy manufacturing and operation link targets, and the BOC reform dividend increased its holdings in the upstream sector of the new energy industry chain.
On this basis, the reporter combed through the fund manager report column of the third quarterly report of the 3971 active partial stock funds and found that the three words "new energy" were mentioned by 2105 active partial stock funds and became the hottest keywords.
Select a good company
In the context of the fund's general increase in new energy in the third quarter, this track is also gradually crowded, but for the future market of the new energy sector, most fund managers said that they are still optimistic about the new energy field, but they need to distinguish between good companies that are truly high-quality, have more room for development and are more cost-effective. As for the electric vehicle industry, the future opportunities are not comprehensive, and its technology pattern needs to be further judged.
Yang Ruiwen, manager of Invesco Great Wall New Energy Industry Fund, said that in the future, it will still focus on investment in the field of new energy, especially electric vehicles. The general trend of electric intelligence is already beyond doubt, but we must also soberly realize that the development of electric vehicles is not smooth. The future opportunities for electrification cannot be comprehensive, and the future needs to examine technical barriers and competitive patterns, and more opportunities come from new technological directions. At the same time, in the future, we will also focus on the field of power semiconductors, which are closely related to the electrification and intelligence of automobiles.
Li Rui, manager of the Oriental New Energy Vehicle Fund, said that the new energy vehicle industry belongs to a typical emerging technology industry, which needs to be simplified and look for the main contradictions after grasping the framework and integrity. From the perspective of industrial trends, what remains unchanged is that the industry trend has become irreversible, and what has changed is that the driving force has changed from policy to product; from the perspective of the industrial chain, what has not changed is that the downstream demand continues to exceed expectations and the diversification of high-quality supply, and what has changed is the gap between supply and demand brought about by the lack of upstream supply; from the perspective of competitive factors, what has not changed is the differentiated competition of the whole vehicle, the change is the change of the competitive elements of the industry, and the competitive elements of the automobile have become intelligent and electrified; from the perspective of the vehicle pattern, what has not changed is the high progress of each car company. What has changed is that some independent car companies have begun to stand out; from the perspective of the core elements of industrial development, what has not changed is the main theme of cost reduction and efficiency increase, and what has changed is the gradual diversification of the path of cost reduction and efficiency increase; from the perspective of growth pole, what has not changed is the increase in global penetration, and what has changed is the diversification of growth levels and the difference in growth slope.
This article originated from China Securities News