Since the beginning of this year, the entire A-share market, the light style switch has reached three times, which is why the top fund managers in the first two years have performed poorly this year, because research is a very broad field, each fund manager has his own professional involved in the industry, under the premise of bearing the benefits of their own products, investing money in industries that are not understood, which is very difficult to do. According to WIND data, this year's first return doubling fund Great Wall Industry Rotation Hybrid A (002296), with a return of 104.22%.
From the perspective of scale changes, the fund increased by nearly 3 times compared with 0.48 billion yuan at the end of the first quarter to 391 million yuan. The number of holder households is 63,000, the average household holds 2924.65 shares, and individual holders account for 99.73%.
From the perspective of holdings, as of the end of the mid-reporting period, the New Energy of the Great Wall Industry Rotation Heavy Stocks is basically dominated by weight leaders, Ningde Times, Enjie shares account for more than 8% of the equity net value ratio, from the perspective of the position structure, fully benefit from the rise of new energy and photovoltaic and other sectors, especially on July 29, the net value of the fund rose by 8.54% in a single day, from August 18 to now, the net value of the fund has been nine consecutive Yang.
From the perspective of the individual stocks configured, the Great Wall industry rotates with weights, supplemented by the downstream equipment and materials of the leading company: new energy is mainly based on the Ningde era, and enjie shares and Tianqi materials are assisted by downstream materials. Photovoltaic is also based on LONGi shares, which are mainly 188 LONGi industrial chain companies: JA Technology and Trina Solar. Other heavy stocks are mainly based on new energy, photovoltaic-based materials, Follett, Haiyou new materials.
Compared with the first quarter of the position, the difference with the current position is very large, mainly the stocks in the front row of the increase at the beginning of the year: Stone Technology, Linglong Tire, Zhongshun Jierou, Andijin Shop. However, since the second quarter, the decline in the first quarter of the Great Wall industry rotation of shareholdings has been very large, and the fund manager at the time, Liu Jiang, has also made a major adjustment and put all the funds in the field of new energy.
At present, Yang Yu, the rotation fund manager of the Great Wall industry, has joined the Great Wall Fund since graduating in July 2016, and has served as a researcher in environmental protection public utilities, new energy and other industries, and is a fundamental investor in the new energy industry chain. In the semi-annual report, Yang Yu said in the review of the fund's investment strategy and operation analysis during the reporting period that the direction of new energy vehicles, photovoltaics and other industries ushered in rapid development, the prosperity is expected to continue to be in the upward stage, the investment value is outstanding, and the key layout was carried out in the second quarter.
Specifically, the market changed drastically in the first half of the year, the first quarter was under pressure, and the second quarter ushered in a rebound, and overall it still recorded a rise, but some sectors experienced large fluctuations, while the structural differentiation characteristics were more obvious, and the performance of the Science and Technology Innovation Board and the ChiNext Board was relatively prominent. The impact of external factors is always complex, such as the impact of changes in liquidity expectations, the impact of public health events, the impact of policy orientation, reducing the interference of these short-term disturbance factors, and pursuing the more essential things in investment is the direction of managers' efforts: on the one hand, in China, which is running well and is moving from big to strong, we maintain full confidence in the long-term trend of A-share equity investment; on the other hand, the direction that conforms to the development background of the times often has significant investment value. Based on the medium and long-term perspective, it is an important investment strategy to select sectors and companies to obtain investment returns and combat volatility. We have observed that many advantageous industries in China are rapidly evolving, such as the breakthrough and rise of Chinese consumer brands and Chinese manufacturing in the world, from catch-up followers to leaders in some fields and categories, such as the domestic substitution of some restricted industries is accelerating, such as the continuous strengthening of advantages in some emerging industries. The direction of these booms has always been the focus of long-term optimism and investment.
Speaking of the outlook for macroeconomics, securities markets and industry trends, Yang Yu believes that the short-term factors that deserve attention in the second half of the year mainly include changes in liquidity, short-term growth rates in the economy and listed companies caused by base reasons, fluctuations in foreign trade, and the impact of policy orientation on different industries. Dilute the impact of short-term factors, from a long-term perspective: first, the securities market will carry more and more functions to help enterprises develop and help investors increase their wealth, and there is still great potential; second, it is always with the mentality of embracing the times, focusing on and investing in industries that conform to the development characteristics of the times, the direction of policy encouragement and support, and the promotion of social efficiency and the improvement of people's lives.
This article originated from the Financial Circle Network