A thousand words are not as good as real money.
This is the biggest experience of reading a fund manager's quarterly report.
Each quarterly fund report is evidence of the fund manager's "communication" of thought activities. But the style and mentality expressed by each fund manager is very different.
This quickly turned the fund's quarterly report into a "reading comprehension problem."
The best way to break through these textual barriers is to see how the fund manager operates.
In particular, the position of the fund manager obviously shows the fund manager's judgment of the market at this stage.
From this point of view, at the end of the 3rd quarter of 2021, the mentality and state of the star fund managers seem to have a more obvious difference...
<h2>Zhang Kun and Liu Yanchun added warehouses neatly</h2>
If we say that the "wind vane" of the public fund circle, Zhang Kun and Liu Yanchun, the two "100 billion top streams", will be counted in it most of the time.
In terms of positions, this year's two double "top streams" are quite similar, and both have different amplitudes of positions. Excluding the newly issued funds this year, the three funds managed by "Kun Kun" have position growth of 0.1% to 3.5%, and the highest position has reached 94.2%.
And "Spring Spring" has a similar operation. Of its 6 funds, 5 have increased their positions to varying degrees. The only invesco Great Wall that only reduced its position increased domestic demand, and it also decreased by only 0.35%, which is basically unchanged. (See figure below)
Of course, the increase in positions of both is relatively limited, and both are after all the upper limit of the fund contract. This seems to indicate an optimistic judgment of the two top streams on the current market.
<h2>Glen and Feng Mingyuan reduced their positions more</h2>
The public fundraising "one brother" increases the warehouse, but the "one sister" has different ideas. In the third quarter of this year, excluding the newly established funds this year, four of Gülen's funds have made position adjustments, of which the position of CEIBS Medical Innovation has decreased by nearly 6%, from the 93.67% reported by the middle to the current 87.72%. (See figure below)
It is worth mentioning that the funds with more position reductions under Gülen are all medical theme products, and the reduction of positions may also be related to the recent adjustment of pharmaceutical portfolios.
In addition to Gülen, "technology hunter" Feng Mingyuan also reduced his position in the third quarter. Feng Mingyuan's 9 funds under management, within the scope of the third quarter, these funds have a relatively large reduction, especially in the beginning of this year, the establishment of the Cinda Australian Silver Xingyi, in the report, the fund is still close to the "full position" state, the current position has dropped to 86.85%.
However, Feng Mingyuan also has an "alternative" fund, and Cinda Ao Silver Selection significantly increased its stock position by 6% in the third quarter. This may be related to its lower position at the time of the mid-quote. Overall, at present, the positions of Feng Mingyuan's funds have dropped to 90%, and the essence of Cinda Australia Bank and Cinda Australia Bank Leading Smart Selection are only less than 80% of the stock positions. (See figure below)
At the same time, Xiao Nan, the "consumption king" of E Fangda, is also one of the fund managers who chose to reduce their positions in the third quarter. (See figure below)
However, the actual reduction ratio of the above three people is medium to small, which does not indicate a subversive change in the mentality of fund managers.
<h2>Zhou Weiwen and Hu Xinwei have not yet "taken sides."</h2>
There are fund managers with clear directions, and there are also types that are difficult to distinguish by position. Zhou Weiwen and Hu Xinwei are one of them.
The funds of these two "star" fund managers have a sharp increase in the third quarter of the product, but also a cautious reduction of the part, which may also reflect the fund manager's "differentiation" operation in response to the volatile market.
Among them, CPA Select, managed by Zhou Weiwen, is the fund with the largest increase in positions in the third quarter of this year (excluding the newly established funds this year), with a change rate of nearly 20%. But at the same time, its management of Orig-Fred has also reduced its position by more than 10%, and the current position has dropped to 65.52%. (See figure below)
Although the position changes of Hu Xinwei's fund are not as "big as Zhou Weiwen's", the changes are very average, and the overall situation seems to be basically "flat" in the increase or decrease of positions of "one after another". It may also represent the fund manager's adjustment of the layout of its products. (See figure below)
<h2>The "rookies" of "Attack"</h2>
Among the many "star" fund managers, this year's "investment star" that "stands out" deserves additional attention. As the "leader" in the current stock base performance ranking, Han Guangzhe of Golden Eagle Fund and Cui Chenlong of Qianhai Open Source also showed the momentum of "young people" in the third quarter and the confidence in the market in the second half of the year.
Wind statistics show that the funds of the two fund managers have a relatively large increase in positions in the third quarter. Among them, han Guangzhe's representative work Golden Eagle National Emerging position change ratio is close to 11%, the current position has reached 94.33%, Cui Chenlong management of Qianhai open source new economy also has more than 8.5% position change. (See figure below)
However, the positions of young "rookies" have increased significantly, and part of it may indeed represent their confidence in the future market, on the other hand, it may also be the scale effect brought by the performance, which makes the original "small transparent" fund need to further build positions in the third quarter. The change of position is only a reference, and investors need to be vigilant against possible risks.
This article is from Wall Street Insights, welcome to download the APP to see more