On April 19, the deadline for the disclosure of the first quarterly report of public funds was less than one week. From Sunday to Monday, the equity public offering of a brother E Fangda's fund fully disclosed a quarterly report, and the latest positions of the tens of billions of fund managers and the judgment of the market became the focus for a while.
In addition to the top card Zhang Kun, the positions of Xiao Nan, Chen Hao, Feng Bo and others have also been announced, what adjustments have occurred in their positions in the first quarter? And how do you see the future market?
Feng Bo: "100 billion new base" 30% of the shares bought 30% of the deposit bank
After setting a new record for China's public offering funds with a single-day initial offering of 239.857 billion yuan on January 18, Feng Bo and his mix of E Fangda competitive advantage enterprises are destined to stand in the spotlight. As of last Friday, the net value of the fund was 0.9643 yuan / share, which has not yet been corrected.
Judging from the quarterly report disclosed today, after more than a month of bull-bear conversion, there has been no significant redemption, and the fund share has increased compared with the establishment on January 20. However, under the change of market style, only 35.96% of the stock positions are held, reflecting the veteran Feng Bo's concern about market uncertainty.
For the future market, Feng Bo believes that after the sharp rise in the previous two years, the valuation restructuring process of A-share core enterprises driven by the process of marketization and internationalization has been basically completed.
At a reasonable valuation level, the growth of corporate earnings will become the most important factor driving future stock price increases. This will further test the depth of the manager's research on fundamentals and the ability to set reasonable prices. Large fluctuations in the market are risky for short-term investors, but for long-term investors, it is the best opportunity to obtain excess returns.
With the establishment of the 10 billion fund of E Fangda Competitive Advantage Enterprise Hybrid, Feng Bo's total management scale has also exceeded the 50 billion mark in one fell swoop. Judging from the stock positions of the funds he manages in the first quarter, it is basically consistent with the allocation ideas of E Fangda's competitive advantage enterprises, and liquor stocks such as Wuliangye, Luzhou Laojiao, and Guizhou Moutai are the focus of allocation in the A-share market, while the Hong Kong stock market is heavily positioned in Tencent Holdings and Meituan-w.
Chen Hao: "Ant Fund" continues to reposition Tencent
Chen Hao, another "pillar" of E Fangda, has also exceeded 30 billion yuan in management as of the first quarter, and in addition to the steady growth of his representative E Fangda, E Fangda's Innovative Future Fund (Ant Fund) is also managed by him. Since trading in the market in late January this year, the fund has calmed down after a short period of sharp fluctuations, and its net value is also fluctuating slightly above the profit and loss line.
Judging from its first quarterly stock holdings, the Hong Kong stock market Tencent Holdings, Meituan-w, and the Hong Kong Stock Exchange, the three major southbound funds re-allocated, entered the top four, while its second largest heavy stock in the first quarter, Huamao Logistics, was Chen Hao's personal "preference", which was already the fund's third largest heavy stock in January. In the other five funds managed by Chen Hao in the same period, E Fangda Kexiang, E Fangda Steady Growth, E Fangda New Economy Flexible Allocation all held the stock heavily, as of the end of last year, the above three funds were the three major institutional investors who held the most shares, and in the first quarter, the Innovation Future Fund built a larger position, and the shareholding ratio of a single fund has reached 3.20% of the outstanding shares, surpassing the other three funds.
Looking forward to the future market, as an innovative future fund, Chen Hao said that he will continue to pay attention to areas such as science and technology, new energy, and new consumption that are in line with the future direction of innovation and growth, and at the same time allocate some Hong Kong stock assets with high growth certainty and relatively reasonable valuations.
Xiao Nan: Continue to hold the liquor stock tightly
Xiao Nan, another E Fund Manager with a management scale of more than 50 billion yuan, continues to be obsessed with liquor. The E Fangda consumer industry, which he and Wang Yuanchun jointly managed, shrank slightly in the first quarter, reaching 31.865 billion yuan at the end of the first quarter.
From the perspective of the top ten heavy stocks, compared with the end of last year, the number of shares held by Wuliangye and Luzhou Laojiao, Shanxi Fenjiu and Guizhou Moutai has not changed. The trend of the stock price in the secondary market makes the market value of Guizhou Moutai surpass that of the Midea Group, and as of the end of the first quarter, the top four heavy stocks in the E Fangda consumer industry are the four liquor stocks that are "neat and tidy".
If it is natural to be a consumer stock, then the fund holding liquor stocks as a big health theme can only be said to be favored.
Since the third quarter of last year, Guizhou Moutai has always held the largest heavy stock of the E Fangda Big Health Theme Fund, with only a slight reduction, and its top ten heavy stocks also include the names of Wuliangye, Luzhou Laojiao, and Gujing Tribute Wine; including the "Xiao surname" funds such as E Fangda Ruiheng and E Fangda Keshun are also similar.
For example, according to the secondary market stock price, Xiao Nan's part of the liquor position is still profitable, and he obviously does not intend to give up his optimism about liquor. In a quarterly report, Xiao Nan made it clear that the relatively high valuation of the market needs to be digested by performance growth, but we will not allocate short-term cheap and long-term uncompetitive enterprises.
Yang Zongchang: When the transformation of "wine base" is underway
As a relatively "new generation", Yang Zongchang has replaced Zhang Kun and co-managed E Fangda New Silk Road with Qi He, and the total management scale has also approached 10 billion. By the end of the first quarter, the two funds he managed, E Fangda New Silk Road and E Fangda Supply Reform, had reached a total of 9.969 billion yuan.
However, the performance of the two funds in the first quarter was significantly different E Fangda supply reform in the first quarter of the net value increased by 12.52%, becoming the number one in the equity category within E Fangda, while the net value of E Fangda New Silk Road, which took over from Zhang Kun, fell by 6.98%, which was not much different from the star fund managers who hugged the group liquor.
Yang Zongchang, who specializes in the chemical industry, after taking over the "wine base" of E Fangda New Silk Road, has begun its stock swap for more than a month at the end of the first quarter. In the top ten heavy stocks reported by E Fangda New Silk Road in the first quarter, you can see the figures of Yangnong Chemical and Fuyao Glass.
Among them, Yangnong Chemical has been reflected in the annual report, when the position was 500,000 shares, but by the end of the first quarter, the holdings had reached 1.5 million shares, ranking the ninth largest heavy stock. Fuyao Glass is a full new position in the past three months, and the current market value of the position is about 200 million yuan, which is synchronized with the supply reform of E Fangda.
From the perspective of the management scale at the end of the first quarter, the current supply reform of E Fangda (5.385 billion yuan) is similar to that of E Fangda New Silk Road (4.584 billion yuan). Whether Yang Zongchang will choose the same strategy in the future and gradually "copy" the former position into the latter may need a longer period of observation.
In the quarterly report of E Fangda New Silk Road, it seems to have been hinted that the fund will adhere to the concept that corporate competitiveness is a long-term source of income, continuously optimize the position structure, and strive to build a portfolio with better risk-adjusted returns.