Summary
[Invisible stocks of top-tier fund managers have released the positions of top-tier fund managers, “there is no other way”]With the continuous disclosure of the fund’s semi-annual reports, all top-tier fund managers’ positions have surfaced. Combining the data, we can find that in some top-flow fund managers’ hidden heavy stocks (usually refers to the stocks held by the fund but not listed in the top ten heavy stocks of the fund), many stocks have outstanding performance. Although the holdings of these hidden heavy stocks are relatively small, the outstanding periodical gains have also made the fund fruitful. (China Securities Journal)
along withfundThe continuous disclosure of the semi-annual report revealed that all the positions held by a group of top-tier fund managers have surfaced.Combining the data, we can find that in some top-tier fund managers’ hidden heavy stocks (usuallyFinger baseAmong the stocks held by Jin Jungkura but not listed in the top ten major stocks of the fund), many stocks have performed well. Although the holdings of these hidden heavy stocks are relatively small, the outstanding periodical gains have also made the fund fruitful.
For these top-tier fund managers’ hidden heavy stocks, should investors “copy their homework”? The answer is obviously not that simple. Industry insiders reminded that, on the one hand, the fund holdings as of June 30 have lags in timeliness; on the other hand, at the moment of report disclosure, many fund managers will “window” behavior, that is, modify their holdings. , In order to achieve some goals. The hidden heavy stocks of top-flow fund managers can only be used as part of a reference for investors. However, these hidden heavy stocks are indeed an important window to perceive the market’s “chunjiang plumbing”. Investors should pay attention to the signals of changes in market styles while watching the “lively” changes in individual stocks.
Top-tier fund managers have their own “good hearts”
August 28,E FundThe semi-annual report has been disclosed, and the hidden heavy stocks of products managed by top-tier fund managers such as Zhang Kun and Xiao Nan, which have attracted much market attention, have surfaced.announcementIt shows that E Fund’s blue chip selection and E Fund’s small and medium-cap positions under the management of Zhang Kun have undergone considerable changes in the second quarter.Specifically, E Fund’s Blue Chip Selection has reducedfood and drinkThe configuration of other industries has increasedBankThe configuration of other industries.E Fund’s small and medium caps have also decreasedfood and drinkThe configuration of industries such as computers has also been added to the configuration of industries such as computers.On hidden heavy stocks, E Fund Blue Chip Selected HoldingsPing An Bank, Jinxin Fertility,Tongce Medical、Hygeia Medical、Bairun sharesEtc. wherePing An BankShareholding accounted for 2.32% of the fund’s net asset value.E Fund’s hidden heavy stocks in small and medium-sized caps haveChina International Trade、Shuanghui Development、SDIC Power、Yutong Bus、Three treesEtc. whereChina International TradeHolding shares accounted for 2.44% of the fund’s net asset value, which is less than the fund’s tenth largest stockZhongju High-techHalf of the 4.98% ratio. In addition, what is interesting is thatTongce MedicalAs the largest stock of E Fund’s small and medium-cap stocks managed by Zhang Kun, its holdings were reduced by 1.2 million shares in the second quarter; from the perspective of E Fund’s blue chip selection, it held 1.3 million shares at the end of last year.Tongce Medical, By the end of the second quarter of this year, it has increased its holdings to 1.5 million shares.
The semi-annual report of the fund of Xiao Nan, another member of the E Fund, also revealed his “good heart”. The announcement showed that in the consumer industry managed by Xiao Nan, the fund held a total of 110 stocks as of the end of the second quarter.From the perspective of invisible heavy stocks, Xiao Nan mainly focuses on the consumer sector, coveringfood and drink, Cars, duty-free shops, home furnishings, etc.Specific stocks areChina Free、Oupai Home Furnishing、Tsing Tao beer、Supor、Transsion HoldingsEtc. whereChina FreeThe shareholding accounted for 3.42% of the fund’s net asset value.
The semi-annual report of Ruiyuan Growth Value managed by Ruiyuan Fund General Fu Pengbo shows that the fund holds a total of 123 stocks, with hidden heavy stocks mainly concentrated in the high-end manufacturing and pharmaceutical industries. Specifically,Tianrongxin、Han’s Laser、Xinzhoubang、Hygeia Medical、Superstar Technology、Sannuo Biological、Weigao sharesShare ofFund net worthThe ratio is more than 2%.Montnets Technology、Guanghetong、Hengli PetrochemicalIt is the fund’s 18th-20th largest stock. Ruiyuan Equilibrium Value, managed by another fund manager of Ruiyuan Fund Zhao Feng, holds a total of 106 stocks, including some Hong Kong stocks.Siyuan Electric、Sanqi Mutual Entertainment、Smol International、Baosteel Co., Ltd.、Superstar Technology、Sany Heavy Industry、Weiming Environmental Protection、Xianhe sharesAnd other stocks, the fund holdings accounted for more than 1.5% of the fund’s net value.
In addition, Liu Yanchun, a top-tier fund manager of 100 billion, managedInvescoAt the end of the second quarter of the Great Wall Emerging Growth, the top ten holdings of the largest stocks accounted for 72.85% of the fund’s net value. In addition to the top ten heavyweight stocks,Gujing Gongjiu、Aier Ophthalmology、Haitian Flavor Industry、Yili shares、Changchun High-tech、Hengrui Medicine、Midea GroupThe equity holdings accounted for more than 1% of the fund’s net asset value, becoming hidden heavy stocks.Another new fund manager with a scale of 10 billion under management, the Hengyue Core Selection Mix managed by Gao Nan of Hengyue Fund, held 123 stocks at the end of the second quarter, among which the hidden heavy stocks areGodsend materials、Huazhi Wine Company、Zangge Holdings、Jiudian Pharmaceutical、South Micro Medical、CSG A、Rongbai TechnologyWait. The 11-20 hidden heavy stocks of this product, holdings accounted for more than 1% of the fund’s net asset value.
Hongde Fund’s two generals, Wu Chuanyan and Qin Yi’s hidden heavy stocks are also worth seeing. Hongde Visionary Return, managed by Wu Chuanyan, holds a total of 99 stocks. From the perspective of hidden heavy stocks,Su test、Luxshare Precision、New classicThe fund holdings accounted for more than 2% of the fund’s net value, ranking 11th to 13th;Haitian Flavor Industry、Disu Fashion、Oriental fashion、Chenguang Bio、Goodix Technology、Yuxin shares、Chuanzhi EducationIt is divided into the 14th to the 20th largest stocks. Hongde Ruize, managed by Qin Yi, holds a total of 114 stocks.Enjie shares、Mindray Medical、Bank of Ningbo、WuXi BiologicsThe fund holdings accounted for more than 3% of the fund’s net value, ranking 11th to 14th largest stocks;WuXi AppTec、Shuijingfang, Hengrui Medical,Midea Group、Yasui Foods、Gourmet foodThey are ranked 15th to 20th largest stocks.
Among them is the “gold mine”
Although these hidden heavy stocks are not the “first echelon” of top-tier fund managers, there are still many stocks that have gained significant gains in stages, and even some of the “first echelon” of heavy stocks are beyond the reach of the dust.
Specifically, Zhang Kun’s invisible heavy stock, Tongce Medical, achieved a 64.07% increase in the second quarter.China International TradeUp 52.28%,Three treesUp 24.00%,Bairun sharesIt rose by 22.18%. Among Xiao Nan’s invisible heavy stocks at the end of the second quarter,Tsing Tao beerIncreased 36.64% in the second quarter.
Among Fu Pengbo’s hidden heavy stocks,XinzhoubangRose 31.65% in the second quarter,Montnets TechnologyRose 19.52%; Zhao Feng’s hidden heavy stocks,Xianhe sharesIt rose 42.26% in the second quarter.
Liu Yanchun’sGujing Gongjiu、Aier Ophthalmology、Haitian Flavor IndustryIn the second quarter, other hidden heavy stocks rose 14.07%, 55.60%, and 5.53% respectively.Su test、Luxshare Precision、Disu Fashion、Chenguang BioWaiting for Wu Chuanyan’s hidden heavy stocks in the second quarter rose 29.01%, 35.97%, 24.92%, 4.58%.Enjie shares、Mindray Medical、WuXi AppTec、ShuijingfangIn the second quarter, Qin Yi’s hidden heavy stocks rose by 109.44%, 20.89%, 34.31%, and 76.64% respectively.
To say that the fund manager with outstanding record in invisible heavy stocks, Gao Nan is definitely counted. Among Gao Nan’s hidden heavy stocks,Godsend materials、Huazhi Wine Company、Zangge Holdings、Jiudian Pharmaceutical、South Micro Medical、CSG A、Rongbai TechnologyThe growth rates in the second quarter were 122.44%, 77.35%, 129.73%, 42.69%, 68.84%, 64.47%, and 112.15%, which are amazing. Combined with Gao Nan’s relatively heavy position allocation in these hidden heavy stocks, the contribution of hidden heavy stocks to the fund’s net value is very obvious.
In addition, among the hidden heavy stocks of these top-stream fund managers, there is also a class of many and outstanding holding varieties-Hong Kong stocks. Among Zhang Kun’s hidden heavy stocks, Hong Kong stock Jinxin Fertility rose 17.22% in the second quarter.Hygeia MedicalIt rose by 80.94%, and Hygeia Medical is also an invisible heavy stock of Fu Pengbo.Zhao Feng’s invisible heavy stock of Hong Kong stocksMan Wah HoldingsIncreased 15.76% in the second quarter.Hong Kong stocks held by Qin YiWuXi BiologicsIt rose 46.17% in the second quarter.
Of course, not all of these top-tier fund managers’ hidden heavy stocks performed well, and many stocks did not perform well in the second quarter, and even experienced sharp declines.Liu Yanchun’s hidden heavy stocksChangchun High-techA 14.38% drop in the second quarter, held by Zhao FengSmol InternationalIt fell by 8.51% in the second quarter.
Observing the hidden heavy stocks of these top-flow fund managers, comparing the holdings of the 2020 annual report, we can see that many hidden heavy stocks have been increased, and many stocks have also been reduced. “The top ten heavyweight stocks are similar to basic positions, and they also account for most of the stock positions; invisible heavyweight stocks are more flexible. When defense is needed, these positions provide a certain degree of safety cushion to seize the opportunity to attack. At times, it is also an important source of excess returns. Such positioning means that the changes in this part of the holdings will also be relatively large.” A fund manager introduced his “positioning” of hidden heavy stocks.
“Copy homework” has its own way
In the latest semi-annual fund report, fund managers also expressed their latest views on the market. Zhang Kun said that this year’s stock market has shown a strong preference for high-growth companies. He believes that when the market places a bid on a stock, it is determined by two factors: the first is the consensus of investors on the amount and timing of future profits and free cash flow; the second is what kind of discount the investor uses The consensus rate converts expected profit and free cash flow into present value.When bidding for companies, for the first factor, investors are willing to extrapolate the trend of short-term optimism and are optimistic about long-term profitability; for the second factor, investors tend to think that the current lowinterest rateIt will last for a long time.
Yongying Fund Chang Yuan stated in the interim report that it remains optimistic about the equity market. From a structural point of view, we will continue to pay attention to the fields of big consumption, medicine and health; in-depth exploration of new energy, energy saving and emission reduction, supply-side constraints of high-carbon emission industries, and other related issues that may obtain sustained and significant development dividends under the carbon neutral policy. Opportunities in energy and technology fields; carefully look for opportunities in semiconductors, new materials and other fields that can strategically enhance the independent security of the domestic industrial supply chain; and will continue to look for pattern optimization and competitiveness in the relatively traditional agriculture, chemical industry, and manufacturing industries. Significantly improved quality company.
When investors see the holdings of top-stream fund managers, most of them will wonder if they can “copy jobs”, especially for hidden heavy stocks. Although these stocks are not as noticeable as the top ten heavy stocks, they may contain Key opportunities for fund managers to invest in the next step. However, it is obviously not so easy to “copy jobs” in the hidden heavy stocks of top-stream fund managers.
Industry insiders pointed out that, on the one hand, due to the impact of the announcement disclosure time period, the newly disclosed fund semi-annual report has relatively lagging behind. On the other hand, many fund managers also have active and deliberate factors in their holdings. These “decorations” “Window” behavior also means that investors should not blindly follow the trend of investment.CITIC SecuritiesThe research pointed out that the trading behavior of public funds in adjusting positions is worthy of attention. With the advancement of the institutionalization of A-shares, the collective adjustment behavior of funds may have a greater impact on the market outlook and style. In addition, the fund may have “windows” behavior before the reporting period, and there will be swap operations after the reporting period.
In fact, by observing the trend of top-stream fund managers’ invisible heavy stocks since July, one can also see the risk of blindly “copying homework”. E.g,Chuanzhi EducationAt the end of the second quarter, it appeared for the first time in the portfolio of Hongde Vision’s returns managed by Wu Chuanyan. This employment-oriented vocational education institution achieved a 51.57% increase in the second quarter. Since entering the third quarter, the education industry policy And other factors, as of August 27,Chuanzhi EducationIt has fallen by 13.80%.
“Rather than using it as an opportunity to copy homework, it is better to use it as a window to observe the investment of fund managers. While watching the changes in individual stocks, it is necessary to observe the changes in fund managers’ holding styles. Observing the semi-annual report of the fund finds that it is invisible Among the heavy-duty stocks, top-flow fund managers began to pay attention to the investment layout of relatively small and medium-sized market capitalization stocks, and began to find some industries and stocks that the market did not pay attention to. Compared with the market style since July, it can be found that such a change in public funds is both Compliant with the market environment is also an important motive for the transformation of market styles.” Huabao Securities Fund analysts said.
(Source: China Securities Journal)
(Original title: Invisible heavy-duty stocks have one after another, top-flow fund managers holding positions “There is no hole in the sky”)
(Editor in charge: DF546)
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