News from the Financial Associated Press, January 19 (Reporter Zhou Xiaoya)With the intensive disclosure of the Four Seasons Report, the position trends of new energy track fund managers have gradually become clear.
Since the fourth quarter of last year, some of Feng Mingyuan’s products have announced changes in fund managers. What changes have occurred in product positions before and after the change? Judging from the newly disclosed Four Seasons Report, he believes that he is currently at the starting point of a long-term bull market. While maintaining more than 90% of the positions, he insists on diversifying investment, but the concentration of holdings has increased compared with the end of the third quarter.
And Shi Cheng said in SDIC UBS New Energy’s Four Seasons Report that he is optimistic about the performance of this year’s growth and believes that the sales of new energy vehicles this year will significantly exceed current market expectations. The fund’s stock position also maintained more than 90%, and the concentration of holdings remained at nearly 70%.
From the perspective of specific holdings, the number of holdings of Putailai, the number one heavyweight stock of Xinao New Energy Industry at the end of the fourth quarter of last year, increased month-on-month, and the number of holdings of BYD, Kodali, Aikedi, Ningde Times, and Ganfeng Lithium also increased. increase, Tianqi Lithium has been reduced; SDIC UBS New Energy’s top holding is Tianqi Lithium, and the number of shares held remains unchanged. At the same time, Huayou Cobalt and Tianci Materials have also further increased their positions.
fall in tube scale
Feng Mingyuan currently has 8 products under management with a total scale of 27.664 billion yuan as of the end of the fourth quarter of last year. Previously, as of the end of the third quarter of last year, Feng Mingyuan had 9 products under management with a total scale of 33.408 billion yuan.
The reason for the quarter-on-quarter decline in scale was that, on the one hand, Feng Mingyuan Ren Xinao’s ingenious selection of the position of fund manager for two years; on the other hand, the total scale of the remaining 8 products fell by 934 million yuan quarter-on-quarter.
Among them, as the largest public offering product under Feng Mingyuan’s management, the scale of Xin’ao New Energy Industry at the end of last year was 10.836 billion yuan, a decrease of 803 million yuan from the previous month, which is the largest shrinkage among the 8 products. Xinao Research and Optimal achieved a contrarian increase in scale in the fourth quarter of last year. The latest scale was 1.962 billion yuan, an increase of 935 million yuan from the previous quarter.
The shrinkage of the scale comes from the decline in net worth and the net redemption of shares. The aforementioned Xinao New Energy Industry had a total of 2.857 billion fund shares as of the end of last year, a decrease of 121 million shares from the 2.975 billion shares at the end of the third quarter. During the reporting period, the growth rate of the fund’s net value was -2.97%. The performance comparison benchmark rate of return for the same period was 1.61%.
Shi Cheng’s management scale also shrank in the fourth quarter of last year. As of the end of last year, the total size of the six products under his management was 20.296 billion yuan, a decrease of 2.818 billion yuan from the 23.115 billion yuan at the end of the third quarter of 2022. Among them, SDIC UBS New Energy, the largest company, shrank by 1.199 billion yuan in the fourth quarter, and the scale was 6.802 billion yuan at the end of last year.
From the performance point of view, SDIC UBS New Energy’s share net value growth rate in the fourth quarter was -12.95%, and the performance comparison benchmark rate of return for the same period was -2.39%. During the same period, the fund also experienced a small net redemption of shares. As of the end of last year, the fund’s total shares were 2.785 billion, a decrease of about 65 million from the 2.85 billion at the end of the third quarter.
Right at the start of a long-term bull market
On the whole, both fund managers are more optimistic about the market in 2023. Among them, Shi Cheng is more optimistic about the sales forecast of new energy vehicles.
Looking back on the performance in the fourth quarter of last year, Feng Mingyuan said that due to the impact of the epidemic, domestic economic activities have been under short-term pressure, and the technology and new energy related industry chain sectors have fluctuated and adjusted; at the same time, overseas policy interest rates are too high, and the rebound in the fourth quarter of the external market has initially ended. In the short term, there is a higher probability of shocks and dips. Under the dual pressure of the internal and external environment, the net value of the product also has a certain degree of retracement.
Looking forward to 2023, he believes that it is at the starting point of a long-term bull market. “With the phased end of the first peak of the epidemic, the domestic economy is expected to recover gradually, and the overall market environment is expected to improve.”
In terms of investment direction, he still adheres to the bottom-up stock selection idea, looks for investment opportunities in emerging fields such as technology and new energy, and grows and progresses with outstanding companies.
Shi Cheng also believes that the economy will gradually improve in 2023. The development of the economy is a stage for value to grow and sing. In the context of growth, we are optimistic about the performance of growth. For the growth industries represented by new energy and semiconductors, after experiencing the devaluation in 2022, the overall market sentiment and expectations are at a low point, and it is optimistic that 2023 will be able to realize the growth industry market.
Specifically, he said that in the equipment manufacturing industry, due to certain restrictions on the total volume, the market pays more attention to various new technologies. However, the fulfillment of many new technologies is doubtful. In 2022, the interpretation of new technologies has reached a relatively sufficient position, so we will look for links that can be industrialized for investment.
In terms of new energy vehicles, he is optimistic that sales in 2023 will significantly exceed current market expectations. From the perspective of China and Europe, the constraints of chips, wiring harnesses and other links will be eased, and the production of automobiles will increase. New energy vehicles represented by Tesla and BYD have the power to further reduce prices to seize the market after the launch of new production capacity.
“At present, the unit profit of fuel vehicles is already low. Foreign investors value profits, and there may be moves to stabilize prices and ensure profits in the future. Therefore, the replacement logic of new energy vehicles is smooth.” He said that China’s new energy vehicles are likely to Until the penetration rate reaches 80%, there will be no obvious hindrance. At present, the valuation of the entire electric vehicle industry chain is at a historically low level, and we are optimistic about the overall industry performance.
As for the new energy power generation industry, he is optimistic about the rapid growth of the photovoltaic industry in 2023. However, due to the relatively consistent market expectations for heavy volume and high expectations for unit profitability, the overall industrial chain investment performance is not particularly high. Therefore, we choose to invest in products with new technology and low penetration rate.
In the TMT industry, Shi Cheng believes that with the full release of the production capacity of the automobile industry, competition will be fierce in 2023, which may be a year of intense polarization, and investment opportunities will be carefully observed.
The positions are over 90%
Under optimistic expectations, the positions of the two fund managers as of the end of last year were equal, both above 90%. As of the end of last year, the stock position of Xinao New Energy Industry was 93.97%. At the end of the previous three quarters, the fund’s stock position was 93.02%. SDIC UBS New Energy’s position at the end of the fourth quarter of last year was 94.08%, compared with 88.05% at the end of the third quarter, the position has increased significantly.
When the stock positions are roughly equal, Feng Mingyuan still insists on the diversified investment method, but the concentration of shareholding has increased compared with the end of the third quarter. At the end of the fourth quarter of last year, the total position of the top ten heavyweight stocks of Xinao New Energy Industry was 21.5%, and the total position at the end of the previous third quarter was 19.61%.
And Shi Cheng still maintains nearly 70% of the shareholding concentration. As of the end of the fourth quarter of last year, the total holdings of the top ten heavyweight stocks of SDIC UBS New Energy accounted for 69.65%, which was 69.77% at the end of the previous third quarter.
Specific to the details of the top ten heavily held stocks, at the end of last year, Kodali held 1.9956 million shares in the top ten heavily held stocks of Xin’ao New Energy Industry, while Huayang Group withdrew from the top ten heavily held stocks of the fund. . As of the end of the fourth quarter of last year, the number of shares held by Putailai increased by 1.006 million shares compared with the end of the previous quarter, making it the fund’s largest holding; while Tianqi Lithium, the previous largest holding, decreased in the fourth quarter. Holding 25,800 shares, it slipped one place in the ranks of heavily held stocks. In addition, the number of shares held by BYD, Kodali, Aikedi, CATL, and Ganfeng Lithium has also increased.
At the end of the fourth quarter of last year, Mount Everest in Tibet entered the top ten major holdings of SDIC UBS New Energy, holding 14.3464 million shares. In addition, among the top 10 most heavily held stocks of the fund, only 3 stocks have changed their shareholdings. Huayou Cobalt increased its holdings from the sixth largest holding at the end of the third quarter to the third largest holding, with an increase of 898,100 shares; Tianci Materials also increased its holdings by 2,023,900 shares, ranking among the top holdings It was raised by 2 places; and Kodak Manufacturing was reduced by 207,700 shares in the fourth quarter. At the end of the fourth quarter, Tianqi Lithium was still the fund’s top holding, with the number of shares held unchanged.