In the third quarter, the latest position adjustment path of public funds reveals which stocks have star fund managers targeted? Can you follow?
The latest position adjustment path of public funds in the third quarter is exposed
Following the intensive disclosures in the three quarterly reports of listed companies, a number of public offering fund “star fund managers” have their positions adjusted. In recent years, the trend of institutionalization of investment in the A-share market has become more and more obvious, and the holdings of “star fund managers” with advantages in capital scale and investment research capabilities have received particular attention from investors.
What did top-tier fund managers buy?
As we all know, new energy has been a major investment mainline in the A-share market this year. On the evening of October 25, GF Fund announced the 2021 third quarter report of some of its funds. Among them, the GF small-cap growth managed by “Star Fund Manager” Liu Gesong increased its asset allocation in photovoltaics, new energy vehicles, and energy storage in the third quarter, continuing its optimism about the new energy industry chain.
Specifically, as of the end of the third quarter, the top ten heavy-duty stocks in GF’s small-cap growth were Shengbang, Longji, Yiwei Lithium, Longbai Group, BOE A, Kangtai Bio, Xiaokang, Gaode Infrared, JA Tech, Jianfan Bio.
It is worth mentioning that on October 24 news, the “Opinions on Complete, Accurate and Comprehensive Implementation of the New Development Concept” issued by the Central Committee of the Communist Party of China and the State Council was officially released. Wind energy and photovoltaics have been mentioned many times, and their rankings are in the first and second places. The degree of importance is evident. In addition, in the “promoting the development and utilization of wind and solar energy in the vicinity” section, the word “priority” was used, which was not common before.
On Monday, new energy concept stocks including energy storage and photovoltaics rose strongly. In the direction of new energy, Liu Gesong seems to have a policy advantage.
Compared with the “prosperous” new energy sector, the “Mao tribe”, which has experienced a large increase in the past two years, is still in a relatively large divergence. Take “Eye Mao” Aier Ophthalmology as an example. On the evening of October 25, Aier Ophthalmology released its three-quarter report. The operating income of the first three quarters was 11.596 billion yuan, an increase of 35.38% year-on-year; the net profit was 2.003 billion yuan, an increase of 29.59% year-on-year. However, net profit in the third quarter was 888 million yuan, a year-on-year increase of 2.05%, and the growth rate of net profit slowed further. For this reason, the top-tier fund managers also have relatively big differences. “The goddess of medicine” Glenn aggressively increased its holdings of Aier Ophthalmology in the third quarter, and was promoted from the sixth largest tradable shareholder at the end of the second quarter to the fourth largest tradable shareholder. However, Hillhouse’s HCM China Fund, which has held Aier Ophthalmology for more than two years, withdrew from the list of the top ten tradable shareholders. Zhang Kun also chose to “run his way.” This is another obvious operational divergence between the two top-tier fund managers after Tongce Medical.
The third quarterly report of “Bank of Communications Schroder Ruifeng Three Years” managed by Wang Chong showed that he continued to maintain a slightly higher neutral position in the third quarter, reducing his holdings in petrochemicals, electronics, logistics, education and military industry and other related stocks. , Home furnishings, property and building materials and other real estate industry chain related stocks.
How to lay out the A-share market in the fourth quarter?
Listen to what the fund manager says
Due to the time lag of listed companies’ regular reports and the disclosure rules of fund holdings, industry insiders do not recommend that individual investors directly “copy the fund manager’s work”, but the investment logic behind the change in fund manager’s holdings and the “star fund manager’s concern” The judgment of the market outlook still has something to learn from.
In the face of the resource stocks rising sharply in the third quarter and the new energy industry chain with a high degree of prosperity in the future, Liu Gesong stated in the third quarterly report of GF Small-Cap Growth that in the third quarter of 2021, cyclical industries related to rising resource prices have become market performance The best industry, and the overall performance of the manufacturing industry in the third quarter was not satisfactory due to concerns about the increase in manufacturing costs caused by the upward pressure on prices. Years of supply-side reforms and strict environmental protection policies, the continuous withdrawal of outdated production capacity, and the overall reduction of energy-consuming industries under the background of superimposed carbon emission reduction have further reduced production capacity. As a result, the prices of upstream resource products with increasing demand have not appeared in the past few years. The sharp rises that have occurred.
Liu Gesong pointed out: “With the continuous adjustment of industrial policies, the rapid rise in resource prices may be coming to an end, but in the future, increasing the proportion of green energy in the production process has become an irreversible trend. Manufacturing demand may usher in a longer period of gold growth.”
Fu Youxing, another fund manager of GF Fund, gave a different perspective. Fu Youxing said that referring to the traditional framework of Merrill Lynch’s investment clock, the current macro aggregate demand margin is weakening, and the upstream raw material prices continue to rise. At this stage, generally speaking, the stock market lacks trending opportunities. From the perspective of value distribution in the industry chain, due to the sharp rise in prices, the profitability of upstream companies is at the best stage. On the one hand, mid- and downstream companies are facing relatively weak demand, and on the other hand, they have to deal with the pressure of rising prices of upstream raw materials. Profits are in a period of suffering. Nonetheless, stock prices are often ahead of fundamental trends. When the fundamentals will not get better or worse, the stock price turning point is often ushered in.
Specifically, the “Guangfa Ruiyang 3-year fixed-to-open hybrid” fund managed by Fu Youxing further reduced its stock positions in the third quarter. In terms of stocks, taking into account changes in industry policies and company fundamentals, some stocks in the pharmaceutical and media industries have been reduced. As of the end of the third quarter, the top ten major stocks of the fund were Lingrui Pharmaceuticals, Kweichow Moutai, Oupai Home Furnishing, Zijin Mining, Career International, Luzhou Laojiao, Biyin Lefen, Jifeng, Baike Biological, San Ring Group.