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Original title: Liu Gesong, Fu Pengbo, Zhao Feng… A wave of veterans’ invisible heavy-holding stocks were exposed, as well as these annual report keywords
Financial Associated Press (Shanghai, reporter Han Li)With the disclosure of the fund’s annual report, a group of publicly-raised veterans’ invisible heavy-holding stocks were also exposed.
On March 29, the annual reports of veterans such as Liu Gesong, Fu Pengbo, and Zhao Feng successively disclosed that in the face of market changes, the veterans wrote their opinions in the annual reports one after another. In their annual report, “differentiation” and “structural” become the key words.
GF Liu Gesong: Style differentiation will continue in 2022
On the evening of March 29, GF Small and Medium Cap Fund disclosed its 2021 annual report. Star fund manager Liu Gesong believes that the situation of style differentiation may continue in 2022, which is not conducive to the sustainable growth of assets in the direction of “global comparative advantage manufacturing” and the increase in profits. Speed expectations remain optimistic.
Liu Gesong pointed out that the potential value of an asset or the expectation of earnings for a class of assets depends on the performance growth rate of such assets, the sustainability of the growth rate, and the valuation level that the market is willing to give such assets. Under the business model of sustainable growth, when the growth rate of asset performance continues to exceed expectations, the market is more willing to give such assets a higher valuation level, and vice versa. In the current period of transition between new and old kinetic energy of China’s macro economy, different assets are in different stages of prosperity, so the differentiation of assets is a high probability event.
Looking forward to 2022, Liu Gesong said that he is still optimistic about the sustainable growth of assets and profit growth in the direction of “global comparative advantage manufacturing”, because the leading manufacturing companies with global comparative advantages have been established, and their entrepreneurial leadership, industrial The “moat” created by factors such as advanced manufacturing capabilities under the aggregation is still widening, and in the future, there may be more in the fields of photovoltaics, power batteries, energy storage, panels, new chemical materials, automobiles and auto parts, and high-end equipment. world-class company.
The annual report also discloses the invisible heavy-holding stocks of GF medium and small caps, followed byYi Hualu、Chint Electric、Plitter、Follett、Guolian shares、Rongsheng Petrochemical、Jihong shares、Trina Solar、Borch Technology、Jinlang Technology。
Fu Pengbo: Structural market will continue
The 2021 annual report of Ruiyuan Growth Value, managed by Fu Pengbo and Zhu Lin, shows that its invisible heavyweight stocks arenew stateSmol International,Tianrongxin、Guanghetong、Superstar Technology、Sino Biological、Maiwei shares、Monternet TechnologyHygeia Medical and High Energy Environmental Protection.
Fu Pengbo said that when less choices are made in portfolio operation and investment strategy, the allocation focus is on sectors with higher prosperity such as TMT, chemical industry, building materials, photovoltaics, and new energy. Portfolio holdings have a certain degree of concentration and continuity. The top ten stocks account for about 50% of the total assets of the fund, and the top twenty stocks account for more than 70%. Some key positions are held for more than two years. year.
Looking forward to this year’s market, Fu Pengbo believes that under the expectation of infrastructure and real estate recovery since the beginning of this year, the financial and resource products sectors are among the top gainers, which may indicate that the structural market will continue.
He pointed out that in terms of domestic macroeconomics, the Central Economic Work Conference proposed that the economic work in 2022 should be “steady at the head and seek progress while maintaining stability”, and stable growth has become the main direction of this year’s economic work. In the year of policy implementation, monetary policy, fiscal budget, and a new round of tax and fee reductions will be the focus of attention. The government has repeatedly emphasized high-quality development, breakthroughs in key technical fields, enhancement of the core competitiveness of the manufacturing industry, the development of “specialized, specialized and innovative” enterprises, and the promotion of the digital economy are all key directions. Overseas, there is no suspense for the Fed to raise interest rates this year, and the market focuses on the schedule and magnitude of interest rate hikes. Since the end of February, the escalation of the Russian-Ukrainian conflict and the deterioration of geopolitics have become a new “black swan” in 2022, and the resulting tight supply of resource products has added uncertainty to the global economic recovery after the epidemic.
In the securities market, the stock issuance registration system has been fully implemented to give full play to the positive role of capital as a factor of production, and in the context of “housing, not speculating,” residents’ asset allocation may be skewed toward securities. In recent years, the performance of the securities market has mostly been structural. For example, in 2019, the valuation of “core assets” was repaired and raised; in 2020, the extreme prices of pharmaceutical and consumer stocks; in 2021, new energy and new energy industries benefited from the rapid development of The raw material sector is favored. In 2022, under the expectation of the recovery of infrastructure and real estate since the beginning of the year, the financial and resource products sectors will be among the top gainers, which may indicate that the structural market will continue.
Zhao Feng: remain cautiously optimistic about the market
According to the 2021 annual report, the invisible heavyweight stocks held by Ruiyuan Equilibrium for three years include Smaller International, Country Garden Services, Weigao, Ningbo Yinbo,HikvisionTencent Holdings,Industrial BankSuperstar Technology,Zijin MiningandCITIC Securities。
Zhao Feng said in his annual report that he is cautiously optimistic about the market in 2022. Market funds are still abundant, and the easing of the epidemic is also conducive to the recovery of global consumption and investment demand. However, overseas inflation and the risk of shrinking balance sheet, China is in the process of economic growth transformation, opportunities and risks coexist. One trades off and one trades off. Structural differentiation is the norm in the market. There are risks in predicting the future. Only by adhering to the concept of value investment, improving cognitive ability through continuous learning, and strengthening the division of labor and cooperation among teams, we can adapt to a more challenging future.
Zhao Feng also shared his stock selection criteria in the annual report. He said that company quality and cost performance are still the two most important stock selection criteria when building a portfolio.
The company’s values, governance structure, competitive barriers and advantages, R&D and innovation capabilities, etc. are some of the most important considerations for us to select long-term research targets. “The long-term return on investment implied by the difference between the current price of the stock and the future value of the company is the primary basis for our investment decisions.”
Fu Pengbo has investigated Tianrongxin many times
Wind data shows that since the beginning of this year, Fu Pengbo has participated in several surveys of listed companies. The surveyed companies includeLuxshare Precision, Guanghetong and Tianrongxin. Both Guanghetong and Tianrongxin appeared in the invisible heavy-holding stocks of Ruiyuan Growth Value, while Luxshare Precision was the second largest heavy-holding stock of Ruiyuan Growth Value.
The reporter noticed that since 2021, Fu Pengbo has investigated Tianrongxin four times. The shareholding ratio of the stock has also continued to increase, from 0.26% in the 2020 mid-year report to the current 3.02%.
Since the growth value of Ruiyuan entered the top ten shareholders of Tianrongxin for the first time in the fourth quarter of 2020, Fu Pengbo has been increasing his holdings in Tianrongxin. Although the annual report has not yet been disclosed, according to Tianrongxin’s interim announcement after the share repurchase, as of January 14, Ruiyuan Growth Value held 58.49 million shares of the stock, an increase of 1.4224 million shares from the end of the third quarter of 2021.
The first time that Ruiyuan Growth Value became the top ten shareholders of Guanghetong was in the third quarter of 2019. As of December 20, 2021, Ruiyuan Growth Value held 17.3121 million shares of the stock.
As a co-managed fund manager, Zhu Lin investigated this year’sJiemei TechnologyLuxshare, Rikeda,COFCO TechnologyWait. However, apart from Luxshare Precision, the stocks he investigated did not appear in Ruiyuan Growth Value’s holdings.
Zhao Feng has only investigated this yearJiabiyoubut as of the end of 2020, Jiabiyou did not appear in the positions of the funds he manages.
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