(Original title: The first batch of 2022 four-season reports for equity funds is released: some poor-performing funds have shifted their positions from new energy to military industry)
On January 10, a number of equity products under Quam Fund disclosed the 2022 quarterly report, which is the first batch in the market.
The reporter of “Daily Economic News” noticed that the performance of these funds in the past year has been very different. Among them, the performance of “Huafu Strategy Selected Mix”, which is relatively low among similar products, has undergone a major turnaround in the fourth quarter of 2022. , From the previous heavy warehouse new energy, real estate construction, machinery, TMT and other sectors, it has fully switched to the military industry sector. The other two funds with relatively good performance have also carried out substantial adjustments in the past fourth quarter of 2022, and at least half of the top ten holdings have been replaced.
The military industry will continue to show a high boom
On January 10, the three equity products of Quam Fund disclosed the 2022 quarterly report, and its latest position adjustment trend also surfaced.
The “Daily Economic News” reporter found that the performance of these funds in the past year varies greatly. According to Wind data, as of January 9, 2023, the return of “Quafu New Energy Stock Fund” in the past year was 6.38%, and the return of “Quafu Flexible Allocation Mix” in the past year reached 18.2%. The performance of these two funds ranks high among similar products, while the return of “Quamt Strategy Selection Mix” in the past year is -27.37%, which ranks low among similar products.
In the fourth quarter of 2022 that just passed, the adjustments and swaps of these funds were also very different. As of the end of the fourth quarter of 2022, the top ten heavyweight stocks of “Huafu Strategy Selected Mix” are concentrated in the military industry sector. The fund manager said in the quarterly report: “At the end of the fourth quarter, the holdings were mainly in the military sector. We are optimistic about the investment opportunities in the military industry in the next two to three years. All along, due to the strong planning, high barriers, low securitization rate and industry Highly closed, the stock price performance is mainly driven by events such as asset injection; however, since 2020, the capital market’s perception of the military sector has gradually shifted from theme investment to value growth, and the performance predictability and investment accessibility of related companies are both low. improving.”
“From a short-to-medium-term perspective, the military industry will usher in a period of major development opportunities. Relevant enterprises’ contract liabilities and orders in hand will maintain a relatively high level. A new batch of orders is expected to be gradually implemented in 2023. The industry will continue to maintain a high degree of prosperity in the future. “The fund manager further stated.
If you look at the holdings of the fund in the third quarter of 2022, you can find that as of the end of the third quarter of 2022, the key allocation industries of the fund are still in the fields of new energy, real estate construction, machinery, and TMT. Energy, Maiwei, Yiwei Lithium Energy and other individual stocks. At that time, when the fund manager looked forward to the fourth quarter of 2022, he also said that he should seek a relatively certain direction and a direction of policy support to lay out. He also focused on the new energy sector, and said that he could find opportunities from it in the medium and long term.
In less than a quarter, the fund has fully shifted from “betting” on new energy to “betting” on military industry. How long will the fund manager’s “betting” cycle last? Will it be different in the first quarter report in 2023?
The top ten heavy positions of the two funds changed
In addition to this fund, the other two funds have also undergone substantial adjustments in the past fourth quarter of 2022, and the top ten most heavily held stocks have all changed at least half.
For example, “Huafu New Energy Stock Fund”, from the name of this fund, we can know that the main allocation direction is the new energy industry. In the past fourth quarter of 2022, there were several obvious changes in its top ten heavyweight stocks. First, the holdings of Ningde Times increased significantly, from 32,000 shares at the end of the third quarter of 2022 to 120,000 shares at the end of the fourth quarter. Times has also become the fund’s largest heavyweight stock; the number of shares also increased significantly includes EVE Lithium Energy, Sungrow Power, Trina Solar, etc. Second, half of the top ten heavyweight stocks have been exchanged. Jinlong Technology, Shenghong Stock, Longji Green Energy, JA Solar Technology, and Kehua Data have all withdrawn from the top ten. Newly entered the top ten are Kstar and Dongfang Electric , Hemai shares, Hengtong Optoelectronics, Deye shares.
In the quarterly report, the fund manager conducted a relatively comprehensive analysis of multiple new energy segments. Concerns about demand may ease. Considering the large correction in the sector, the current valuation is relatively low, the transaction congestion has been significantly reduced, and the allocation is relatively cost-effective.”
In addition, the fund manager also said: “In terms of photovoltaics, the large-scale launch cycle of silicon material production capacity has begun, and the shortage of supply chains has been greatly alleviated; the price of silicon materials has entered a rapid decline channel, which will significantly stimulate the demand for installed capacity in 2023. Superimposed energy storage is the second The inverter link of the growth curve, the middle and lower reaches of the module and power station link, some key auxiliary material links with a better layout, and the direction of technological progress in the industrial chain are all worthy of focus.”
“Huafu flexible configuration mix” is another “betting” scenario. The difference is that this fund is betting on airlines and hotels in the consumer sector. This segment has indeed performed relatively well in the past year.
Judging from the 2022 Four Seasons Report, although the fund continues to hold heavily in airlines and hotels, 6 of the top ten heavily held stocks have been replaced. In the top ten, Air China, Shanghai Airport, China Southern Airlines, BTG Hotel, Huatian Hotel, and CYTS entered the top ten.
The fund manager said in the quarterly report: “We expect that in the future, the trend of individual stocks in the travel chain sector represented by tourism will show greater differentiation. Otherwise, the performance is likely to be weak. Therefore, in the selection of individual stocks and sectors in the future, we will pay more attention to the performance of listed companies, pay more attention to the matching degree of the company’s quality and valuation, and prefer companies with outstanding growth but the stock price is not overdrawn. face stocks.”
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