Home » The fund’s 2021 interim report released, and hidden heavy stocks surfaced | Fund Manager | Hengyue Fund

The fund’s 2021 interim report released, and hidden heavy stocks surfaced | Fund Manager | Hengyue Fund

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Original Title: The Fund’s 2021 Interim Report Releases Invisible Awkward Stocks Surfaced

Every time reporter Huang Xiaocong Every time editor Ye Feng

On August 17, the 2021 interim report of the public offering fund began to disclose that the interim reports of many products of Hengyue Fund were released first. The “Daily Business News” reporter noted that in addition to the emergence of hidden heavy stocks of funds, the fund managers behind them are also quite interesting.

For example, the Hengyue Advantage Selection Mix, which was just established at the end of March this year. This partial stock fund is managed by Ye Jia, the director of the fixed income department of Hengyue Fund. Three months after its establishment, it added the stock position to More than 90%, which is obviously different from the fixed income director in the impression of investors.

Invisible heavy stocks released

Following the fund’s second quarterly report, the fund’s semi-annual report is also released. Unlike the second quarterly report, the semi-annual report has more detailed disclosures on the overall fund holdings and the fund’s holder structure.

The first batch of fund semi-annual reports announced are mainly multiple equity funds under Heng Yue Fund. Judging from the performance of this year or the past year, the performance of these funds is still relatively good. For example, the income of the past year has exceeded 80% of Hengyue research selected blends and Hengyue core selected blends.

Judging from the positions held in the past six months, in the first quarter of this year, these two funds mainly added Emerging Consumption and CXO. In the second quarter, they reduced some blue-chip white horse positions and added new energy, semiconductor and other stocks. As of the end of June, the industry allocation of these two funds is mainly concentrated in the directions of food and beverage, medical and biological, electrical equipment, and electronics.

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It can be said that these moves to adjust positions have better stepped on the market rhythm. In terms of heavy stocks, in addition to the top ten heavy stocks previously disclosed, the hidden heavy stocks after the 11th also surfaced. Among them, the top 20 heavy stocks of Hengyue Research’s selection of mixed stocks are Cobos, Jiuguijiu, Shanxi Fenjiu, Ningde Times, Wuliangye, Fuman Electronics, Li Ning, JA Solar, Medicilon, Jiudian Pharmaceutical, Huazhi Liquor, Tianci Materials, Fushun Special Steel, Zangge Holdings, Kibing Group, Nanwei Medical, CSG A, Rongbai Technology, Enjie and Rongjie. The top 20 heavy stocks of Hengyue’s core selection mix are, in order, Cobos, Jiuguijiu, Shanxi Fenjiu, Ningde Times, Wuliangye, Fuman Electronics, Li Ning, JA Technology, Medicilon, Country Garden Services, Tianci Materials, Huazhi Liquor, Zangge Holdings, Jiudian Pharmaceutical, Nanwei Medical, CSG A, Rongbai Technology, Rongjie, Kibing Group and Fushun Special Steel.

Judging from the holdings of the two funds, the similarity is still very high. In terms of fund managers, both funds are managed by Gao Nan. In addition to Gao Nan, there is also a fund manager Ye Jia.

It is worth mentioning that Ye Jia is the director of the fixed income department of Hengyue Fund. Judging from her resume, she was a researcher and assistant fund manager in the fixed income department of Yinhua Fund. Shenwan Hongyuan Securities Asset Management Division, as the bond product investment sponsor; East Asia Qianhai Securities Asset Management Department, deputy general manager, bond product investment sponsor.

It can be seen that the past experience is basically concentrated in the bond field, but such a fixed income director, who manages equity, is no less inferior to other fund managers who specialize in equity. The reporter noticed that in addition to co-management of Hengyue Core Selection Mix with Gao Nan, she also independently managed Hengyue Advantage Selection Mix and the Hengyue Quality Life Mix that was being issued.

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Fixed income director manages equity products

From the perspective of Hengyue Advantage Selection Mix, the fund was established on March 30 this year. From a time point of view, after its establishment, it happened to enter the second quarter. From the semi-annual report, the fund’s stock positions as of the end of June accounted for The proportion of total fund assets is as high as 93.82%.

In other words, in just three months, the director of fixed income has increased the stock position to more than 90%, which is not conservative at all, and he has stepped on the rhythm and delivered a good performance return. If you look at the top 20 holdings of the fund, it turns out that it is actually similar to the above two funds with high holdings.

Seeing such holdings, investors will inevitably have some doubts. First of all, the holdings of these funds are highly similar. Judging from the current performance, although this year or the past year, they have been in the right direction and have performed well. But once the other funds have adjusted their positions, will the fixed income director also adjust their positions with the other funds?

Secondly, in addition to managing equity funds, Ye Jia also manages several bond funds at the same time. Bonds and stocks are two different types of assets. How to balance the management work between these two types of products is also a test. After all, it can be here. There are not many fund managers who do well in the two types of assets.

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In addition, the fixed income director serves as the fund manager of the partial stock fund. On the one hand, it can be regarded as a manifestation of a strong ability circle. On the other hand, it is easy to make people think whether it is just a name, especially when the similarity of holdings is so high. , It’s easy to make people think whether it’s just copying positions internally.

An industry insider said: “In addition to being the director of the fixed income department, Ye Jia is also the assistant to the investment director at the company level of (Hengyue Fund), not by name.”

From the current point of view, due to the short-term performance of the products under its management, investors will not be too focused on the breadth and depth of the ability circle. However, as the market continues to change and the management time increases, Whether or not to continue to output excellent performance in the medium and long term may be the real test for the director of fixed income.


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