Original title: Offensive direction has a new top-flow fund manager layout new track
● Our reporter Wan Yu Xu Jinzhong
The semi-annual report of the fund has been disclosed. The data shows that in the heavily held stocks, the holdings of public funds are more balanced; from the perspective of hidden heavy stocks (usually refers to the stocks that are heavily held by the fund but do not appear in the top ten heavily held stocks of the fund), the same can be seen Fund managers’ efforts to expand the circle of investment capabilities.
At the same time, many top-tier fund managers reflect on their investments in semi-annual reports. In the ever-changing market environment, they are more “lost and hesitating”, and they rarely have the firmness and perseverance before.
More balanced style
Positions can best reflect the true ideas of fund managers.
According to data from Tianxiang Investment Consulting, from the perspective of net purchases, the holding style of public funds in the first half of the year is more balanced. Among them, CATL, Hikvision, Wuliangye, Wuxi AppTec, and Kweichow Moutai became the top five stocks held by public funds in the first half of the year, with net purchases of 25.480 billion yuan, 18.184 billion yuan, 14.408 billion yuan, and 12.117 billion yuan respectively. 100 million yuan, 11.936 billion yuan. In the first half of the year, the top ten stocks by net purchases were Ping An Bank, Huayou Cobalt, China Merchants Bank, Weir Shares, and Mindray Medical, with net purchases exceeding 6 billion yuan. These stocks belong to multiple sectors including liquor, banking, new energy, and medicine.
Although the above stocks are distributed in different sectors, from the perspective of stock price performance, these ten stocks all achieved stock price increases in the first half of the year. Among them, the stock price rose the most in the first half of the year. Cobalt and WuXi AppTec rose 44.33% and 39.77% respectively in the first half of the year.
Kweichow Moutai is still the largest stock held by public funds by market capitalization. As of June 30, the market value of Kweichow Moutai held by 3548 public funds reached 193.607 billion yuan. CATL, Wuliangye, Hikvision, and WuXi AppTec followed closely behind. The market value of mutual fund holdings exceeded 90 billion yuan, and the holding of mutual fund products exceeded 2,500. In addition, companies such as Longi, Mindray Medical, China Merchants Bank, China Freedom Group, and Luzhou Laojiao are also targets of public equity holdings with higher market value.
However, changes have also been reflected in the “corner corners” of fund holdings, and invisible heavy stocks have become a window for observing the change of fund managers. A reporter from China Securities News combed through the data and found that among the hidden heavy stocks of many fund products, fund managers are working hard to explore, those who have the ability to expand into areas that were previously not good at, and some sinking stock picks into more remote areas. And foot. For example, Xingquan Heyi’s hidden heavy stocks managed by Xie Zhiyu include Jianyou, Prologue, Huahai Pharmaceutical, Sunny Optical Technology, Sany Heavy Industry, Shuanghui Development, Tongcheng Yilong, Hygeia Medical, Shanghai Jahwa, and Xinda Bio Wait. The Hong Kong stocks, which are heavily invisible, performed well in the second quarter.
Perplexed, hesitating and thinking
Behind the investment position is the result of a series of thoughts by the fund manager. Judging from the information disclosed in the semi-annual report, most of these top-tier fund managers’ thinking has not yet produced a definite answer.
GF Fund Fu Youxing admitted frankly that he conducted a follow-up study on high-valued sectors in the first half of the year, but chose a reverse operation, which resulted in a large deviation between the net value and the market style. “Are we empiricism, or are we lagging behind in the learning of new ideas? Can we relax the constraints on valuation for sectors that have huge room for future growth?” Fu Youxing asked. The answer he gave is: still believe that investment in high-quality companies needs to be combined with the margin of safety of valuation.
E Fund’s Xiao Nan wrote in the semi-annual report: The market’s performance does not evolve in the direction of “valuation differentiation-mean regression”, but in the direction of high fundamentals and investment logic that is more sensitive to liquidity easing. go ahead. Therefore, on the one hand, we see that some high-valued sectors continue to adjust, while other high-valued sectors continue to expand in share prices. Moreover, as investors generally lowered their expectations for the future economic cycle, the valuations of most “depressed” undervalued value stocks continued to shrink. In the first half of this year, the business sector is relatively scarce, and the market is chasing prosperity more than ever-this is determined by the current macro environment and investor structure. Xiao Nan did not give an answer to whether or when such a big environment could change.
Hongde Fund Wu Chuanyan is also thinking about “finding a new anchor for investment”. He pointed out that the value creation of enterprises has shifted from tangible assets such as technology and equipment to intangible assets represented by management and culture, and the latter’s weight in value creation continues to increase and gradually develops into a core force. For related reports, see version A03)
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