Home » The offensive direction has changed, top-flow fund managers lay out a new track_Municipal Fund

The offensive direction has changed, top-flow fund managers lay out a new track_Municipal Fund

by admin

Original title: Offensive direction has a new top-flow fund manager layout new track

Xinhua News Agency, Beijing, September 1. The “China Securities Journal” published an article on the 1st, “A new track with top-tier fund managers in the offensive direction.” According to the article, the semi-annual report of public funds shows that the holding style of heavy stocks is more balanced. The top ten heavy stocks of the fund as a whole are distributed in liquor, banking, new energy, medicine and other sectors. From the perspective of invisible heavy stocks (usually refers to stocks that are heavily held by the fund but do not appear in the top ten heavy stocks of the fund), fund managers strive 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.

(Picture description) Data map, issued by Xinhua News Agency

More balanced style

Positions can best reflect the true ideas of fund managers.

The public fund semi-annual report has all been disclosed. According to data from Tianxiang Investment Consulting, from the perspective of net purchases, the holding style of the heavily held stocks of public funds in the first half of the year has become 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 the liquor, banking, new energy, pharmaceutical and other sectors.

These ten stocks all achieved share price rises in the first half of the year. Among them, the largest increase was the “Ningde Index” leader Ningde Times, which rose 52.32%. Huayou Cobalt and WuXi AppTec rose 44.33% and 39.77%, respectively.

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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, Longji, Mindray Medical, China Merchants Bank, China CDF, Luzhou Laojiao, etc. are also the top targets of the market value held by public funds.

However, the changes have been reflected in the “corner” 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. All in one. 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.

Confusion, hesitation and thinking

Behind the investment holdings are a series of thoughts by fund managers. Judging from the information disclosed in the semi-annual report, most of the thoughts of these top-tier fund managers have not yet produced a definite answer.

GF Fund Fu Youxing admitted frankly that in the first half of the year, he conducted a follow-up study on the high-valued sector and chose reverse operations, 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. His answer 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.

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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 that the latter’s weight in value creation has continued to increase and gradually develops into a core force, which makes the past adopted Valuation methods for tangible assets are facing challenges. As the most important “anchor” for investment, valuation began to shake in the hearts of investors, and in the process of shaking, funds began to find a new “anchor” for investment.

Focus on the next stage of investment layout

Although the thinking is still going on, the investment layout of the next stage cannot wait for others. A reporter from China Securities News found that the direction of these top-tier fund managers’ attacks has changed: consumption, innovative medicine, and high-end manufacturing have become their optimistic directions.

Specifically, Invesco Great Wall Fund Liu Yanchun pointed out that in the investment in the second half of the year, we need to pay attention to the pace of the Fed’s liquidity recovery. The fluctuation of interest rates and exchange rates may have a certain impact on the market as a whole, especially in high valuation areas. Zhu Shaoxing of the Wells Fargo Fund believes that the market style in the first half of this year is extremely deduced. The valuations of companies in high-prosperity industries have risen sharply, and the structural differences in the market continue to widen. In addition to selecting high-quality companies, valuation considerations have become more important.

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Fund managers have given their own judgments on hot spots such as medicine and consumption. CEIBS Fund Gülen said that from the perspective of future allocation, the innovative drug industry chain is still its long-term most promising direction. From the top-level design of national policies to the innovation accumulation of domestic enterprises in recent years, the domestic innovative drug industry The chain has maintained a high degree of prosperity for a long time.

GF Fund Liu Gesong said that from the perspective of supply and demand, he is still firmly optimistic about the manufacturing assets of A-shares that have “global comparative advantages” in analyzing the sectors that will benefit in the long term. He is very optimistic about the performance of the A-share market in the next two to three years. The continued expansion of manufacturing profitability will be his main focus. He believes that the cost-effective “global comparative advantage manufacturing industry” will show up in volatility. Out of its own advantages.

For the consumer industry, Xiao Nan said that after a long period of outstanding performance, the consumer sector as a whole entered a “rest period.” The reason is that on the one hand, market investors’ expectations of the future macroeconomic growth rate have fallen, and on the other hand, the overall valuation of the industry also needs time to digest. In the field of new consumption, Xiao Nan pointed out: “On the one hand, we must avoid buying companies that are apparently high-growth but are in fact “distribution illusions” under the efficient penetration of modern channels; on the other hand, we must firmly buy those companies. It is expected to become the leading company in the subdivision field.” (End)Return to Sohu to see more

Editor:

Disclaimer: The opinions of this article only represent the author himself. Sohu is an information publishing platform. Sohu only provides information storage space services.

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