Our reporter Wang Siwen
As of the evening of January 17, 2022, 20 public funds have officially disclosed their quarterly reports, including 4 under SDIC UBS Fund and 1 equity product under Essence Fund. This is also the first batch of equity funds in this period. Report.
Judging from the four-quarter reports of the 20 funds that have been disclosed, the changes in the heavily held stocks held by fund managers, the investment allocation in the fourth quarter, and the prediction of the investment direction in 2022 have attracted the attention of Christian Democrats.
After interviewing a number of fund managers, a reporter from Securities Daily learned that for the recent drastic adjustments in various sectors of the market, industry insiders believe that against the background of the stock market, this year's market style switching may be more frequent, and the uncertainty of the market style is gradually increasing. reach a consensus.
The first batch of equity fund high-position operations
With the release of the quarterly reports of the five equity funds under Essence Fund and SDIC UBS Fund, the fund managers' position operations were exposed.
The first five equity funds all insisted on high-position operations.
As of the end of the fourth quarter, the SDIC-UBS Industry Trends Hybrid Fund, SDIC-UBS New Energy Hybrid Fund, SDIC-UBS Jinbao Flexible Allocation Hybrid Fund, and SDIC-UBS Cash Manufacturing Hybrid Fund managed by Shi Cheng managed Equity investment accounted for 92.22%, 92.83%, 92.07% and 92.57% of the total assets of the fund respectively.
The equity investment of Anxin Medical and Health-themed equity fund fund managers managed by Chi Chensen also accounts for 90.85% of the total assets of the fund.
Judging from the list of heavy holding stocks in the fourth quarter of this year, as a pharmaceutical-themed fund, Yixintang, WuXi AppTec, and Puluo Pharmaceutical are Chi Chensen's "hearts and minds", and have been in the top ten of the fund for four consecutive quarters. The list of major stocks, but the shareholding ratio has been significantly adjusted.
Other stocks with heavy holdings still continued the style of the third quarter, frequently changing during the fourth quarter, and there was a phenomenon of "big change".
The stocks that Chi Chensen continues to hold heavily seem to have contributed a lot to the fund portfolio.
Taking Yixintang as an example, Yixintang will increase by 28% in the secondary market in the fourth quarter of 2021.
The stock price of Guilin Sanjin, a new heavy-holding stock, rose 30.28% in the fourth quarter, and Jiudian Pharmaceutical rose 38.02%.
These three stocks are ranked first to third among the fund's heavy holding stocks.
Regarding the holdings in the new energy sector, Shi Cheng, the fund manager of SDIC UBS, who holds a heavy position in emerging industries such as new energy, said that he considered the short-term decline of new energy when he started investing. It is expected that in 2022, the performance of most sub-sectors will appear. Very substantial growth, optimistic about future prospects and this attitude has not changed.
Uncertainty in the market style is gradually becoming a consensus
In contrast, fund managers have different investment allocations in the fourth quarter, and their performance has also been differentiated.
Chi Chensen, the fund manager of Essence Medical and Health-themed equity funds, which achieved positive returns in the fourth quarter, said, "In the fourth quarter, we still adhere to a relatively balanced allocation as a whole, and gradually focus on some overvalued high prosperity track targets. The profit was realized, and some low-valued and high-growth targets were mined at the bottom, and the configuration was added in the sectors of traditional Chinese medicine, low-value consumables, etc. The efforts to find alpha in a good track were also paid off, and a relatively good relative income was achieved in the fourth quarter. ."
Players who are heavily involved in emerging industries related to manufacturing, new energy, TMT and other tracks will face greater challenges in the fourth quarter.
Shi Cheng, manager of SDIC UBS Advanced Manufacturing Hybrid Fund, said, "The fourth quarter is a challenging quarter, and the volatility of products is relatively high. During this period, we have conducted industry chain research and conducted research on the future development direction of the industry. Various deductions and judgments. I hope that in the coming year, it will bring better returns to investors.”
The rapid development of emerging industries has always attracted the attention of many fund managers.
Shi Cheng, fund manager of SDIC UBS Fund, said, "There are still many shortage links in the rapid development of emerging industries, and the shortage links may obtain most of the profits of the entire industry chain. Specifically, the profitability of emerging industry enterprises continues to grow. The current profit continues to move upstream, and the profit of other links in the middle and lower reaches is being compressed.”
In fact, some changes have taken place in the style of the market since the beginning of the first half of the year, from the counter-cyclical at the beginning of the year to the partial growth again.
In this regard, Hu Yaowen, manager of Haifutong's national policy-oriented mixed fund, told the "Securities Daily" reporter that this is mainly related to the lower-than-expected part of the data in the counter-cyclical sector.
Wei Fengchun, chief economist of Chuangjin Hexin Fund, told the "Securities Daily" reporter, "In the second week of the opening of the A-share market, medicine, nonferrous metals, electrical equipment and new energy, automobiles, and basic chemicals rebounded slightly. The drastic adjustment of , steel, and real estate indicates that the market is gradually forming a consensus on the uncertainty of stable growth. From the perspective of market style, growth, cycle, consumption and finance are all adjusted this week, and the market clearly reflects the characteristics of the warmer and the colder. "
Looking forward to the investment allocation in the first quarter of 2022, Chi Chensen, equity fund manager of Essence Medical and Health, said, "We will still adhere to a relatively balanced allocation, and actively deploy some stocks in non-popular tracks with low valuations and good growth potential, and some The targets of the high-boom track have also gradually entered the configurable area after adjustment.”
Hu Yaowen, manager of Haifutong's national policy-oriented hybrid fund, said in an interview with a reporter from Securities Daily that at present, the main line of the market is not yet clear, but as a fund manager with balanced investment, he will focus on "steady growth" and "steady growth" this year. Two relatively clear investment opportunities in the "new track" should be flexibly allocated.
"In the past two months, major automakers, semiconductors, new energy vehicles and other tracks have seen relatively obvious adjustments, but in the medium and long term, the reason for the market adjustment is not that its industrial investment logic has changed, but because of the previous Overcrowded transactions caused a pullback." Hu Yaowen said that in the short term, if there is no significant data in the future and policies exceed expectations, then the growth style may return to strength.
(Securities Daily)