On January 24, the 2021 quarterly report of public funds was disclosed.

On the whole, consumer stocks have once again become the preferred investment direction of public funds. The fund's holdings of Luzhou Laojiao and Kweichow Moutai have increased the most in value; pharmaceutical stocks have become the main direction for public funds to reduce their holdings.

Among the top 10 stocks with the largest decrease in stock market value, pharmaceutical stocks occupy 5 seats.

At the end of the fourth quarter of 2021, the stock positions of public funds rose steadily, but the concentration of holdings further declined, and the dispersion of positions has become the consensus of many "top-tier" fund managers.

Consumption is the main growth direction

　　Different from the overall increase in stocks in the new energy industry chain by public funds in the third quarter of 2021, Tianxiang data shows that in the fourth quarter of 2021, Luxshare Precision was increased the most by public funds, and the stock market value increased by 26.268 billion yuan.

Consumer stocks have become the main direction for the increase in the market value of public funds. The value of public funds held by liquor stocks Luzhou Laojiao and Kweichow Moutai has increased significantly.

　　As of December 31, 2021, among the 10 A-share companies with the highest market value held by the fund, liquor stocks occupy 3 seats, namely Kweichow Moutai, Wuliangye, and Luzhou Laojiao.

It is worth mentioning that Kweichow Moutai has returned to the throne of the largest stock in public funds.

At the end of the third quarter of 2021, the market value of Kweichow Moutai held by public funds decreased by 17.229 billion yuan, which made Kweichow Moutai lose the title of the largest public fund holding stock for the first time since the third quarter of 2019, and was replaced by the Ningde era.

In the fourth quarter of 2021, although the market value of Ningde Times held by public funds increased by 2.84 billion yuan, Kweichow Moutai once again became the largest stock in public funds.

　　Invesco Great Wall Fund Liu Yanchun believes that from a global perspective, the investment side that lags behind the recovery of consumption is expected to gradually return to normal, and the market style will be rebalanced.

Hou Hao of China Merchants Fund pointed out that at present, the valuation of the liquor sector has fallen back to a reasonable allocation range. Under the expectation of steady economic growth, consumption is resilient, and the liquor sector has a good allocation value.

Li Xiaoxing of Yinhua Fund believes that in the subdivision field, they are optimistic about high-end liquor and sub-high-end varieties with national expansion potential. At present, they have increased their warehouses of liquor because of the high certainty of medium and long-term performance.

　　Pharmaceutical stocks have been successively reduced

　　The pharmaceutical sector has become the sector with the largest decrease in the value of fund holdings in the fourth quarter of 2021.

Among the top 10 stocks held by the fund with a decrease in market value, pharmaceutical stocks occupy 5 seats, including WuXi AppTec, Tongce Medical, Aier Ophthalmology, Zhifei Bio, and Pharmaron.

However, pharmaceutical stocks have experienced a sharp correction in the fourth quarter of 2021, and the reduction in the market value of the stock market is not all due to the active reduction of holdings by fund managers.

　　Zhao Bei of ICBC Credit Suisse Fund said that in the early fourth quarter of 2021, it reduced its holdings of some second-tier stocks in the CXO field with high valuations, and increased its holdings of some stocks with low valuations and steady growth. stock positions fell by 3.22 percentage points month-on-month.

　　China Europe Fund Ge Lan believes that the domestic innovative drug industry chain is expected to maintain a high level of prosperity for a long time.

Zhao Bei said that after this round of adjustment, some biopharmaceutical stocks have entered a relatively reasonable valuation stage, the investment and financing enthusiasm in the primary market remains at a high level, and the innovative drug and innovative drug industry chain will maintain a high growth in the future. state.

Position dispersion is gradually becoming a consensus

　　According to data from Tianxiang Investment Consulting, based on comparable data, the average position of all public fund stocks at the end of the fourth quarter of 2021 was 74.44%, an increase of 2.84 percentage points from the previous quarter.

Among them, the average stock position of stock open-end funds was 88.49%, compared with 86.85% in the previous quarter; the average stock position of mixed open-end funds was 71.51%, compared with 68.55% in the previous quarter.

At the same time, the shareholding concentration of public funds (the ratio of the top 10 heavyweight stocks to fund holdings) further declined.

In the fourth quarter of 2021, the shareholding concentration of all public funds was 55.87%, compared with 58.57% in the previous quarter.

　　The stock position of Yinhua Xinyi managed by Li Xiaoxing was 94.59% at the end of the fourth quarter of 2021, an increase of 1.86 percentage points from the previous quarter, but its holdings were further dispersed, with stocks accounting for more than 5% of the fund's NAV ratio from 7 at the end of the previous quarter reduced to 5.

At the end of the fourth quarter of 2021, the fund's top 10 stocks accounted for 52.98% of the fund's net asset value, compared with 57.87% in the previous quarter.

　　The Sino-European Innovation Future managed by Zhou Yingbo has also dispersed its holdings. Except for two stocks, Sunny Optical Technology and Luxshare Precision, which account for more than 9% of the fund's net asset value, 5 stocks account for about 3% of the fund's net value.

At the end of the previous quarter, 8 stocks accounted for more than 4% of the fund's NAV ratio.

　　Zhao Yi of the Agricultural Bank of China Fund also carried out decentralized operations.

At the end of the fourth quarter of 2021, among the top 10 stocks of ABC Huili New Energy, there were no stocks that accounted for more than 8% of the fund's NAV ratio, and the stocks that accounted for more than 6% of the fund's NAV ratio decreased from 8 in the previous quarter. 7.

　　Although Glenn has further increased WuXi PharmaTech, among the top 10 stocks with heavy holdings, the proportion of holdings in other stocks has decreased.

The proportion of Aier Ophthalmology, Asymchem, Tigermed, and Kanglong Chemicals in the net asset value of the China-Europe Medical and Health Fund all dropped by more than 2 percentage points.