Securities Times reporter Pei Lirui
With the successive disclosure of annual reports of listed companies, the "invisible positions" of some star fund managers have also been exposed.
Since the fund's quarterly report only discloses the top ten holding stocks of the fund, it is difficult for investors to have a complete and comprehensive understanding of the fund manager's rebalancing ideas, especially those fund managers who are balanced and dispersed.
However, some star funds have recently appeared in the list of the top ten tradable shareholders of some listed companies, and the positions outside the top ten heavyweight stocks have surfaced.
"Invisible positions" exposure
On February 19, Genesis released its 2021 annual report. Xingquan Herun managed by Xie Zhiyu and Xingxin Vision managed by relocation have entered the company's top ten tradable shareholders, ranking ninth and tenth respectively, with a market value of about 2.23. 100 million yuan, 219 million yuan.
However, in the previous quarterly report of the fund, neither of the two funds' heavy-holding stock list appeared in Genesis.
Genesis is the leader of A-share CNC machine tools, and it is also an industrial mother machine concept stock that has attracted much attention from the market.
Benefiting from industry recovery and policy support, the company will turn losses into profits in 2021, with main revenue of 5.262 billion yuan, a year-on-year increase of 53.6%; net profit of 500 million yuan, while a loss of 697 million yuan in 2020.
Yuan Weide, the China-Europe Fund, which is known for being good at contrarian investment and having a left-hand layout, has increased its positions in the troubled tire industry. In addition to the top ten heavyweight stocks, it also holds about 350 million yuan in Sentylin. Xinjin will become the company's fifth-largest tradable shareholder by the end of 2021.
Sentury is one of the few aviation tire manufacturers, but suffered a decline in profits under the unfavorable situation of the sharp rise in raw material prices and sea freight prices. The company will achieve operating income of 5.177 billion yuan in 2021, a year-on-year increase of 10.03%; net profit of 753 million yuan , a year-on-year decrease of 23.17%.
In addition, the industry prosperity of China AMC, the top ten blue-chip funds in last year's performance, appeared in the list of the top ten tradable shareholders of the compass.
Fund manager Zhong Shuai has held Compass since the semi-annual report last year, and increased his positions in the second half of last year, making Huaxia Industry Prosperity the sixth largest tradable shareholder of Compass, with a market value of about 189 million yuan.
Compass is a financial services stock that has attracted much attention recently. Its share price has risen sharply since November last year. Recently, it has fluctuated greatly under the news of its participation in the bankruptcy and reorganization of Netcom Securities.
According to the annual report, the company will achieve an operating income of 932 million yuan in 2021, a year-on-year increase of 34.63%, and a net profit of 176 million yuan, a year-on-year increase of 97.51%.
Add positions to small and medium market value leaders
Whether it is Genesis, the leader in CNC machine tools, or Sentury, which is deeply involved in aviation tires, these position trends also reflect the fund's transition from holding a group of white horses to focusing on small and medium-sized market leaders.
A fund manager who was once known for his love of buying white horse stocks said in an interview with a Securities Times reporter that in recent years, some specialized companies with high technology content and advanced equipment and technology are emerging. These companies may not be large, but they have long-term Focus on a certain segment, and even overcome some key problems of "stuck neck".
"In the process of the great development of new industries, we use our profession to label ourselves with the times. These phenomena are not a flash in the pan in the process of style rebalancing, but represent a group of companies with the most explosive fundamentals in the next three to five years. It will be the fulcrum for future investment," the fund manager said.
The 2022 investment strategy report released by CITIC Securities also shows that from the perspective of public fund holdings, the over-allotment ratio of A-share specializing and new "little giants" has increased rapidly since 2021, and there is still a lot of room for it.
In the A-share market, most of the "little giants" companies with a market value of less than 10 billion yuan belong to the manufacturing sectors such as machinery, basic chemicals, electronics, power equipment and new energy.
Annual report is about to start
With the successive disclosure of annual reports of listed companies, companies with high performance growth and good fundamentals are expected to win the favor of funds. Especially in the context of the overall market adjustment since the beginning of the year, many institutions believe that the annual report market is worthy of attention.
On the whole, institutions generally suggest that the current performance forecast is more positive, that is, listed companies that have achieved substantial performance growth or turned losses into profits; at the same time, it is recommended to pay attention to some of the factors due to the poor prosperity of the track, the drag on overseas performance, and the price of raw materials. The time point at which objective factors such as rises lead to a decline in performance, and the company experiences marginal changes with objective factors.
For example, a medium-sized fund company believes that the recent adjustment in the technology growth sector is mainly affected by positions, emotions, styles, and overseas factors, but the room for subsequent adjustment may be limited.
In the medium and long term, technological growth is still an inevitable choice for high-quality development and a bigger cake under common prosperity.
It is also one of the most distinct era main lines in the context of the Sino-US game, in line with the urgent need to enhance the competitiveness of science and technology and get rid of the stuck neck dilemma.
Hu Yaowen, the fund manager of HFT, is also more optimistic about the growth sector. He believes that in the next month, the growth of the performance of some track stocks may be significantly better than the traditional cycle, which is reflected in the first quarter and annual reports.
If there is no significant data in the future and policies exceed expectations, the growth style may return to strength.
In the growth track, he mainly focuses on the following aspects: First, the smart car industry chain. The reason is that the industry β is expected to continue to rise, and the performance growth rate in the next year is expected to continue to accelerate. Excluding the lack of core factors in the previous year, the company's performance valuation is basically reasonable. However, since most of them are companies with small market capitalization, it is necessary to analyze each company in detail to grasp investment opportunities in subdivided fields; the second is the application side related to Metaverse, Xinchuang, and media, with the acceleration of hard technologies such as 5G Internet. , the development of the application side will follow, and new business models will appear; the third is the military industry, which has experienced a major correction in the early stage, and the certainty of future demand is relatively high.