Securities Times reporter Zhang Juanjuan

　　The positions of world-renowned investors at the end of 2021 have been announced one after another. The positions of Buffett, Munger, Soros, Zhang Lei and others have attracted much attention. The changes in positions represent their predictions about the future, which will help investors to grasp the investment direction.

　　well-known investors

　　Yields announced last year

　　A few days ago, Buffett said in his 2021 annual shareholder letter that Berkshire Hathaway's stock price will rise 29.6% in 2021, the highest increase in nearly eight years, outperforming the S&P 500 index, which has increased in 2021. was 26.89%.

In 2021, the global stock market will fluctuate violently, and Buffett once again proved his investment ability with excellent results.

　　Investors like Buffett who have maintained stable returns for a long time are rare.

Public data shows that Oaktree Capital, the world's largest non-performing asset management company, will have an investment rate of return of 44.99% in 2021; Canada's Fairfax Financial Corporation has a return rate of more than 35% in the same period; BlackRock's return rate is slightly lower than Buffett's Berke. Hill Hathaway Company.

　　Some investment gurus underperformed the S&P 500 and even had negative returns. Chase Coleman, who is known as "a force that cannot be ignored in the investment world", had a return on assets under management for the past 1 year as of February 14. -42.6%; assets managed by Buffett's gold partner Charlie Munger will fall slightly in 2021; assets managed by George Soros, the world's largest investor, have a yield of -7.31% in the past year as of February 11.

　　Finance and technology increase and decrease positions are divided

　　Buffett adds to tech stocks

　　Investors' positions are mainly based on personal investment philosophy and changes in the market environment.

Judging from the latest positions of well-known investors, finance, technology, and cyclical consumption are the industries with concentrated positions.

　　Comparing his holdings at the end of 2021 with that at the end of the third quarter of last year, Charlie Munger significantly reduced his positions in financial services industry stocks and increased his positions in cyclical consumer stocks, both by about 7 percentage points.

　　Soros significantly increased positions in cyclical consumer stocks by 26.87 percentage points, lightened up positions in the communications industry by 8.27 percentage points, and lightened up financial and technology stocks slightly.

Remarkably, Soros spent $2 billion to build a position in Tesla rival Rivian, a maker of electric pickups, making it a heavyweight in the Soros fund.

　　Compared with the top two investors, Tiger Global Fund founded by Chase Coleman has obvious differences in the change of positions in the industry. Tiger Global Fund has significantly increased its positions in technology stocks, slightly increased its positions in financial services industry stocks, and significantly reduced its positions in cyclical consumer stocks. .

　　The changes in Berkshire Hathaway's positions managed by Buffett have attracted global investors' attention.

From the perspective of holdings at the end of 2021, technology, non-cyclical, and finance are still the top three industries with heavy positions.

Compared with the end of the third quarter, there were slight changes in various industries.

The technology industry increased its positions by 4.82 percentage points, and the financial, healthcare and non-cyclical industries took the lead in reducing positions, 2.83 percentage points, 1.14 percentage points and 0.56 percentage points respectively. Apple and BYD (Hong Kong stock) are still its heavy holding stocks.

　　Well-known investors in Asia

　　Invest in technology stocks

　　Compared with the above-mentioned well-known investors in North America, the position style of well-known investors in Asia is more uniform.

Judging from the positions held by Gao Yi Assets, Hillhouse Capital, Jinglin Assets (Overseas) and Sequoia Capital at the end of 2021, the heavy-holding sectors of the four major asset management companies are concentrated in cyclical consumption, technology, medical care and other industries.

Compared with the end of the third quarter, the above four asset management companies have simultaneously increased their positions in the technology sector and reduced their positions in the healthcare industry.

　　Gao Yi Asset, which focuses on long-term value investment, has significantly reduced its positions in the communication services and cyclical consumption industries. Among them, the proportion of the communication service industry has been reduced by more than 13 percentage points, and the healthcare industry has reduced its positions by nearly 4 percentage points; the real estate, industrial and technology sectors have increased their positions to varying degrees.

　　As one of the investment funds with the largest asset management scale and the best performance in Asia, Hillhouse Capital has significantly reduced its positions in the healthcare industry by more than 9 percentage points, increased its positions in the technology industry by nearly 5 percentage points, and increased its positions in the cyclical consumer industry by 3.48 percentage points.

　　Adhering to the concept of "value investment", Jinglin Assets will increase its positions in technology and financial services by the end of 2021, and reduce its positions in communications and non-cyclical industries.

Sequoia Capital increased its position in the technology sector by nearly 40 percentage points, while it reduced its position in the financial services industry by 17.24 percentage points during the same period.

　　Sequoia Capital China Fund, as the "entrepreneur behind the entrepreneur", focuses on investment opportunities in four directions: technology/media, healthcare, consumer goods/modern services, and industrial technology.

　　A-share industry leader

　　favored by investors

　　According to data from Value Masters, well-known investors led by Buffett, Munger, Soros, etc. hold stocks in more than 3,000 companies around the world, and individual stocks such as Micron, TSMC, Bank of America, Apple, NetEase, and JD.com are key positions.

Among the A-shares, leading stocks from all walks of life have been held together by well-known investors around the world, such as China Merchants Bank, Sungrow, China CDF, LONGi, etc.

　　Which A shares do Asian investors represented by Hillhouse Capital currently hold?

According to the statistics of Securities Times·Databao, based on the latest data of the top ten shareholders (the stocks in the undisclosed annual report are taken from the data at the end of the third quarter of 2021), at least 20 shares are held by Hillhouse Capital, over 40 shares are held by Gao Yi Asset, and 9 shares Sequoia Capital holds at least 13 shares with Jinglin Assets (Overseas).

Radio and Television Metrology also holds positions in Hillhouse Capital and Gaoyi Assets, and Jiangsu Leili also holds positions in Gaoyi Assets and Jinglin.

The 4 major funds hold a total of 80 shares, and the positions in the pharmaceutical and biological, power equipment and mechanical equipment industries are intensive.

　　These 80 stocks will increase by more than 12% on average in 2021, significantly outperforming the Shanghai Composite Index.

The average increase of A shares held by Gao Yi Asset and Jinglin Assets (Overseas) is more than 15%, and the average increase of A shares held by Sequoia Capital is less than 2%.

The stocks held by Hillhouse Capital performed poorly, with an average drop of more than 8%, mainly dragged down by pharmaceutical stocks.

　　According to data treasure statistics, Yirui Technology held by Sequoia Capital, Jingsheng Electromechanical and Baolong Technology held by Gao Yi Asset all rose by more than 100% in 2021, and Ningde Times held by Hillhouse Capital rose by more than 65% in the same period; Medical and Antu Bio will fall by 45% in 2021. The first two stocks are held by Sequoia Capital, and the latter is held by Hillhouse Capital.

　　Buffett's stock picking method:

　　10 tech stocks selected

　　Referring to the investment trends of world-renowned investors, it can be found that Buffett, Gao Yi Assets, Hillhouse Capital, and Sequoia Capital will jointly increase their positions in the technology sector at the end of 2021.

In fact, after several months of correction, the valuation of the A-share technology sector has returned to around 40 times, slightly lower than the median level in the past 10 years.

　　Combined with Buffett's stock selection indicators, among the technology stocks in the A-share market, the latest price-earnings ratio is less than 40 times, the return on equity at the end of the third quarter of 2021 is more than 5%, and the Northbound Fund has increased its positions since 2022 and has no downside risk in 2021 performance. There are only 10 leading stocks.

　　According to statistics from Databao, there are aviation electromechanical leader AVIC Electromechanical and fiber optic cable leader Hengtong Optoelectronics that have received substantial capital increase from the North. Among them, Hengtong Optoelectronics’ 2021 third quarterly report return on net assets exceeds 6%, and the price-earnings ratio is about 23 times.

In 2021, the growth rate of net profit (lower limit, the agency's consensus forecast) exceeds 50%, including Borch Technology, Torch Electronics, and Newland.

Those with a price-earnings ratio of less than 30 times include Hengtong Optoelectronics, Inner Mongolia Yiji, and Torch Electronics.