Securities Times reporter An Zhongwen
A little-known small-cap stock has attracted the collective attention of five "top-tier" fund managers.
Due to the 5% placard line and the "Double Ten" rule for funds, small-cap stocks are often not attractive enough to fund managers managing mega-caps.
However, the newly disclosed fund research summary shows that Kingkey Zhinong, an A-share company with a market value of only 12.3 billion yuan, has attracted five star fund managers in one day. Most of them manage large-scale funds. As of the end of last year, Kingkey Zhinong has not yet entered the investment horizon of mainstream funds.
The reporter noticed that the track where Jingji Zhinong is located has had a successful case of funds mining "dark horses". This dark horse has grown from a market value of tens of billions to hundreds of billions of yuan, and has become a fund's heavyweight stock.
Five "Top Streams"
Look at a small stock at the same time
Can small stocks pull the car of large funds?
In the context of the increasing size of funds, fund managers have unwritten agreements on the subject of their own research and the market value of heavily held stocks. For small-cap companies, it is difficult to attract fund company researchers to participate in the research, but Some small-cap stocks have broken the traditional impression in terms of capital size and position level in attracting fund research.
According to the survey information disclosed by A-share listed company Kingkey Zhinong recently, Xiao Nan, deputy general manager of E Fund Fund, Wang Zonghe, deputy general manager of Penghua Fund, Guo Jun, managing director of Bosera Fund, and Mao, general manager of the equity investment department of China Southern Fund Wei and Yang Jianhua, deputy general manager of Great Wall Fund, appeared in the research list of the stock on the same day.
It is worth noting that the above five people are typical representatives of "investment and excellence" among fund managers.
Taking Xiao Nan as an example, E Fund announced last year that from July 24, 2021, Xiao Nan, the fund manager of E Fund’s consumer industry, will serve as a deputy general manager of E Fund.
Therefore, the above-mentioned five top fund managers who are also senior executives collectively conducted a survey of an A-share company on the same day, which to a large extent implied the latest investment preferences of the current mainstream funds. At the same time, Jingji Zhinong is actually just a small-cap stock, with a total market value of about 12.3 billion yuan.
"The research of fund companies is usually pragmatic, and the research needs to consider the input-output ratio. Therefore, fund managers who manage large-scale funds usually survey targets with a certain market value." A person from a large fund company in Shenzhen In an interview with a Securities Times reporter, he said that for small and medium-sized stocks with insufficient certainty, in the past, it was usually only necessary for researchers to understand the situation.
Relatively speaking, due to the small circulation of small-cap stocks, it is difficult to allocate sufficient amount in the fund stock pool portfolio, because small-cap companies are not attractive enough to fund managers with super-large funds.
Wind data shows that Xiao Nan currently manages nearly 54 billion yuan of funds, Wang Zonghe manages more than 31 billion yuan, Mao Wei manages about 20 billion yuan, Guo Jun manages about 10 billion yuan, and Yang Jianhua manages about 10 billion yuan. The funds also have 6 billion yuan.
Zeng is now a big "dark horse"
Considering that in the actual operation of investment by fund managers, investment behavior will be restricted by the "Double Ten Regulations" and the 5% placard line.
That is, under normal circumstances, the market value of a single stock held by a fund will generally not exceed 10% of the fund's net asset value, and will not exceed 5% of the market value of the listed company's stock.
According to the current market value of Jingji Zhinong of 12.3 billion, a fund only needs to invest 615 million yuan to reach the 5% mark line of the stock.
This is still an extreme situation. Generally speaking, in the fund holdings of listed companies, the more common phenomenon is that the market value of a fund's holdings in related stocks often does not exceed 3% of the total stock market value.
However, whether such a small amount of positions can be attractive to Xiao Nan, Wang Zonghe, Mao Wei and others, there are also great doubts. After all, the scale of funds managed by Xiao Nan is as high as 54 billion yuan, and the funds managed by Wang Zonghe are also more than 30 billion yuan, even if the stock price under investigation doubles in the future, for these "top-class" fund managers who manage super-large funds, the overall effect of driving the net value of the fund is not obvious, unless they are very optimistic about this company. company.
The deputy general manager of a public fund in southern China also said at the internal exchange meeting that for large-scale funds, mining one or two listed companies will contribute less to the portfolio income. Bring more excess contribution to the investment portfolio.
It is worth mentioning that the track where Jingji Zhinong is located has always been the object of top fund bosses who like to hold heavy positions, and there have been cases of "small to large" in this track, and it has become a market value close to 300 billion yuan. The fund's heavy holding stocks.
The reporter noticed that the market value of Muyuan shares, which was heavily held by the fund, was only 7.9 billion yuan on April 13, 2014, which was a typical small-cap dark horse. The net value of the fund has a limited effect. Even by April 13, 2015, the market value of the stock market was only about 17 billion yuan, which means that the market value of Muyuan shares in 2014 and 2015 was roughly similar to today's Jingji Zhinong. After the fund stepped in and held it for a long time, Muyuan Stock has transformed from a small-cap stock to a super-capitalized variety within 6 years, and the stock price has risen more than ten times within 6 years. Fund managers bring significant net worth pull.
Where is the attraction?
Although there are still various doubts, Kingkey Zhinong, with a market value of only 12.3 billion, has successfully attracted the personal investigation of the top five funds. The core issues in this fund investigation may also explain their views to a certain extent. Reason for being a small company.
In the question-and-answer session of the fund research, a fund manager asked why Kingkey Zhinong chose the building breeding model?
Kingkey Zhinong said, first of all, because the southern area where the company is located is not as flat as the north, the use of building breeding can achieve land intensification, and more live pigs can be slaughtered on the same land area; secondly, compared with the traditional model, building Breeding adopts the method of all-in and all-out, with relatively high management efficiency and obvious advantages in biosafety prevention and control; Ancestors and corresponding fattening), each production line is equipped with about 210 people as standard. Compared with traditional flat farming, the personnel are relatively concentrated and easy to manage.
The company's building breeding project in Gaozhou has initially reached production. The production cost in the first quarter is about 14.89 yuan/kg, and the performance is good.
With reference to this achievement, in the case of limited land resources, the building breeding model is also a better choice, and can reduce the overall cost by reducing operating costs, improving management level and personnel efficiency, etc.
In addition, Kingkey Zhinong also has plans for diversified development. Kingkey Zhinong said during the fund survey that the company's follow-up business will continue to follow the direction of the company's modern agricultural strategy.
In terms of the food business plan, the company continues to carry out food-side construction with subordinate food companies as the main body, and the products have entered the chain supermarkets, large food enterprises, new retail and other channels. business, food business, to achieve the extension of the industrial chain.
In terms of performance, Kingkey Zhinong previously released an annual performance report saying that the operating income in 2021 will be about 3.221 billion yuan, a year-on-year decrease of 20.88%; the net profit attributable to shareholders of listed companies is about 389 million yuan, a year-on-year decrease of 55.07%; basic Earnings per share were 0.7441 yuan, a year-on-year decrease of 55.07%.
But after the results were released, the share price of Jingji Zhinong rose instead of falling, which attracted fund bosses to gather together for research.
In addition, in the weak A-share market environment, many fund managers who manage a large amount of funds prefer to hold positions with high dividends and high dividends, which may also be a factor that attracts super-large funds to collectively investigate the stock.
The annual distribution plan disclosed by Kingkey Zhinong is to distribute cash dividends of 13 yuan (tax included) for every 10 shares, no bonus shares, and no conversion to increase, which also attracted the attention of fund managers in the question and answer session.
According to the information disclosed by Kingkey Zhinong, as of the end of last year, Kingkey Zhinong had not been discovered by mainstream funds, and had not yet entered the core stock pool of mainstream funds. Only a few index funds held a small amount of this stock. Collective research may mean that Jingji Zhinong may enter the core stock pool of public funds.Keywords: