Securities Times reporter An Zhongwen
With the completion of the fund's second quarterly report, the positions of star fund managers also gave their answers.
After the A-share market enters the second half of 2022, the strategies of the most influential public funds in dealing with rapid market changes in the complex market have attracted much attention from funds. As the market's leading funds, these star fund managers and their million With a capital of 100 million yuan, what are the aesthetics in stocks and the positioning strategy in portfolio matching?
Securities Times reporters analyzed their aesthetic choices in depth with the four star fund managers with the most representative paths and styles.
Liu Yanchun: Consumer stocks have everything
Invesco Great Wall Fund Manager Liu Yanchun currently manages several equity-oriented funds. Among them, Invesco Great Wall Emerging Growth Fund is his famous work and the largest of the funds under his management. The assets of a single fund exceed 45 billion yuan.
Due to the early establishment of the fund, Hong Kong stocks are not included in the stock position, which does not fully reflect Liu Yanchun's market-wide stock selection strategy.
In contrast, the smaller Invesco Great Wall Jiying Two-Year Fixed Fund and Invesco Great Wall Blue Growth Fund are all funds established in the last three years. These funds all include Hong Kong stock positions and fully reflect Liu Yanchun’s most real investment. Stock selection strategy.
The Securities Times reporter noticed that as of the end of the second quarter of this year, Invesco Great Wall Jiying, which has a 22% Hong Kong stock position, has a two-year fixed fund. According to its latest quarterly report, the listed company with consumption attributes is still the star fund. The manager's favorite, all the top ten core stocks are related to this. Among them, liquor consumption occupies four seats in the top ten stocks, and pharmaceutical consumption occupies two seats. In addition, it also includes related companies in the condiment industry, home appliance industry, and Chenguang, a leader in the stationery industry that Liu Yanchun has invested in for a long time, has contributed a lot to Liu Yanchun in the past few years. This stationery stock has become Liu Yanchun's "characteristic target" almost like liquor.
It is worth mentioning that the cosmetics industry is also the core target of Liu Yanchun, a star fund manager. Among the many funds managed by him, most of the cosmetics stocks can rank in the top three.
The Securities Times reporter found that in the cosmetics industry, Liu Yanchun did not choose the more expensive Bethany or Proya, but chose China CDFG as his third-largest holding in the Invesco Great Wall Jiying Fund.
"We regard the duty-free industry as the core segment of the cosmetics industry, and it is a core participant in the cosmetics industry. The main source of income for the duty-free industry is high-end perfume." A female fund manager in South China explained to reporters her opinion on the leading cosmetics industry. Perspectives, perfume is also different from the business of several cosmetic companies that have been listed on A-shares.
In the second quarterly report, Liu Yanchun expounded his position strategy to fully cover various consumer leaders. He said that the overall valuation level of the stock market is likely to continue to expand, and the strength and sustainability of the recovery need to be tracked in the second half of the year. However, what determines the company's market value is the value that the company can create for shareholders throughout its life cycle. The impact of short-term events brings more investment opportunities, and will continue to accompany outstanding companies to grow together.
Fu Pengbo: Small votes are not inferior
Fu Pengbo's Ruiyuan Growth Value Fund was highly sought after by funds throughout the second quarter. Although the fund's net value income during the year still suffered a loss, the fund's subscription for shares increased significantly, which made the fund's income decline during the year. The total share hit a new high since its establishment.
That is to say, institutions or Christian Democrats have increased their positions on dips.
As a top fund boss, Fu Pengbo's stock selection has always been quite unique. According to the second quarterly report disclosed by Ruiyuan Growth Value Fund, among all the top ten stocks, listed companies related to chemicals or chemical materials account for half of the country.
For example, his No. 1 stock is Sanan Optoelectronics, whose most typical business is compound semiconductors.
In addition, he also holds the chemical industry leader Wanhua Chemical, the chemical material leader Dongfang Yuhong, and National Ceramic Materials.
It is worth noting that the mining of small market capitalization seems to have always been the forte of young fund managers, but as an industry veteran, Fu Pengbo's ability to tap small market capitalization also overwhelms many young fund managers.
However, due to the rapid growth of the scale of Ruiyuan Growth Value Fund, the top ten stocks with heavy holdings actually failed to reflect the unique stock-picking ability of this top tycoon.
The most typical phenomenon occurs in quartz shares. As of the end of June this year, the "heavy position" of the quartz shares of Ruiyuan Growth Value Fund has doubled during the year, hitting a record high of the stock price, but the net value of the fund is still at a loss during the same period. middle.
Industry insiders believe that when the fund scale is relatively large or the fund scale grows rapidly, even though some of the "dark horse stocks" held by them can double their share prices, it is difficult for them to "one force" to drive the net value of the entire fund.
Although the current market value of Quartz shares held by Ruiyuan Growth Value Fund is already very considerable, it has not yet been able to enter the top ten stocks of the fund. It has become a "stealth stock".
Obviously, the core capability of Ruiyuan Growth Value Fund does not lie in the rise of one or two dark horse stocks, nor in the short-term fluctuation of net worth. The core capability of the fund is still the portfolio investment capability of the fund manager itself.
Fu Pengbo said in the second quarterly report that dynamic adjustment and optimization of the portfolio are still the focus of work. For the comparison and screening between companies, we will more comprehensively examine the medium and long-term growth capabilities, comprehensively evaluate the company's valuation level, and combine the listed company's mid-term report. It disclosed that it will continue to explore investment opportunities, especially companies that are still resilient and resilient under the impact of the epidemic.
Before God's Love: Stock Picking "Dark Horse" Features Obvious
The Ping An Strategic Pioneer Fund, managed by God Love, has tripled its returns in the past three years and achieved positive returns again this year.
The reporter noticed that as of now, the rate of return of God's Love in 2019, 2020, 2021, and 2022 is 75.33%, 67.25%, 74.98%, and 0.84%, respectively.
Although God Love did not have any performance in the top ten in the whole market, in the past four years, he has provided Christian Democrats with extremely considerable income, which has tripled in three years, and the accumulated income in the last four or five years has increased It's a top-notch performance.
According to the second quarterly report of Ping An Strategic Vanguard Fund, although many new energy stocks were also involved in the holdings before God's Love, most of the new energy stocks he held were obviously different from those of mainstream fund managers, with typical "dark horses". feature.
The reporter noticed that God Ai gave the most attention to offshore wind power before. His first major position in the second quarter was the submarine cable leader Zhongtian Technology. Among the top ten stocks of Ping An Strategy Pioneer, the submarine cable industry occupies two, except for Zhongtian Technology. Tianjian Technology, and the third largest shareholder Fangcang Cable, which shows that God Love has paid enough attention to the rapid rise of offshore wind power.
In addition, he also listed Mingyang Intelligence in the field of offshore wind turbines as the seventh-largest stock.
While focusing on investing in offshore wind power, the position before God's love also reflects a balanced side.
In the top ten stocks, he bought China CDFG, the core leader in cosmetics, in the second quarter, and Ninestar, the printer leader in the high-end equipment field, became his ninth largest stock. At the same time, he also increased the casting position in the second quarter. Lizhong Group in the industry.
"The foundry industry, especially the integrated die-casting technology, has a high correlation with the lightweight demand of smart cars." A researcher in the machinery industry of a fund company in Shenzhen told reporters that the demand for reducing the weight of automobile bodies has increased significantly after the automobile is intelligent. The focus of energy saving and consumption reduction.
Shen Aiqian also said in his quarterly report that the innovation of the intelligent industry of automobiles is still booming, and there is still a lot of room for penetration. It involves the continuous extension of the industrial chain, and the profit distribution of the industrial chain is still in the game. He also believes that the market It may have entered a stage of shock, some growth sectors have risen not small, and some voices in the market are worried about adjustment. It is not ruled out that there will be some small fluctuations in the market, and the market will be healthier if properly rested.
Jiao Wei: Fund Manager who "knows women best"
The star fund manager Jiao Wei has always had a soft spot for investment in consumer goods. In a sense, Jiao Wei's core stocks can basically be divided into men's needs and women's needs.
According to the second quarterly report of the Yinhua Fuyu Theme Fund he manages, among the top ten stocks, "men's needs" include Chongqing Beer, Shanxi Fenjiu, Kweichow Moutai, Jiuguijiu, and Luzhou Laojiao, and "women's needs" include Amic. , Bethany, Proya and Pien Tze Huang and Tong Ren Tang who are working on cosmetics.
From the above perspective, Jiao Wei's stock selection ideas accurately grasp "human nature", which also makes him the fund manager who understands "women" best among all fund managers. His investment in the cosmetics industry far exceeds that of his peers and peers of the same age. .
It is worth mentioning that when most of the star fund managers are buying new energy, they are a little lonely in heavy holdings of liquor or cosmetics.
However, based on the simplification of consumption, he listed China Merchants Bank and WuXi AppTec among the top ten stocks in the second quarter, retaining the direct demand of men for "wine", and at the same time greatly increasing the "demand of women", which made Jiao Wei in the second quarter The position style in the report is more and more intuitive in the logic of human nature and consumption.
"The stock selection tendency of fund managers is related to age, gender, hobbies, and working background. There are often more veterans in real estate stocks. Young fund managers have a thorough understanding of investment in technology stocks, and most investments in the cosmetics industry are like this, which is rare." Fund managers of the post-60s and post-70s hold a lot of cosmetics." A fund researcher in South China once said bluntly that in the background of the "post-60s" and "post-70s" growth, liquor can be seen everywhere along with their parents, and cosmetics consumption is in the teens. It only started a few years ago.
Jiao Wei emphasized in the quarterly report that only the more widely distributed customers are and the more scattered the bargaining objects are, the business model can last forever.
Human nature will always magnify the influence of the present and reduce the future, and the best way to resist the noise is to think independently of all kinds of negative vivid descriptions and their own great shocking things, coupled with insensitivity and willingness to be lonely. manner.