There are still many interesting things in the third quarter report of the fund ~
Although the quarterly report of the fund does not have much information disclosed in the interim and annual reports, it still needs to be carefully looked at.
mainly has three major information that needs to be paid attention to:
First, the scale of the fund . I believe that many investors are paying more attention to the scale of the fund now. After all, too large scale will affect the fund's ability to obtain excess returns.
should pay attention to both the changes in a single fund and the changes in the overall scale of fund manager management.
Of course, this area should be viewed in conjunction with the changes in the net value of the fund. The main reason for the changes in the scale of some funds is the passive change caused by changes in the net value.
Second, the fund's position changes . The data disclosed in the quarterly report are relatively new, and the reference value is very high. Through the position, you can have a latest understanding of the style of your fund and the direction of heavy holdings.
The third is the operational analysis and outlook of fund managers . This focuses on fund managers' judgment on the future, compare positions, see if they are consistent with their words and deeds, and whether they are consistent with your investment philosophy.
Today we will take a look at the third quarter report of Qiu Dongrong, the only one who made money in the first three quarters, was the only one who made money in the 10 billion-level fund manager.
. From the perspective of scale changes, the scale of the four funds managed by Qiu Dongrong has increased and decreased. Overall, the scale of management has not changed much.
Data source: Choice
However, the value of Zhonggeng small-cap increased from 3.82 billion at the end of the second quarter to 7.587 billion at the end of the third quarter, with a single quarter growth of 98.64%! As the fund fell by 6.2% in the third quarter, it can be said that this fund was subscribed in large quantities in the third quarter.
. Old investors who hold Zhonggeng’s small cap value need to pay special attention to this. After all, Qiu Dongrong has a small cap value style. If the scale is large, the test of his stock selection and stock adjustment and stock exchange will inevitably increase.
2. Judging from the changes in holdings, Qiu Dongrong has made substantial adjustments and exchanges in stocks, but they still maintain a very high stock position.
, Zhonggeng Value Leading Positions
Judging from the changes in Zhonggeng Value Leading Positions, Qiu Dongrong significantly reduced his holdings in Meituan , Luxi Chemical , Xingfa Group , and Kuaishou Investment withdrew from the top ten heavy positions (the top ten holdings accounted for 60.14%).
Shenhuo Co., Ltd. , Chihong Zinc and Germanium , and Yuexiu Real Estate have entered the top ten new positions.
Data source: Choice
From the position of Zhonggeng Value Leader, Qiu Dongrong has obviously reduced his positions in Meituan and Kuaishou, which are , Hong Kong stocks, and has continued to increase their positions in resource stocks, real estate, banks, and pharmaceuticals.
The latest industry configuration situation is as shown in the figure below. non-ferrous metals , real estate, and petrochemicals have become the top three industries that they have heavy holdings.
Data source: Choice, as of 2022.09.30
, Zhonggeng Small Cap Value Positions
The top ten heavily held stocks with Zhonggeng Small Cap Value (the top ten holdings account for 40.23%), eight of them were new ones, which can be said to have undergone a major change.
new top ten heavily-hold stocks include Chuanyi Co., Ltd. , Chihong Zinc and Germanium, Changshu Bank, Shenhuo Co., Ltd., Xinhua Medical , Xindian Software, Tuning Software , and Yunao Co., Ltd. .
We can find that there are several stocks that overlap with Zhonggeng Value Leader, but there is an obvious difference in Zhonggeng Small Cap value, which is a heavy position in computers.
Data source: Choice
From the industry configuration, we can see that the allocation directions of Zhonggeng Value Leadership and Zhonggeng Small Cap Value are still very different. The industries that this fund has heavily invested in are non-ferrous metals, computers, pharmaceutical and biological , mechanical equipment, etc.
From this point of view, it can be seen that Qiu Dongrong is indeed using different strategies for different funds. Unlike some fund managers, the homogeneity of one-trolling is very high.
Data source: Choice
. Zhonggeng Value flexible holdings
Zhonggeng Value flexible holdings have also changed a lot, and 7 of the top ten heavy positions have been replaced (the top ten positions account for 31.93%).
newcomers include Xinhua Medical, Shenhuo Co., Ltd., Sichuan Yi Co., Ltd., Poly Development , Yongmaotai, Kanghua Bio, and Yunao Co., Ltd.
Data source: Choice
This fund directly bought Xinhua Medical, a medical device, into the largest heavy position, but everyone should pay attention to this fund's top ten holdings account for only 31.93%, so the undisclosed waist holdings also have a great impact on the net value of the fund.
Judging from the layout of the top ten heavy positions, pharmaceutical, biological, non-ferrous metals and other industries are the key layout directions of this fund.
This fund has relatively scattered positions and relatively strong ability to control drawdowns. It is the best-performing fund under Qiu Dongrong in the third quarter.
Data source: Choice
, Zhonggeng Value Quality One-year Holding Period Mixed Positions
This fund is a bit special, and it needs to be closed for one year to buy. The top ten heavy positions have relatively small changes (the top ten positions account for 56.81%), and the overlap with Zhonggeng Value Leadership, the largest managed by Qiu Dongrong.
new top ten heavy positions include Shenhuo Co., Ltd., Chihong Zinc and Germanium, Yuexiu Real Estate, and Sunong Bank, which also significantly reduced their holdings in Meituan and Kuaishou.
Data source: Choice
The top three allocation industries of this fund are non-ferrous metals, real estate, and petrochemicals. If you only look at the top ten heavy positions, you can basically regard this fund as a small-scale Zhonggeng Value Leader.
Data source: Choice
0 This is what it means to change the position. After analyzing the position, you will look at the net value trend and you will find that the quality of Zhonggeng Value Leadership and Zhonggeng Value is obviously converging. This is the meaning of looking at the position data.
3. Read Qiu Dongrong’s “small composition” carefully. As a representative of the value of small-caps, Qiu Dongrong is deeply loved by institutional investors. He also used his strength to prove the effectiveness of his strategy in in the A-share market.
For such a fund manager, his outlook on the market is worth our careful reading. Lao K marks the key points for everyone.
1. It explains the reason why management products maintain a high position . Equity assets valuation is at an absolute bottom position, which is an opportunity for systemic allocation.
2. It proposed where to be cautious. While seeing the opportunity, Qiu Dongrong also proposed that some market growth stocks have been adjusted, and their valuations are still unreasonable and are at a high level. It reminds everyone to pay attention to risks.
3. Directly write down the direction of future focus in detail. Lao K will list the key points here. Those who are interested can read the detailed third quarter report.
(1), small and medium-sized growth stocks and value stocks. We adhere to three standards, namely demand growth, supply contraction, and industry leaders, and discover truly low-valuation small-cap growth stocks and small-cap value stocks, such as pharmaceutical manufacturing, non-ferrous metal processing, electrical equipment and new energy, computers, machinery, chemicals, electronics, light industry, automobiles, etc.
(2), energy and resource companies and their downstream production capacity. The logic of configuration is mainly due to unstable factors in both domestic and foreign demand in the third quarter, but the fundamentals of domestic should not be pessimistic at the bottom. Domestic stable growth is indeed making efforts, domestic demand for energy and resources is recovering, and prices stabilize after a significant adjustment.
(3), finance, real estate, etc. in large-cap value stocks. The allocation logic lies in the fact that the valuations of finance and real estate are basically at historical lows and have good returns potential.
(4), value stocks represented by resources and energy in Hong Kong stocks, some Internet stocks and pharmaceutical technology growth stocks. The main reason for the optimistic view is that the valuation is cheap.
A change can be seen from the interim report of Biqiu Dongrong's Zhonggeng Value Leader. The interim report of Hong Kong stocks was mentioned in the first article, but the third quarter report was not the case. From the holdings, it can be seen that Qiu Dongrong's mentality has changed. He is reducing his positions in Meituan and Kuaishou.
daily update investment information, welcome to continue to follow ~
Disclaimer: The remarks posted on this account only represent personal opinions and cannot be used as a basis for buying and selling. The market is risky, so investment should be cautious. The past performance of funds and fund portfolios cannot predict their future performance. Please read relevant legal documents and risk disclosure books to make rational investments based on your own risk tolerance. #Talk about stocks and funds# #Fund# #A shares#
