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nginx/1.6.1Financial Sector Fund September 2 News Yinhua Tongli Selected Hybrid Securities Investment Fund (abbreviation: Yinhua Tongli Selected Hybrid, code 009394) net value fell 2.76% on August 31, causing Investors pay attention. The current net value of fund unit is 0.9217 yuan, and the cumulative net value is 0.9217 yuan.
Yinhua Tongli Selected Hybrid Fund has earned -7.83% since its establishment, -2.68% since this year, 3.99% in the past month, and 0.68% in the past year.
This fund has distributed 0 dividends since its establishment, with a cumulative dividend amount of 0 billion yuan. The fund is currently open for subscription. The fund manager of
is Liu Hui. He has managed the fund since June 16, 2020, with a return of -7.64% during his tenure.
Wang Ligang has managed the fund since April 26, 2021, with a return of -6.04% during his tenure. The latest fund periodic report of
shows that the fund holds heavy positions in Tsuen Yin Hi-Tech ( holds proportion of 8.59%), Dabeinong (position proportion of 8.42%), CNOOC (position proportion of 8.30%), Yintai Gold (position ratio 5.60%), Shengda Resources (position ratio 5.56%), China Railway (position ratio 5.06%), China Communications Construction (position ratio 5.05%), Denghai Seeds (position ratio 5.04%), China Construction (position ratio 5.00 %), Wanxiang Denong (position ratio 4.99%).
Fund Investment Strategy and Operation Analysis During the Reporting Period
In the first half of 2022, the A-share securities market as a whole was in relatively violent shocks. First, it fell without confidence, and then in May and later, there was a sharp decline. Bottom rebound trend. Although the process was complicated, various style indexes eventually closed with a certain degree of decline. Among them, the Shanghai Composite Index fell by -6.63%, and the GEM Index fell by -15.41%. Specifically, the first quarter was dominated by declines, and the second quarter bottomed out after continuing to fall in April. The rebound mainly took place in May and June.
We have been cautious about high-valuation track-type assets for a long time. This conservative strategy caused us to miss the rise in new energy, semiconductors, etc. in the fourth quarter of last year, and also prevented us from incurring obvious losses in these directions in the first quarter of this year. During the second quarter when the index bottomed out and rebounded, we used the same strategy and missed the rebound in areas such as new energy and semiconductors in May and June. As a result, the relative ranking of our funds was once very high and then dropped significantly in stages. However, the overall relative ranking in the first half of the year is still relatively high.
Our combination has been adjusted to have relatively obvious characteristics of low valuation and low position. We maintain two logical threads as key supports in portfolio construction. A logical thread is the increasingly clear global inflation. We have repeatedly emphasized this line of logic in each periodic report after the second half of 2021. This stems from our continuous tracking and research on agriculture and energy, and also stems from our long-term tracking and analysis of the deep-seated contradictions in the U.S. debt structure. Research. The second logical line is that China's economy, which is at a low valuation and low position, is growing steadily. This logical line corresponds to the decline in the endogenous kinetic energy of the Chinese economy and focuses on the marginal increase in the scale of social investment that underpins the economy. This main line of logic is also consistent with our judgment that growth stocks in the market are overvalued and value stocks are undervalued. .
We still maintain a small amount of allocation in new energy, technology, and medicine, but the proportion has been reduced to a level that does not affect the overall performance of the portfolio. Because we believe that the subsequent shocks in the investment process mainly occur in growth assets. Although growth assets can always become the focus of market transactions in stages and there are always opportunities for profit, looking at the whole year, risk release and valuation return It's the main axis.
Fund performance during the reporting period
As of the end of this reporting period, the net value of the fund's shares was 0.9170 yuan; the growth rate of the fund's net value during the reporting period was -3.18%, and the performance comparison benchmark rate of return was -6.91%.
Manager’s Brief Outlook on Macroeconomic, Securities Market and Industry Trends
Regarding the market situation in the second half of 2022, we still remain vigilant that the market will experience significant fluctuations, and the investment process later in the year will be more complicated.
For growth-end assets, we generally believe that after the rise in valuations in the past two or three years, they may face their own adjustment period. In a state where static valuations are high and historical increases are large, it may be difficult to resist the downward shift in valuations in the full market equilibrium under an economic pattern of rising inflation. Of course, we cannot assess whether the rebound in May and June is the end of the overall decline or a process of the overall decline. Various possibilities may need to be considered.
As for value-end assets, we continue to believe that there may be certain investment opportunities in 2022, at least with a relative return advantage. We even believe that a considerable portion of value-end assets have completed a 15-month decline process. There may still be a test and confirmation process for the decline, but new forces belonging to the entire market are brewing. From a longer-term perspective, in the past three years, the growth track valuations have been continuously pushed up and the value direction valuations have been continuously compressed, which is creating a new imbalance. This imbalanced tension has expanded to a certain extent, both It shapes investment risks and creates new investment opportunities.
We realize that behind the global inflation problem are profound global structural distortions: the long-term excessive currency issuance in the West is the internal cause; the decline in efficiency of the industrial chain driven by anti-globalization is the driving force; and the lack of investment in traditional energy led by green energy is the trigger. These three structural factors represent the three levels of macro, meso and micro, and are endogenous and essential.
We also need to consider the trend, rhythm and subsequent impact of China’s policy of stabilizing growth. The severity of the subsequent internal and external objective environment is obvious. Inflation will compress the space for monetary means, and then fiscal means will become an important force in stabilizing the economy under certain conditions. However, whether the starting point of fiscal means is investment or consumption, it still needs to be It is observed and speculated that investment and maintaining the consumption power of low-income people will be possible means. At the same time, we have also begun to realize that if China's policy of stabilizing growth continues, it will form an opposite policy direction and policy rhythm to the main axis of Western countries' anti-inflation actions, which may lead to the formation of inflationary stickiness in a broad sense. This makes it more difficult for us to deduce the future and reminds us of the complexity of the investment process.
Specific to operations:
First of all, we will continue to maintain the agricultural configuration. The agricultural direction of the current portfolio is mainly seed industry. We believe that behind this direction is the entry of biological agriculture into China's planting and production process, which is the eve of a drastic change in the industry. In the future, leading companies will definitely experience the sweet process of continuous increase in industry concentration and . We have been waiting for this process for a long time, and the reshaping of the industrial chain by biological agriculture gives us hope. At the same time, the planting direction is consistent with our concerns about future inflation expectations.
Secondly, we will continue to strengthen the allocation of inflationary assets such as oil and gold. High oil prices will become the norm for a considerable period of time in the future. The reason lies in the three endogenous and essential structural factors mentioned above. At present, the recession expectations in Western countries have surfaced, and the international market price of commodity has dropped significantly. However, based on the three endogenous and essential structural factors mentioned above, we still believe that the resilience of energy is still there, and the development of things has its own ups and downs, and it is not the end yet. The pricing mechanism behind gold assets is relatively complex, which corresponds to the stagflation environment in Western countries and the long-term recession prospects in Western countries.
Thirdly, we will attach great importance to the direction of stable growth of infrastructure as the main line of our low-valuation and low-position varieties.
Finally, we will maintain a small allocation to a few stocks among new energy, technology stocks and pharmaceutical stocks that have strong and clear growth characteristics and low valuations. However, the estimated opportunity to increase allocation will come after another sharp shock. In fact, this year, they are a research focus for our team, but not a configuration focus.
In the time after 2022, we will think rigorously and seriously about the investment environment, market and industry, and investment ideas may be carried out in accordance with prudent ideas that consider more risks.Among them, different management ideas will be given to growth-side assets, value-side assets and inflation-type assets.
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