The Paper reporter Ge Jia
html On August 25, Qiu Dongrong, deputy general manager and chief investment officer of Zhonggeng Fund, which has outstanding performance this year, disclosed its 2022 interim report, and its hidden heavyweight stocks were also released.From the perspective of holdings , taking Zhonggeng Value Navigation, which has the largest management scale under Qiu Dongrong's management, as an example, there are many "new faces" in the invisible heavyweight stocks of the fund's interim report. Compared with the end of 2021, 7 new stocks were added in the first half of this year. stocks , there is no shortage of resources, energy and consumer electronics stocks.
Coal stocks have increased and decreased
Specifically, Transsion Holdings (688036.SH), Wangneng Environment (002034.SZ), Chihong Zinc Germanium (600497.SH), Guanghui Energy ( 600256.SH) The ratio of the fund’s stock market value to the fund’s net value All are above 2%, ranking 11th to 14th respectively; Walter Dyne (000915.SZ), Yuexiu Real Estate (00123.HK), Nanshan Aluminum (600219.SH) , Topband Co., Ltd. (002139.SZ), Liuyao Group (603368.SH), and Yongyi Co., Ltd. (603600.SH) ranked 15th to 20th among the top holdings.
Among them, the "King of African Mobile Phones" - Transsion Holdings, non-ferrous metal smelting company - Chihong Zinc and Germanium, coal, coal chemical, and petroleum production company - Guanghui Energy, and children's health care drug production and sales company - Huatedyne, Hong Kong stock real estate company - Yuexiu Real Estate, aluminum products manufacturer - Nanshan Aluminum, and intelligent control solution provider - Topband Co., Ltd. are all new companies on the mid-year report.
In addition, Wangneng Environment, a waste incineration power generation company, received a large increase in Qiu Dongrong's position. He also slightly increased his position in Liuyao Group.
Zhonggeng Value Vanguard Fund’s top 20 stock holding details in the interim report, source: Fund announcement
On the other hand, it is not difficult to find from all the shareholding details disclosed in the interim report that many Hong Kong Internet stocks were Zhonggeng Value Leader sold heavily. The cumulative sales amount of Meituan -W (03690.HK), Kuaishou-W (01024.HK), and China Mobile (00941.HK) exceeded the fund's net asset value at the beginning of the period by 17%.
In addition, coal production company Yankuang Energy (01171.HK) and Orchid Kechuang (600123.SH), which uses coal as raw material for fertilizer and chemical production, were also sold sharply by Zhonggeng Value Leader.
Zhonggeng Value Leader’s cumulative sales amount in the first half of the year exceeded 2% of the fund’s net asset value at the beginning of the period, including Guanghui Energy, China National Offshore Oil Corporation (00883.HK), Gemdale Group (600383.SH), and FAW Fuwei (600742. SH), Jeju Pharmaceutical (600566.SH), Tongkun Holdings (601233.SH), China Hongqiao (0137 8.HK), Bank of Chengdu (601838.SH), China Pacific Insurance (601601.SH), Zitian Technology (300280.SZ), Qianjin Pharmaceutical (600479.SH), China Overseas Development (00688.HK), Ordos (600295.SH), Changshu Bank (601128.SH), Zhongbing Hongjian (000519.SZ). In terms of
product performance, as of the end of June, the net value of Zhonggeng Value Pilot fund share was 2.46 yuan. The growth rate of the fund share net value in the first half of the year was 13.48%, and the benchmark return rate for the same period was -5.57%.
Focus on four investment directions in the future
Looking back on the first half of 2022, Qiu Dongrong said that based on the low valuation value investment strategy, a cost-effective investment portfolio will be constructed from various aspects such as asset allocation, industry allocation and individual stock portfolio. 1. Based on the asset allocation strategy of equity risk premium , a relatively high allocation ratio of equity assets is maintained. The valuation of Hong Kong stocks is at the absolute bottom, and there are systemic opportunities to increase the allocation ratio of Hong Kong stocks to the upper limit. 2. Continue to optimize the portfolio from the industry and individual stock levels, and actively allocate companies with low risks, low valuations, and sustained growth from the bottom up. At the same time, industry risks and style risks are relatively dispersed. The focus is on stocks related to petrochemicals, non-ferrous metals, media, chemicals, coal, consumer services, light industry, real estate, banking and other industries.
Looking forward to the future, Qiu Dongrong pointed out that China’s “steady growth” and global “anti-inflation” are the most important macro backgrounds at present. Credit interest rates and abundant supply both point to broad credit, and it will take time to realize the effect of the policy, and fundamental risks will continue to decrease. Domestic exports declined but continued to exceed expectations.
From the perspective of risk premium , Qiu Dongrong said that the current risk premium level of CSI 800 is higher than 0.5 times the standard deviation above the historical average level, and the implied return level of equity assets remains high, and the allocation of equity assets is dominant. But at the same time, he is still very concerned about the contradiction between structural overestimation and underestimation in the A-share market, because in the current era of high uncertainty, it is extremely difficult to distinguish between reasonable high valuations and mistakenly low valuations. Correspondingly, Whether it falls into the trap of low valuation or is blindly optimistic about high valuation, it will have to pay a heavy price. Therefore, once he considers the source of excess returns, he is willing to buy and stick to companies with low valuations, low risks and sustained growth, in order to obtain considerable excess returns.
"In terms of investment ideas in the future market, we adhere to the low-valuation value investment strategy, and build a cost-effective investment portfolio by selecting stocks with low fundamental risks, positive profit growth, and cheap valuations, and strive to obtain sustainable excess Specifically, Qiu Dongrong said that he would focus on four investment directions: first, value stocks represented by resources and energy in Hong Kong stocks, some Internet stocks and pharmaceutical technology growth stocks. Second, finance, real estate, etc. among the large-cap value stocks. 3. Energy and resource companies and their downstream production capacity. Fourth, segmented leading companies with unique competitive advantages in the broad manufacturing industry.
Editor in charge: Wang Jie Picture editor: Jiang Lidong
Proofreading: Ding Xiao
