China Times (www.chinatimes.net.cn) reporter Hu Jinhua trainee reporter Geng Qian Shanghai reported that the second quarter report of the
fund has been fully disclosed, and the top ten holdings of stocks by the "top players" have become the focus of investors. As the fund's semi-annual report kicks off, the hidden heavyweight stocks that rank 11-20 in net asset value of the fund have become sought after.
html On August 25, after HSBC Jintrust Fund announced the semi-annual report results of its funds, Zhonggeng Fund and Ruiyuan Fund also disclosed the semi-annual reports of their funds. The invisible heavyweight holdings of star fund managers such as Fu Pengbo, Qiu Dongrong, and Lu Bin in the first half of the year Make it public.researcher at the Star Map Financial Research Institute Luo You told a reporter from the " China Times " that except for a few natural reasons due to the rapid rise and fall of stock prices during the reporting period, the invisible heavyweight stocks mainly come from the transfer of the top ten heavyweight stocks, or The gradual buying from fund managers reflects to a certain extent how optimistic the fund managers are about the stock. However, since the disclosure of this information lags behind in timeliness, the market conditions may have changed significantly after the disclosure. Therefore, investors are not recommended to blindly "copy the work." Investors can use the "purity" of the fund, changes in positions, industry or sector trends, etc. as a reference to choose a fund investment that suits them.
Fu Pengbo increases investment in coal and new energy
html On August 25, Ruiyuan Fund, which has been established for 4 years, announced the interim reports of three of its products. The report shows that as of June 30, the total scale of the company's products under management was 59.328 billion yuan, of which Ruiyuan Growth Value Mix managed by Fu Pengbo and Zhu Lin accounted for "half the sky", with the latest scale being 32.489 billion yuan.At the same time, Fu Pengbo, who has won four "Star Fund" and five "Golden Bull Fund" awards, has also made public his hidden heavy holdings. According to the report, Fu Pengbo’s Ruiyuan Growth Value Mixed Net Asset Value ranked 11th to 20th in the invisible heavyweight stocks, namely Leading Intelligent , Han’s Laser , Weining Health, New Zhoubang , and Sannuo Biotech. , Smore International, Jinkong Coal Industry, Jinbo Co., Ltd., Guanghetong and Guanghui Energy .
Ruiyuan Growth Value Mix invisible heavyweight stocks in the first half of 2022
Among them, compared with the end of 2021, Jinkong Coal Industry, Guanghui Energy, and New Energy Sector, which belong to the coal sector Jinbo shares of are the new stocks . The latest shareholdings are 41.4651 million shares, 64.6138 million shares and 2.3868 million shares respectively. The market values are 736 million yuan, 681 million yuan and 703 million yuan respectively.
It is worth noting that in the second quarter, Fu Pengbo vigorously increased his holdings in the coal and new energy sectors. New energy vehicle stocks Geely Automobile became the top ten newly added heavyweight stocks of the fund in the second quarter. In the first half of the year, the company vigorously purchased Jinbo shares, which increased its shareholding by 3025.43% compared to the end of last year.
From the stock price point of view, the new entrants Jinkong Coal Industry and Guanghui Energy performed well. As of August 26, the share prices of the above two stocks in the first half of the year had increased by 89.62% and 121.79% respectively.
Generally speaking, in the first half of the year, Ruiyuan's growth value mix focused on sectors such as TMT, chemicals, new energy, medicine and building materials, and always maintained a high position . The top ten key holding stocks account for more than 40%, and the top twenty key holding stocks account for more than 65%. The concentration of key companies is relatively high.
Fu Pengbo said in the first half report that in the future, the domestic economy will remain strong and resilient, and the economy will recover and stabilize after the epidemic, but the subsequent operation remains to be seen, and structural inflationary pressure may increase. "Looking forward to the second half of the year, dynamic adjustment and optimization of portfolios are always the focus of operations. In the future, we will comprehensively examine the medium and long-term growth capabilities of candidate companies, the barriers and advantages of competition, the certainty of performance realization, as well as the aggressiveness of management and internal execution capabilities, etc. factors, evaluated using various valuation tools The company's valuation level. After the interim report is disclosed, we will continue to explore investment opportunities, especially companies whose operations are still resilient despite the impact of the epidemic. At the same time, we will adjust companies whose business has been greatly affected by the economic impact and eliminate those companies whose operating conditions are not in line with expectations. The company strives to control fluctuations in net worth."
Qiu Dongrong buys and buys vigorously, and is more optimistic about the value of Hong Kong stocks
html On August 25, Zhong Geng Fund, which was established four years ago, announced the interim report of five of its products. The report showed that as of June 30, the company was under management The total scale of 5 products is 342.56 billion, among which Qiu Dongrong alone manages Zhonggeng Value Navigation, Zhonggeng Small Cap Value, Zhonggeng Value Flexible Allocation, and Zhonggeng Value Quality. He holds 4 funds in a year, with the latest scale of 29.201 billion yuan, occupying the largest share of Zhonggeng Funds. Product scale exceeds 85%.Wind data shows that Qiu Dongrong’s management years are In 7.3 years, it has won 15 authoritative awards such as "Golden Bull Fund Manager" and "Senior Fund Manager", with an average annual return of 34.01% and a return of 142.58%. This interim report not only disclosed its investment strategy in the first half of the year, but also its hidden heavy positions. The shares were also disclosed.
takes Zhonggeng Value Navigation, which has the highest management scale, as an example. According to the report, The hidden heavyweight stocks ranked 11th to 20th in the net asset value of Zhonggeng Value Navigation are Transsion Holdings , Wangneng Environment, Chihong Zinc Germanium , Guanghui Energy, Huatedyne, Yuexiu Real Estate , Nanshan Compared with the end of 2021, Aluminum Industry, Topband Group, Liuyao Group, and Yongyi Group. All invisible heavyweight stocks have been replaced.
Zhonggeng Value Leader’s hidden heavyweight stocks in the first half of 2022
Among them, Liuyao Group and Yongyi Holdings, ranked 19th and 20th, are the top ten heavyweight stocks of Zhonggeng Value Leader at the end of 2021. , ranked 6th and 7th respectively , the number of their holdings has changed slightly, and the fund's holdings of Yongyi shares have remained unchanged.
This also shows that Qiu Dongrong bought a large number of stocks in the first half of this year. The mid-term report data shows that Transsion Holdings and Wang. The positions held by Energy Environment, Chihong Zinc and Germanium, and Guanghui Energy are 4.3503 million shares and 17.1479 million shares respectively. , 67.6073 million shares, and 32.2972 million shares. The above four stocks accounted for more than 2% of the fund’s net value.
From the perspective of holder structure, as of June 30, the holding ratio of Zhonggeng Value Leader was 61.56%. , the proportion of individual holdings was 38.44%, while the proportion of institutional holdings in the same period last year was 50 .12%, and the individual holding ratio is 49.88%. Institutional investors are more optimistic about the future potential. Generally speaking, Qiu Dongrong maintained a relatively high allocation ratio of equity assets and increased the allocation ratio of Hong Kong stocks to the upper limit. And at the individual stock level, the focus is on petrochemicals, nonferrous metals, and media. , chemical industry, coal, consumer services, light industry, real estate, banking and other industry-related stocks.
Looking forward to the market outlook, Qiu Dongrong still adheres to the low valuation value investment strategy by selecting low fundamental risks, positive profit growth, and cheap valuations. individual stocks to build a cost-effective investment portfolio and strive to obtain sustainable excess returns. He mentioned in the interim report that he will pay more attention to four investment directions in the future: value stocks represented by resources and energy in Hong Kong stocks, some Internet stocks and pharmaceutical technology growth stocks; finance, real estate, etc. among large-cap value stocks; energy, resources Category companies and their downstream production capacity; segmented leading companies with unique competitive advantages in the broad manufacturing industry.
Lu Bin added weight to CXO
Earlier, HSBC Jintrust Fund announced the interim reports of three of its products, and was the first fund company to disclose interim reports. Among them, HSBC Jintrust Low Carbon Pioneer and HSBC Jintrust Dynamic Strategy Mix are both products of Lu Bin. According to management scale data as of the end of the second quarter, Lu Bin’s latest product scale under management is 31.9 billion yuan, while the total management scale of HSBC Jintrust’s funds is nearly 56 billion yuan. Data from
Wind shows that Lu Bin has been in management for 3.3 years and manages 7 public funds, with an average annual return of 61.12% and a return of 305.45% during his tenure. This interim report not only disclosed its investment strategy for the first half of the year, but its hidden heavyweight stocks were also made public.
takes its representative work HSBC Jinxin Dynamic Strategy as an example. Its 11th to 20th largest holdings in the first half of 2022 are Hangke Technology , Perfect World , Awinic Electronics, Alyin , and Four Dimensions. Tuxin , WuXi AppTec , Hengyi Petrochemical , Dongfangtong, UFIDA and Zhongwang Software.
Compared with the end of 2021, the list of invisible heavyweight stocks of new funds such as Asymchem and WuXi AppTec is on the list.Hangke Technology, Perfect World, Awinic, NavInfo, Oriental Communications, UFIDA Network and ZW Software are newly purchased stocks. Among them, Oriental Communications increased its holdings by 1002.9% compared to the end of last year. The number of shares held by Hengyi Petrochemical remained unchanged from the end of last year.
HSBC Jinxin Dynamic Strategy Hidden Heavy Holding Stocks in the First Half of 2022
Overall, Lu Bin maintained an appropriate balance of industry allocation in the first half of the year, focusing on selecting industries with improved expectations for future profits and medium-term net asset return expected to remain stable. and individual stocks, focusing on industries such as finance, technology and high-end manufacturing.
In the disclosed 2022 fund interim report, Lu Bin shared his latest views on the market. He said that as the domestic economic fundamentals continue to recover, corporate production and operations continue to recover, revenue and profit growth will improve, policies to stabilize the economy will continue to be effective, and the macro environment will be more favorable to the performance of the equity market. Under the trend of China's economic structural transformation, industrial upgrading and technological innovation, more and more high-quality growth industries and companies have experienced explosive growth in industrial demand, increased global market share, increased volume of new products or substitution of domestically produced products, and the overall industry space has declined. Larger, the company's competitiveness is increasingly strengthened, and it is expected to achieve a faster compound growth rate in the next few years. This general trend will not change with the fluctuations of the short-term capital market.
Although the hidden heavy holdings of star fund managers have certain reference value, they cannot be used as a template for investors to copy their homework. Luo You told a reporter from the China Times that invisible heavyweight stocks represent fund managers’ views on the current prospects of some industries. It can only be said that holding stocks in the industry or a certain stock proves that the fund manager has fully researched and conducted research before holding it. Being optimistic about an industry or company at that time does not represent the future. This kind of information is only disclosed in the interim report and annual report, which lags behind in timeliness. If investors blindly follow this to "copy the work of fund managers", the market conditions may have undergone major changes. From the reference The value may not be as great as imagined.
Regarding invisible heavyweight stocks, Luo You suggested that ordinary investors can look at them from three aspects. "First of all, investors can judge the 'purity' of a fund through invisible heavy holdings. For example, theme funds, industry funds, etc. need to invest most of their funds in the theme industry of concern. If stocks in other themes or industries become invisible, If there are heavy holdings of stocks, it means that the purity of the fund is lacking and investors need to pay attention; secondly, by comparing the changes in the positions of fund managers in invisible heavy holdings of stocks over a period of time, we can understand its Investment tendencies; finally, investors can also use the fund manager’s actions on industry and sector trends, individual stock positions, etc. as an investment reference.”
Luo You reminded that investors should remain rational when referring to the hidden heavyweight stocks of star fund managers. , based on understanding the fund manager’s evaluation and research on various factors such as sectors, overall market conditions, market sentiment, and macro impacts, and comprehensively choose funds that suit you.
