Today, many products under Ruiyuan Fund disclosed their 2022 interim reports, and the hidden heavyweights of star funds such as Fu Pengbo, Zhao Feng, and Rao Gang were also revealed.
The so-called invisible heavyweight stocks are the stocks ranked 11th to 20th among all the stock investment details of the fund ranked according to the proportion of fair value to the fund's net asset value at the end of the period. Specifically, the Ruiyuan growth value shared by Fu Pengbo and Zhu Lin increased their exposure to the coal sector in the first half of the year. Compared with the end of 2021, Jinkong Coal and Guanghui Energy have newly entered the ranks of invisible heavyweight stocks. In addition, Jinbo shares also Get big buys.
The semi-annual report of Ruiyuan Balanced Value, which is managed by Zhao Feng and Ai Jing, has been held for three years. According to the semi-annual report, as of the end of the first half of this year, Industrial Bank was cleared, Sany Heavy Industry , Taihe New Materials were newly added to the fund It holds a position in and is a hidden heavyweight. In their view, portfolio investment in in the second half of the year is still troubled by fundamental factors. In the second half of the year, the A-share market is likely to experience volatile indexes and active individual stocks. It will be a big challenge for the portfolio to obtain excess returns.
As of the end of the first half of 2022, Ruiyuan Wenjin Allocation, jointly managed by Rao Gang and Mao Chengxue, has held invisible heavyweight stocks for two years, including Wanhua Chemical , Baosteel Co., Ltd. , Weiming Environmental Protection, Weir Holdings, Tencent Holdings, Sany Heavy Industry, Meituan -W, Smore International, Han's Laser , Huafeng Chemical. Looking forward to the second half of the year, they believe that the risks in the A-share market as a whole are relatively limited.
In their view, under the background of a new round of energy revolution and information revolution , new energy, electric vehicles, semiconductor localization and other fields are expected to become important "engines" leading this round of industrial waves. China's manufacturing industry High-endization and consumption upgrading will be important themes for future investment.
Fu Pengbo: Overweight the coal sector
Judging from Ruiyuan’s semi-annual report on growth value, its views are basically consistent with the previous second quarter report. However, Fu Pengbo and Zhu Lin pointed out in the semi-annual report that competition barriers and advantages are also one of the factors they consider when examining alternative companies. At the same time, after the disclosure of listed companies, they not only have to adjust companies whose business has been greatly affected by the economy, but also eliminate companies whose operating conditions are not in line with expectations. Specific to the shareholding situation of
, the previous second quarter report of 2022 showed that pioneer Intelligence, Han's Laser, and Weining Health were withdrawn from the top ten holdings of the fund. The semi-annual report shows that these three stocks are still hidden heavyweights in Ruiyuan's growth value, ranking 11th, 12th, and 13th respectively.
As of the end of the first half of 2022, Ruiyuan Growth Value’s holdings in Leading Intelligence were 22.9049 million shares, an increase of 3 from 19.4153 million shares at the end of the first quarter. 489,600 shares; Han’s Laser holds 28,142,800 shares, a decrease of 40,000 shares from 28,182,800 shares at the end of the previous quarter; Weining Health holds 105 million shares, which remains unchanged compared to the previous quarter .
In addition, Fu Pengbo also increased his exposure to the coal sector in the first half of the year. Compared with the end of 2021, Ruiyuan Growth Value's holdings have added two new stocks, including Jinkong Coal and Guanghui Energy, which are the 17th and 20th largest holdings respectively. The number of shares held is 41.4651 million shares and 64.6138 million shares respectively. .
Ruiyuan Growth Value The 11th to 20th largest holdings at the end of the first half of 2022
Jinbo shares were also bought heavily in the first half of the year, becoming one of the fund's invisible heavy holdings. As of the end of the first half of 2022, Ruiyuan Growth Value held 2,386,800 shares of Jinbo, an increase of 2,310,400 shares from the 76,400 shares at the end of 2021. Judging from the cumulative purchase amount exceeding 2% of the opening net asset value or the top 20 stocks, Fu Pengbo’s cumulative purchase amount in Jinbo shares in the first half of the year was approximately 700 million yuan.
In addition to large-scale purchases, Ruiyuan Fund appeared in the latest round of private placement of Jinbo shares. On August 2, Jinbo Shares announced that the 11,629,685 new shares issued in this issuance had completed the share registration procedures at China Securities Depository and Clearing Co., Ltd. Shanghai Branch on July 28, 2022. In this issuance, Ruiyuan Fund was allocated 2.7735 million shares, with an allocation amount of 740 million yuan.
After this private placement, Ruiyuan Growth Value became the third largest shareholder of the stock, holding 3.6634 million shares, including 2.0614 million restricted shares.
Zhao Feng: The second half of the year is likely to be a period of index fluctuations and active individual stocks
Ruiyuan Balanced Value, managed by Zhao Feng and Ai Jing, has been held for three years. The semi-annual report shows that it has retreated from the top ten heavy holdings at the end of the first quarter. The China Resources Beer released has become the fund's invisible heavyweight holding, ranking 12th, with 9.346 million shares held, a reduction of 4.936 million shares from the end of the first quarter, a reduction of 34.56%. Industrial Bank was liquidated in the second quarter.
In addition, compared with the end of 2021, Sany Heavy Industry and Taihe New Materials entered Ruiyuan Balanced Value's three-year holdings at the end of the first half of this year, and became the fund's invisible heavyweight stocks, ranking 13th and 13th respectively. No. 19, holding 19 million shares and 13.4999 million shares respectively. In fact, Sany Heavy Industry was bought for a total of 569 million yuan and sold for a total of 958 million yuan in 2021. However, as of the end of the same year, the stock had been cleared.
Ruiyuan's balanced value has been held for three years, and the 11th to 20th largest holdings at the end of the first half of 2022
In the semi-annual report, Zhao Feng and Ai Jing said that since the establishment of the fund, it has always adopted balanced allocation and bottom-up The method structure portfolio is more diversified in industry allocation. Under the influence of stable macroeconomic growth and mean reversion power, the risk and return of the portfolio will be better balanced, and the long-term and short-term returns will be relatively stable.
“However, in the past two years or so, with the impact of multiple factors such as the slowdown in domestic economic growth and the increase in industry regulatory measures, intensified competition between China and the United States, turbulent foreign geopolitical situations, and the replacement of old and new energy sources, macroeconomic and industry fundamentals have become more volatile. "The trend of mean reversion has been greatly disturbed." They believe that this has caused investors to concentrate their investment in a few industries with good prosperity, while most industries continue to perform poorly due to lackluster performance.
In their view, portfolio investment in the second half of the year will still face fundamental factors. At present, there is a lack of trend investment opportunities in the second half of the year, but the probability of systemic risks in the market is also low. In the second half of the year, the A-share market is likely to be a situation where indexes fluctuate and individual stocks are active. There is a greater risk for portfolios to obtain excess returns. challenge.
"After more than two years of structural differentiation, valuation differences are evident in industries with different growth expectations. If prosperous industries cannot further increase valuations through higher-than-expected growth, their return levels have dropped significantly; most of the industries with poor prosperity have Although the industry's valuation is at a historically low level, if demand is unlikely to pick up in the short term, investors will need to wait longer for earnings and valuations to recover. "They also mentioned that the current overall market valuation is at a historically low level. Quantile value, the expectation of weak future earnings has been reflected to a certain extent.
In addition, regarding their own operations, they said that in the past few years, the effectiveness of the A-share market has greatly improved. The main reasons are improved research capabilities, more transparent company information disclosure, and investors are more value-rational. In addition, companies are building competition. The elements of barriers are rapidly iterating, and the competitiveness of enterprises in the future will be more reflected in comprehensive capabilities without shortcomings.
This makes it more difficult for investors to obtain excess returns in the future. It especially tests the depth of investors' understanding of the company and industry, and requires investors to defeat the market by improving the accuracy of decision-making over a longer period. "For us, there is no one-size-fits-all solution. We must consolidate our advantages, continue to learn and evolve, and constantly adapt to new social changes."
Rao Gang: The overall risk of the A-share market is relatively limited in the second half of the year
The 2022 semi-annual report of Ruiyuan Wenjin Allocation, which is jointly managed by Rao Gang and Mao Chengxue, shows that as of the end of the first half of this year, Hikvision has Not among the fund's holdings, the stock was previously one of the top ten holdings at the end of the first quarter.
Overall, the fund's invisible heavyweight stocks are Wanhua Chemical, Baosteel Co., Ltd., Weiming Environmental Protection, Weir Co., Ltd., Tencent Holdings, Sany Heavy Industry, Meituan-W, Smore International, Han's Laser, and Huafon Chemical .
Ruiyuan Wenjin allocated two years to hold the 11th to 20th largest holdings at the end of the first half of 2022.
Looking back on the fund’s operation for more than half a year since its establishment, Rao Gang and Mao Chengxue said that the investment strategy is based on multi-asset synergy. After comprehensively evaluating the risk-return ratio of stocks, pure bonds and convertible bonds, we gradually established a position in Ruiyuan Stable Jin for two years and maintained a relatively high equity position position . The proportion of Hong Kong stocks allocation is also within the contracted range. within a higher level.
In terms of position holding style, in the first quarter, the fund mainly allocated value stocks with lower valuations and relatively stable competitive landscape. After that, after a significant correction in growth stocks, they gradually increased the allocation proportion to high-quality growth stocks. As of the first half of the year, the style configuration is relatively balanced. In addition, based on the macro-background of greater uncertainty in the economic environment at home and abroad this year, we have mainly deployed large-cap stocks with strong risk resistance at the operational level, so as to minimize the risk of lower-than-expected performance. In terms of
convertible bonds, considering that the premium rate of the overall convertible bond market is still high, the fund mainly holds low-valued large-cap convertible bonds, and the overall position is still low. In terms of pure bonds, it mainly allocates interest rate bonds and high-grade credit bonds, with duration maintained at a medium level, and hedges interest rate risks through treasury bond futures in a timely manner.
Looking forward to the second half of the year, they believe that the risks of the A-share market as a whole are relatively limited. In their view, under the background of a new round of energy revolution and information revolution, there is broad future space in many fields such as new energy, electric vehicles, and semiconductor localization, and China is already at the forefront of the innovation curve in many fields. It is expected to become an important "engine" leading this round of industrial waves, and the resulting improvement in the status of the global value chain will also be the general trend.
"Against the backdrop of economic transformation and long-term growth slowing down, we believe that the high-endization of China's manufacturing industry and consumption upgrading will be important themes for future investment," they said.
(Source of the article: Financial Associated Press)
[For submissions and regional cooperation, please email Information Newspaper 3469887933#qq.com to reply within 24 hours. 】
Zhao Feng: The second half of the year is likely to be a period of index fluctuations and active individual stocks
Ruiyuan Balanced Value, managed by Zhao Feng and Ai Jing, has been held for three years. The semi-annual report shows that it has retreated from the top ten heavy holdings at the end of the first quarter. The China Resources Beer released has become the fund's invisible heavyweight holding, ranking 12th, with 9.346 million shares held, a reduction of 4.936 million shares from the end of the first quarter, a reduction of 34.56%. Industrial Bank was liquidated in the second quarter.
In addition, compared with the end of 2021, Sany Heavy Industry and Taihe New Materials entered Ruiyuan Balanced Value's three-year holdings at the end of the first half of this year, and became the fund's invisible heavyweight stocks, ranking 13th and 13th respectively. No. 19, holding 19 million shares and 13.4999 million shares respectively. In fact, Sany Heavy Industry was bought for a total of 569 million yuan and sold for a total of 958 million yuan in 2021. However, as of the end of the same year, the stock had been cleared.
Ruiyuan's balanced value has been held for three years, and the 11th to 20th largest holdings at the end of the first half of 2022
In the semi-annual report, Zhao Feng and Ai Jing said that since the establishment of the fund, it has always adopted balanced allocation and bottom-up The method structure portfolio is more diversified in industry allocation. Under the influence of stable macroeconomic growth and mean reversion power, the risk and return of the portfolio will be better balanced, and the long-term and short-term returns will be relatively stable.
“However, in the past two years or so, with the impact of multiple factors such as the slowdown in domestic economic growth and the increase in industry regulatory measures, intensified competition between China and the United States, turbulent foreign geopolitical situations, and the replacement of old and new energy sources, macroeconomic and industry fundamentals have become more volatile. "The trend of mean reversion has been greatly disturbed." They believe that this has caused investors to concentrate their investment in a few industries with good prosperity, while most industries continue to perform poorly due to lackluster performance.
In their view, portfolio investment in the second half of the year will still face fundamental factors. At present, there is a lack of trend investment opportunities in the second half of the year, but the probability of systemic risks in the market is also low. In the second half of the year, the A-share market is likely to be a situation where indexes fluctuate and individual stocks are active. There is a greater risk for portfolios to obtain excess returns. challenge.
"After more than two years of structural differentiation, valuation differences are evident in industries with different growth expectations. If prosperous industries cannot further increase valuations through higher-than-expected growth, their return levels have dropped significantly; most of the industries with poor prosperity have Although the industry's valuation is at a historically low level, if demand is unlikely to pick up in the short term, investors will need to wait longer for earnings and valuations to recover. "They also mentioned that the current overall market valuation is at a historically low level. Quantile value, the expectation of weak future earnings has been reflected to a certain extent.
In addition, regarding their own operations, they said that in the past few years, the effectiveness of the A-share market has greatly improved. The main reasons are improved research capabilities, more transparent company information disclosure, and investors are more value-rational. In addition, companies are building competition. The elements of barriers are rapidly iterating, and the competitiveness of enterprises in the future will be more reflected in comprehensive capabilities without shortcomings.
This makes it more difficult for investors to obtain excess returns in the future. It especially tests the depth of investors' understanding of the company and industry, and requires investors to defeat the market by improving the accuracy of decision-making over a longer period. "For us, there is no one-size-fits-all solution. We must consolidate our advantages, continue to learn and evolve, and constantly adapt to new social changes."
Rao Gang: The overall risk of the A-share market is relatively limited in the second half of the year
The 2022 semi-annual report of Ruiyuan Wenjin Allocation, which is jointly managed by Rao Gang and Mao Chengxue, shows that as of the end of the first half of this year, Hikvision has Not among the fund's holdings, the stock was previously one of the top ten holdings at the end of the first quarter.
Overall, the fund's invisible heavyweight stocks are Wanhua Chemical, Baosteel Co., Ltd., Weiming Environmental Protection, Weir Co., Ltd., Tencent Holdings, Sany Heavy Industry, Meituan-W, Smore International, Han's Laser, and Huafon Chemical .
Ruiyuan Wenjin allocated two years to hold the 11th to 20th largest holdings at the end of the first half of 2022.
Looking back on the fund’s operation for more than half a year since its establishment, Rao Gang and Mao Chengxue said that the investment strategy is based on multi-asset synergy. After comprehensively evaluating the risk-return ratio of stocks, pure bonds and convertible bonds, we gradually established a position in Ruiyuan Stable Jin for two years and maintained a relatively high equity position position . The proportion of Hong Kong stocks allocation is also within the contracted range. within a higher level.
In terms of position holding style, in the first quarter, the fund mainly allocated value stocks with lower valuations and relatively stable competitive landscape. After that, after a significant correction in growth stocks, they gradually increased the allocation proportion to high-quality growth stocks. As of the first half of the year, the style configuration is relatively balanced. In addition, based on the macro-background of greater uncertainty in the economic environment at home and abroad this year, we have mainly deployed large-cap stocks with strong risk resistance at the operational level, so as to minimize the risk of lower-than-expected performance. In terms of
convertible bonds, considering that the premium rate of the overall convertible bond market is still high, the fund mainly holds low-valued large-cap convertible bonds, and the overall position is still low. In terms of pure bonds, it mainly allocates interest rate bonds and high-grade credit bonds, with duration maintained at a medium level, and hedges interest rate risks through treasury bond futures in a timely manner.
Looking forward to the second half of the year, they believe that the risks of the A-share market as a whole are relatively limited. In their view, under the background of a new round of energy revolution and information revolution, there is broad future space in many fields such as new energy, electric vehicles, and semiconductor localization, and China is already at the forefront of the innovation curve in many fields. It is expected to become an important "engine" leading this round of industrial waves, and the resulting improvement in the status of the global value chain will also be the general trend.
"Against the backdrop of economic transformation and long-term growth slowing down, we believe that the high-endization of China's manufacturing industry and consumption upgrading will be important themes for future investment," they said.
(Source of the article: Financial Associated Press)
[For submissions and regional cooperation, please email Information Newspaper 3469887933#qq.com to reply within 24 hours. 】
