Dong Chengfei's first monthly report after "going to private" was released!
Half a month ago, Dong Chengfei's first private equity product attracted attention for failing to win a sharp rebound. At that time, Ruijun Asset responded directly that it was more cautious in establishing positions in new funds.
Half a month later, the first fund operation report of the related private equity fund "designated by Dong Chengfei" was officially unveiled.
Is he really too slow to build a position?
What kind of industry and investment themes will he prioritize?
How does he view this round of rise (rebound)?
What attitude does he have towards the medium-term and long-term markets respectively
In fact, Dong Chengfei's holdings operation have many "unexpected" aspects.
01 The hot private equity firm revealed the "report card"
. The news from the channel, Dong Chengfei's monthly private equity firm as of the end of June can be regarded as a monthly report or a semi-annual report.
Judging from the latest disclosed net value information, Dong Chengfei's first private equity firm has steadily survived this round of market fluctuations, and its current net value income has exceeded 1.5%. This is not easy for a private equity product with a scale of 4.5 billion.
Dong Chengfei's joining Ruijun Assets is a major event in the private equity circle this year. This private equity has gathered many well-known investors in the "Xingquan Group" - Dong Chengfei, Du Changyong, and Wang Xiaoming.
Before going to private place, Dong Chengfei served as the deputy general manager of Xingquan Fund, leading the public equity investment business. After joining Ruijun, the former "Three Musketeers of Xingquan" gathered.
Dong Chengfei's first product, Ruijun Chengfei series, began to raise funds at almost the bottom of the market in early May this year, and the final scale reached 4.5 billion yuan. The fundraising figure of
is second only to Zeng Xiaojie's 6 billion yuan in January and 5 billion yuan in July's Guan Huayu's . However, considering the difference in market popularity at the time of fundraising, Dong Chengfei's 4.5 billion yuan is full of gold content.
02 The four major types of asset allocation
may be due to style, or it may be the reason for the time of establishment (the market was already in the rebound stage when it was established). The rebound speed of the net value of Dong Chengfei's first private equity was relatively backward compared with some private equity firms that had been established for many years, which has aroused a lot of attention and discussion.
Judging from the information provided by the channel, Dong Chengfei invested his private equity assets in four directions, namely, securities investment funds (accounting for 37.48%), others (accounting for 40.17%), direct stock investment (19.74%), and convertible bonds (2.61%). The classification method of
is quite unique, making it difficult to fully grasp its true equity investment ratio.
However, from the perspective of its net value fluctuation, the securities investment funds and other types of assets he invested should have no equity in the net position . Its main equity position should be direct stock investment + convertible bonds (about 20%).
It is worth noting that using public funds to replace some bonds or cash positions is a new feature of the emergence of big-name private equity firms in recent years.
Ningquan Asset, founded by Yang Dong, a tycoon, also invested part of its assets in private equity fund in active public funds. And Dong Chengfei obviously had this idea.
03 Follow Telecom Not touching the bank
Dong Chengfei's monthly report is reportedly disclosed the investment direction of his stock assets:
Telecom services, information technology and daily consumption rank in the top three, while Dong Chengfei's very preferred bank in history has not made any configuration.
He said in his monthly report: The investment direction of related products is different from market hotspots, mainly investing in operators with high dividends, as well as some stocks , which he personally "optimistic from the bottom up from the medium and long term". The configuration of
industry also shows that among Dong Chengfei's direct investment stocks, the configuration of financial industry is "0%".
This means that as of the end of June, he did not buy banks, brokerages or insurance.
The industry generally believes that Dong Chengfei has a deep understanding of the nature of volatility of bank stocks and is also one of the few fund managers in the industry who continue to make a lot of money on bank stocks and related convertible bonds. His avoidance of finance in the middle of the year is quite intriguing at present.
04 Comment market: Directly from winter to summer
Dong Chengfei is also quite interesting about the market trends in the past two months.
Regarding the process of starting the position building in mid-to-late May, he said: The market bottomed out earlier than the local unblocking, which shows that the market has certain forward-lookingness. Because this product is a new product and has just started to operate, there is no security pad , so the mentality is naturally cautious.
Regarding the subsequent market, he said: did not expect that the market sentiment will directly switch from winter to summer . New energy vehicles and photovoltaics have become the highlight of the meso-dimensionality stimulated by domestic and foreign policies, and are frantically sought after by market funds. The two sectors of are currently close to the previous highs.
05 may be involved in "derivatives"
It is worth noting that Dong Chengfei also invested 40.17% in the "other" direction.
What exactly does "other" mean?
Information from the channel stated that he revealed in his monthly report that "also actively tried and explored some derivative investments."
In other words, Dong Chengfei has been trying to use derivatives to hedge the stock positions in the future, which is very different from his time when he manages equity-oriented funds in public institutions, indicating that he enjoys higher flexibility in private equity investment.
06 The market is a mixed 2009 and 2015
For the future trend, Dong Chengfei still insists on previous judgment: the current market is somewhat like a mixed 2009 and after the end of September 2015.
is similar to 2009, and everyone has expectations of economic stabilization and improvement after the introduction of economic policies. The similar market conditions in
are everyone's emotional repair and yearning for emerging sectors. I remember that in the fourth quarter of 2015, everyone praised a lot of VR concept stocks, and the stock prices hit new highs, and some of them were unfortunately delisted later.
For valuation, he pointed out: Benefiting from the abundant liquidity, the current market valuation level has returned to a not-low level. Overall, it feels like the current valuation level matches the economic fundamentals, and the investment team is cautious in investing.
Finally, he also mentioned a strange phenomenon this year: both new and old energy sources performed better in , but from the perspective of time, this is a contradiction. Perhaps this contains investment opportunities, and this contradiction is an important investment clue for the future.
Source: Zishitang, Author: Sun Jiannan Editor: Yuan Chang
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This article does not constitute personal investment advice, nor does it take into account the special investment goals, financial situation or needs of individual users. Users should consider whether any opinions, opinions or conclusions in this article meet their specific circumstances. The market is risky, so you need to be cautious when investing. Please make independent judgments and decisions.
Equity positions at the end of June 
