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nginx/1.6.1Financial World Fund reported on August 30 that the GF Advanced Manufacturing Stock-type initiated securities investment fund (abbreviated as: GF Advanced Manufacturing Stock C, code 014192) announced its latest net value, up 2.18%. The unit net value of this fund is 1.3178 yuan, and the cumulative net value is 1.3178 yuan. The latest periodic report of
shows that the scale of this fund is 300 million yuan, and the scale of the previous period was 1.826 billion yuan, a decrease of 83.55%.
GF Advanced Manufacturing Stock-Initiated Securities Investment Fund was established on 2022-03-01, and its performance benchmark is "Shenyin Wanguo Manufacturing Index *80.00% + Hang Seng Index *10.00% + CSI All Bond Index *10.00%". Since its establishment, the fund has earned 31.78%, the year has earned 31.78%, the past month has earned -0.63%, the past year has earned - and the past three years has earned -. In the past year, this fund has ranked the same category (--/1116). Since its establishment, this fund has ranked the same category (565/1412).
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fund manager is Sun Di, who has managed the fund on March 1, 2022, and has earned 28.97% during his term of office. The latest regular report of
shows that the top ten heavily held stocks of the fund are Longi Green Energy (holding ratio 9.07%), Sungrow Power (holding ratio 8.81%), Jinao Technology (holding ratio 8.47%), Trina Solar (holding ratio 8.31%), Jinlang Technology (holding ratio 6.60%), Hengdian Dongci (holding ratio 6.45%), CATL (holding ratio 5.69%), Quartz Shares (holding ratio 5.55%), Yiwei Lithium Energy (holding ratio 5.50%), and Goodwe (holding ratio 5.28%), totaling 69.73% of the total assets of the funds, and the overall concentration of holdings is (high). During the previous reporting period of
, the top ten heavily held stocks of the fund were Longi Green Energy (holding ratio 9.07%), Sungrow Power (holding ratio 8.81%), Jinao Technology (holding ratio 8.47%), Trina Solar (holding ratio 8.31%), Jinlang Technology (holding ratio 6.60%), Hengdian Dongci (holding ratio 6.45%), CATL (holding ratio 5.69%), Quartz Shares (holding ratio 5.55%), Yiwei Lithium Energy (holding ratio 5.50%), and Goodwe (holding ratio 5.28%), totaling 69.73% of the total assets of the funds, and the overall concentration of holdings (high).
Fund investment strategy and operation analysis during the reporting period
In the second quarter of 2022, the biggest influencing factor of the domestic economy was undoubtedly the epidemic. The epidemic repeatedly caused a large number of manufacturing enterprises to stop production, and the domestic economy was affected. The economic data in April were poor. The official manufacturing industry PMI was 47.4 in April, continuing the downward trend since March. The growth rate of social financing stock fell sharply to 10.2% in a single month. The growth rate of social financing excluding government bonds was below 9% for the first time, hitting a record low, with industrial added value falling by 2.9% year-on-year, and the total retail sales of consumer goods fell by 11.1% year-on-year, indicating that both supply and demand weakened significantly. Since May, with the easing of the epidemic, the promotion of resumption of work and production, and the introduction and implementation of a series of policies to stabilize growth, the pressure of rapid economic downturn has eased. In May, the manufacturing PMI rebounded to 49.6, the growth rate of social financing stock reached 10.5%, the added value of industrial enterprises increased by 0.7% year-on-year, and the monthly growth rate turned positive, and the total retail sales of consumer goods fell by 6.7% year-on-year, which also rebounded significantly from April. Various economic data improved month-on-month, basically confirming that the worst time of the whole year has passed. The biggest influencing factor in the overseas economy in the second quarter turned into inflation. As the Russian-Ukrainian conflict was unable to end, brought a series of supply shocks, crude oil prices continued to rise, which caused the Federal Reserve to face huge inflationary pressure and had to implement more hawkish interest rates during the downward period of economic growth, which triggered a rapid rise in US bond interest rates and obvious pressure on global risky assets. A complex macro environment like
has basically dominated the trading logic of the A-share equity market, bringing about a large fluctuation in the market and then rising. The worsening of the epidemic in April brought about a general decline in the market, especially the manufacturing sector, which was hit by the suspension of work and production in the industrial chain, has fallen even more. Since May, with the effective control of the epidemic and the improvement of the economy on a month-on-month basis, the market has also seen a significant recovery. The new energy, semiconductor, automobile and parts sectors, which have suffered a large decline in the previous period, benefiting from the resumption of work and production and the easing of cost pressure, rebounded strongly, and performed more prominently.
Since its establishment on March 1, this fund has adopted a relatively cautious pace of position building according to the established strategy, and its position is controlled at a low level of less than 20%, but its net value has also declined to a certain extent. Since the end of April, with the sharp adjustment of the market, our views on the market have gradually become optimistic. On the one hand, we expect that in the next two or three months, the US inflation expectations and US bond interest rates will peak, the effective control and liberalization of the epidemic in important cities, the continued efforts of stable domestic growth, and the frequent positive effects of regulatory policies. The external environment of the equity market will gradually improve. On the other hand, many high-quality companies have significantly oversold stock prices as the market adjusts, and their valuations have returned to a more attractive range, with significant investment value from a medium- and long-term perspective. Based on this view, we quickly increased our positions in early May, mainly configuring industries such as photovoltaics, wind power, electric vehicles, semiconductors, and automotive parts that had a high prosperity and had a sharp decline in the early stage. The market has gradually verified our judgment. The net value of the fund has increased significantly and has achieved outstanding excess returns. Looking ahead to the third quarter, we believe that the domestic macro environment is in a stage of continued policy easing and moderate economic recovery. With the support of the policy of stabilizing growth, it is a high probability that domestic economic data will continue to improve month-on-month, and the recession of overseas trading has reduced the possibility of further negative impacts on US Treasury interest rates and commodity prices. The A-share market as a whole is still in a relatively favorable environment. We plan to continue to select outstanding companies with long-term competitive advantages to focus on and continue to pay attention to the directions that are in line with China's long-term economic transformation trend, have large long-term space in the industry, have high short-term demand and prosperity, are friendly in policies, and are reasonable and low in valuations, such as photovoltaics, electric vehicles, semiconductors, automobiles and parts, and strive to achieve better net value performance for holders from a medium- and long-term perspective.
The performance of the fund during the reporting period
During this reporting period, the net value growth rate of Class A fund shares of this fund was 32.89%, the net value growth rate of Class C fund shares was 32.76%, and the benchmark yield for the same period was 6.30%.
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This article comes from the financial world fund
