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nginx/1.22.0Financial World Fund July 8th News Cathay Value Classic Flexible Allocation Mixed Fund fell 0.12% on July 7th, with a current price of 2.504 yuan and a transaction of 15,500 yuan. The current off-market net value of this fund is 2.5550 yuan, up 1.19% from the previous trading day, and the on-market price premium rate is -2.11%.
This fund is a listed tradable mixed fund. Financial World Fund data shows that the net value of this fund has increased by 12.70% in the past January, the net value of this fund has increased by 12.46% in the past three months, the net value of this fund has increased by 0.39% in the past June, and the net value of this fund has increased by 11.77% in the past year. Since its establishment, the cumulative net value of this fund has been 3.1650 yuan.
This fund has paid dividends twice since its establishment, with a cumulative dividend amount of 611 million yuan. The fund is currently open for subscription. The fund manager of
is Xu Zhibiao, who has managed the fund on July 24, 2020, and has earned 24.75% during his tenure. The latest fund periodic report of
shows that the fund has heavy holdings on Saturday (holding ratio of 9.74%), Runfeng Co., Ltd. (holding ratio of 9.27%), Condelay (holding ratio of 8.94%), Langxin Technology (holding ratio of 8.20%), Rongbai Technology (holding ratio of 7.99%), Biyinlefen (holding ratio of 7.55%), Yifan Pharmaceutical (holding ratio of 7.29%), Yingliu Co., Ltd. (holding ratio of 5.68%), Oriental Biologics (holding ratio of 5.34%), and Anxu Biologics (holding ratio of 4.56%).
Fund investment strategy and operation analysis during the reporting period
market trend in the first quarter was much lower than we expected at the end of the year. The core reason is that overseas interest rate hikes and concerns in the Russian-Ukraine war affect market sentiment, but we believe that the actual impact in China is limited. Therefore, we basically maintain the previous investment framework, find certain targets, and pursue safety margins. We look forward to the slow bull pattern at the end of last year, and the high-quality growth stocks with high matching valuations and performance compared to core assets and pro-cyclical periods. We judge that PPI will see a high point in the fourth quarter and the long-term interest rate will decline. Therefore, we look for opportunities in midstream manufacturing and downstream consumption, and focus more on small and medium-sized market value growth.
's first quarter combination was mainly due to changes in subscription and redemption, and the combination was somewhat optimized, and some relatively optimistic varieties were added in the medium and short term. Most of them had positions before, and the company also understood it relatively, mainly adding new energy and energy IT, the internal structure of medicine has changed a little, and the configuration of antigens has been increased. Pharmaceutical stores and OTC have reduced the holding ratio. Overall, the target has not changed much, and the proportion has been slightly adjusted.
combination in the first quarter fell by about 7%, which was not much lower than the market, which has reached the point where we have always emphasized that we hope to earn stable returns for holders based on the retracement control. The overall situation in the first quarter was not good, but we are optimistic about the future market.
The performance of the fund during the reporting period
The net value growth rate of this fund during the reporting period was -7.82%, and the benchmark yield of the same period was -8.57%.
manager brief outlook on the trends of the macro economy, securities market and industry
macro level: Since the outbreak of the epidemic in 2020, the economy has had a great impact in the first quarter due to the epidemic. It has started to work hard in the second quarter, and it has obviously begun to recover in the third quarter. It has basically reached its peak in the first quarter of 2021. It has always been a downward channel. At this stage, at the end of March and early April, due to the outbreak of Omickron, the Yangtze River Delta has a serious impact and a great economic impact. It is estimated that it will be similar to the first half of 2020. The annual GDP target of 5.5 will definitely be under great pressure. With the turning point in the prevention and control of this wave of epidemics, it is highly likely that both fiscal and monetary policies will be needed in the second quarter. The conflict between Russia and Ukraine at the global level has led to an increase in upstream prices. In addition, the surge in the previous epidemic situation has now entered a cycle of interest rate hikes. The 10-year US Treasury yield has reached more than 2.6, and the world is facing pressure of stagflation.
securities market outlook: We have repeatedly emphasized our investment framework, a combination of top-down and bottom-up. Top-down framework: the denominator determines the transaction, and the numerator determines the direction.First of all, from the perspective of the denominator, the stock-to-bond ratio is about 0.8, which is significantly higher than that of 0.7 at the beginning of the year, and the attractiveness of the stock market has increased; secondly, from the perspective of numerator, stability is the first, and the economy has entered a weak cycle. Although countercyclical sectors such as real estate infrastructure have very obvious excess returns in the first quarter, we believe that from the perspective of certainty, the weak cyclical sector is better, specifically in the fields of medicine, consumption, technology, etc., the economy is not good at this stage. Referring to the market trend after the epidemic in 2020, the weak cycle is actually stronger. After experiencing the market plunge in the first quarter, we look at it from the bottom up. In fact, there are many certain targets that we can choose, and it can even be said that it is everywhere in the golden stage.
specifically refers to our combination: we screen companies with a 5-year annualized performance growth of more than 15% and at the same time, and the valuation is low. Currently, the main configuration is: medicine + manufacturing + textile and clothing + new energy + live streaming sales + pesticides, among which medicine is mainly in antigens, devices, innovative drugs, pharmacies, etc.; new energy is mainly in high-nickel, negative electrodes, energy IT and other directions. In short, they are basically high-quality companies in each sub-divided with low valuation.
The capital market has fluctuated greatly in the past two years, especially many investors have suffered serious losses at the investment level of the track. We emphasize that investment should believe in common sense and mean regression. What exactly is common sense? We believe that stock knowledge includes industrial knowledge and financial pricing knowledge. Among them, industrial knowledge determines the company's medium- and long-term profit center, and the influencing factors are mainly industry space, industry competitive landscape, industry company trends, etc.; financial pricing knowledge determines the valuation center, and the influencing factors are mainly ROE, ROE stability, cash flow, etc. in financial indicators; multiplying the profit center by the valuation center is a reasonable market value for medium- and long-term investment, so it is definitely very important to return to long-term investment valuation. If you don't look at valuation in the short term and just pursue fast returns, because the valuation seriously deviates from the center, there will be double increase in performance valuation to a certain extent, which is often the biggest source of losses, which is the so-called chasing ups and selling downs. Therefore, it is concluded in one sentence: a good company, a low valuation, and a good performance. This is the biggest source of long-term returns, the best way to control portfolio risks, and the guarantee that returns can continue to hit new highs.
every quarterly report, we will emphasize one sentence at the end: we have always insisted on doing simple and correct things. Looking for some high-quality companies from a long-term perspective, earning performance growth or even earning Davis double-clicking is actually not difficult. This is a simple and correct thing, and it is not advisable to pay too much attention to the short-term market. The market is effective in the long term, but it is not necessarily effective in the short term. I believe that "slow is fast, profit and loss are the same source." In the future, we will still be united in knowledge and action, continue to do simple and correct things, and adhere to the principle of "being entrusted by others, managing finances on behalf of customers, walking on thin ice, and trembling with fear". We hope to provide fund holders with stable returns on the basis of controlling the drawdown. (Click to see more fund changes)
