Financial World Fund reported on September 2 that the net value of Boshi Value Selection's two-year holding period flexible allocation hybrid securities investment fund fell by 2.42% on August 31, attracting investors' attention.

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Financial World Fund September 2nd News Boshi Value Selection Two-year Holding Period Flexible Allocation Mixed Securities Investment Fund (abbreviated as: Boshi Value Selection Mixed Period Mixed C, code 009858) fell 2.42% on August 31, attracting investors' attention. The current net value of the unit of fund is 0.8957 yuan, and the cumulative net value is 0.8957 yuan.

Boshi Value Select Holding Period Mixed C Fund has earned -10.43% since its establishment, earned -26.86% this year, earned -4.00% in the past month, earned -23.59% in the past year.

This fund has distributed dividends 0 times since its establishment, with a cumulative dividend amount of RMB 100 million. The fund is currently open for subscription. The fund manager of

is Chen Pengyang. He has managed the fund on January 20, 2021, with a return during his tenure of -23.09%.

Guo Kangbin has managed the fund since February 23, 2022, and his income during his tenure is -17.60%.

latest fund regular report shows that the fund has heavy holdings in CATL ( holding proportion 7.10%), Huaneng International (holding ratio 6.40%), Kweichow Moutai (holding ratio 6.29%), Aerospace Electric (holding ratio 5.02%), Xiamen Tungsten Industry (holding ratio 4.90%), Salt Lake Shares (holding ratio 4.01%), Tencent Holdings (holding ratio 3.91%), China Electric Power (holding ratio 3.61%), AVIC Optoelectronics (holding ratio 3.46%), Meituan -W (holding ratio 3.36%).

During the reporting period, fund investment strategy and operation analysis

Review this year's market trend, the equity market experienced large fluctuations. In March and April, quickly fell , and rebounded rapidly in May and June. Among them, growth stocks represented by automobiles, photovoltaics, and wind power have become the main melody of the market's rise. From a macro perspective, the Russian-Ukrainian war was the first keyword in the first half of the year. It not only affected risk preferences, but also deeply affected the prices of energy products, further squeezing the expectation of stagflation and . The epidemic is the second keyword. The regional economy of Yangtze River Delta has had a major impact, and many industrial chain links have been disconnected, which has further expanded the negative impact on the overall economy. The third key word is the US rate hike and recession expectations. The expectation of the United States from inflation to recession is becoming stronger and stronger, and monetary policy is still in the process of accelerating interest rate hikes. The three major factors together influence and the rise and fall of the other drive the market fluctuations in the first half of the year.

In the investment in the first half of this year, we judged that under inflationary pressure, the Fed rate hike cycle puts pressure on the valuation of global risk assets, and the domestic economy is under pressure, so the holding style is biased towards value, the industry chooses to be stable growth-related industries, and has allocated more green electric operators and industrial metal copper; in addition, when the Internet policy shows a marginal turn, the Hong Kong stock position was adjusted, and the Internet industry leader was added. In terms of overall structure, the combination is moderately balanced, but the exposure to growth style is not obvious enough. Therefore, in terms of results, in the rebound of growth styles in the second quarter, the combination was underperformed in the market in a phased manner.

The performance of the fund during the reporting period

As of June 30, 2022, the net value of the fund A-class fund shares of this fund was 0.9630 yuan, the cumulative net value of the share was 0.9630 yuan, the net value of the C-class fund shares of this fund was 0.9484 yuan, and the cumulative net value of the share was 0.9484 yuan. During the reporting period, the growth rate of the A-class fund shares of this fund was -22.26%, the growth rate of the C-class fund shares of this fund was -22.56%, and the benchmark growth rate of the performance during the same period was -5.36%.

The brief outlook of managers on the macro economy, securities market and industry trends

Just like people will not step into the same river, the impact of negative factors on the market will also weaken. Moreover, the driving force of the three major factors of the Russian-Ukrainian war, the epidemic and the Fed's interest rate hike recession is also weakening, and subsequent positive factors dominate. From a fundamental perspective, the second quarter of the domestic economy is the relative bottom of the economy. With the further implementation of loose currency and stable growth measures, the economic expectation will gradually improve in the next two visible quarters, and with the moderate abundance of liquidity, under such a macro combination, market opportunities outweigh risks, and we have reason to be more optimistic about the returns of the equity market.

At present, after the rapid repair of the equity market in May and June, some stocks in the industry may have a relatively crowded trading situation, and there is a temporary overvalued overvalue. The subsequent evolution of the market requires further cooperation of fundamentals. Betting on track-style investment returns may not meet expectations, so we judge that more opportunities come from bottom-up company mining and performance-driven. At present, many companies already have a relatively suitable cost-effectiveness. If they are matched with a certain shareholding cycle, they believe they will have good returns.

From a longer-term perspective, we are still most optimistic about Chinese industries with global comparative advantages. Through industry meso-level and enterprise micro-study, we found that after the trade war, the competitiveness of many Chinese industries is strengthening. The global supply chain is not de-Sinicized, but is more dependent on China. This is more obvious in the overseas energy crisis this year. The gap in manufacturing costs is widening, and the capabilities of China's advantageous companies are being verified. Another investment context is that domestic substitution has occurred in various industries, and many fields have shown relatively obvious substitution effects, and even product power from imitation to transcendence. This part of the industry and enterprises are the focus of our long-term investment in the future. (Click to see more fund changes)