Author | Zishitang Mo Xiaoyu
Source: Snowball
2020 is the time when a group of fund managers "achieve the truth and become gods", and 2021 is the time when some of the stars "return to others by gods".
Really outstanding fund managers are not always standing at the most glorious sector of the market, but people who can make appropriate responses with their own unique system between market fluctuations and market style switching.
And in the third quarter of 2021, it was obvious that a group of celebrity fund managers accelerated the pace of portfolio adjustments.
According to the statistics of Capital Deep Diving Number, within the two trading days in early September, the net value of the ace funds of many celebrity fund managers was different from their combined valuations during the interim report period. This only shows that their combination has begun to adjust.
What changes will the ace and big names make?
01
Zhang Kun and Xiao Nan have changed
On the first trading day of September, non-bank finance, food and beverage, real estate and other industries rose sharply, and electrical equipment and non-ferrous metals fell sharply. This has boosted the mood of investors who have been suppressing for a while. The differentiation of performance of various mainstream sectors in
is precisely the "time window" for observing the good combination of big-name fund managers.
Zhang Kun, Xiao Nan, Liu Yanchun, Jiao Wei and others all have a large number of positions in consumer goods, and the combination performance trends between them are worth pondering.
Judging from the net value changes on September 1, the gap between the consumer industry funds managed by Xiao Nan and the mid-year portfolio is about 0.5 percentage points, and the net value fluctuations are smaller than the mid-year portfolio.
Based on this calculation, Xiao Nan's combined volatility converges.
, and the , which attracted much attention in the first half of the year, Zhang Kun's combination performed relatively strongly, , E Fund Blue Chip and E Fund Small and Medium Cap, both performed slightly more prominently than the mid-year combination. Among them, E Fund blue chip outperformed more significantly .
In view of the fact that E Fund Small and Medium Cap is still in the transformation period, the net value performance of such a combination is still worth understanding.
02
Jiao Wei and Liu Yanchun "brake with static"
nicknamed "Southern Song theme fund manager" Jiao Wei's important positions are in medicine, beer and liquor, which makes his fund portfolio (early September) less volatility than the two E Fund heroes.
And as a result, Jiao Wei's representative product net value fluctuations are very similar to the performance of the mid-year portfolio. After all, he is a fund manager who is well versed in the art of war. Jiao Wei obviously fought a "position war" in the big consumer sector.
Another leader in the industry, Invesco Great Wall Liu Yanchun, is also expected.
's net value performance on September 1, Invesco Dingyi managed by Liu Yanchun rose by nearly 2.68%, which is the highest increase among the funds managed by these fund managers. The actual increase of
is also quite close to the estimation of 2.7% of the performance of holdings on the day of .
03
Some fund managers have been "dissed"
Some fund managers have adjusted their positions, and the net value will rise faster. Some cannot keep up with the net value of the interim report portfolio, which often makes holders "irritable" and "insufficient patience".
For example, in some fund forums, some fund managers are questioned, "The valuation and net value are so different", " theme stocks rise, but you don't rise; large-cap stocks rise, but you don't rise, but you don't rise, "have you taken over at a high level" and so on.
04
Where did Zhang Kun adjust his position?
Zhang Kun's position adjustment direction may be somewhat mysterious. As an investor who studies the style of in-depth, his reflection measures are worth paying attention to.
His position adjustment trends have confidentiality requirements outsiders do not know, but looking at his two representative products, one or two can be inferred.
His most important E Fund Small and Medium Caps' actual increase is about 0.16 percentage points higher than the estimated increase in the mid-term report position. The largest E Fund Blue Chip Select Fund in his hand is about 0.37 percentage points higher than the estimated increase in the mid-term report position.
Although the estimated fluctuations are not much different from the actual fluctuations. However, investors still discussed Zhang Kun’s possible position adjustment direction.
Bank and liquor are the two directions that most people guess.
Judging from the Shenwan third-level industry growth rate on that day, liquor rose by more than 3.8%, while banks rose by less than 2.4%. E Fund Blue Chip gained an increase of more than 3% on September 1.
In terms of efficiency, Zhang Kun's increase in liquor contributes more to the net value (under the same position conditions). There is another possibility that
also exists. Zhang Kun increases his position in China Merchants Bank , Hangzhou Bank , Ningbo Bank , and Ningbo Bank . The above varieties also performed outstandingly on September 1.
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Risk warning: The views mentioned in this article only represent personal opinions. The subject matter involved is not recommended. If you buy and sell it based on this, you are at your own risk.
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