Daily reporter: Li Lei Daily editor: Peng Shuiping
The first quarter report of public funds is being disclosed continuously, and the trends of well-known fund managers are also attracting everyone's attention.
html On April 22, Invesco Great Wall Emerging Growth Mix, the representative work of the well-known fund manager Liu Yanchun of Invesco Great Wall Fund, disclosed its quarterly report, showing that he increased his holdings of Shanxi Fenjiu and China Duty Free in the first quarter of this year, while reducing his holdings of Wuliangye, Kweichow Moutai, and Gujing Gongjiu, Mindray Medical and many other stocks.The product report of Li Xiaoxing of Yinhua Fund also shows that he actively increased his positions in the first quarter. For example, Yinhua Xinyi significantly increased his positions in Kweichow Moutai, Northern Huachuang and AVIC Shenyang. The positions of several other funds under his fund also have relatively obvious positions. promote.
ICBC Frontier Medical, the representative work of ICBC Credit Suisse Fund Zhao Bei, significantly reduced its holdings in Huadong Medicine, Zhifei Biotech, Aier Ophthalmology and other stocks in the first quarter, and increased its holdings in Mindray Medical and Dong'e Ejiao. Zhao Bei also introduced his own operating ideas for different subdivisions in the pharmaceutical field.
Liu Yanchun reduced his holdings in Wuliangye, Kweichow Moutai, Mindray Medical and other stocks
As a well-known fund manager of Invesco Great Wall Fund, Liu Yanchun’s shareholding trends have always attracted the attention of the industry and investors. As of the end of the first quarter, Liu Yanchun managed a total of 6 funds (shares combined), with a management scale of 51.877 billion yuan.
Among the funds he manages, the top ones are Invesco Great Wall Emerging Growth with 27.25 billion yuan and Invesco Great Wall Dingyi with 12.276 billion yuan. These two products are his masterpieces. Let's take a look at the changes in holdings of the two funds.
The first is Invesco Great Wall Emerging Growth A. As of the end of the first quarter, the fund size was 27.206 billion yuan, the net value growth rate in the first quarter was -0.46%, and the performance comparison benchmark return rate was -0.51%.
In the first quarter, the top ten heavyweight stocks of Invesco Great Wall Emerging Growth A were Wuliangye, Kweichow Moutai, Luzhou Laojiao, Gujing Gongjiu, Mindray Medical, Shanxi Fenjiu, Midea Group, Haid Group, China Duty Free and M&G shares.
Compared with last year's quarterly report, the fund reduced its holdings in stocks such as Wuliangye, Kweichow Moutai, Gujing Gongjiu, Mindray Medical, and Haid Group. Among them, the largest reductions were in Mindray Medical and Wuliangye. At the same time, although the number of shares held by Chenguang Co., Ltd. has not changed, it has newly entered the top ten heavy holdings, and WuXi AppTec has dropped out of the top ten heavy holdings list.
And his other masterpiece - Invesco Great Wall Dingyi Mixed (lof) a, the latest scale as of the end of the first quarter was 12.272 billion yuan, the fund's net value growth rate in the first quarter was -0.78%, and the performance comparison benchmark yield was 2.54 %.
Judging from the changes in the ranking of heavy holdings, the top five holdings of the fund have changed from Kweichow Moutai, Mindray Medical, Wuliangye, Gujing Gongjiu and Luzhou Laojiao to Wuliangye, Kweichow Moutai, Gujing Gongjiu, Luzhou Laojiao and Mindray Medical. The changes are quite big. Wuliangye has become the largest holding of Invesco Great Wall Dingyi Mixed A in one fell swoop.
In terms of increase and decrease in holdings, similar to Invesco Great Wall Emerging Growth A, the fund only slightly increased its holdings of Shanxi Fenjiu and China Duty Free in the first quarter, while its holdings included Wuliangye, Kweichow Moutai, Gujing Gongjiu, Mindray Medical, and Hikvision Nuctech and many other stocks. In addition, WuXi AppTec has withdrawn from the top ten holdings, and Midea Group has newly entered the top ten.
Liu Yanchun said in the first quarter report that, contrary to 2023, we are likely to experience a gradual process from excessive pessimism to optimism in 2024. "During the period of downturn, we don't have to just focus on the periodically weak sectors of the economy. We must also see that our country has a solid economic fundamentals... Our country's economy is generally stable and improving. Moreover, our country has been developing at a high speed for a long time. The problems accumulated in the process must be solved, and the solution is for better development. There is no need to be overly pessimistic. "In terms of operational thinking,
said that the investment portfolio was relatively stable in the first quarter, and some adjustments were made to individual stocks in response to changes in operating risks. "The current macro data and micro surveys have given us greater confidence in my country's equity market. We still prefer companies with good business models and advantages in market competition, and we pay more attention to those companies that can handle current shareholder returns. and an excellent company for future development.”
Li Xiaoxing: The positions of many funds have increased significantly, and they have significantly increased their holdings of Kweichow Moutai and AVIC Shenyang.
For a long time, the regular fund reports of Li Xiaoxing, the well-known fund manager of Yinhua Fund, are known for their detail, sincerity and literary talent. "Composition" is at your fingertips. In this quarterly report, he also used several thousand words to share his views on the market and investment strategies with the industry and investors.
According to wind data, as of the end of the first quarter, Li Xiaoxing had a total of funds under management 10, with the latest management scale of 26.255 billion yuan. Let’s take Yinhua Xinyi a as an example to take a look at his operating ideas.
The first thing to note is that in the first quarter, judging from the several products managed by Li Xiaoxing, While actively adding positions, fund positions have almost increased compared to the fourth quarter of last year. For example, Yinhua’s small and medium-cap selected stock positions increased from 87.24% at the end of last year to 90.28%, and Yinhua Xinyi a further increased from 92.48%. Increased to 93.8%, etc.
Judging from the changes in heavy holdings, Yinhua Xinyi A significantly increased its positions in Kweichow Moutai, AVIC Shenyang Aircraft and Northern Huachuang in the first quarter, with the increase reaching 79.08%, 59.79% and 28.13%, which is also Kweichow Moutai became the fund's second largest holding in one fell swoop. At the same time, it reduced its holdings of Huichuan Technology and Wuliangye, with increases and decreases of -4.53% and -7.62% respectively compared to the previous quarter.
The changes in the lineup of the top ten heavy holdings are also relatively small. Large, ZTO Express-w, Oriental Fortune, Salt Lake Holdings, and China National Mineral Resources were newly added to the top ten holdings list, while Yili Holdings, Jiangfeng Electronics, SMIC, and Midea Group fell out of the top ten holdings in the fund.
In the analysis of investment strategies and operations, Li Xiaoxing said that this year, endogenous resilience is mainly reflected in consumption, and external changes are mainly due to the improvement of external demand. The actual growth in the first quarter is not enough to trigger incremental policies. Looking at the comprehensive actual growth and price trends, the overall situation is. Nominal GDP is expected to rebound quarter by quarter in 2020, with steady improvement.
Li Xiaoxing said: "Generally speaking, after a period of adjustment in the secondary market, relevant risks have been fully released, and most targets have reached the bottom of valuations. With the gradual upward trend of the macro economy, we are not pessimistic about the market. In response to the decline in excess returns in the past two years, we have conducted a lot of reflection and taken many measures to improve performance. We believe that reducing reliance on a single individual for decision-making and team-based, platform-based and industrialized investment research will be the trend in active equity management and will also lead to a stable and over-capitalized future. "
As for the consumer, pharmaceutical and other sectors, Li Xiaoxing also talked about his views on the industry. He also said that strategic emerging industries are the key to accelerating the development of new productive forces, and he is optimistic about semiconductors, defense technology and other fields that are self-reliant in high-level science and technology. Among them, generative AI has been the biggest technology hotspot in the past year: "We are optimistic about the development prospects of the AI industry wave in the medium and long term. Compared with the grand narrative of investment from 0 to 1 last year, this year we will see more about the industry and performance. cash. Objectively speaking, AI investment at this stage has a certain theme, and it is necessary to select stocks with sustainable performance. ”
Zhao Bei: Significantly reduced holdings of Zhifei Biotechnology and Aier Ophthalmology, and increased holdings of Mindray Medical and Dong’e Ejiao
Zhao Bei, a well-known fund manager at ICBC Credit Suisse, has also attracted much attention from the market and investors.
According to wind data, as of At the end of the first quarter, Zhao Bei had 4 funds under management, with a total scale of 20.263 billion yuan. The largest product was ICBC Frontier Medical with a scale of 12.74 billion yuan. We also used this fund as an example to get a glimpse of Zhao Bei’s performance in the first quarter. Operational ideas.
The latest net asset value of ICBC Frontier Medical stock A was 10.853 billion yuan, while that of ICBC Frontier Medical stock C was 1.887 billion yuan. In the first quarter of this year, the net value growth rate of share A of the fund was -8.83%, and that of share C was 10.853 billion yuan. -8.93%, and the benchmark return rate for performance comparison is -8.52%. The top ten holdings of ICBC Frontier Medical are Hengrui Pharmaceutical, Mindray Medical, Dong'e Ejiao, Kelun Pharmaceutical, China Resources Shuanghe, and Huadong. Pharmaceuticals, China Resources Sanjiu, Zhifei Biotech, Baheal Pharmaceuticals and Aier Ophthalmology have all seen major changes in their lineups and rankings compared with last year's fourth quarter report. Among them, China Resources Shuanghe, China Resources Sanjiu and Baheal Pharmaceuticals have entered the top ten. Among heavy holdings, WuXi AppTec, Dirui Medical, and Tongrentang fell out of the top ten holdings.
Judging from the position adjustment, Zhao Bei significantly reduced his holdings in Zhifei Biotech, Huadong Medicine, Aier Ophthalmology and other stocks in the first quarter, with the increases and decreases reaching -43.14%, -36.84% and -24.12% respectively. At the same time, she increased her holdings of Mindray Medical and Dong'e Ejiao by 5.42% and 13% respectively, which also made these two stocks the second and third largest holdings of ICBC Frontier Medical Stock A.
Zhao Bei mentioned in the first quarter report of ICBC Frontier Medical Stock A that during the reporting period, the fund continued its allocation ideas in line with the development direction of the industry and the times, through a strategy that combined top-down judgment and bottom-up stock selection. , the layout of innovative drugs, traditional Chinese medicine, medical equipment, consumer medical and other sectors has been adjusted, and a balance has been made between subdivided areas and individual stocks.
For example, in investments, we still avoid in-hospital prescription drugs that are abused for off-label indications and profit varieties with low medical value. We will also be more cautious about companies whose stock prices have not fully reflected the expected performance downward revision caused by anti-corruption. As for companies whose mid- to long-term prospects are not affected and the market has fully responded to the downward revision of performance brought about by anti-corruption, they will choose the opportunity to increase their holdings.
still maintains an allocation ratio that exceeds the benchmark for the traditional Chinese medicine sector; in terms of innovative drugs, in the first quarter, innovative drug companies with strong R&D capabilities and products with potential to go overseas also increased allocations; consumer medical demand is still relatively weak, so the overall allocation remains low For the steady growth sector, we focus on sectors such as blood products, pharmaceutical business, and low-valuation centralized procurement of clear chemicals.
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