Public Interest Fund Managers Still Take Medicine

As of October 28, 7788 public funds have been released, accounting for about 70% of the total amount to be disclosed.

Under the continuous concussion of a shares, star fund managers' group holding plate and individual stock position adjustment route in the third quarter have become the focus of attention of all parties in the market.

"In addition, the performance of fund managers related to agricultural products, fishery equipment and heavy industry funds was relatively weak, while the performance of funds related to agriculture, forestry, machinery and heavy industry was relatively weak." Zhang Ting, chief strategist of Ge Shang financial management, said.

Taking medicine and drinking alcohol are still the mainstream

"The performance of the fund in the third quarter was good, generally outperforming the index. But the excess return is not obvious in the first half of the year. " Yang Delong, chief economist of Qianhai open source fund, said.

In the third quarter, the A-share market first experienced the rapid bull boom in the first half of July, and then entered a correction and shock period. Over the same period, the CSI 300 index rose 10.17%, the Shanghai Composite Index rose 7.82%, and the gem index rose 5.60%.

Yang Delong said, "according to the information disclosed in the third quarter report, most of the funds are still heavily invested in Baima stocks such as liquor and medicine, and drinking and taking medicine are still more valued by the funds, because the profits of consumer stocks are stable and have relatively good long-term investment value."

Wind data shows that at the end of the third quarter, the top 10 stocks with the largest market value of public positions were Guizhou Maotai, Wuliangye, Lixun precision, Longji, China Ping An, China immune, Midea Group, Mindray medical, Ningde times and Huzhou Laojiao.

It is worth noting that the Baima shares, which are held together by public offering from July to September, became loose for the first time this year. During the period from July 1 to September 10, the leading sectors of excess return tended to growth cycle stocks, such as military industry, automobile and electrical equipment.

"From the perspective of industry performance in the third quarter, leisure services, defense and military industry, electrical equipment, automobile, food and beverage rose by more than 20%, while those of chemical industry, building materials, non bank finance, light industry and manufacturing industries all increased by more than 10%. Funds with heavy holdings of high-quality stocks in these industries performed relatively well in the third quarter." Zhang Ting said.

From the perspective of the market value changes of fund positions in the third quarter, the top 20 stocks with the largest increase were Guizhou Maotai, Longji shares, Wuliangye, Shunfeng holdings, Luzhou Laojiao, China immunity, China Ping An, Ziguang Guowei, Midea Group, Yili shares, CITIC Securities, focus media, Yanghe shares, Tongwei shares, Huichuan technology, Zijin mining, Zhifei biology, goer shares and Mindray Medical, BYD.

In addition, there are 2 liquor stocks and 2 beverage products in the above-mentioned major food and beverage stocks (including 2 and 4 liquor products in the food and beverage industry).

From the perspective of the fund's total position increase, Zhang Ting said, "from the perspective of the third quarter, electronic, chemical, mechanical equipment, computer and electrical equipment are the key points held by public funds, while financial real estate and other sectors have no obvious increase in positions."

Star fund position differentiation

The third quarter position of star fund managers is the focus of market attention. However, the performance of star fund managers in the third quarter showed significant differentiation.

Liu Gesong, who won the top three in fund performance last year, managed an overall fund scale of 84.3 billion yuan in the third quarter. Among them, the double engine upgrade of Guangfa, managed by Liu Gesong, won the championship last year with 121.69% income. The fund's income in the third quarter was 4.45%, and that in the first three quarters was 48.62%.

Liu Gesong, the third largest energy company in China, mainly focuses on the new energy industry. It believes that with the alleviation of the domestic epidemic situation, the advantages of the necessary consumer goods are gradually weakening, optimistic about the long-term development of the new energy industry.

Liu Gesong paid special attention to the photovoltaic industry, "the photovoltaic industry has entered the era of parity, the overseas demand has obviously recovered, and the industry has entered the fast track. Although there are fluctuations in the semiconductor industry, we are still optimistic about the long-term development of the industry. "

Guangfa Shuangqing upgraded its top 10 heavy positions in the third quarter, including Longji, Kangtai biological, Tongwei, BOE a, Yiwei lithium energy, Sanan optoelectronics, Shengbang, Jianfan biology, pianzao and Zhaoyi innovation.

It is worth noting that Longji shares, the No.1 position, are held by "top grid", accounting for 10% of the net asset value of the fund, compared with 6.52% at the end of the second quarter. Longji shares performed well in the third quarter, up 84.16%.

On the whole, compared with the second quarter, GF Shuangqing upgraded its top 10 heavy positions at the end of the third quarter by adding Tongwei shares, BOE A and Zhaoyi innovation, and the proportion of these three stocks increased significantly in the third quarter. In addition, Changchun hi tech, Hengrui pharmaceutical, UFIDA network withdrew from the top 10 heavy positions at the end of the third quarter.

Jingshun Great Wall star fund manager Liu Yanchun is in charge of Jingshun Great Wall emerging growth, and the net fund share growth rate in the third quarter of 2020 is 24.55%.

The core allocation of Liu Yanchun in the third quarter is concentrated in the consumption of Baima shares. The first heavyweight stocks were China immune Insurance Co., Ltd., which added 800000 shares in the third quarter, accounting for 8.40% of the net asset value of the fund, followed by Huzhou Laojiao 8.14%, Guizhou Maotai 7.97% and Wuliangye 7.97%.

In the third quarter, Liu Yanchun increased his holdings of liquor stocks such as Luzhou Laojiao, Guizhou Maotai and Wuliangye. In addition, Mindray medical, Chenguang stationery, Haitian flavor industry three new stocks into its top 10 heavy positions, gujinggong liquor, Haida group, Yili shares withdraw from the top 10 heavy positions.

In the third quarter report, Liu Yanchun said that the liquidity environment in the third quarter was bound to change, and the market would face certain valuation contraction pressure in the future. This year, the recovery of China's asset prices is faster than that of the production side, and the rise has certain characteristics of bubbles. "For a long time to come, we need to be careful and careful in dealing with the capital market."

"In the long run, we are still very optimistic. China is still the most dynamic and potential large economy in the world. China has enough investment space and investment capacity, which can realize the mutual traction and positive circulation of investment and consumption in many years. Innovation is taking place in various fields. Even in traditional industries, technology empowerment is also bringing about continuous improvement of efficiency. If we are optimistic about China, there is a bright future for equity investment. " Liu said.

Star fund manager Zhang Kun's small and medium cap share net value growth rate in the third quarter was 18.24%.

Zhang Kun adjusted the stock structure of the pharmaceutical industry in the third quarter, and maintained the stability of the fund allocation in the food industry. "In terms of individual stocks, we still hold high-quality companies with excellent business model, clear industry structure and strong competitiveness for a long time."

Zhang Kun pointed out that he was optimistic about the long-term prospects of China's capital market, and believed that a number of high-quality enterprises would continue to grow, stabilize and live a long life. It will adhere to in-depth research, select high-quality enterprises with excellent business model (the business itself can generate abundant free cash flow and distribute it wisely) and enterprises with outstanding competitiveness (with significant leading position among peers and strong bargaining power compared with upstream and downstream), so as to accompany these excellent companies to grow and share their business achievements for a long time.

Xiao Nan, the star fund manager of e fund, is in charge of the net share growth rate of e fund's consumer industry in the reporting period of 20.30%.

Xiao Nan said that in the third quarter, it focused on adjusting the allocation of household appliances, reducing the weight of individual shares in the transition period but deteriorating governance structure, and increasing varieties with significant product development capabilities in emerging consumer areas. In addition, it increased its holdings in beer sector and auto parts sector, which benefited from consumption upgrading and improved competition pattern.

The growth rate of net value of class A shares of the fund was 0.24%, that of class C shares was 0.00%, and the benchmark yield of performance comparison was 1.79% in the same period.

It is worth mentioning that as of October 28, the fund's return since 2017 was 248%, ranking first among its peers in the same period. But in the third quarter, there was a correction in the pharmaceutical industry.

In the third quarter report, Glenn said that it has maintained the operation of high positions in general, and has made an important layout in the long-term optimistic direction of innovative drug industry chain, medical services, and high-quality generic pharmaceutical leading enterprises.

In the third quarter, the growth rate of net fund unit net value of Cinda Aoyin, which is under the charge of Feng Mingyuan, was 2.99%, which was lower than the benchmark yield of 5.71% in the same period. The other new energy's net share in the third quarter increased by 6.08%, and the fund's return was as high as 94% last year. The decline of fund performance is related to the correction of technology stocks in the third quarter.

Feng Mingyuan said that in the third quarter of 2020, the combination of the essence of Cinda Aoyin was mainly composed of emerging industries, while companies in traditional industries were deployed. We invest in semiconductors, electronics, computers, new energy vehicles, equipment, new materials, household appliances, food and beverage and other fields.

Looking forward to the future, Feng Mingyuan believes that the application of 5g will flourish, and the new generation of Facebook helmet consumers will respond warmly; new energy vehicles will enter thousands of households in the future; electric travel is not only new energy vehicles, but also motorcycles; science and technology will continue to be the driving force for social progress, and China may continue to increase investment in the semiconductor field.

Wang Zonghe is in charge of Penghua industry selection, with a net value growth rate of 12.13% in the third quarter.

Wang Zonghe said in the third quarter report that the whole third quarter still adhered to the consistent bottom-up stock selection style and held a neutral attitude towards the current market. More efforts have been made in the selection of individual stocks and subdivided industries. There are some new target positions in Hong Kong stocks and a shares. "Generally speaking, we have promoted a lot in the structure of positions and in-depth research on the industries we focus on.".

The growth value of Ruiyuan, which Fu Pengbo is in charge of, has a growth rate of 11.94% in the third quarter.

Fu Pengbo said that in the third quarter, the fund still maintained the original position allocation strategy. Considering the aggravation of macro uncertainty, the dispersion degree of positions was fine tuned. At the same time, we can see that the enterprises held by the fund have a certain degree of improvement in the discourse power in the industrial chain or the same industry in this round of profit differentiation and industry concentration improvement, which is also fully proved Excellent entrepreneurs have forward-looking and subjective initiative when experiencing macro or industrial fluctuations. The extraordinary competitiveness of entrepreneurs is also the source of our position confidence.

Looking forward to the next quarter, Fu Pengbo believes that the macro and monetary policy orientation and changes in the international environment will become the focus of attention. He will continue to pay more attention to high-quality enterprises and ensure the stable operation of the portfolio through the balance of positions.

Xie Zhiyu managed Xingquan Heyi a, and the net fund share growth rate in the third quarter was 18.50%.

Xie Zhiyu said that during the reporting period, the stock position of the fund was relatively stable, and the overall core position changed little. He continued to adhere to the operating concept of selecting individual stocks from bottom to top, balancing the short-term valuation and long-term value of the company. In terms of structure, we will continue to focus on high-quality manufacturing leaders, and constantly look for suitable targets with long-term value and cost performance. The overall configuration is mainly medium and long-term value varieties with medium and long-term logic support and appropriate valuation, and the overall structure is relatively balanced.

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