The situation of adjustment of positions varies. Well-known fund managers "Dianjin" structural market

time:2022-09-29 16:45:44 source:clevelanddrifters.com author:Trend
The situation of adjustment of positions varies. Well-known fund managers "Dianjin" structural market

On August 30, the operating data of leading fund companies such as E Fund and GF Fund in the first half of the year were exposed. The positions of "top-tier" fund managers such as Zhang Kun and Liu Gesong in the first half of the year were released. Specifically, Zhang Kun has adjusted the industry structure, regional allocation, and individual stock investment ratio of its products; Liu Gesong's management of GF small-cap growth positions has not been significantly adjusted. He said that technological innovation and high-end manufacturing are expected to become The "core assets" of the future. Excavating Structural Opportunities On August 30, Zhang Kun's positions surfaced. As of the end of the second quarter, the E Fund blue-chip selection he managed held a total of 64 stocks. The fund's stock position in the first half of the year increased slightly, and the position structure was adjusted, increasing the allocation of pharmaceutical and other industries, and reducing the technology and other industries. configuration. In terms of individual stocks, the fund has increased the investment ratio of individual stocks with distinctive business models, clear long-term logic and reasonable valuations. CNOOC and Li Ning appeared in the fund's holdings for the first time, with holding ratios exceeding 2%. The two QDII funds managed by Zhang Kun have hidden heavy positions in many Hong Kong stocks and US stocks. For example, in addition to the top ten heavyweight stocks, E Fund’s stock market value of Meituan accounts for 3.92% of the fund’s net value; the fund also holds WuXi Biologics, Li Ning, CNOOC, Yum China, Huazhu Group, etc. stock. During the market fluctuations in the first half of the year, the position structure of GF Small Cap Growth managed by Liu Gesong has not been significantly adjusted, and the layout is still centered on the high-end manufacturing industry chain that has established global comparative advantages. Specifically, in addition to the top ten heavyweight stocks disclosed in the second quarterly report, as of the end of June, the fund also held 11 stocks, namely Jianfan Biology, Plitte, Chint Electric, AutoNavi Infrared, Deye Shares, Trina Solar, Borch Technology, Rongsheng Petrochemical, Jingu Co., Ltd., Huatdyne, and Sanxing. Wanjia Xinli managed by Huanghai was the active equity fund with the highest yield in the first half of the year. He introduced in the fund's semi-annual report that in the first half of the year, he followed the judgment and strategy at the end of last year to explore structural opportunities in the market. It is deployed in value stocks with low valuations, high dividends, and high performance stability. At the end of April, it also participated in some wind power and military stocks with reasonable valuations. Equity assets are worth looking forward to In the semi-annual report, Zhang Kun expounded his views on the fluctuation of the industry's prosperity. He believes that periodic demand changes are an important factor in determining the short-term business results of an enterprise, but it is difficult to become a key factor in determining the long-term direction of an enterprise. In the long run, structural demand growth and competition barriers are more important factors that determine the direction of an enterprise. These factors are usually difficult to be quelled by the entry and exit of industrial capital, and will play a role that is not severe but lasting for a long time, thereby affecting the long-term value of the enterprise. . Wang Chong, the fund manager of Bank of Communications Schroders Fund, said in the semi-annual report that looking forward to the second half of the year, there are uncertainties in both internal and external aspects. From the perspective of valuation switching, most companies' stock market valuation portfolios are still within a reasonable range next year, and even some companies with outstanding competitiveness can be found with reasonable or low valuations. At present, A-shares are still worthy of medium and long-term investment and investment. hold fast. Regarding the market outlook, Liu Gesong believes that judging from the market trend since the beginning of May, the trend force of fundamentals is expected to become the core of asset pricing again, and the capital market may show a colorful situation of structural market in the second half of the year. Liu Gesong also stated in the semi-annual report of the products he manages that the global comparative advantage industrial chain that China has established is entering a channel of rapid development, and it is foreseeable that the industrial chain that is building comparative advantage will become more and more abundant. It is more and more likely that technological innovation and high-end manufacturing assets will become new "core assets": as the establishment of global comparative advantage industrial chains increases and the return on innovation strengthens, the cyclical performance fluctuations of such assets may be more likely than historical ones. will continue to decrease.

(Responsible editor:Technology stocks)

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