gtaonlinecrash| The first quarterly report of public offering successively disclosed that well-known fund managers such as Zhang Kun, Xiao Nan, and Lin Yingrui remained inactive
Special topic: gather 2024 funds Quarterly report
Wan Yu, reporter of the □ newspaper
With Yi Fangda Fund, Guangfa Fund and other public offering giants have released the first quarterly results of their products in 2024, Zhang Kun, Xiao Nan, Lin Yingrui and other well-known fund managers surfaced in the first quarter. The heavy stocks of a number of well-known fund managers changed little in the first quarter. It is worth noting that in the first quarter to buy gold and other resource stocks as well as the digital economy sector funds achieved good results.
Heavy stocks have not changed much.
The products managed by a number of well-known fund managers did not change much in the first quarter. For example, the largest product managed by Zhang Kun, Yi Fangda blue chip selection, the stock position was basically stable in the first quarter, and only minor adjustments were made to the structure of the consumer and pharmaceutical industries. In terms of individual stocks, they still hold high-quality companies with excellent business models, clear industry patterns and strong competitiveness. By the end of the first quarter, the top 10 heavy stocks of the fund were CNOOC, Wuliangye, Luzhou laojiao, Tencent Holdings, Guizhou Moutai, Yanghe shares, Hong Kong Stock Exchange, Meituan, Shanxi Fenjiu and China Merchants Bank. Compared with the fourth quarter of 2023, Shanxi Fenjiu entered the top 10 heavy stocks of the fund, while Yao Ming Biological withdrew from the top 10.
The position adjustment of Yi Fangda consumer industry managed by Xiao Nan and Wang Yuanchun in the first quarter is mainly carried out in two directions, on the one hand, it reduces the valuation level of the portfolio as a whole, so it increases the allocation of household appliances, automobile zero and other sectors. On the other hand, the stabilization and recovery of the domestic economy in the future is a high-probability event, the combination has increased the number of stocks that are more sensitive to domestic demand, slightly increased the allocation of liquor as a whole, and actively adjusted the structure of liquor warehouse. increased the proportion of high-end and sub-high-end spirits. By the end of the first quarter, the top 10 heavy stocks in Yi Fangda's consumer industry are: Gujing Gong Liquor, Wuliangye, Guizhou Moutai, Shanxi Fenjiu, Midea, Fuyao Glass, Luzhou laojiao, Haier Zhijia, Tsing Tao Beer, Great Wall Automobile. Compared with the end of the fourth quarter of 2023, the top ten heavy stocks remain unchanged, only the number of holdings has changed.
Guangfa Ruiyi, managed by Lin Yingrui, has a relatively stable position structure in the first quarter. The top 10 positions by the end of the first quarter are: spring and Autumn Airlines, your Platinum Industry, Air China, China Southern Airlines, China Eastern Airlines, auspicious Airlines, Wangfujing, Huaxia Airlines, Ruipu Biology, Tongqing Building. Compared with the end of the fourth quarter of 2023, Tongqing Lou Xin entered the top 10 heavy stocks, while Feng Shang Culture withdrew from the top 10.
High performance Fund heavy position Resources Unit
Among the funds that have released quarterly results, some funds with heavy positions in resource stocks have performed better. The net growth rate of Wanjia twin engines flexible hybrid A reached 20% in the first quarter.Gtaonlinecrash.94%, the fund is mainly allocated to industrial metals, precious metals, crude oil, oil transportation, coal and other industries. The top 10 heavy stocks are Zijin Mining, COSCO Haineng, Luoyang Molybdenum, PetroChina, China Gold, Shandong Gold, China Merchants Steamship, Tongling Nonferrous, Shanxi Coking Coal and Western Mining.
Based on the judgment of macroeconomic expectations and market style, Sun Di, the fund manager, is more cautious about the market as a whole, within the scope of investment, better grasp the investment opportunities of dividend assets and global pricing resource products driven by overseas economic recovery and tight supply and demand pattern.GtaonlinecrashThe Guangfa resources under his management have made a centralized allocation of coal, gold, copper, crude oil and other major resource products, with outstanding performance in stages. The top 10 heavy stocks of the fund include Shandong Gold, Zijin Mining, China Gold, China National Offshore Oil, Shaanxi Coal Industry, Yintai Gold, Xinji Energy, Chifeng Gold, China Shenhua and Western Mining. Guangfa Resources Optimum A has a net growth rate of 18.88% in the first quarter of this year.
Another fund with better performance, the digital economy hybrid, focuses on digital and intelligent sectors, with higher positions in the TMT direction, especially in the field of artificial intelligence (AI) computing. The top ten heavy stocks of the fund are Shanghai Electric Power Co., Ltd., Industrial USI, Zhongji Xuchuang, Xinyi Sheng, Tide Information, Haiguang Information, Cambrian, Tianfu Communications, Internet Technology, and Invik. The net worth of Morgan Stanley Digital economy mixed A grew by 19.56% in the first quarter.
Favor long-term high-quality growth targets
Zhang Kun believes that from the performance of long-term treasury bonds and debt-like assets, the overall market risk preference has dropped to a relatively low level, which is embodied in giving a very high weight to the static dividend yield when pricing. He holds an uncertain attitude towards growth, especially the long-term growth of enterprises. From the perspective of valuation, in the past three years, due to the continuous revision of market expectations for long-term growth, from the absolute and relative levels of various valuation dimensions (price-to-earnings ratio, market capitalization / free cash flow), the current market pricing highlights the performance-to-price ratio of companies with long-term high-quality growth.
Lin Yingrui said that in the spring of 2024, the A-share market is like a piece of land that has just thawed. Although it is still a little cold, it can already feel the smell of spring. The market may have found a more important inflection point in the violent mood swings. In the first quarter, the macro fundamental data and some high-frequency data exceeded market expectations, which was different from the intuitive feeling of the middle and micro. Historically, this difference has been common near the inflection point of the economic cycle. We should accept the reality of the change in economic structure, make low or even negative correlation bets on the downward direction, and think more deeply about the potential direction of the upward direction. Over the past two years, the former has made significant excess returns, while the latter is more likely to bring substantial returns to holders in the next two years.
Sun Di believes that looking forward to the second quarter, the global manufacturing industry is expected to return to the range of expansion, and the expectation of the Federal Reserve to cut interest rates is approaching, superimposing a serious shortage of capital expenditure in the past few years, and inventories are generally on the low side. The price of global priced resource goods is expected to continue to rise or stabilize at high levels, and continue to be optimistic about investment opportunities for precious metals, industrial metals, crude oil, thermal coal and other products. And select excellent companies with outstanding competitive advantages, large resource reserves, good growth or stable cash flow and high dividend yield to focus on allocation.
Lei Zhiyong, fund manager of the Morgan Stanley Digital Economy Hybrid Fund, believes that from the perspective of industry tracking, global AI industry giants are in the early stages of large-scale investment, and the IT infrastructure represented by computing power has benefited from AI demand, and the prosperity is still rising. We are optimistic about the future investment opportunities of AI computing power facilities, and in the second quarter, we will select companies with matching quality and valuation in the above directions for deployment.