In 2019, The First Batch Of Fund Annual Reports Came Out. The Excellent Managers Summed Up Differentiation Logic And Scrambled To Deploy "Structural" Opportunities.

Although some funds postponed the annual report due to the announcement of the impact of the epidemic, the first batch of 2019 annual reports of the fund also appeared on the same period.

In March 2020 25 and 26 two, a total of 338 funds from 16 fund managers first disclosed the 2019 annual report.

A group of outstanding star fund managers disclosed their annual reports. How did they invest last year? What do you think of this year's market?

Blue chip manager Annual Report

The first fund companies to disclose the fund's annual reports include Xing Zheng global, Wanjia fund, Taiping fund, Shanxi securities, personal insurance assets, Boshi fund, Xinhua fund, pioneer fund, Chuang Jin sum trust fund, win win fund, Zhonghai fund, Zhongtai fund, Yimin fund, national financial foundation, Soochow Fund, and financial securities management.

The most important concern is Xie Zhiyu's management of the fund.

The reason why it is all right is closely related to its rare distribution. In January 16, 2018, the Xingquan Fund (now renamed the "Global Fund for Xingzheng") issued two years' closed funds, which is "all the best".

In fact, it has been highly concerned and controversial for two years since its establishment. Since the scale of issuance is large, the stock index quickly dropped from 3500 to 2400 at the time of the establishment of the fund. By December 31, 2019, the stock index was only 3050.

Xie Zhiyu, manager of Xingquan fit fund manager, is the chief investment officer of Xingquan fund, and also manages the social value of Xing Quan, he Yun and Xing Quan.

The two funds disclosed the 2019 annual report: Xingquan is appropriate, in 2019, the profit reached 10 billion 39 million, and the net value of the fund increased by 36.88%. Another fund, Xingquan and Yun run, has achieved an annual performance of 62.87% in 2019.

Another Xingxing society was founded in December 2, 2019, and it does not need to disclose its performance for the time being.

According to the annual report, the stock positions were adjusted to 71.5% from the end of last three to 54.11% at the end of last year.

In the analysis of the fund's investment strategy and operation, Xie Zhiyu said that the fund raised its stock position at the beginning of the year, while the fourth quarter reduced its position to make certain preparations for liquidity, and the overall position structure changed little. Since the fund was closed for two years after its establishment, the expiration date of the closure period was January 22, 2020, apparently for the purpose of opening up the purchase and redemption for liquidity.

"The overall configuration is mainly based on medium and long term logic support and medium and long term value varieties that are suitable for valuation. Under the premise of controlling risks, the varieties that benefit from industry marginal improvement are appropriately increased, and the overall structure is balanced." Xie Zhiyu said.

In addition, in the disclosed annual report Fund (except classified funds), ten thousand industries managed by Huang Xingliang were ranked first in the annual return of 89.83%, and the benchmark yield was 29.43%.

Huang Xingliang reviewed the whole year of 2019.

The A share market rose overall in 2019. In the first quarter, after the extremely pessimistic expectations at the end of 2018, market risk appetite was restored, and the rebound of small and medium-sized market capitalization companies, securities and Internet finance sector was relatively large.

The two quarter of the market has been adjusted, including pharmaceuticals, food and beverage, household appliances and other sectors are relatively stable.

Since the three quarter, the technology sector has gradually gained the attention of investors, driven by the expected growth in the profitability of consumer electronics companies. Electronics, communications, computers and other industries gradually increased.

Fourth quarter, the early strength of the plate has dropped, new energy vehicles, media and other sectors performed better. Management has always been committed to adhering to the principles of housing and housing. Correspondingly, the market structure of A shares has been significantly differentiated throughout the year.

Huang Xingliang introduced that tens of thousands of industries preferred to configure some securities and Internet financial companies at the beginning of the market low point. At the end of the first quarter, they considered that the market risk was high, that is, they reduced their holdings, and gradually increased the configuration of growth sectors such as medicine and technology. The US ban on HUAWEI in turn has helped local enterprises increase support for the domestic supply chain, plus HUAWEI's active stock and the arrival of the 5G cycle.

"The fund has chosen to focus on core semiconductor, network security, enterprise applications and other sub sectors, focusing on new energy vehicles, pharmaceutical research and development, medical services and other industries. As of the end of this year, the fund's position is growing. Huang Xingliang said.

Consensus on growth value

The best performance of ten thousand industry selection is related to the rhythm.

A shares rose sharply in the first quarter, and its holdings of securities and the Internet ended in the first quarter. After that, the market plunged, and gradually increased its medical and technology stocks. After the end of the year, the pharmaceutical and technology stocks were the most beautiful in all industries.

Another Zhonghai quantitative strategy fund, which has achieved good results last year and this year, was 68.80% last year, and its performance is 19.66% this year.

Fund manager Peng Haiping said that the first quarter of A shares ushered in the rebound caused by valuation repair. The small cap and reverse style were significant, and the fundamentals of value and profitability were ineffective.

It believes that the bottom of the market shocks, the return of profit growth style, big blue chips better than small cap stocks, momentum effect is significant, showing a structural market with increased differentiation. If the A share is foreign capital preference plus technology leader and other stocks, we can see that the increase of the former is far higher than that of the latter. We can see that foreign capital preference for the leading technology of the company is the core driving force for the 2019 rise.

"The overall position of the fund is relatively stable during the reporting period, with high-quality growth stocks as the main concern." Peng Haiping introduced.

The potential value of high source management in 2019 is 74%. The high source said in the annual report, "in the whole year, our turnover rate is low, and the position fluctuation is not large. We mainly rely on industry selection and bottom-up stock selection to obtain excess returns. At the level of stock selection, we insist on choosing industries with higher profitability and prosperity, such as the early stage of the brokerage sector and the electronic sector of the second half of the year.

The plateau pointed out that it should consider buying the industry on the left side and buying up the industry at the end of the boom. For example, the new energy vehicle sector was added in the four quarter. In terms of stock selection, it persists in selecting stocks with relatively solid fundamentals. These stocks share a relatively high competitive barrier (technology, customer channel) with the same level as the average profit margin of the industry.

Summing up the performance of the fund managers last year, an equity fund manager of a Beijing fund company said: "last year, the fund's performance was dominated by technology funds, and consumer funds dominated by food and beverage. Their leading edge was obvious. Funds that step on the rhythm, seize market themes, investment opportunities and industry opportunities can get a better return.

2020 game structural market

"In a relatively loose liquidity environment, the equity market activity in 2019 has significantly improved. By the end of 2019, the overall valuation of A shares represented by Shanghai and Shenzhen 300 was still at a relatively low level, partly reflecting the expected downtrend in earnings growth. From the global relative valuation and the comparison with risk-free interest rates, the equity market still has a good performance price ratio, and the continuous inflow of overseas funds reflects the recognition of some high-quality enterprises. It is expected that the liquidity environment will remain loosely oriented, and the market will still have opportunities for structural market. " Looking forward to 2020, Xie Zhiyu expressed the same view in the two annual reports of 2019, which are all suitable and prosperous.

It is worth mentioning that tens of thousands of industries preferred to return on the basis of 89.83% last year, less than a quarter of this year, the return has been as high as 22%, the performance is still very beautiful, Huang Xingliang continues to maintain accurate accuracy of the market.

Huang Xingliang looked at it in 2020: "whether from the development cycle of the global ICT industry or the competitiveness of local companies, the domestic technology industry is expected to make considerable progress in the future. In many areas of technology segmentation, the share of local companies is still very low, and there is enough room for import substitution. In the context of full attention to the development of the local industrial chain, coupled with the accumulation of certain competitiveness of domestic technology companies, these companies have the opportunity to exceed expected growth and deserve investors' long-term concern. "

"We have confidence in the long-term development of domestic science and technology industry. We focus on the core semiconductor, network security, cloud computing, new energy vehicles, medical research and development, medical services and other fields. The growth of these fields is large enough, and the representative enterprises have already got a place in the global competition, which is expected to continue to grow and bring returns to investors in the future. Huang Xingliang pointed out.

Peng Haiping said: "with the A stock market structural interpretation, the industry configuration will play a decisive role. Undervalued, profitable determinations, and high dividend payout cycles, such as banks and building materials stocks, may run out of excess returns. From the earnings perspective, the growth rate of the main board is still slowing down, while the profit growth of small and medium sized boards and gem has obviously stabilized, and the prosperity of the technology industry is also a definite opportunity for 2020. "

As for the layout in 2020, Gao Yuan said, "after the outbreak, our position structure has not changed very much, and it still maintains a low turnover rate. In the next stage, we may consider more about the industry and stocks affected by the epidemic, resulting in long-term changes in the competition pattern or supply and demand pattern.

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