Dismantling Star Fund Managers A Quarterly Transfer Path: Liu Gesong Added Medical Services Shaun Nan Hunters Food And Drink

The fund's quarterly bulletin was gradually opened.

Wind data show that as of April 21, 2020, at least 29 fund companies more than 500 funds announced a quarterly report.

A number of star fund managers in the first quarter of heavily loaded positions and adjust the exposure path, including GF fund Liu Gesong, Rui Yuan fund Fu Pengbo, Yi Fangda Xiao Nan and so on.

Overall, in the first quarter of the "magic" market, star fund managers maintained 80% to 90% of the higher positions, during which they also made changes based on market changes.

However, their holdings of heavily loaded stocks are less varied and are basically long-term leading stocks. In the first quarter of the impact of the epidemic, the anti risk ability, or the stock that benefited from the epidemic, was also concerned by the star fund managers.

"Raise a brother" to increase medical services

Under the influence of the epidemic, the A share market in the first quarter was called magic. Did star fund managers step on the rhythm?

Liu Gesong managed last year's fund performance champion - GF Shuang Qing upgrade is a typical representative. Last year, its heavily loaded stocks were concentrated in technology stocks, ranking the top 121.69% in the public offering fund.

According to the statistics of reporters, from the beginning of 2020 to March 8th, during the honeymoon period of A shares, the GF double upgrade increased by 27.36%; from March 9th to March 23rd, the fund fell 15.12%; March 4th to March 31st, the fund rebounded 1.04%.

On the whole, in the first quarter of this year, the gain of GF's twin upgrade was 9.22%.

A quarterly report shows that the heavyweight stock upgraded by GF is still technology stocks. Compared with the end of last year, at the end of the first quarter, 7 heavy stocks remained unchanged, namely Kangtai bio, China software, San Bang shares, San an photoelectric, Yiwei Li Li, ZTE, Jian Fan creatures.

However, in the 10 heavyweight stocks, the UF network, wave information and purple light shares were added to the network technology stocks benefiting from the direction of the epidemic, and reduced Mega innovation, power technology and BOE A three stocks.

In response, Liu Gesong said, "in the first quarter of 2020, the fund maintained a focus on technology and new growth industries, and continued to focus on investment opportunities in independent innovation, new energy, Internet and other industrial chains, and moderately reduced some of its growth rate and valuation companies that did not match their valuation."

From the overall position, gf's dual stock upgrade has increased from 74.64% at the end of last year to 83.53% at the end of the first quarter of 2020. However, its low position last year has its special situation, because the fund's performance is so good that the scale of the fourth quarter fund has increased rapidly, resulting in a decline in the combined position.

In contrast, Liu Gesong managed a mixed growth fund with a small growth rate. The stock position in the first quarter dropped by nearly 10 percentage points to 80.54%.

A quarterly report shows that the top ten heavy stocks of the fund are: Kangtai bio, ZTE, San an photoelectric, Yiwei Li Li, China software, Jian Fan biology, Sheng Bang shares, trillion easy innovation, Wei Ning health, win win technology. Compared with the 4 quarter of last year, pharmaceutical stocks such as Kangtai bio and Jian Fan were added.

In this regard, Liu Gesong said, "in the first quarter of 2020, the A share market was affected by the new crown epidemic and overseas market shocks, and the fluctuation was relatively large. The fund was mainly equipped with technology growth, pharmaceutical and biological, new energy industries and some high-quality consumer companies, and the allocation of medical services industry increased."

The fund's revenue last year was 93.19%, compared with 15.10% in the first quarter of this year.

Bottom up food and beverage

Another fund, big coffee Fu Pengbo, has a slightly weaker performance in the first quarter. In the first quarter, the net growth rate of its class a fund shares was -1.86%, while the benchmark yield of the same period was -7.27%.

The fund's position in the first quarter was 89.99%, down slightly from 91.05% in the fourth quarter of last year.

The top ten heavy positions in the first quarter were Dongyu Hong, Li Xin precision, Longji stock, Wuliangye, Keli Tai, China National material, Wanhua chemical, Monet group, Xinwei communication and thousand square technology.

By contrast, the ten heavy positions in the first quarter have already been held in the fourth quarter of last year, but there are some changes in the number and positions of shares.

Among them, there are 4 stocks, including Wuliangye, Wanhua chemical, Monet group and Xinwei communication. There are 5 stocks, including Dongyu Hong, Li Xin precision, Longji shares, China National material and thousand square technology. It is Kelite who keeps his position unchanged.

On the whole, at the end of last year, the pharmaceutical stocks of the ten major heavy positions were moved out of the top ten big positions, and the focus of heavy positions was on consumer and electronic stocks.

In this regard, Fu Pengbo said that the first quarter continued to maintain a relatively stable position in the previous quarter. In terms of individual stocks, the main energy will be allocated to enterprises with excellent management ability and endogenous growth. At the same time, anti risk capability and industry concentration will be promoted as the next consideration variables.

Xiao Nan, known for its investment in the consumer sector, managed the Yi Fang Da consumer industry at the end of the first quarter, 82.41%, compared to 83.69% at the end of the fourth quarter of 2019.

At the end of the quarter, the top ten heavy stocks were Shun Xin agriculture, Guizhou Moutai, Wuliangye, Shanxi Fenjiu, Mei Group, Luzhou Laojiao, GREE electric appliances, Gujing Gong liquor, Yili shares and Dong'e donkey hide gelatin.

Compared with the previous quarter, the list of its ten largest stocks has not changed, and only a few shares have changed in proportion to the net asset value of the fund.

Among them, Shun Xin agriculture rose to the first heavyweight stock (previously sixth heavy positions), while the optional consumer unit GREE electric and Midea Group fell from the first and second heavy positions in the fourth quarter of last year to seventh and fifth in the first quarter.

This is in line with the upward trend of agricultural stocks in the first quarter of the epidemic, and the larger the impact of the optional consumer stocks.

Xiao Nan pointed out that in order to avoid liquidity risk, we took the initiative to reduce stock positions after the Spring Festival. After the outbreak of the overseas epidemic, the global financial market was severely shocked and the liquidity was shrinking rapidly. After the release of short-term liquidity risk, we added more food and beverage sectors.

"We believe that the current position has a relatively high cost performance. In the long run, many stocks will benefit from the industry pattern and continue to improve." Xiao Nan said.

However, in general, liquor, optional consumption and other stocks were more affected in the first quarter. The net growth rate of the fund in the first quarter was -8.60%.

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