Dismantling Fund Second Quarter Report: Star Fund Manager'S Position Adjustment And Stock Exchange

On July 20, the Shanghai stock index rose 100 points and recovered 3300 points. At the same time, the second quarter report of public funds has entered a period of intensive disclosure, which gives us a glimpse of the layout of fund managers.

According to the 21st century economic report, as of July 20, a number of fund companies, including Huaxia Fund, Jiashi fund, Yinhua Fund and Guangfa fund, have successively disclosed their second quarter reports.

The market recovered in the second quarter, with the Shanghai Composite Index up 8.52%, and public funds also achieved good results. According to the statistics, wind's share of equity exceeded 600% in the second quarter.

According to the disclosed fund second quarter report, wind data shows that the top ten positions of public funds in the second quarter are Guizhou Maotai, Lixun precision, Hengrui pharmaceutical, Wuliangye, Longji shares, Changchun hi tech, Kangtai biology, Yiwei lithium energy, Ningde times and Ping An of China.

Compared with the first quarter, in the second quarter, among the top ten stocks of public funds, the number of stocks in pharmaceutical biology, electronics and other industries increased, while the number of stocks in food and beverage, household appliances, finance and other industries decreased.

Changes in the allocation of star fund managers

Overall, wind data shows that the top three industries with the highest market value of fund positions in the second quarter are manufacturing, information transmission, software and information technology services, and finance. Among them, the market value of manufacturing positions accounted for more than 12% of the net value, an increase of 3% compared with the first quarter.

From the changes of the top 10 heavy positions of the fund, Changchun hi tech and Kangtai bio Pharmaceutical Co., Ltd. are the new top 10 heavy positions, while Yili shares, Gree Electric appliances and Vanke A listed in the first quarter withdraw from the top 10 heavy positions.

"In the second quarter, the pharmaceutical industry showed a strong trend of unilateral rise. On the one hand, the market liquidity was loose and the overall environment was relatively friendly. On the other hand, the trend of the pharmaceutical industry was upward and there was no clear plate negative." Guangfa health care fund manager Wu Xingwu thinks.

In fact, in the second quarter, the returns of several medical theme funds ranked at the top, among which, Guangfa health care and Chuang Jin Hexin medical and health care industry returned more than 50% in the second quarter.

Star fund manager Liu Gesong in the second quarter of the pharmaceutical industry has also increased positions. From the perspective of Guangfa's technological innovation under its management, the top 10 heavy positions of the fund at the end of the second quarter included Kangtai biological, Changchun hi tech, Hengrui pharmaceutical and other pharmaceutical stocks. Compared with the end of the first quarter, Kangtai biological was still the largest heavy warehouse stock, while Changchun hi tech increased from the seventh largest heavy position stock in the first quarter to the third largest heavy position stock, and the number of shares held increased from 63200 shares to 126400 shares.

In addition, Hengrui Pharmaceutical Co., Ltd. was one of the top 10 heavy positions in GF's technology innovation in the second quarter, and its market value accounted for 3.5% at the end of the second quarter.

Liu Gesong pointed out that the market differentiation was obvious in the second quarter, high-quality growth stocks were unanimously recognized by the capital market, and the fund focused on the growth industries mainly including cloud computing, semiconductor, medicine and new energy.

Guikai, a fund manager of harvest emerging industries, said that it reduced its holdings of medicine slightly in the second quarter. However, overall, the position structure changed little in the second quarter, and it still focused on technology, advanced manufacturing, health and consumption.

The position data of the second quarter showed that compared with the first quarter, Lepu medical was no longer the top ten heavy positions of harvest emerging industries in the second quarter, while the number of shares held by Guanglianda and Huichuan technology increased compared with that in the first quarter, and Hengsheng Electronics was newly added as the third largest heavy position stock in the second quarter.

From the position situation, many funds maintained high position operation in the second quarter. According to wind data, the stock positions of more than 800 funds at the end of the second quarter exceeded 90%, and the positions of more than 700 funds increased or remained unchanged compared with the data at the end of the first quarter, accounting for 86%.

"During and after the epidemic, the recovery rate of fundamentals in different industries and the comprehensive comparison of the risk return ratio of stock prices are important links for all kinds of new investors to consider objectively. From the star public offering fund manager's position data in the second quarter, similar position adjustment and stock exchange has been carried out in advance Golden Eagle Fund chief economist and general manager of research department Yang Gang said.

Focus on Fundamentals

Since entering the third quarter, a shares have experienced a round of rapid rise and entered the adjustment, and the market sentiment has also changed.

In the second quarter report, Liu Hui, a fund manager with a selection of domestic demand in Yinhua, said that for the third quarter, it would continue to maintain the shock market judgment.

"In the third quarter, appropriate balance consideration may be given to the combination to make it more defensive than the traditional offensive ability. In the third quarter, we will continue to focus on agriculture, science and technology and medicine, and make a moderate balance in new energy, household appliances, automobile, finance, nonferrous metals and other industries. " Liu Hui said.

Yang Gang also put forward the view of equilibrium, "considering that the market is undergoing new structural changes, the style should gradually tend to be balanced, and it is expected that the market will further switch from risk preference driven to fundamental driven. In terms of industry allocation, considering the month on month increase of PPI in the second half of the year, the increase of demand for replenishment of some industries, and the continued release of restrained demand in the early stage, the real estate and automobile industry chain and the cyclical industries such as nonferrous metals, chemical industry and building materials in the upper and middle reaches of the industry will continue to have certain allocation value. "

"At present, the policy environment is relatively friendly, the trend of economic recovery remains unchanged, and there is no inflationary pressure. After the market correction, there is considerable risk release. While waiting for the turnover rate to return, we may consider continuing to pay attention to the post cycle chain of infrastructure and real estate. " Boshi Fund chief macro strategy analyst Wei Fengchun thinks.

With the advent of the interim report season, it is also the focus of fund managers.

According to an interview with the macro strategy Department of Guangfa fund, "the prosperity of gem is still significantly higher than that of the main board from the perspective of the disclosed interim performance forecast of A-share. From the perspective of industry, the positive proportion of interim reports in consumption industries such as agriculture, forestry, animal husbandry and fishery, food and beverage, medicine, and TMT industries such as electronics and computers account for a relatively high proportion, while the performance of strong cycle and some optional consumer industries is poor. "

"For some industries that have been continuously leading the rise in share price since this year, and the valuation differences between different sectors have been very significant or even close to the historical extreme value, in the future, after the valuation differences are appropriately converged, the fundamentals will continue to rise, and it is expected that there will be continued opportunities in the future. In this regard, we can focus on the perspective of industry recovery or continuous growth to make a positive layout. " Yang Gang said, "in the process of market style rotation in the short and medium term, we can continue to pay attention to the varieties with superior performance and price performance. From the perspective of the history of a shares, the performance of value and growth in turn is an important feature of the bull market. "

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