Shanghai Index Hit A New High In Five Years

On January 21, the Shanghai Composite Index stood at 3600 again and continued to set a new high in more than five years. The Shanghai index rose 1.07% to 3621.26 points; the Shenzhen Composite Index rose 1.95% to 15520.6 points; the gem index rose 2.46% to close at 3283.72 points. The turnover of Shanghai and Shenzhen stock markets broke through the trillion mark again, with a turnover of 1085.66 billion yuan; the actual net inflow of capital from the North was 5.678 billion yuan.

On the disk, the liquor making industry recovered and liquor stocks rebounded in an all-round way. Benefited from the price rise and other factors, rare earth concept stocks rose sharply, while some "Baotuan stocks" such as iFLYTEK continued to repair, setting a new record.

Behind this, the continuous influx of incremental funds contributed greatly, especially the continued boom of new funds.

2020 is a big year for public funds. Not only will the issuance scale of new funds break through 3 trillion, making a record high, but the annual average yield of partial equity funds will also exceed 40%, and more than 100 funds will double their returns.

How can the fund obtain excess returns in the ups and downs of the market in 2020, and how to arrange in the market in 2021? Zhang Kun, Liu Gesong, Fu Pengbo and other long-term outstanding fund managers' latest shareholding trend gives the answer.

On the whole, these star fund managers manage high positions of funds. Although they have their own preference for the direction of position adjustment, they all keep their attention on the long-term track of consumption, technology, etc., in order to find a balance between certainty and growth. They are optimistic about the long-term prospects of the capital market. They believe that only by examining the company with a long-term perspective and picking out high-quality enterprises can they obtain excess returns.

100 billion active equity fund manager born

The outbreak of the market makes the gold absorption effect of star fund managers more and more prominent.

According to the latest data of the fund's four seasons report, Zhang Kun, the fund manager of e fund star, has managed a total fund scale of 125.509 billion yuan, becoming the first active equity fund manager with a management scale of more than 100 billion yuan in the industry.

At present, Zhang Kun manages a total of five public funds, namely, e-fund blue chip selection mix of 67.701 billion yuan, e-fund medium and small cap hybrid of 40.011 billion yuan, e-fund high-quality enterprise three-year holding period of 10.805 billion yuan, e-fund New Silk Road flexible allocation mix of 5.764 billion yuan, and e-fund Asia selected stock of 1.130 billion yuan.

As of January 20, 2021, the five funds managed by Zhang Kun had good returns during their tenure of office, among which e-fund's medium and small cap mixed returns were the most prominent, reaching 733.53%. The earnings of the remaining e-fund blue chips, e-fund's New Silk Road flexible allocation mix, e-fund Asia's selected stocks and e-fund's high-quality enterprises were 208.68%, 123.90%, 104.35% and 40.98% respectively.

In fact, there are many fund managers with a management scale of more than 50 billion yuan, including Liu Gesong of Guangfa fund and Liu Yanchun of Jingshun Great Wall, with the management scale of more than 70 billion yuan.

On January 21, McKinsey released a report on China's mutual fund industry, which indicated that the head concentration effect of China's fund industry was gradually emerging, especially in equity and broad base index market segments. By the end of 2020, the top 20 active equity funds with newly issued scale had contributed 71% of the newly issued market share; by the third quarter of 2020, the top five Shanghai Shenzhen 300et F fund contributed 83% of the market share, and the top 5 Shanghai Stock Exchange 50ETF fund contributed more than 99% of the market share.

Star fund position adjustment roadmap exposed

With the trend of A-share institutionalization becoming more and more obvious, star fund managers holding large amounts of money have attracted more and more attention.

According to the statistics of 21st century economic report, in the fourth quarter of last year, the fund maintained a high position operation. Except for the 89.04% position of Ruiyuan growth value stock managed by Fu Pengbo, the equity investment of other e fund blue chip selection and Guangfa technology pioneer accounted for more than 90% of the total assets of the fund.

Although star fund managers tend to be more similar in their positions, they have great differences in their attitudes towards heavy positions, but they all keep their attention on the long-term track of consumption, technology and so on.

Compared with the end of the third quarter, the overall position of e fund blue chip select fund managed by Zhang Kun did not change as a whole. In addition, Yanghe shares, Tencent holdings and Wuliangye are among the top five heavy positions. At the end of the third quarter, China biopharmaceutical Co., Ltd. has withdrawn from the top 10 heavy positions in the fourth quarter.

The Guangfa science and technology pioneer fund managed by Liu Gesong significantly adjusted its position in the fourth quarter.

In the fourth quarter of 2020, Liu Gesong reduced the holdings of Longji shares and Tongwei shares, and Yiwei lithium energy Co., Ltd. became the largest heavy warehouse stock. At the same time, he increased the allocation of medicine, and Yao Ming Kant became the top 10 heavy positions of the fund; the chip stock of San'an optoelectronics was not seen, and the position of BOE a, the leading panel leader, was increased.

Liu Gesong believes that as the photovoltaic industry has entered the era of parity, and the general trend of automobile electrification has been established, the rapid growth of overseas demand and the industry has entered the fast lane, leading companies will fully benefit. At the same time, with the alleviation of overseas epidemic situation and the resumption of global production, the pro cyclical industries of LCD panel, refining and chemical industry and overseas pricing should be focused on.

By star fund manager Fu Pengbo steering, Ruiyuan growth value four seasons also disclosed on the 21st. The top ten stocks in the portfolio have changed to some extent. For example, the holding proportion of lithium battery and photovoltaic equipment companies and main suppliers of automobile glass has increased significantly. Position adjustment, Ruiyuan growth value in the fourth quarter increased the position of Fuyao Glass, becoming the top ten heavy positions of the fund.

In the four seasons, star fund managers have expressed their views on the future market.

Fu Pengbo said that looking forward to 2021, under the background of domestic liquidity contraction, the valuation probability rate is facing a decline, and corporate profits will be the top priority in the screening indicators. In addition, the impact of overseas economic recovery on domestic enterprises is also an important observation angle.

E fund Zhang Kun is optimistic about the long-term prospects of the capital market. Zhang Kun disclosed in the four seasons report that no matter how the macro environment changes, high-quality enterprises usually have good coping capacity. Taking this epidemic as an example, many high-quality enterprises have responded appropriately, and offset the negative impact of the epidemic on the industry by increasing the market share.

Liu Gesong is optimistic about the long-term space of science and technology industry. It said that in the fourth quarter of last year, the market style changed significantly, and industries such as photovoltaic, new energy vehicles and military industry whose fundamentals exceeded expectations were unanimously recognized by the capital market. As the photovoltaic industry has entered the era of parity, and the general trend of automobile electrification has been established, overseas demand has increased rapidly, and the industry has entered the fast lane, leading companies will fully benefit. At the same time, the industry of LCD panel, refining and chemical industry and overseas pricing should be focused on.

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