Source: brokerage China

Recently, Guosheng Securities pointed out in a research report that the trend of "huddling" of individual shares of funds has continued to weaken since 2021, and the index of shareholding concentration reached its lowest level since 2019 in the fourth quarter of 2022.

At the same time, with the decline of the degree of "huddling" of public funds, fund managers also have to look for more structural opportunities by "digging for new stocks". According to the four Seasons report of Public offering funds, many star fund managers have their own heavy stocks, and some stocks nearly doubled in the fourth quarter of last year, contributing rich profits to the fund.

The concentration of fund holdings reached the lowest level in 2019.

The huddling of public offering funds has spawned a structural bull market for three consecutive years since 2019, but Guosheng Securities pointed out in a recent research report that since 2021, the trend of fund stock allocation has been sinking, and the concentration of shareholdings continues to decline in the fourth quarter of 2022. Individual stocks continue to be diluted.

According to Guosheng Securities statistics, by the end of the fourth quarter of 2022, the holdings of the top 20, top 50 and top 100 positions in public offerings fell from the previous quarter to 30.3% (previous value 31.4%), 45.6% (previous value 47.0%) and 59.3% (previous value 61.6%), respectively, reaching a new low since 2019, and individual stock holdings continued to weaken.

A number of fund managers also talked about their views on the direction of high prosperity and popular track stocks in the four Seasons report in 2022.

Zhou Keping, manager of Huaxia Innovation Future Fund, pointed out in the four Seasons News that in the fourth quarter, we believe that the direction of high prosperity will disintegrate. Three macro variables, epidemic situation, real estate, and inflation, have all seen inflection points, and changes have begun to occur.

1. We see that the domestic epidemic policy is beginning to shift, and the door to economic recovery will open.

two。 We can see that real estate policy has shifted and the risk of economic stall has been eliminated.

3. We are seeing a gradual peak in US inflation and a decline in US bond yields.

Therefore, Zhou Keping avoided all "high prosperity" industries in the four Seasons, and the so-called industries that were forced to pay on the demand side, such as photovoltaic energy storage and semiconductor equipment materials caused by the conflict between Russia and Ukraine, instead embraced the direction of economic recovery. the core is focused on automobile, especially new energy vehicle industry chain, semiconductor design in semiconductors, software in computers and biomedicine. And the direction in which GM's manufacturing and military industry will be able to accelerate next year.

Xu Zhibiao, manager of Cathay Pacific Medical and Health Fund, pointed out, "our pharmaceutical fund was launched in the third quarter of 2020, and the overall medicine is weak. In the past two years, we have repeatedly stressed the huge risks of pharmaceutical track stocks, and our strategy is to avoid popular tracks." He pointed out that the capital market has fluctuated greatly in the past two years, especially many investors have suffered heavy losses at the track investment level, either chasing up or falling, or indulging in the track regardless of valuation, but the investment should believe in common sense and mean regression. Good companies, low valuations and good performance are the largest source of long-term returns, the best way to control portfolio risk, and the guarantee that returns can continue to reach new highs.

What are the major positions of star fund managers?

With the decline of the degree of "huddling" of public funds, fund managers also have to look for more structural opportunities by "digging for new stocks".

According to Wind statistics, by the end of the fourth quarter of 2022, there were only 578 stocks in the top 10 of a fund, up from 546 at the end of the third quarter. The performance of these individual stocks may become the "winner" of fund managers.

For example, the Quarterly report shows that Meiyun has become the tenth largest position driven by Noan Innovation managed by Cai Songsong, and it is only heavily held by this fund. Merrill Cloud is mainly engaged in three major businesses: data center, photovoltaic and papermaking, among which the data center business is mainly for cabinet rental, network access and cabinet operation and maintenance. customized cabinet rental provided to large Internet companies, government and enterprise customers and telecom operators, the stock rose 91.27% in the fourth quarter of 2022, contributing rich revenue to Noan innovation driver.

The Huaan quality selection managed by Liu Changchang took a heavy position in Tianfu Energy in the fourth quarter of last year, and substantially increased its position to the fourth largest stock. Tianfu Energy is mainly engaged in power and thermal production, supply, natural gas supply, urban water supply and construction, mainly providing comprehensive energy services of electricity, heat, water and natural gas for Shihezi, Xinjiang. It is the only comprehensive energy listed company in the northwest region that focuses on cogeneration mode, multiple energy supply modes and integrated power generation, supply and dispatching. The stock rose 10.21% in the fourth quarter of 2022.

Yu Yang managed to upgrade the consumption of financial management for one year to hold a major position in the new dairy industry. New Dairy is an enterprise specializing in the research, development, production and sales of dairy products and milk beverages. The product strategy with "fresh value" as the core is dominated by low-temperature fresh milk and low-temperature yoghurt products. It has a leading position in regional markets such as Sichuan, Yunnan and Ningxia, and the stock rose 21.26% in the fourth quarter of 2022.

In addition, HSBC Jinxin Vanguard managed by Lu Bin has exclusive heavy positions in Hangya Technology, Hu Yibin's Hua'an, Shanghai, Hong Kong and Shenzhen extension growth has exclusive heavy positions in Martians, Qi he managed Yi Fangda Environmental Protection theme has exclusive heavy positions in Pinggao Electric, Miao Weibin managed Jin Yuanshun an Yuanqi exclusive heavy positions in pioneering International, and so on.

The structure of the head heavy warehouse is still relatively stable.

Although individual stocks continue to play down, the research report of Guosheng Securities also said that the head heavy position structure of public offering funds is still relatively stable.

From the perspective of heavy stocks, the top four positions are stable, followed by Guizhou Moutai, Ningde era, Luzhou laojiao and Wuliangye, Wuxi Apptec, Sunshine Power and Ayre Ophthalmology returned to the top 10, while Longji shares, Poly Real Estate and Ziguang Guowei pulled out of the top ten positions.

At the level of adjustment direction, Wuxi Apptec received more positions, while Guizhou Moutai was mostly reduced. From the perspective of individual stock position adjustment, the technical positions of Wuxi Apptec, SF Holdings, Wuliangye, Zijin Mining Group and Huichuan increased by 0.32%, 0.28%, 0.28%, 0.26% and 0.23%, respectively. At the same time, positions in Guizhou Moutai, Longji shares, Tianqi Lithium Industry, North Huachuang, and Ningde fell mostly, with positions falling by 0.63%, 0.54%, 0.41%, 0.38% and 0.33% respectively.

In addition, combined with the list of funds to increase and reduce positions, SF Holdings has a strong consensus on increasing positions, while Longji shares and Tianqi Lithium Industry have a strong consensus on reducing positions.

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