Source: Securities News Network
Author: Wang Xiaoxing
Every year during the earnings season, major investment institutions disclose the latest position report (13F). Based on the information disclosed by 13F, investors can learn about the latest asset allocation strategies of star institutions such as Berkshire and Bridgewater Fund, and see which companies their "smart money" goes to, so as to get a reference on the direction of investment. Welcome to subscribe to the topic"the Secret of the Adjustment of US stocks in the Top institutions"To explore the secrets of the positions of Wall Street financial predators.
According to the latest position trend of overseas funds, which Chinese stocks are more optimistic?
Recently, Hillhouse's HHLR, Jinglin, Blackrock, Bridge Water Fund, Tiger Global and other overseas asset management agencies of the latest positions exposed, the latest trend of Chinese stocks also surfaced. Specifically, in order to$PDD Holdings (PDD.US)$、$Alibaba (BABA.US)$、$JD.com (JD.US)$、$Bilibili (BILI.US)$Internet companies such as those represented by the Internet have become large investors in overseas funds in the fourth quarter of last year.
Hillhouse funds, stick to BeiGene, Ltd.
Recently, Hillhouse's HHLR Advisors, which focuses on secondary market investments, announced the changes in U. S. stock positions in the fourth quarter of 2022. Overall, HHLR bought 12 new stocks in the fourth quarter of last year, increased its positions by 9 stocks, reduced its holdings by 25 stocks, and shorted 6 stocks, with a turnover rate of 6.74%.
In terms of shareholding, HHLR made a new entry in the fourth quarter of last year.$Trip.com (TCOM.US)$、$NetEase (NTES.US)$、$Atour Lifestyle Holdings (ATAT.US)$、$JOYY (YY.US)$And other Chinese stocks, of which, yes.$NetEase (NTES.US)$、$Atour Lifestyle Holdings (ATAT.US)$The increase of positions in stocks such as stock is relatively large. At the same time, among the stocks that have been held, HHLR is right.$Futu Holdings Ltd (FUTU.US)$、$KE Holdings (BEKE.US)$、$Kanzhun (BZ.US)$、$PDD Holdings (PDD.US)$、$Alibaba (BABA.US)$、$Full Truck Alliance (YMM.US)$The positions of such companies have increased more, and the share changes of the above-mentioned companies have increased by more than 30% compared with the previous period. Among them, HHLR's shareholding in Fortune has increased by 23.3%.
As of the end of last year, the concentration of the top 10 heavy positions in HHLR US stocks was 75.66 per cent, according to WhaleWisdom. The fund's top position is still BeiGene, Ltd., which has a market capitalization of $1.2 billion since the first quarter of 2016, accounting for 25.4 per cent of the portfolio. Other heavy stocks account for no more than 10% of the portfolio, including$JD.com (JD.US)$(7.85%),$KE Holdings (BEKE.US)$(6.2%),$Alibaba (BABA.US)$(5.81%),$Vipshop (VIPS.US)$(5.47%),$Legend Biotech (LEGN.US)$(5.41%),$PDD Holdings (PDD.US)$(5%) and so on. It is worth noting that seven of the top 10 heavy stocks in the fund are US-listed stocks, continuing to maintain the pattern of heavy holdings of Chinese enterprises.
A number of overseas funds have overweight Chinese stocks.
Coincidentally, Jinglin's position in the fourth quarter of 2022 also shows its strong interest in Pinduoduo. In the fourth quarter, Pinduoduo became the largest U. S. stock in Jinglin, accounting for 27.92% of the portfolio, up from 13.77%.
In terms of the number of positions, other positions that were increased more during the quarter include$RLX Technology (RLX.US)$、$360 DigiTech (QFIN.US)$、$Kanzhun (BZ.US)$、$JD.com (JD.US)$、$Hello Group (MOMO.US)$Wait. In terms of market value of positions, in addition to Pinduoduo, JD.com, Taiwan Semiconductor Manufacturing Co Ltd and 360 DigiTech Inc were increased by 3.71%, 2.39% and 2.32%, respectively.
During the fourth quarter of last year, Jinglin bought eight stocks, increased its positions by 10 stocks, reduced its holdings by 10 stocks, and shorted 3 stocks, with a turnover rate of 28.3%, according to WhaleWisdom platform data. As of the end of last year, the concentration of the top 10 heavy positions in Jinglin US stocks was 82.33%, which was higher than that of HHLR. In addition to Pinduoduo, the top ten stocks include$JD.com (JD.US)$、$NetEase (NTES.US)$、$Meta Platforms (META.US)$、$Kanzhun (BZ.US)$、$DoorDash (DASH.US)$、$ZTO Express (ZTO.US)$、$Full Truck Alliance (YMM.US)$、$360 DigiTech (QFIN.US)$和$KE Holdings (BEKE.US)$Among them, the number of US-listed stocks reached 8.
Blackrock's interest in US-listed stocks is reflected in the increase in Bilibili Inc. 's holdings. Blackrock recently announced the changes in his positions in the fourth quarter of 2022, during which Blackrock bought 167new stocks, increased his positions by 3692, reduced his holdings by 1476, and shorted 271stocks, with a turnover rate of 1.71%.
According to WhaleWisdom data, as of the end of last year, Blackrock U. S. stocks held the top 10 heavy positions with a concentration of 17.16%. Within the fourth quarter$Exxon Mobil (XOM.US)$、$Chevron (CVX.US)$、$Merck & Co (MRK.US)$、$AbbVie (ABBV.US)$The position of the company has been increased more. By the end of last year, the first major position of the fund was$Apple (AAPL.US)$，$Microsoft (MSFT.US)$、$Amazon (AMZN.US)$、$Unilever (UL.US)$And so on is also heavily positioned. In terms of US-listed stocks, Bilibili Inc. was increased more by Blackrock in the fourth quarter, with the number of shares increased to 1.45 million shares, an increase of 596%, and the market value of the position reached US $39.98 million.
The general interconnection leader is very popular.
It is not difficult to find that in the last quarter of last year, overseas funds' enthusiasm for Chinese-listed stocks was mainly focused on the relevant targets of the interconnection. Some stocks represented by Pinduoduo, JD.com and Bilibili Inc. have been greatly blessed by some institutions.
From the overall performance of the plate, during the fourth quarter of last year, the overall recovery of interconnection is obvious. Interconnect ETF with the function of weather vane$KraneShares CSI China Internet ETF (KWEB.US)$In order to observe the anchor point, the trend of the index has been in the downward range since February 2021, and the index has stabilized and rebounded until the end of October 2022. By the end of last year, the index had rebounded more than 60% from its periodic lows. Judging from the performance of individual stocks, by the end of 2022, the US stock Pinduoduo has rebounded by more than 80% from its low at the end of October, JD.com by more than 53%, and Bilibili Inc. by more than 165%.
It is worth noting that in 2023, overseas investment institutions are more optimistic about the prospect of interconnection. UBS has previously said in a research paper that valuations of Chinese internet platforms are still attractive compared with historical levels, arguing that there is room for companies in the industry to rise further in valuations. UBS expects confidence among Chinese consumers to continue to recover in the coming months, bullish on some second-tier internet companies that are expected to gain market share, as well as some that are expected to benefit from growth in corporate advertising budgets. In the difficult environment of the past few years, Chinese Internet companies have been optimizing their operational efficiency. As the economy recovers, these Internet platforms may be able to operate steadily while improving profit margins.
Edit / Somer