Guangfa, Cathay Pacific and other fund companies yesterday took the lead in announcing the four Seasons report of their funds in 2019. From the announcement of the four Seasons report, equity funds continue to maintain high positions, and some fund managers choose undervalued sectors such as real estate.
Gefa small market growth mix, managed by Liu Gesong, a champion fund manager of active rights and interests last year, achieved an impressive performance of 93.19% for the whole of last year. According to the Fund's four Seasons report yesterday, Guangfa small market growth mix maintained a high position operation of 90.22% in the fourth quarter of last year, up 4 percentage points from the third quarter.
Liu Gesong also adjusted his position portfolio to significantly reduce the allocation of software and information technology services sectors, which accounted for 6.95% of the portfolio from 23.95% in the third quarter. In addition, Guangfa small-market growth mixed heavy stocks have also undergone considerable changes, Zhaoyi Innovation, ZTE Corporation, Yinghe Technology three new top ten heavy positions; flush, Ziguang Guowei, Huatian Science and Technology withdraw from the top ten.
Lin Peng, a Dongfang Hong Ruifeng mixed fund manager, also maintained a high position of 91.81% in the fourth quarter of last year, with the top 10 stocks basically stable, slightly increasing their holdings in Sany heavy Industries, and reducing their holdings in Lixun Precision, which rose a lot in the previous period. Lixun Precision is also the first time since the first quarter of 2018 to withdraw from Oriental Red Ruifeng's top five heavy positions. In addition, Shang Pin House is allocated to the top ten newly promoted heavy stocks.
Cathay Pacific value Classic Fund maintained a stock position of 93.36% in the fourth quarter of last year. In terms of industry allocation, the real estate sector increased its position by 1.6 percentage points, while the allocation proportion of information transmission, software and information technology services decreased to 0.03% from 3.13% in the third quarter.
In the fourth quarter of 2019, the A-share market first rose and fell, and gradually strengthened at the end of the quarter. Stocks in 5G, consumer electronics, media games and other related industries were active. In the four Seasons report, a number of fund managers explained in detail the idea of changing positions and shares, and also mentioned the promising areas of the industry in the new year.
Lin Peng said that in the fourth quarter, the combination was fine-tuned as a whole, appropriately increasing the proportion of positions in the information industry and media game industry, which have more room for long-term development, and appropriately increasing the proportion of positions in the real estate industry whose valuation is at the bottom of history. at the same time, it reduced the proportion of some heavy stocks that rose a lot in the previous period, and maintained its position in auto parts, home appliances, consumption and other industries.
Liu Gesong said that in the fourth quarter of 2019, he continued to be optimistic about the medium-and long-term investment value of the technology industry, so he maintained a relatively high position allocation, focusing on deterministic growth industries such as scientific and technological innovation and pharmaceutical services, and increased positions in the consumer industry.
Zhou Weifeng, a classic Cathay Pacific value fund manager, expects that structural differences between various industries and listed companies will be more obvious in the future after experiencing fluctuations since 2019. The revision of the new rules on refinancing in the securities market will also change the style of the A-share market in 2020.
Zhou Weifeng expects that in addition to emerging industries such as new energy vehicles, other industries are less likely to have big industry opportunities and are more likely to benefit from the process of improving efficiency. In the future, he will explore the investment targets mainly from the leading industries such as medicine, brand clothing, people's residence, cultural consumption, as well as new energy vehicles and intelligent driving.
