Xingquan trend, Dongfang Hong Ruifeng and other funds today disclosed a quarterly report. A number of star fund managers took the offensive in the first quarter, with stock positions of about 90%. For the future, fund managers believe that the overall valuation of the current market is low, in the context of sufficient liquidity superimposed weak fundamentals, the market will continue to fluctuate; bullish undervalued stocks and pharmaceutical, consumer and other areas.
The overall stock position is on the high side.
Actively adjust positions and exchange shares
In the first quarter, the COVID-19 epidemic broke out, which had a major impact on the economy at home and abroad. The portfolio managed by a number of star fund managers has maintained a moderate and high position, with heavy stocks covering finance, real estate, consumer, pharmaceutical, technology and other industries.
Xing full trend investment fund manager Dong Chengfei, Qiaoqian said that A shares in the first quarter of a strong start, all kinds of funds have entered the market. But the epidemic disrupted all the rhythm, and the Chinese and overseas economies have successively entered a state of stagnation. At the end of the first quarter, the stock assets of the fund accounted for 87.15%, with stocks such as Yonghui supermarket, Ping An Insurance, Poly Real Estate and so on.
Lin Peng, fund manager of Dongfanghong Ruifeng, said that in the first quarter, two main operations were done: first, the holdings of some varieties with large increases and valuations obviously deviating from the reasonable fluctuation range were reduced; second, the positions of undervalued varieties such as real estate and construction machinery were moderately increased. At the end of the quarter, the stock position was 87.82%, and the heavy stocks included Midea, Vanke A, Huayu Automobile, Sany heavy Industry, and so on.
Xie Zhiyu, a fund manager at Xingquan Heyi, said that in the first quarter, adhering to the concept of bottom-up selection of individual stocks, the allocation did not change with the volatility of the stock market, with a position of 91.33%. Mainly hold high-quality manufacturing leaders, pharmaceutical consumer stocks, reduce the holdings of some technology stocks with a larger increase, and continue to look for suitable targets of long-term value and performance-to-price ratio. The overall allocation is based on medium-and long-term value varieties with medium-and long-term logical support and appropriate valuation, and the overall structure is balanced; Chong Cang Longji shares, Poly Real Estate, Vanke A, China Equal shares.
The Jingshun Great Wall Dingyi warehouse managed by Liu Yanchun reached 93.95%, including Guizhou Moutai, Wuliangye, Haida Group and so on.
Zhang Jintao, a regular fund manager at Jiashi Ruihan, said that high positions were maintained in the first quarter, and large fluctuations in the market brought favorable adjustment opportunities to build positions and buy some high-quality stocks that had been tracked for a long time. It has increased its positions in stocks that have fallen sharply but have fully reflected pessimistic expectations and have more room for long-term returns. By the end of the first quarter, Castrol's stock assets accounted for 91.71%. Among the top 10 stocks were Gree Electric Appliances, Sunny Optical Technology, Lixun Precision, and so on.
Cautious and optimistic in the future
Be optimistic about new consumption, medicine and other areas
For the future, the above fund managers believe that the second quarter and the year may still face a lot of fluctuations, but the crisis contains huge opportunities, the direction of bullish or increased positions focused on undervalued stocks or new consumption, medicine, technology and other areas.
Dong Chengfei believes that the future market environment is basically a combination of "sufficient liquidity" and "weaker fundamentals", volatility will not be small, adhere to fundamentals-oriented.
Lin Peng believes that the current low level of market valuation has fully reflected the possible impact of the epidemic on the economy. However, the structure of the valuation system is very different, and the valuations of most traditional manufacturing and financial real estate industries are at the bottom of history, and there is the possibility of valuation repair in the future.
Looking at the longer cycle, Liu Yanchun said that he believes that human beings will certainly be able to defeat the virus, and the economy will eventually get back on track. In the future, we should pay more attention to the formation of new consumption habits, such as the acceleration of goods and services online is an irreversible trend. Every crisis hides opportunities, and the bigger the crisis, the greater the opportunities.
Based on valuations and considering the pressure from weak external demand in the second quarter, the main market to increase positions is in Hong Kong stocks, focusing on areas such as high-quality consumption, pharmaceuticals and technology, which are more related to domestic demand, Mr Zhang said.