Original title: quick look! Fu Pengbo, Zhao Feng and Wu Chuanyan have recently adjusted their positions. These stocks have been substantially increased, and real estate stocks have been cleared.
The latest positions of another batch of star fund managers have been exposed.
On the evening of July nineteenthStar manager Wu ChuanyanDisclosed Hongde's three-year Fengze second-quarter report, in which he once again stated his investment philosophy: "the fund completely abandoned the game thinking in the second quarter and firmly adhered to long-term doctrine." The position is greatly increased.Longji sharesAt the same time, he also on Haidilao and related seasoning company Yihai International "more and more buy", the two stocks are the eighth and ninth respectively.
On the morning of July twentiethRuiyuan two managers Fu Pengbo and Zhao FengThey also jointly disclosed the second quarterly report of the funds they managed. Unlike Liu Gesong and Wu Chuanyan, Fu Pengbo reduced his stake in Longji and paid more attention to e-cigarettes and potential investment opportunities. As "colleagues", Fu Pengbo and Zhao Feng increased their positions in Geely cars at the same time, and cleared all the real estate industry assets of the funds they managed.
Fu Pengbo reduced his stake in Longji, and these three stocks entered the top ten positions.
On the morning of July 20, Ruiyuan released the second quarterly report of the fund managed by the star managers Fu Pengbo and Zhao Feng. In the second quarter, Fu Pengbo's Ruiyuan growth value maintained a high position operation of 89.81%. Class A share achieved a rate of return of 11.23%, with a total share of 17.089 billion shares, a decrease of 958 million shares compared with the first quarter.Lixun precision、Oriental Rainbow, China Mobile,Weining health与San'an photoelectric。
In terms of individual stock changes, Fu Pengbo reduced his holdings of 4.105 million shares in the second quarter, but because Lixun's share price bottomed out and rebounded during the second quarter, rising nearly 36%, "passive" has become the largest stock in Ruiyuan's growth value.
In addition, the fund also bought heavily into e-cigarette leader Si Moore International, increasing its positions from 14.738 million shares disclosed in last year's annual report to 30.598 million shares at the end of the second quarter, with a holding amount of 1.096 billion yuan, and Si Moore International also entered the top 10 positions in the growth value of Ruiyuan for the first time. Fu Pengbo pointed out that some adjustments have been made to the key companies allocated in the first quarter, focusing on potential investment opportunities such as compound semiconductor materials, electric intelligence transformation and e-cigarettes; at the same time, San'an Optoelectronics and Geely also entered the top 10 positions, ranking fifth and ninth.
It is worth mentioning that Fu Pengbo also reduced his stake in Photovoltaic Longji shares: contrary to the operation of Liu Gesong, another star manager who continued to increase his position in Longji shares. Longji shares disappeared from the top 10 shares of Ruiyuan's growth value. it was the fund's sixth-largest holding in the first quarter, when it held 16 million shares.
Fu Pengbo said that from the perspective of industry distribution, the combination still focuses on the allocation of TMT, chemical materials, new energy and building materials and other sectors, industry demeanor and development space is the core indicators. From the perspective of individual stocks, they are mainly equipped with companies with high prosperity and obvious competitive advantages in the industrial chain. "in the third quarter, we will explore investment opportunities in conjunction with the 2021 China News, constantly optimize the portfolio, and control the pullback, in order to achieve a return on investment that exceeds the benchmark."
Looking forward to the third quarter, Fu Pengbo said: overseas, the US vaccine has gradually advanced, the economic recovery has entered a normal range, and inflation has hovered at high levels in recent years. Inflationary pressures are likely to abate in the second half of the year, while the market remains highly sensitive to the Fed's taper signal as service sector employment recovers. Money is neutral, credit is loose, and the margin of liquidity in the financial market will converge. In the later stage of the epidemic, the gradual recovery of the global supply chain may lead to a tight balance between supply and demand, and the prices of means of production and commodities will remain high.
Zhao Feng substantially increased the position of Shunyu Optical Technology, clearing the real estate sector.
In the second quarter, Zhao Feng's Ruiyuan equilibrium value position decreased slightly to 86.10% from 88.06% in the first quarter to 86.10% of Class A net worth increased by 5%, and the fund share increased by 452 million shares, totaling 9.586 billion shares.
The A-share market was very divergent in the second quarter, with sectors such as new energy, CXO and semiconductors rising sharply in the second quarter, with many stocks hitting record highs. However, most of the core white horse stocks that performed well last year were mainly oscillatory, continuing the adjustment trend since the end of February.
Therefore, Zhao Feng's configuration of new energy and other plates is lighter, increasing the holdings of some undervalued stocks.
Specifically, the first and second largest stocks of Ruiyuan equilibrium value are still Xiaomi Group-W and China Mobile, respectively, while Shunyu Optical Technology entered the top 10 for the first time and became the third largest stock with a market capitalization of 818 million yuan. as early as last year's annual report, it was only 22nd in the ranking of shareholdings. Shunyu Optical Technology is mainly engaged in the development, manufacture and sales of optical-related products, including optical parts, optoelectronic products and optical instruments. The company's share price rose 39.24% in the second quarter.Guojin SecuritiesRecently also gave the company a "buy" rating, and given a target price of HK $322, as of press time, Shunyu Optical Science and Technology News HK $218 per share.
In addition, Zhao Feng and Fu Pengbo also bought Geely at the same time, and the stock also ranked as the tenth largest stock in Ruiyuan equilibrium value with a market capitalization of 661 million yuan. It is worth mentioning that Vanke ADisappear from the heavy stocks of Ruiyuan equilibrium value. As early as the first quarter, the fund also held 21 million shares in Vanke, with a market capitalization of 630 million yuan, but in the industry classification of the second quarterly report, the proportion of assets in the "real estate industry" dropped to zero, so it is not difficult to speculate that the fund cleared all Vanke A shares in the second quarter, while Fu Pengbo's Ruiyuan growth value of the real estate industry allocation also dropped to 0 yuan.
Looking forward to the future, Zhao Feng said, "the risk of the A-share market as a whole is limited." On the one hand, there are quite a number of companies whose valuations are historically low, while their competitiveness at home and abroad continues to improve, far from reaching the growth ceiling. On the other hand, the development of the capital market is still accelerating, and the market will continue to benefit. The listing of more and more competitive and innovative new companies will also bring us more potential investment targets, so that we have more choices and opportunities to share the value of social innovation and progress in the future. "
Wu Chuanyan adheres to long-term doctrine, and Haidilao "the more he falls, the more he buys."
Wu Chuanyan's three years of Hongde Fengze announced its second quarterly report on the evening of the 19th: the size of the fund reached 2.374 billion yuan at the end of the second quarter, slightly up from 2.28 billion yuan at the end of the first quarter; the stock position was 87.02%, down slightly from 89.10% at the end of the first quarter, and the net worth increased by 4.11%.
From the perspective of individual stocks, the fund increased its holdings of 527600 Longji shares in the second quarter, with a market capitalization of 204 million yuan, making it the largest heavy stock. In addition, this product has also increased its holdings.Hengrui medicine、Sea and sky flavor industryHoldHeroic science and technology、Guanglianda、Light mediaThe number of shares remained unchanged and their holdings were reduced at the same time.Visual source shares和Farah electron，Huichuan technologyIs no longer in its top ten heavy stocks.
It is worth noting that Wu Chuanyan became more and more in love with Haidilao in the second quarter: the share price of Haidilao has reached 45.92% from its peak and fell 23.01% in the second quarter, while the related seasoning company Yihai International also fell 34.91% in the second quarter. Wu Chuanyan's attitude towards the two companies is "the more they fall, the more they buy": in the second quarter, they added 667000 shares to Yihai International, and bought the eighth largest stock in Haidilao. The holding market value is 106 million yuan.
In the second quarterly report of the fund, Wu Chuanyan once again expounded his investment strategy and concept: to pursue the goal of long-term investment returns, sometimes it is necessary to give up some short-term temptations. Accordingly, the portfolio income of the fund cannot come from the game with this market. To make money in the game, it is necessary for enough investors in the market to make mistakes, and the scale of the return is limited, in a rational and mature institutional market environment. The odds of winning in this way are also decreasing.
"in the second quarter, the fund completely abandoned game thinking, firmly adhered to long-term doctrine, kept the allocation ratio and portfolio structure of stocks and convertible bonds relatively stable, and did not adjust the allocation ratio and structure because of changes in short-term expectations in the market."
He said that as a real investor, he should never focus on the profits and performance of one quarter, but should look beyond the next decade. Companies with far-sighted value creation capabilities are the investment targets. In China and even in the global capital market, there are not many such companies, but the long-term upward momentum of the stock market is precisely brought by a small number of such companies. Therefore, if our investment is to achieve better long-term results, long-term doctrine is a principle that we cannot shake. "
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