tacklebox|及时收手还是"等风来"？基金经理集体发声

Enter 2024TackleboxArtificial intelligence market is a flash in the pan, micro-disk stocks are no longer magical, and the dividend plate represented by coal and non-ferrous metals represented by gold stocks remain strong. In this context, some funds that have achieved excellent performance by virtue of microdisk stocks are turning around in time in order to keep up with the market.

Take a closer look at a number of excellent funds last year, and most of the products that can continue to rise in net worth after the year have attached importance to the factor of "valuation" and adjusted their positions. One fund manager said frankly: "We tend to avoid low-odds assets with high and consistent market expectations, crowded transactions and high valuations." As a result, some funds choose to turn to the pharmaceutical sector, which has fallen for several years, and there are more products in the food and beverage sector for defense.

The microdisk "Shenji" turned quickly.

Microdisk "Internet celebrity Shenji" Jin Yuanshun an Yuanqi is a typical case. Taking a closer look at the fund's previous position style, individual stocks and industries are extremely scattered, and most of them are small market capitalization unpopular stocks. The combined position ratio of the top 10 heavy position stocks has been about 10%. By the end of last year, the combined holding ratio of the top 10 heavy position stocks was 10%.Tacklebox.52%, with a market capitalization of 2 billion-5 billion yuan.

However, according to recent quarterly data, the number one position by the end of the first quarter was Tianfu Telecom, which had a market capitalization of 60 billion yuan at that time, and the fund also placed a heavy position in satellite chemistry with a market capitalization of more than 60 billion yuan. In addition, the second largest holding stock Zhuye Group's main business is lead, zinc and its alloy products, Jinxin's main business is the construction of Copper Mine Mountain Project, Chifeng Gold is a pure gold concept stock, and seven of the top ten heavy stocks were replaced in the first quarter. and the concept of "microdisk", which became famous before, was switched in time.

In fact, as early as last year's annual report, fund manager Miao Weibin has hinted at the direction of adjustment, "valuation" has become a key word. "with strong policy support, the stock market is expected to maintain an optimistic trend in the future. The fund will continue to focus on the investment of equity assets, maintain a medium-to-high level of positions, continue to allocate a certain proportion of the undervalued varieties expected of recovery, and further focus on companies with good long-term profitability and good development prospects. " Therefore, it is not difficult to find that by the end of the first quarter, among his top 10 stocks are Shenzhen Gas, which has a price-to-earnings ratio of not more than 15 times, and satellite chemistry, which has a price-to-earnings ratio of more than 80 times. Tianfu Communications, whose price-to-earnings ratio is more than 80 times, has more than tripled its net profit in the first quarter, and its valuation is at a medium level among similar stocks.

In the quarterly report, fund managers believe that good external economic growth promotes the stabilization and rebound of China's export demand, which plays a better role in promoting China's economic growth. In terms of the operation of individual stocks, the fund manager said that he is still firmly optimistic about stock assets, the position remains at a medium-to-high level and has been improved, and "persist in diversified investment." in the selection of stocks and industries, we will increase the allocation of companies with good sustainable profitability, while taking into account the allocation of undervalued varieties with a certain performance-to-price ratio.

Stop in time and "wait for the wind" at the same time.

The aforementioned Jinyuanshun Anyuanqi fell by "only" 4.31% during the year due to proper adjustment. According to Wind statistics, of the 30 active equity products with the highest growth last year, only 5 have positive performance this year, namely, Soochow Mobile Interconnection, Soochow New trend value Line, Investment advantage Enterprises, financing domestic demand-driven and Wanjia selection.

From the point of view of the extent of the adjustment, most funds are on hold or slightly adjust their positions to "wait for the wind", and the market in the sectors with heavy positions of these products continued into the first quarter to keep their net worth stable. For example, the two products of Soochow Fund continue to invest in the three major directions of AI computing power and applications, electronic semiconductors and automobile intelligence. At the beginning of the year, with the sharp decline in the market, the net value also declined significantly, but as the market bottomed out and rebounded, the fund performance rebounded rapidly. The Wanjia selection managed by the Yellow Sea continued to be centrally allocated to energy stocks represented by coal, and achieved good earnings in the first quarter.

It is worth mentioning that after a considerable increase last year, there are also some funds in time to "stop" in order to protect the cumulative net worth. For example, the advantageous enterprises in attracting investment have exchanged six of the top ten heavy stocks, namely Zijin Mining, Light Media, Yao Ming Kant, bilibili-W, Meitu, Tiger Pharmaceuticals and other stocks that have fallen for a long time. Fund managers in the quarterly report also stressed the importance of valuation and "timely stop", "We have been actively looking for high odds, high odds investment opportunities, for the market expectations are high and consistent, trading congestion, high valuation of low odds assets, we will tend to avoid, 'eat less or even do not eat the last fishtail market'. Therefore, in a certain period of time, the combination may lose a certain sharpness, but it is more likely to avoid potential greater downside risks.

In reviewing the operation, the fund manager admitted that under the stimulation of the eye-catching stock price performance of overseas computing giants and the release of Sora, the relevant position companies rose greatly, reaching or even exceeding the pre-set target price. Taking into account the market's overall expectations of AI computing power is consistent, high valuation and other factors, so this part of the position carried out a higher proportion of cash.

In addition, the development of the Oriental region, which saw the second increase in the active Rights Fund last year, was on the defensive in the first quarter, and almost all of the top 10 positions were turned to alcohol. Wuliangye, Gujing Gongjiu, Luzhou laojiao, Shanxi Fenjiu and Tsing Tao Beer are the top five stocks. As for the logic of changing positions. Fund managers said that in the industry, artificial intelligence, dividends and cycles showed outstanding performance and showed a divergent trend.

"during the reporting period, the fund did not grasp the rhythm of the market, made a timely and accurate allocation of the strong direction, and missed the rebound of the market. Based on the present, the fund chooses to use the food and beverage sector with steady performance and no high rise since the beginning of the year for defense, waiting for a better opportunity to turn defense into attack. " The fund manager recalled in the first quarterly report.