资金卖疯了！ 明星基金经理对哪些行业的巨额股票敞口？ 白酒库存有机会吗？ _东方财富网

原标题：资金卖疯了！ 明星基金经理对哪些行业的巨额股票敞口？ 白酒库存有机会吗？

概要

[Thefundissellingcrazy!Whichindustriesarethestarfundmanagers’exposuretoheavystocks?Isthereanychanceforliquorstocks?Accordingtodatathenumberandscaleofpubliclyofferednewfundissuancesin2020havereachedarecordhighespeciallythescaleofnewfundsisover31trillionyuanofwhichequityfundsarethemostpopularandtheannualnewfundissuanceexceeded2trillionyuan(21stCenturyBusinessHerald)

Entering 2021, A-shares are out of a wave of bull market restlessness. At this time, the newFund issuanceHot, sold out in one day, proportional placement, and tens of billions of daylight bases are recurring.

Recently,Fund salesIn full swing!

　　In 2020, many structural opportunities have emerged in A-shares.fundPerformanceBright performance.

According to data, in 2020Public offeringBoth the number and scale of new fund issuance hit a record high, especiallyNew fundThe scale exceeds 3.1 trillion yuan,Among them, equity funds are the most popular, with new fund issuance exceeding 2 trillion yuan throughout the year.

In the beginning of 2021, the performance of A-shares continued to rise by leaps and bounds, out of a wave of bull market turmoil. Affected by this, the new fund issuance market is still hot, sold out in one day, proportionate placement, and tens of billions of daylight bases are once again frequent, allowing investors to smell like the market in 2019 and early spring of 2020.

Today, four new funds are listed and issued, including the head-to-head confrontation between China Xia and E Fund. Although the fundraising result is still unknown, the fund market in January this year was already in a state of being snapped up.

According to data, as of January 21, 76 new funds have been established this year, with a total fundraising scale of 350.111 billion yuan, which is a rare “climax period” in history.

On January 11, four “Sunlight Bases” were released together. On January 18, E Fund’s competitive advantageenterpriseThe fund has received nearly 240 billion yuan in subscription funds in a single day, breaking historical records.

Behind the crazy selling of funds is the frequent “low placement ratio”.Take advantage of the above-mentioned E FundEnterprise FundAs an example, with its 15 billion yuan fundraising cap, the final placement ratio is about 6.25%. In addition, there are many funds whose placement ratio is less than 30%.

In addition, recently,CITIC BankThe “2021 Global Macroeconomic Outlook and Major Asset Allocation Report” (hereinafter referred to as the “big asset report”) was released.The report predicts that residents’ wealth allocation will usher in a new turning point, houses will no longer be an “exciting asset”, and the incremental wealth of residents will continue to shift to stocks,Bond, Gold and other financial assets, China’s wealth management industry will truly usher in a period of development opportunities.

How can investors find a new track for the next round of wealth growth, and how to enter the fast track of the next round of wealth growth? It is understood thatCITIC BankActively building an investment research team.CITIC BankIt is believed that A-shares are about to enter or are already in a recovery period. In order to seize equity investment opportunities, selected fund managers and fundsFixed investment, Decentralized allocation of stocks and bonds to reduce risks.

However, in response to the recent popularity, many fund managers and industry experts suggested that the recent influx of a large amount of funds into the explosive funds may not necessarily bring about a money-making effect, and the difficulty of fund investment is also increasing. Investors need to be cautious about the market outlook, and appropriately lower their income expectations, and pay attention to long-term and rational investments in fund investment.

　　The disclosure of the fund’s annual report for the fourth quarter of 2020 has been completed, and most funds have maintained a relatively high share of asset allocationPosition. What are the latest stocks of major star fund managers?

21Investment has organized the top ten stocks of more than 20 well-known fund managers, including Zhang Kun, Liu Gesong, Fu Pengbo, Liu Yanchun, Xiao Nan, Huang Xingliang, Zhao Feng, Zhao Yu, Feng Bo, Gui Kai, Li Xiaoxing, Liu Hui, Jiao Wei, Li Huasong, Huang Anle, Du Yang, Yuan Fang, Zhao Bei, He Xiaojie, Qiu Dongrong, Yang Hao, Yang Dong, Huang Wei, etc.

Data Display,Kweichow Moutai(600519.SH)、Longji shares(601012)、Wuliangye(000858.SZ)、Luzhou Laojiao(000568.SZ) etc. are the stocks of star fund managers holding large positions.

　　Shigekura liquor stocks, Moutai most favored

21 Investment Link statistics show that among the funds managed by the above-mentioned star fund managers, liquor stocks are the most popular.Among them, 10 people have heavy warehousesKweichow Moutai(600519.SH), including Liu Yanchun, Feng Bo, Zhang Kun, Xiao Nan, Fu Pengbo and others.E Fund Blue Chip Selection managed by Zhang Kun, Ping An High-end Manufacturing A managed by Li Huasong, Ping An Ruixiang Entertainment A managed by Huang Wei, Q4 2020Kweichow MoutaiBoth are the largest heavyweight stocks.

In addition,Wuliangye(000858.SZ)、Luzhou Laojiao(000568.SZ)、Shanxi Fenjiu(600809.SH) and many other liquor stocks also have more than 4 people, with 8 people, 6 people and 4 people respectively.

In the Four Seasons report, some fund managers reflect on the investment in liquor stocks.SupervisorJiao Wei, the fund manager of Yinhua Wealthy theme, said that when there was a substantial redemption during the first quarter of the epidemic, he chose to reduce his holdings of a heavy stock of liquor instead of reducing his holdings in the portfolio at that time.bankAnd blue chip positions in other cycles. Behind this mistake is that the understanding of the pattern of liquor is still not firm enough, as well as too much consideration of the combination of low valuation in the downward defense.Among the ten largest stocks of the fund in the fourth quarter, there areShanxi Fenjiu、WuliangyeAmong the three liquor stocks in Kweichow Moutai, Moutai increased its holdings by 50,000 shares.Shanxi FenjiuThe holding of 2 million shares was reduced, and Wuliangye remained unchanged.

Hot recentlyE FundManager Feng Bo, the new fund first raised nearly 200 billion, setting a new record. The Yi Fangda industry under his management led the industry with a yield of 79.16% last year. He said that based on the stable recovery of the economy, the fund maintained its allocation in the consumer, photovoltaic, home appliances, electronics, pharmaceutical and other industries in the fourth quarter, and conducted a small amount based on the valuation. Structural Adjustment. The top ten stocks of the fund include Wuliangye,Luzhou Laojiao, Kweichow Moutai three liquor stocks, but all have been reduced, Wuliangye reduced its holdings by 53,100 shares, Luzhou Laojiao reduced its holdings by 31,300 shares, and Maotai reduced its holdings by 5200 shares.

▲E Funda industry led by Feng Bo leads the ten largest stocks in the fourth quarter

　　Which industries are the fund champions deployed?

In addition to liquor, which sectors are star fund managers optimistic about? 21 Investmenttong’s rough statistics found that many fund managers in the 2020 Four Seasons report highlighted keywords such as photovoltaics, new energy, semiconductors, medicine, technology, consumer, electronics, military industry, and procyclicality.

▲Electronics, medical biology, chemical industry,food and drinkThe most popular

Favored by star fund managers

　　Let’s take a look first, which stocks are the super champions of the fund industry heavily stocked and which industries are deployed?

Yi Fangda Zhang Kun is the first fund manager in the history of public funds to manage active equity funds with a scale of over 100 billion yuan. In 2020, the total fund management scale will reach 125.511 billion yuan.The blue chip selection of E Fund, which he manages, basically maintained stable stock positions in the fourth quarter, adjusted the structure, reduced the allocation of pharmaceuticals and other industries, and increasedthe InternetThe configuration of other industries. The ten largest stocks include Kweichow Moutai (600519),Meituan-W(03690)、Yanghe shares(002304)、Tencent Holdings(00700), Wuliangye (000858),Hong Kong Stock Exchange(00388), Luzhou Laojiao (000568),Hikvision(002415)、Aier Ophthalmology(300015)、Yihai International(01579)。

Zhang Kun believes that no matter how the macro environment changes, high-quality companies usually have good response capabilities. Taking this epidemic as an example, many high-quality companies have responded appropriately and hedged the negative impact of the epidemic on the industry by increasing their market share.

The four funds managed by the 32-year-old Zhao Hao dominate the top four fund returns in 2020. The first is ABC-Agriculture Industry 4.0, which is as high as 166.6%!The top ten stocks of the fund includeNingde era(300750)、Ganfeng Lithium(002460)、Zhenhua Technology(000733)、Longji shares(601012)、Tongwei shares(600438) etc.

▲The ten largest stocks in the fourth quarter of ABC-Agriculture Industry 4.0 managed by Zhao Yu

Zhao Hao pointed out in the above-mentioned fund’s four-year report that he pays more attention to the “incremental” direction:

The first is the direction in which technological progress has brought about increased demand, including new energy and 5G applications;

The second is the direction of domestic substitution and making up for shortcomings under the tune of “domestic large-scale circulation as the main body, domestic and international double-circulation mutual promotion”, especially the high-end manufacturing industry that focuses on aeroengines and semiconductors.

The combination configuration still uses 5GindustryFocus on chain, new energy and high-end manufacturing.

Gesong Liu took the top three in the annual public offering in 2019. The GF Small-Cap Growth A under his charge focused on the deployment of new energy, cloud computing, semiconductor, pharmaceutical and other growth industries in the fourth quarter. He said that we are firmly optimistic about the future development of the photovoltaic industry, and leading companies are expected to continue to obtain excess returns. At the same time, as the overseas epidemic eases and the world resumes work and production, the procyclical industry deserves special attention.

▲Guangfa small-cap growth A managed by Liu Gesong’s ten largest stocks in the fourth quarter

　　How will the market go in 2021?

Regarding the market trend in 2021, major fund managers have made predictions in the Four Seasons.

Looking into the first quarter, Du Yang, fund manager of ICBC Credit Suisse’s strategic transformation theme, believes that the macro economy is expected to continue to recover. Due to the base number of the first quarter of 2020, the first quarter of 2021GDPThe growth rate is expected to increase substantially, and the growth rate of corporate profits is also expected to increase substantially. Therefore, the fundamentals of the equity market may still be supported. From the perspective of liquidity, there should be no sharp turn in the liquidity environment, and the probability of a sharp contraction of overall liquidity is small.

He Xiaojie, the fund manager in charge of ICBC Credit Suisse’s new trends, said that looking forward to the next quarter, we tend to believe that the internal and external environment is relatively certain in the first quarter of 2021, and the market is expected to continue to fluctuate upward.

Liu Hui, the selected manager of Yinhua’s domestic demand, continued to maintain the judgment of the shocking city. “We estimate that in our allocation, agriculture, technology, and resource products will have a certain performance in the first quarter. After a long wait, we believe that the time for profit is approaching.”

Li Xiaoxing, Zhang Ping, and Du Yu, managers of Yinhua’s small and medium cap selection, said that in the medium and long term they remain optimistic about the two major directions of technological innovation and brand consumption.real estate“Gray rhino” risk.

Yuan Fang, the manager of ICBC Credit Suisse Yuanxing, said that for the full year of 2021, the valuation of growth stocks is relatively high, and the marginal friendliness of the macro liquidity environment in 2021 may be weaker than in 2020. However, there may be rhythm differentiation in the first and second half of the year.Quality growth stocks are stillMain forceThe direction of configuration is relatively optimistic about military industry and non-ferrous metals. The new energy sector feels that risks may outweigh opportunities.

　　How do investment funds manage risks?

“The biggest risk of hot funds is that the return is lower than expected.” A fund manager said.

“We have calculated that the company was established before 5178 A shares on June 12, 2015.Stock fundNearly 90% of the net worth has exceeded 5178, so even if you buy a fund when the valuation is relatively high in history, if you hold it for a long time, there is a high probability that you can get a positive return. So I think it’s better to buy funds compared to buying stocks at a higher level. “The aforementioned fund manager said.

“But the big risk now is that everyone expects too high, because in 2019Stock fundThe average rate of return is 45%, and in 2020 it will exceed 50%. So this year everyone is expecting to make money, so I think there is a high probability that the return of short-term hot funds will be lower than expected. “The aforementioned fund manager said.

In this regard, Yang Delong, chief economist of Qianhai Kaiyuan Fund, also said that the performance of institutional investors represented by funds has attracted the attention of a large number of investors. Last year, the average return of funds generally reached 30%-40%, but this Relatively high returns are difficult to sustain, and past performance cannot be used to predict future performance.

In the current high-valued market, how to control the risk of explosive funds has become the focus of attention.

Feng Bo, the proposed fund manager of E Fund’s competitive advantage, who created a single new fund subscription scale in the history of public equity funds this time, said that for the fund’s position opening, one is to control the pace of opening positions, and the absolute return and control drawdown are the main factors in the initial stage. The goal is to give investors a relatively stable period for opening positions. The second is to focus on Hong Kong stock investment opportunities with high cost performance, and companies with reasonable valuations and competitive advantages in A-shares.

“The market volatility in 2021 will be relatively high and the valuation level will be relatively high, which will test the in-depth research and the ability of various fund managers to grasp opportunities. The stronger the company,Fund equityThe better the performance. We believe that the market will provide more investment opportunities in the course of valuation fluctuations. “Feng Bo said.

In fact, industry insiders believe that the issuance of a large number of new funds will bring a steady stream of incremental funds and value investment ideas to the A-share market. The proportion of funds from institutional investors in the A-share market will become higher and higher, and value investment will It will become the most mainstream investment philosophy, and the A-share market will continue to grow slowly.

Zhang Ting suggested that investors should try their best to choose fund managers with better long-term performance.product, Fund managers must have the ability to carry incremental funds, and try not to increase their positions significantly when the market is extremely hot.

　　Attached table: List of top 10 stocks of star fund managers

(Source: 21st Century Business Herald)

(Editor in charge: DF380)