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Patience and confidence are indispensable.

Author | Breaking the Waves

Editor | Xiaobai

In recent days, fund managers have submitted their first half report cards. Fund managers of different investment schools have also shared their operations and views on the market outlook in their reports.

As an important part of A-share market funds, public funds have more professional investment research teams, and with huge amounts of money, they have a certain degree of market pricing power, so their holdings and views are worth a look.

Of course, this does not mean that everyone should blindly believe in their judgment. Fengyunjun believes that this adds another perspective to the market for good investment.

They may be our "enemies" or our "friends", but no matter what, only by knowing ourselves and the enemy can we win every battle.

Today, Fengyunjun will take everyone to look at the second quarter reports of fund managers including Zhang Kun, representative of the consumer field, Huang Hai, representative of the resource field, Bao Wuke, representative of the dividend field, and Mo Haibo, Jin Zicai, and Xie Zhiyu, representatives of the technology field.

Zhang Kun: Patience is the most important thing at this moment

Zhang Kun of E Fund is basically familiar to everyone. He loves "drinking and taking medicine" and basically follows the track of mass consumption.

(Source: Market Capitalization APP)

However, in recent years, due to the sluggish economy, the consumer sector has basically not made much money, and Zhang Kun's products have also performed poorly. This year, only E Fund Asia Select Equity (118001.OF) has performed well, with a return of 17.6% in the first half of the year, while the rest of the products have negative returns.

(Table: Market Capitalization APP; Source: Choice Data)

E Fund Asia Select is a QDII fund that has heavily invested in many of this year's big bull stocks, such as TSMC and China National Offshore Oil Corporation, with increases of 68% and 78% respectively in the first half of the year.

(Source: Market Capitalization APP)

Taking advantage of the rising stock prices, Zhang Kun chose to reduce his holdings in some TSMC, China National Offshore Oil Corporation, and Tencent Holdings. On the other hand, he took advantage of the sharp drop in Samsonite to increase his holdings against the trend.

(Source: Wind)

Overall, there has been little change in Zhang Kun's holdings in the products he manages.

He mentioned in the second quarter report that the current market consensus expectations are already very pessimistic, which is reflected in the fact that investors are constantly embracing bond assets on the one hand and avoiding domestic demand assets on the other.

This pessimistic outlook may be based on concerns about stagnation, but he strongly disagrees with this pessimistic outlook.

He believes that the most important underlying factor is the diligence and wisdom of the Chinese nation, which is unchanging. As long as people's subjective initiative continues to be exerted, there is no reason for stagnation.

The national goal is to achieve a per capita GDP at the level of moderately developed countries by 2035, which means that there is still a lot of room for improvement in the current per capita GDP, and the living standards of the people will continue to improve.

Therefore, in the future there will be a group of companies that provide high-quality products and services that will be able to continue to grow and generate returns, and pessimistic expectations will eventually be falsified.

Even if they maintain their current profit levels, their dividend yields will be close to or exceed those of some traditional dividend stocks.

(Source: E Fund Blue Chip Select Second Quarter Report)

In addition, residents' consumption accounts for a high proportion in the economy. As economic development brings about better living standards for the people, and thus brings about investment opportunities, it remains one of the most promising directions for the stock market in the long run.

He believes that the current market is too pessimistic, and the valuations of some high-quality companies have even dropped to the point where they can be privatized. Therefore, we must be patient enough at the moment, because the long-term returns of high-quality companies are very considerable.

(Source: E Fund Blue Chip Select Second Quarter Report)

Huang Hai: We are currently on the "right side of the dividend and the left side of the cycle"

By betting on the coal sector, Huanghai has achieved impressive results in the past two years, but this has not been generally "recognized" by market funds because its managed scale has not changed much in the past two years.

His current holding style is still in line with the market trend, so the three funds he manages all achieved a good return of 12% in the first half of this year.

(Table: Market Capitalization APP; Source: Choice Data)

This finally attracted a crazy influx of market funds, and its managed scale soared from 3.44 billion at the end of last year to 8.78 billion in the middle of this year, an increase of 1.55 times.

After so much money poured in at once, Huang Hai still chose to continue increasing his coal holdings. In the first quarter, he added a lot of coal positions in Wanjia Select A (519185.OF).

In the second quarter, he continued to stick to coal. In addition to increasing his original holdings, three new stocks appeared in the top ten holdings list of Wanjia Selected A, including two coal stocks and one transportation stock.

He stated in the second quarter report that from the perspective of diversifying portfolio risks, some transportation and new energy industries were deployed on the left side.

(Source: Wind)

Huang Hai believes that A-shares are expected to rebound after the bottoming out and are currently in the stage of "the right side of the dividend and the left side of the cycle."

There are two types of companies he is looking for:

One type is companies with reasonable valuations and long-term stable profits, such as coal-electricity integrated companies; the other type is industries with low inventories and high capacity utilization, such as domestically priced resource products, whose prices are sensitive to marginal changes and are easy to rise but difficult to fall.

Regarding the currently popular purely defensive, debt-biased dividend assets, he believes that they are not as good as assets that have both pro-cyclical offensiveness and high-dividend defensiveness. He calls this type of asset "fence-sitter assets."

Bao Wuke: The long-term market return is around 10%

Bao Wuke is a top-ranked "line-drawing school" and many of his funds are among the best in our stock fund ratings. The biggest feature of his managed funds is low volatility, relatively small drawdowns, and small wins accumulate into big wins.

In the first half of this year, his eight managed products all achieved positive returns of 12%-20%, continuing the excellent performance of previous years and attracting more subscription funds.

(Table: Market Capitalization APP; Source: Choice Data)

Bao Wuke wrote in the second quarter report that he received a lot of capital subscription in the second quarter, but he did not find any opportunities that were particularly worth adding to positions, so the overall position dropped significantly, and he will choose an opportunity to increase his position later.

Indeed, the equity positions of many products managed by Bao Wuke declined in the second quarter. Among them, the position of Invesco Great Wall Value Margin Flexible Allocation A (008060.OF, hereinafter referred to as "Value Margin") dropped directly from 86% to 51%. Moreover, this is the largest fund managed by Bao Wuke, with a total size of nearly 9.4 billion.

The positions of other funds with lower stock limits are basically maintained near the minimum level, fully demonstrating their stable characteristics.

(Table: Market Capitalization APP; Source: Choice Data)

Most of the funds that poured in in the second quarter were put into bank deposits, waiting for the right opportunity to increase positions at any time. It can be seen that his attitude is currently conservative.

(Source: Choice data)

In terms of individual stock operations, since some of the holdings have risen sharply in recent years and the current valuations are relatively expensive, in order to adhere to the investment philosophy of maintaining a margin of safety, he has reduced his holdings of these holdings to varying degrees, including many popular dividend stocks.

(Source: Value Margin Second Quarter Report)

For example, the holdings of its funds, such as China National Offshore Oil Corporation, COSCO Shipping Energy, Huaneng Hydropower, Sichuan Investment Energy, Jiuli Special Materials, and Tongling Nonferrous Metals, have all been cut to varying degrees. China Mobile has disappeared from the top ten, while in the first quarter it was the second largest holding of Invesco Great Wall Energy Infrastructure.

(Source: Wind)

Bao Wuke also gave investors a heads-up in the second quarter report.

The general meaning is that although I want to maintain a relatively stable net value trend, this does not mean that there will be no pullbacks. You must be mentally prepared for periodic losses at any time.

In addition, don't have too high expectations for returns. The long-term return of the market is roughly around 10%. If you are not satisfied with this, you need to adjust your expectations.

(Source: Value Margin Second Quarter Report)

Technology is differentiated: electronics and communications are more recognized

In addition to high-dividend and non-ferrous resource stocks, the technology sector including TMT is one of the main market trends.

01 Mo Haibo: Continue to be optimistic about the AI ​​industry

Mo Haibo of Wanjia Fund is good at timing. He focuses on allocating two or three more cost-effective industries for rotation every year. 60%-70% of the excess returns are contributed by timing and industry selection.

(Source: Market Capitalization APP)

Last year, he chose to hold positions in the "AI + agriculture" sector. However, judging from his operations in the first two quarters of this year, his attitude towards agriculture, forestry, animal husbandry and fishery is relatively indifferent, but he has increased his holdings in several AI stocks, making his current holdings increasingly biased towards "AI".

Taking Wanjia Quality Life A (519195.OF), the largest fund under his management, as an example: he significantly increased his holdings in Haiguang Information in the first quarter, with the increase reaching 65%, and increased his holdings by another 25% in the second quarter; Zhongji Xuchuan became the sixth largest holding in the first quarter, and increased its holdings by another 40% in the second quarter; Foxconn Industrial Internet, Tianfu Communication and others were directly bought into the top ten holdings in the second quarter.

At the same time, he would also take advantage of the rising stock prices to make some short-term investments. For example, he partially reduced his holdings in Inspur, which had performed well, in the first quarter, and reduced his holdings in NewEasy, which had risen sharply, in the second quarter.

(Source: Wind)

As many of the heavily invested targets have performed well this year, the average return of Mo Haibo's six funds in the first half of the year was about 13%.

(Table: Market Capitalization APP; Source: Choice Data)

Mo Haibo believes that the index is expected to maintain a volatile pattern in the future, mainly in terms of structure. His structural positions are AI, agriculture, forestry, animal husbandry and fishery.

He said he continued to be optimistic about the AI ​​industry. AI big models have begun to empower terminal devices such as PCs and mobile phones. AI PCs and AI phones are expected to become popular rapidly next year.

In terms of computing power construction, he currently sees no signs of a decline or slowdown in demand. The domestic supply chain surrounding computing power demand continues to benefit, with PCB and optical modules still seeing high demand. His holdings are mainly computing power concept stocks.

(Source: Wanjia Quality Life A Second Quarter Report)

Jin Zicai of Caitong Fund has a similar view on computing power. He also believes that the current demand for computing power may just be the beginning.

02 Jin Zicai: The current demand for computing power may just be the beginning

Similar to Mo Haibo, Jin Zicai also rotates industries, but he is much more extreme and aggressive in betting on AI. In the first half of the year, the average return of Jin Zicai's eight funds was about 16%.

(Table: Market Capitalization APP; Source: Choice Data)

Jin Zicai's investment framework is to select individual stocks to achieve alpha when the industry has obvious beta. Although he comes from the TMT industry, he is not keen on focusing on a single track in technology, but chooses a cross-industry rotation strategy across the entire market.

(Source: Market Capitalization APP)

Last year, he began to bet heavily on AI. The top ten holdings of his representative work, Caitong Value Momentum Mixed A (720001.OF), are all AI-related stocks.

However, since the first quarter of this year, a number of stocks from other fields have appeared among the heavily-weighted stocks. Among them, Jinpan Technology, Daikin Heavy Industry, and Yutong Bus, which are new entrants into the new energy field in the second quarter, the common feature of these companies is that they "go overseas."

(Source: Wind)

In the second quarter report, Jin Zicai clearly expressed his optimism about opportunities related to going overseas, and he was also optimistic about industries where domestic supply-side logic was clearing out.

(Source: Caitong Value Momentum Second Quarter Report)

In addition, he is very optimistic about computing power, believing that it is the core infrastructure that benefits from the continuous iteration of large models and will iterate with the iteration of large models. At present, the market underestimates the sustainability of the performance growth of the entire overseas computing power sector, and the valuation is too conservative.

He believes that the current demand for computing power may just be the beginning, and he himself has over-allocated overseas computing power for three consecutive quarters.

(Source: Caitong Value Momentum Second Quarter Report)

From the list of major holdings of Jin Zicai's funds, it can be found that, except for Jinpan Technology, the top five holdings are all related to computing power, and their share of the stock investment market value is more than 10%.

(Source: Choice data)

Mo Haibo and Jin Zicai's main positions are concentrated in the electronics and communications sectors of TMT, while Xie Zhiyu of Xingzheng Global focuses on the electronics sector, especially semiconductors and consumer electronics in the electronics sector.

(Source: Wind)

Fengyun Jungang has interpreted the second quarter reports of the three top companies of Xingquan. Those who are interested can click below to read in detail.

(Source: Market Capitalization APP)

Disclaimer:This report (article) is an independent third-party research based on the public company attributes of listed companies and the information disclosed by listed companies in accordance with their legal obligations (including but not limited to interim announcements, regular reports and official interactive platforms, etc.). Market Capitalization strives to be objective and fair in the content and views contained in the report (article), but does not guarantee its accuracy, completeness, timeliness, etc. The information or opinions expressed in this report (article) do not constitute any investment advice, and Market Capitalization shall not bear any responsibility for any actions taken as a result of using this report.

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