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Our reporter Zhang Mei and Chen Feng from Beijing reported

Recently, Xingzheng Global Fund released the second quarter reports of many of its fund products, and the portfolio adjustments made by star fund managers such as Xie Zhiyu, Dong Li, and Qiao Qian "surfaced".

As a representative of long-term stable performance, Xie Zhiyu's fund adjustment in the second quarter is particularly noteworthy. In the second quarter, Xie Zhiyu laid out related industrial chains such as pan-AI applications, semiconductors, new energy vehicles, and home appliances. Dong Li is keen on value investing. His investment philosophy is rooted in an in-depth analysis of the macro economy, industry cycles, and corporate fundamentals. In the second quarter, he continued to use this rigorous investment logic and still held semiconductors, electronics, and other technology industries as the main positions. Qiao Qian is known for her flexible and changeable investment strategy. In the second quarter, she always maintained a high position.

Regarding the above-mentioned "Three Musketeers"' portfolio adjustments and stock swaps and fund performance, on August 20, a reporter from the China Times contacted Xingzheng Global Fund, but the other party declined the interview.

Wang Tieniu, director of Ji'an Jinxin Fund Evaluation Center, told our reporter that for ordinary investors, observing fund managers' stock adjustments and stock swaps has certain reference value, but they should pay attention to the lag of position information and the limitations of market control. Investors should pay attention to fund managers' positions and stock swaps, and refer to core media analysis, but more importantly, they should conduct a comprehensive analysis based on industry trends, policy orientations, and corporate fundamentals to make sound investment decisions.

Equity position increased to 93%

Xie Zhiyu of Xingzheng Global Fund usually has a more diversified holding style. The top ten holdings of the fund he manages usually do not account for too high a proportion, in order to reduce the impact of a single industry or individual stock on the overall performance of the fund. In addition, Xie Zhiyu's investment circle is very broad, involving many industries including pets, medicine, liquor, chemicals, automobiles, real estate, machinery and equipment, etc. At the same time, in addition to traditional industries, Xie Zhiyu is also very concerned about development opportunities in fields including artificial intelligence, smart driving, and new energy.

According to the second quarter reports disclosed by several funds under Xingzheng Global Fund, Xingquan Herun and Xingquan Heyi Mixed, managed by Xie Zhiyu, both increased their equity positions in the second quarter, reaching 93.75% and 93.56% respectively.

From the perspective of industry holdings, the two funds have significantly increased their holdings in semiconductor and electronics sectors. Specifically, Crystal Optech and North China Huaxin have become the top ten holdings of the two funds. In addition, Xingquan Herun also increased its holdings in Luxshare Precision and Juhua, while Xingquan Heyi Hybrid increased its holdings in Gaowei Electronics.

From the perspective of position adjustment, among the top ten holdings of Xingquan Herun, Meihua Biotechnology, Tongfu Microelectronics, China Microelectronics, and New Industry withdrew, while Montage Technology, Haier Smart Home, Jingchen Technology, Sanan Optoelectronics, CATL, and Bull Group continued to be among them. Xingquan Heyi Hybrid withdrew Meihua Biotechnology, Pop Mart, and Tongfu Microelectronics, and added Kuaishou-W and other stocks.

Xie Zhiyu stated in the second quarter report that in the second quarter, the company will explore related industrial chains such as pan-AI applications, semiconductors, new energy vehicles, and home appliances, and conduct long-term tracking and layout of companies with core competitiveness. In the future, the company will continue to look for excellent companies with good investment cost-effectiveness.

However, judging from the fund manager's management scale, Xie Zhiyu's management scale peaked at the end of the fourth quarter of 2021, and then declined all the way. As of the end of the second quarter of this year, the management scale shrank to 35.71 billion yuan.

Xingquan Herun's scale decreased by about 2%

Xingquan Herun Mixed Securities Investment Fund (hereinafter referred to as "Xingquan Herun") is one of Xie Zhiyu's representative works. He has been the fund manager of the fund since December 8, 2014.

The second quarter performance report showed that the fund had realized income of -677 million yuan, current profit of 39 million yuan, and the weighted average fund share profit of 0.0025 yuan.

Data from Tiantian Fund Network shows that the fund's net asset value at the end of the second quarter was 21.285 billion yuan (down 1.92% from the first quarter), and the net asset value of the fund shares at the end of the period was 1.3530 yuan. Wind Fund Rating downgraded the fund from 5 stars to 3 stars.

Judging from the fund's holdings, the holdings of Lanqi Technology, Haier Smart Home, Jingchen Holdings, San'an Optoelectronics, Luxshare Precision, and CATL, etc., account for no more than 7.7% of the fund's net asset value.

Xie Zhiyu has been the fund manager of Xingquan Heyi Flexible Allocation Hybrid Securities Investment Fund (LOF) (hereinafter referred to as "Xingquan Heyi Hybrid A/C") since January 23, 2018. The fund has similar investment strategies to Xingquan Herun, and also focuses on balanced allocation and selected stocks.

In the second quarter, Xingquan Heyi Mixed Fund A had realized a return of -281 million yuan and a profit of 142 million yuan. The weighted average fund share profit of the fund was 0.0142 yuan. In addition, the net asset value of Xingquan Heyi Mixed Fund A at the end of the period was 121.869006 billion yuan, while the net asset value of the fund share at the end of the period was 1.2383 yuan.

In contrast, Xingquan Heyi Mixed Fund C has realized a return of -20 million yuan and a profit of 7 million yuan. Although the scale is smaller, it has also achieved positive profits. The weighted average fund share profit of the fund is 0.01 yuan, slightly lower than Class A shares. The net asset value of Xingquan Heyi Mixed Fund C at the end of the period is 841 million yuan, and the net asset value of its fund shares at the end of the period is 1.2066 yuan.

Ping An of China enters the top ten

Another star equity product of Xingzheng Global Fund, Xingquan Trend Investment Hybrid Securities Investment Fund (LOF) (hereinafter referred to as "Xingquan Trend Investment"), is currently managed by Dong Li alone. The fund was previously managed by Xie Zhiyu, but Xie Zhiyu resigned as the fund manager of Xingquan Trend Investment on August 26, 2023.

Dong Li is keen on value investing. The fund he manages had a size of 15.222 billion yuan at the end of the second quarter. In terms of holdings, the fund still mainly held semiconductors, electronics and other technology industries in the second quarter. The top ten holdings included North Huachuang, Sunlord Electronics, Luxshare Precision, etc.

Judging from the number of newly added and exited companies, Lanqi Technology, Hualu Hengsheng, Ping An of China, Changdian Technology, and China Pacific Insurance have newly entered the top ten heavily held stocks, while Poly Developments, State Grid Information and Communication, China Merchants Shekou, Conch Cement, and Xinsen Technology have exited.

Despite unfavorable factors in the market environment and other aspects, the net asset value of Xingquan Trend Investment's funds at the end of the period still remained at a high level of 15.222 billion yuan.

The scale of Xingquan Business Model Optimization managed by Qiao Qian was 11.694 billion yuan at the end of the second quarter, a slight increase from the end of the first quarter. The fund also maintained a high position in the second quarter, with the stock market value accounting for 94.33% of the fund's net asset value. The top ten holdings include Luxshare Precision, Haier Smart Home, Lanqi Technology, Yuyue Medical, Pengding Holdings, and CATL. Among them, Tiger Pharmaceuticals, Crystal Optech, and Ping An of China entered the top ten holdings, while Gu Jiajia Furniture, Heilan Home, and Siyuan Electric withdrew.

Individual investors usually pay close attention to the stock adjustments of star fund managers. In response to this phenomenon, Zhang Bixuan, a researcher at the Ji'an Jinxin Fund Evaluation Center, told the reporter of the China Times that the stock adjustments made by fund managers are of certain reference significance to ordinary stockholders and fund investors. Fund managers and their research teams usually have more extensive market experience and in-depth research capabilities. They will conduct in-depth research and investigation before making individual stock selections, so their adjustments to fund investment portfolios often reflect their views and judgments on market movements and trends. Ordinary investors can track these changes as a reference and verification of their own investment strategies. However, it should be noted that the fund manager's stock adjustments are only disclosed in regular documents such as the fund's quarterly report, annual report, and semi-annual report, which inevitably lags behind, and the fund manager's stock adjustment strategy may not be completely consistent with the risk tolerance, investment goals, and market judgment of individual investors.

Chi Yunfei, an analyst at the Shanghai Securities Fund Evaluation Center, told the China Times reporter that the fund manager's position adjustment behavior has limited reference significance for guiding ordinary investors in stock selection. First, there is a certain time lag in the disclosure of positions by domestic public fund managers. When ordinary investors see it, the market environment may have changed. If they choose to follow the operation, it may not necessarily achieve the expected results. Secondly, fund managers have their own specific investment goals and styles in stock selection, which may be completely different from the investment goals and risk preferences of ordinary investors. Directly referring to the fund manager's operation may lead to risk-return mismatch.

Editor-in-charge: Ma Xiaochao Editor-in-chief: Xia Shencha