The scale of new equity fundraising exceeded that of 2015, and the big shock tested the investment power

category:Finance
 The scale of new equity fundraising exceeded that of 2015, and the big shock tested the investment power


It is worth mentioning that with the successive disclosure of the funds second quarterly report, the latest positions and operation methods of star fund managers who are going to issue new funds or burst funds this year have surfaced. For style switching, valuation level, market risk and other issues, star fund managers also give their own views.

How to deal with continuous adjustment

In July alone, there were many hot money funds. Among them, Penghua ingenuity collection managed by Wang Zonghe was sought after by 137.103 billion yuan, which broke the record of 122.4 billion yuan subscription set by Ruiyuan at the beginning of the year. Recently, the southern core growth, which is limited to purchase 5 billion yuan, has attracted 38.601 billion yuan of subscription funds. Huaan Juyou has also raised more than 29 billion yuan in one day. Meanwhile, Penghua Xinxing growth and Ping An Research Ruixuan have more than 20 billion yuan of subscription.

According to the statistics of Galaxy Securities Fund Research Center, as of July 24, 47 new equity directional funds had raised 231.316 billion yuan in July. Since this year, 351 new equity directional funds have raised 824.2 billion yuan, which has exceeded 769.1 billion yuan in 2015.

On the one hand, the issuance of new funds is hot and the foundation people have a strong desire to enter the market through the funds; on the other hand, liquor, medicine, science and technology as the representatives of the plate has seen a large increase, and the valuation of individual sectors has become an indisputable fact; how to obtain alpha through stock selection at the high market level is a test for all fund managers.

I admit that some sectors are already very expensive . The way to deal with very expensive is to concentrate ammunition on companies that I recognize and have the ability to survive the adjustment. If we cant concentrate all the ammunition on the breakthrough that we think is right, its meaningless to hit the East blindly, so our top ten heavy positions are relatively concentrated. Yinhua Fuli selected to be the fund manager Jiao Wei said frankly.

In addition, for some stocks that are not familiar with or in the observation stage, Jiao Wei thinks that the best way is to adopt diversified investment.

We pay more attention to the safety cushion, because it is a process of verifying judgment. With the establishment of safety cushion and the further deepening of research, there will be further centralized positions. On the whole, we are relatively concentrated in industry allocation and individual stocks.

Since July, the A-share market has entered a violent pull-up mode, and the market once rose above 3450 points. The profit-making effect is obvious, and the sentiment of the market is high. However, the market has been greatly adjusted since then. In particular, on July 16, the Shanghai Composite Index fell more than 150 points in a single day, and the gem index fell by nearly 6%; on July 24, the market fell sharply again, with the Shanghai composite index falling by more than 4%, and the gem index fell by more than 4% It also fell more than 6%, the biggest one-day drop since the Spring Festival.

From the perspective of A-share history, all of the biggest risk points are due to the huge fluctuation of short-term sentiment after rising too much. Because after the money making effect comes out, it attracts a large number of herbivores. The group effect makes it easy to overreact. This is the risk point. Jiao Wei believes that the main concern in the second half of the year is the high valuation and short-term over deduction of market sentiment.

Collective optimistic about science and technology

According to the funds second quarterly report, a number of star fund managers have shifted their position focus to the technology sector.

For example, Liu Gesong, manager of Guangfa science and technology innovation fund, believes that with the advent of 5g investment peak, infrastructure construction and Cloud Applications in the vertical field have greater growth space. At the same time, with the alleviation of overseas epidemic situation, the new energy industry represented by photovoltaic began to recover, and domestic and foreign demand appeared resonance.

We moderately increased the allocation of growth varieties based on external demand and improved the overall position level. At the turn of 4G / 5G generation, the start of new energy revolution and the acceleration of data economy / enterprise digital transformation, we believe that the growth of science and technology will still be the main line of the future market. A fund manager of the first half of the hit fund also called.

According to the second quarter report of Yinhua Fuyu, which is managed by Jiao Wei, the idea of stock selection for technology stocks is similar to consumption, and pays more attention to its industry structure, pricing power and stickiness. Therefore, it will not allocate industries beyond its own ability circle such as consumer electronics and new energy, but concentrate on the two directions of cloud computing and chip equipment.

We will buy companies with high valuations but relatively clear or sticky patterns. Of course, technology is changing rapidly, and it may be completely subverted. To keep up with the times, fund managers must maintain their brains ability to accept new things. Jiao Wei said.

What needs to be seen is that, with the market of liquor and medicine going deep, some fund managers believe that there will be investment opportunities in the undervalued cyclical industries.

In this regard, Jiao Wei said that short-term style switching is beyond the ability circle to grasp, so selective neglect. In addition, the upcoming Yinhua Fuli collection is known as Fuyu 2.0, because the stock investment ratio of the two funds is 60% - 95%, and the main investment direction is consumption and medicine. However, it is worth mentioning that Yinhua Fuli has expanded its investment scope and can take into account both A-share and Hong Kong stock investment. Xiao Nan, the manager of e fund, believes that Hong Kong stocks have just recovered from the impact of the epidemic and there are still a lot of opportunities for underestimation. Therefore, in Hong Kong stock market, the representative stocks of new consumption direction are mainly allocated, as well as the textile and clothing sector stocks which are affected by the epidemic situation and whose valuation is low, but whose long-term competitiveness has been enhanced. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931

In this regard, Jiao Wei said that short-term style switching is beyond the ability circle to grasp, so selective neglect.

In addition, the upcoming Yinhua Fuli collection is known as Fuyu 2.0, because the stock investment ratio of the two funds is 60% - 95%, and the main investment direction is consumption and medicine. However, it is worth mentioning that Yinhua Fuli has expanded its investment scope and can take into account both A-share and Hong Kong stock investment.

Xiao Nan, the manager of e fund, believes that Hong Kong stocks have just recovered from the impact of the epidemic and there are still a lot of opportunities for underestimation. Therefore, in Hong Kong stock market, the representative stocks of new consumption direction are mainly allocated, as well as the textile and clothing sector stocks which are affected by the epidemic situation and whose valuation is low, but whose long-term competitiveness has been enhanced.