Tune Vane | Ruiyuan Fund Zhao Feng: Continue to operate high positions, nearly 40 % of the positions adhere to Hong Kong stocks

China Fund Daily Jia Zhanying

Editor's note: Recently, the Fund's second quarterly report has disclosed that the positioning movements and position changes of the star fund managers have also become the focus of the attention of the citizens. Behind each regular report, these outstanding manager's "investment secrets" are also hidden. Fund Jun will continue to update the character's database feature [positioning vane], decoding star fund product holding changes and its manager's investment philosophy.

The disclosure season for the second quarterly report of the Fund in the market is. Following Qiu Dongrong and Lu Bin and other star fund managers, after disclosing the second quarterly report, on July 19, Ruiyuan Fund disclosed the 2 quarterly report of its public fund.

Although the performance in recent years has fluctuated, Ruiyuan and its three public funds have attracted great attention from the market. In the second quarter, Ruiyuan's public offering management share climbed again, and the scale of trust returned to about 60 billion yuan. The quarterly reports of Rui Yuan ’s big names this quarter were also frank. They faced the adjustment of April. They also talked about the starting point of future economic development. They touched the institution's concerns and gave their own predictions.

Looking forward to the market outlook, Zhao Feng, manager of Ruiyuan Fund, frankly said that "the opportunity will still be greater than risks in the future, and the leading companies with lower valuations may still contribute better investment returns."

In this issue of "Warehouse Vane", the Fund will explain the second quarter report and its positioning of Ruiyuan Fund Zhao Feng.

The management scale rises to 16.4 billion, and it still maintains the operation of the high position

With the rise of the A -share market in the second quarter, the net value of the fund has also risen. The second quarterly report showed that Zhao Feng's management of Ruiyuan's equilibrium value A's net value A value of value A was 13.00%, and the equilibrium value C was 12.91%.

At the same time, after a slight shrinking of the fund scale in the first quarter, the scale of the fund managed by Zhao Feng ushered in a rebound in the second quarter, raised from 14.216 billion yuan at the end of the first quarter to 16.487 billion yuan, a 15.97%change from the previous month.

On the one hand, the management scale has increased, on the one hand, the net value of the product in the second quarter, and on the other hand, it must be attributed to the balance of value of the value of Ruiyuan in the second quarter to achieve net purchase. The second quarterly report shows that in the second quarter, Ruiyuan Value Hybrid A realized a net purchase of 214.6 million copies, and Ruiyuan Value Balanced Mixed C realized a net purchase of 48.3 million copies. It is worth mentioning that this is the ninth quarter of Ruiyuan's value -balanced value.

The second quarterly report showed that Zhao Feng continued to maintain the operation of higher positions. As of the end of the second quarter, the stock position of the Ruiyuan Value Balanced Hybrid Fund was 91.21%, and the top ten key holdings accounted for more than 50%, which was higher than that of similar average levels, and the concentration of holding the company was higher.

Increase the new energy, Internet and real estate leaders

In the second quarter, the balanced value managed by Zhao Feng also adjusted to a certain amount in the process of falling in the market to increase its holdings of new energy, Internet and fixed asset investment related industries. Essence In addition, in Hong Kong stocks, the proportion of Zhao Feng's configuration is still higher than the peers. At the end of the second quarter, it was 38.6%, but it was slightly reduced compared to the first quarter.

Specifically, the top ten heavy stocks of the fund are China Mobile, Country Garden Services, Oriental Yuhong, Wanhua Chemistry, Meituan, Sannuo Bio, Ningde Times, Geely Automobile, Weiming Environmental Protection, and Oriental Wealth.

Compared with the first quarter, from the perspective of the latest top ten heavy warehouses, the top ten heavy positions in Ningde Times and Meituan Xinjin Ruiyuan, Meituan also replaced China Resources Beer and entered the Ruiyuan equilibrium value. Five major heavy positions. In addition to China Resources Beer, Industrial Bank also withdrawn from the top ten heavy stocks. On the whole, the proportion of growth stocks has increased.

The Country Garden service in the real estate property has obtained Zhao Feng's holding holdings in the second quarter. As of the end of the second quarter, Ruiyuan's equilibrium value held 35.2 million shares of Country Garden services, an increase of 14.66%compared to the first quarter. One of the stocks with the largest increase in stocks.

In addition, in terms of holdings, the balanced value of Ruiyuan has greatly increased its holdings of Oriental Wealth, an increase of 35.15%compared to the first quarter. In the previous quarter, Wanhua Chemical, which was reduced in the previous quarter, also increased its holdings in this quarter. The increase was 11.37%. In addition, China Mobile and Oriental Yuhong have also increased their holdings to varying degrees.

In terms of reducing holdings, Ruiyuan's equilibrium value has reduced its holdings of Geely Motors of 3.01 million shares and Weiming Environmental Protection of 401,000 shares.

However, it is worth mentioning that from the top ten heavy stock stocks in Ruiyuan's equilibrium value, Zhao Feng and Fu Pengbo have large differences in the attitude of China Mobile. In the second quarter, Fu Pengbo reduced 5.1255 million shares of China Mobile, and Zhao Feng chose 1.5 million shares of China Mobile. In the operation of Dongfang Yuhong, the two are also different. In the second quarter, Fu Pengbo reduced 44.912 million shares of Dongfang Yuhong, and Zhao Feng chose to increase its position 700,000 shares.

In this regard, Zhao Feng also wrote in the second quarter newspaper that in the process of market decline, a certain adjustment of the combination was made to increase holdings of new energy, Internet and fixed asset investment related industries. It has also risen. In the second half of the year, it is more optimistic about the investment opportunities of the fixed asset investment industry chain.

Opportunities are greater than risks, optimistic about underestimating the leader

In the second quarterly report, Zhao Feng analyzed that with the fall of stock valuation and the relief of the epidemic, the emotional recovery of domestic investors has also attracted the return of overseas investors. It has also risen and reduced the loss since the beginning of the year. However, due to the rebound, the new energy industry with a large decline in the early stage and the demand support rose, and most of the remaining industries performed mediocre. Zhao Feng said that the next method is still mainly constructed by the bottom -up method, and there are higher requirements for the valuation, business model, competition barriers and industry competition in the assets of the subject. In his opinion, the accuracy of demand prediction is not easy to grasp, and the overall valuation level of the industry will also reflect the prospects of the industry's needs. Therefore, choose not to bet on the track and industry. Relatively gentle.

Based on the moment, he analyzed that the trend of some companies' stock prices has been ahead of the fundamentals. The impact of domestic epidemic on economic activities is still greater, and the fields of commercial exchanges, investment construction, and residential consumption still need to be further recovered. After the impact of the epidemic in the first half of the year and the decline in real estate sales, the investment in fixed assets has been increased and the economic return to growth is increased. It may be a more realistic policy means to drive residents' income and push consumption recovery.

"Although in the long run, the demand for China's real estate industry may be in the top area, but its decline is also a long process. Urbanization, old city transformation and improvement of sexual demand will still make real estate demand at a relatively stable level in the next few years. He said that he still looked forward to the investment opportunities of the fixed asset investment industry chain in the second half of the year.

At the same time, Zhao Feng further stated that some of the industries that have shocked a larger impact have been concentrated on the leading enterprises. The financial performance and valuation of these enterprises are suppressed, but once the demand is recovered, the leading enterprises will receive a good return on investment.

In general, he believes that the Chinese economy will continue to recover, but the speed of this recovery may be relatively mild. When the market is too many, the risk of adjustment is needed. Low leading companies may still contribute better investment returns.

(Note: If there is no special indication of the chart data in this article, it comes from Zhijun Technology and Wind data)

Risk reminder: The fund has risks, and investment needs to be cautious. Fund's past performance does not indicate its future performance. Fund research and analysis do not constitute investment consulting or consulting services, nor does it constitute any substantial investment suggestions or commitments to readers or investors. Please read the "Fund Contract", "Recruitment Manual" and related announcements carefully.

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