Tune Vane | Yinhua Fund Jiao Wei: The key layout of liquor in the white wine is anti -fragile industry

Editor's note: Recently, the Fund's second quarterly report has been disclosed. The changes and changes in the position and position 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.

Judging from the latest disclosure of the second quarterly report, Jiao Wei, who had previously somewhat self -questioning because of the decline in market irrational decline.

As the A -share market stepped out of the "V" market on April 29, Jiao Wei also began a rapid rebound in the net value of the funds. The second quarterly report shows that the current 4 funds that are tubes in the second quarter have exceeded 13%, of which the fund with the highest net value growth rate reaches 16.83%, which helps narrow the income of the first half of the year to -6.08%. , Shanghai Exchange 50 Index and Shanghai Composite Index.

And Jiao Wei's long -term investment ability is even more doubt. As of the end of the second quarter, its representative fund has reached 1097.67%since its establishment in 2018, which is a rare old -fashioned fund in the industry.

As a veteran who has worked for more than 20 years, Jiao Wei is still the biggest reason for "galloping the sand field" or is that he is good at the lack of summary on the steps called "past", and constantly absorb the experience of previous setbacks. The so -called "victory or not, or defeat", regardless of whether the performance is great or unable to do it, Jiao Wei will always be on the road of reflection.

Facing the market -led market, Jiao Wei said in the second quarterly report that anti -fragility is the direction of his focus on thinking and layout adjustment.

In this issue of the "warehouse vane", the fund king will explain the second quarter report of Yinhua Fund Jiao Wei's secondary report and its positioning.

In the second quarter, the fund income quickly "recovered the loss"

In the second quarter of this year, Jiao Wei's net value curve in the management fund also generally came out of the market. Its four products in the second quarter recorded more than 13%of the positive income in the second quarter. Among them, the net value growth rate of Yinhua Ferli was the highest, reaching 16.83%, the selection of Yinhua Fushou food beverages, the theme of Yinhua rich, and Yinhua The second -quarter product income held by rich selection for three years was: 16.26%, 14.21%, and 13.10%.

Under the significant rebound of performance, the scale of Jiao Wei's products also rose rapidly, from 22.102 billion yuan at the end of the last quarter to 25.214 billion yuan, an increase of about 3 billion yuan.

(Data source: Wind, as of July 20, 2022)

However, it is worth noting that the retracement of the market's unreasonable past led Jiao Wei to decline in net worth for three consecutive quarters of management products, and the trust of Jiao Wei's trust that investors also seemed to shake. From the perspective of the fund's application, except for the newly issued three -year holding fund that was issued last year, the remaining three funds that Jiao Wei were in charge had different degrees of net redemption. Among them, Yinhua Fuli's selection in the second quarter's net redemption share reached 37.341 million. As of the end of the second quarter, the fund's total share was 3.734 billion.

From the perspective of positions, Jiao Wei still maintained the operation of the high position in the second quarter. Among them, the largest part of the position was the selection of Yinhua Fuli. 10.44 percentage points. Secondly, the selection of Yinhua Furao has also increased by 9.52%of the stock position for three years. At present, all four funds have maintained 90%of the stock positions, and the highest is 92.33%of Yinhua's wealth theme.

Press still focuses on "taking medicine and drinking and beauty"

In the second quarter, although Jiao Wei increased the net value ratio of the stock, the changes in the top ten heavy stocks were not too great, and it was more internal adjustment.

Judging from the top ten heavy warehouses of its representative funds, there are only two "new faces", Luzhou Laojiao and Perrya, replacing Drug Ming Kangde and China Merchants Bank to enter the top ten heavy stocks.

Although the market style has been changed several times this year, Jiao Wei still continues the positioning style of "drinking, taking medicine, and beauty". Laojiao, Betaii, Pianzi, Perlaya, and Tongrentang, firmly seized the investment opportunities of "men's stomach, woman's face".

Specifically, adjust the liquidation structure inside the alcohol. Shanxi Fenjiu and Moutai in Guizhou were reduced to varying degrees, and alcoholic wine, Betai and Tongrentang were added. Among them, Tongrentang, the largest increase in holdings, increased from 9.7741 million shares at the end of the first quarter to 15 million shares at the end of the second quarter. Although Shanxi Fenjiu and Guizhou Maotai were reduced, the market value of holding the shareholding was still close to 2 billion yuan.

In addition, in the second quarter, Jiao Wei's overall shareholding concentration increased, and the top ten heavy stocks increased from 65.51%at the end of the first quarter to 79.70%, an increase of 14.19 percentage points. In addition, the shareholding concentration of the three funds is also between 60%-80%, and the average level of similar funds is 20 to 30 percentage points.

"Anti -fragile things grow from chaos"

As ever, Jiao Wei reported the operation ideas in detail in this second quarterly report to investors.

Jiao Wei believes that the A -share market in the first half of 2022 took April 29 as the boundary, and walked out of the "✓" of the black swan and white swan. It is difficult to judge and grasp the truth and direction. In the market where the emotions are dominated, anti -fragility is the direction of his focus on thinking and layout. First of all, Jiao Wei deeply realized that the impact of various events and combinations from last year to the present, the long -term stability of a combination depends on its resistance to various random impacts. He said that human nature determines that once you see a random incident, he will be afraid and excessive reaction, resulting in the occurrence of the black swan incident. The best way to deal with this emotion is based on the manager, based on the combination of a rock -like business model and continuous dividend capabilities, rather than choosing the most popular prosperity industry and keen industrial chain tracking.

Based on this, Jiao Wei reflected on the fragile test performance of the combination of medical and liquor in the same facing policy uncertainty and demand strike. It is determined that the more widely distributed the distribution of customers, the more scattered the bargaining object can last for a long time. Therefore, his fund is mainly distributed on the to C (customer) end in the future. It has its own brand barriers and long -term DCF (cash flow) foundation.

Secondly, Jiao Wei said that he must learn to adapt to the black swan incident and take advantage of his profit. Faking of fragile things like a peaceful environment, and can grow up fragile things from chaos. The lack of control of the emerging industries on the emerging industry does not mean that it can only survive the constant economic environment. Conversely, a combination of subtraction should also be able to use fluctuations to achieve growth. This determines the importance of dividends and cash flow at the volatility. Therefore, the dumbbell -type configuration slowly becomes the direction of Jiao Wei's adjustment. Therefore, in the position of the second quarter, Jiao Wei increased a small part of the resource stock allocation that has growth banks and a small part of resource stocks with price elasticity and dividends. The main statistical basis for making this decision is based on the strong style effect of A shares and the scope of the manager's own ability.

"From the perspective of past performance, A shares can be divided into four sections: growth, consumption, finance and cycle. The growth section depends on the industrial cycle, showing the characteristics of high growth and high valuation and high fluctuations. ROE is winning long -distance running. Finance is characterized by high dividends and low valuations and low valuations. Each style can reflect one to two years, and behind it is the economic cycle and industrial policy. Holding positions, the most worrying is the stagflation cycle of the cycle price increase, or the relative weakness brought by industrial policies and cycles. Therefore, adding valuation and dividend cash flow vision angle in the combination can make us not conducive to our own situation. When it appears, hedge fluctuations, increase the chance of cash replenishment. "Jiao Wei explained.

In the end, Jiao Wei bluntly stated that under the above configuration, its combination may appear old and lacks new ideas. But anti -fragile means that old things are better than new things. From his lesson in 2015, the market tends to make future excessive technology and underestimate the wheels in a suitcase. It seems that there is no technical content without leaving no marks. The losses of the past managers in the scope of the past manager beyond the capacity circle, Jiao Wei firmly realized that only with patience can heal the new thing in investing in investment.

"The fund manager constantly reminds himself that the instinct of human nature will always enlarge the current impact of the future, and the best way to resist noise is the vivid description of various negative social phenomena and the shock of great technology in the future. It is matched with bluntness and willingness to be lonely. "

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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