Warehouse Vane | Cinda Austrian Feng Mingyuan: New Energy's internal replacement

China Fund News Zhang Yanbei

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.

Star Fund Manager Feng Mingyuan's product of the second quarter report was released.

In the second quarter, with the rebound of the market and the recovery of the fund's net worth, Feng Mingyuan's total net asset value managed by Feng Mingyuan returned to more than 40 billion yuan, close to 42 billion. Many of the products increase their positions and capture the chance of rebound. From the perspective of its combination configuration, investment still focuses on emerging industries such as new energy, technology, and high -end manufacturing.

Management scale returns more than 40 billion yuan

In the second quarter, the growth of the funding of Feng Mingyuan, who mainly attacked the technology growth track, also pushed back to the net value of the net value of product assets.

According to the statistics of the Fund's second quarterly report, during the second quarter of this year, only two of the 10 funds (consolidated statistics of each share) managed by Feng Ming in the distance were shrinking from the previous two, and the remaining eight increased. As of the end of the second quarter, the net asset value of 10 funds totaled 41.994 billion yuan, an increase of 3.731 billion yuan from the end of the previous quarter. At the same time, it set the highest record of its management scale.

Among them, Xin'ao's core technology increased the largest quarterly increase, an increase of 113.17%month -on -month. The fund's net share growth rate during the second quarter was 3.92%, and the reference yield rate of the performance comparison during the same period was 1.90%. And during the second quarter, the fund received 1.41 billion net purchases, and the net asset value increased to 3.415 billion yuan.

As the largest fund managed by Feng Mingyuan, Xin'ao and New Energy Industry stocks in the second quarter were slightly increased by 6%. Although the share of the fund has shrunk during the reporting period, the net value growth rate of the fund's share reached 11.13%.

Since serving as a fund manager in October 2016, Feng Mingyuan's management scale has risen all the way, reaching 41.09 billion yuan at the end of last year. In the first quarter of this year, the number of management funds increased to 10, but due to the increasing market adjustment, the management scale shrank. At the end of the second quarter, more than 40 billion yuan was returned.

However, it is worth mentioning that according to the Dada Australia Fund announced on July 20, Feng Mingyuan had left the Nobunaga Essence Mixed Fund Manager on July 19, and at the same time, Qi Xingfang, who was left, and Zhang Jiantao, who was jointly managed, stayed in office. Essence At this point, the number of funds managed by Feng Mingyuan returned to the number. The company said that the reason for the departure was internal adjustment, and the change procedures have been completed in the China Fund Industry Association in accordance with regulations.

Most of the pipe funds add positions

In the second quarter, Feng Mingyuan's products still maintained a higher position operation, and many of the positions on behalf of the fund stocks increased compared with the end of the previous quarter.

Specifically, according to statistics, 4 of the 10 funds have declined, and the market value of most of the remaining fund stocks accounted for the net asset value ratio of the fund.

Taking its representative fund as an example, 93.19%of the stock positions at the end of the second quarter increased by nearly two percentage points compared with 91.35%at the end of the first quarter of this year, and grasped the rebound market through the position.

The position of Xin'ao's core technology stocks rose significantly from 79.8%to 93.86%, an increase of nearly 14 percentage points, which can be described as a big hand. As a flexible configuration fund, Feng Mingyuan's just stepped down to be less than 40 %.

Feng Mingyuan, who has always been decentralized, continued its low concentration, representing the top ten heavy warehouse stocks of the Fund's Xin'aoxin Energy Industry accounted for 19.31%of the fund's net value, compared with the proportion of 23.01%at the end of the previous quarter.

Among them, the largest heavy warehouse stocks accounted for only 3.79%of the net value of the fund, the second largest heavy positions accounted for 2.33%, and the third largest heavy positions were 2.17%. The remaining 7 heavy stocks account for between the vast majority of the fund's net value ratio between 1%and 2%.

Another large -scale product holding concentration also declined, from 24.24%at the end of the first quarter to about 20%.

In fact, in the past two years, the fund holding concentration has almost no more than 30%. The relationship between the concentration and fluctuation of the shareholding is obvious, and generally speaking, decentralization can reduce fluctuations. The lower the concentration of the shareholding, the smaller the net value fluctuations of the fund in theory.

High position, Guangsha.com, and high turnover rate, this is a typical label of Feng Mingyuan. In order to study a sufficient number of good companies, Feng Mingyuan is a recognized "research madman" in the industry.

Emerging industries internally adjustable warehouses

In summary, in 2022, the investment of Feng Mingyuan's management fund focused on emerging industries such as new energy, technology, and high -end manufacturing. The industry configuration has not changed much compared with the previous reporting period.

Feng Mingyuan's heavy positions have always changed faster, and in the second quarter, 40 % of the top ten positions on behalf of the products were replaced. Among them, the largest heavy positions at the end of the last quarter were increased to the largest heavy position, and the proportion of holdings was 64.47%.

At the same time, Tianqi Lithium, the tenth largest heavy warehouse stock, also won a position, jumping to its second largest heavy stock stock on its representative product. During the quarterly, Pacai and Ningde Times rose 20.58%and 53.34%, respectively.

In terms of reducing holdings, four stocks of Ningde Times, Ganfeng Lithium and Zhuhai Guanyu, and East Sunshine were reduced. Among them, Ningde Times has declined from the largest heavy positions in the previous quarter to the sixth largest heavy positions, with a reduction of nearly 70 %. Judging from the top ten stocks in the top ten heavy positions, the fund has entered three new stocks in the second quarter, including BYD, Huayu Motor, Fulin Seiko and ZTE.

At the same time, Zhongke Electric, Xingyuan material, Fara Electronics, and Lianchuang shares withdraw from the top ten heavy stocks representing the product. From the perspective of its changes in the stock market heavy positions, the positioning trend of the position is basically consistent with the Xin'ao New Energy Industry.

It is worth mentioning that Feng Mingyuan's just departure fabrication of the essence of Xin'ao is the most different from the configuration of other Feng Mingyuan management funds.

It is reflected in heavy warehouse stocks, the fund generally focuses on the mass consumer goods sectors such as white wine and food. From the position of the second quarter, Wuliangye, Yili, Yanghe shares, and Guizhou Maotai are ranked in the top four heavy stocks.

In the first quarter, the fund's heavy warehouse was still in the field of technology stocks. At that time, the Ningde Times, Hengxuan Technology, Yangjie Technology, Wentai Technology, Shengbang, and Minxin had faded out of the sequence of heavy warehouses.

The fund manager also admits that the configuration of consumer industries such as liquor and popular products has been added within the season. Looking forward to the future, with the gradual control of the domestic epidemic, the trend of domestic consumption recovery is expected to continue, and it will continue to work on major tracks such as large consumption and high -end manufacturing.

Continue to dig deep into the main tracks such as new energy, technology, and high -end manufacturing

Feng Mingyuan wrote in the quarterly report that in the second quarter of 2022, a more obvious rebound in the A -share market. On the one hand, with the advancement of re -production and re -production, the worst stage of the economy is expected to pass and enter the stage of weak recovery; on the other hand, in order to hedge the downward pressure on the economy, the monetary policy continues to relax, and the stock market liquidity is relatively abundant. This economic environment is conducive to the performance of stock assets, especially the performance of growth stocks.

In the second quarter of 2022, its fund investment still focused on emerging industries such as new energy, technology, and high -end manufacturing. Compared with the previous reporting period, industry configuration has not changed much.

Looking forward to the future, Feng Mingyuan believes that the combination of economic weak recovery+abundant liquidity may be difficult to sustain, and the market will pay more attention to the quality of fundamentals. "We will continue to work on major tracks such as new energy, technology, and high -end manufacturing, dig deep into high -quality stocks with solid fundamentals, and dig investment opportunities from bottom to top."

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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