Tune Vane | Nuo An Fund Cai Songsong: Still fell in love with the TMT section, both positions and concentrations improved

China Fund News Cao Wenzheng

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.

As the original Internet celebrity fund, Noon's growth has attracted much attention from investors. This fund has repeatedly rushed on the "hot search", and semiconductor once became Cai Songsong's personal label. Since this year, due to the violent fluctuations in the stock market, the overall performance of the fund market has been sluggish, and a group of star fund managers have fallen into the "altar". Many products under Cai Songsong's management have poor performance in the first half of the year.

Judging from the list of top ten heavy warehouses in the second quarter, Cai Songsong did not exchange stocks, and he still re -owned a single target, such as Weir's shares, Zhuo Shengwei, and North Huachen.

In the summary of the quarterly report, Cai Songsong said that in the case of relatively friendly macro environment, the true independent market of the chip sector requires a substantial inflection point of consumer electronics, and this time is getting close, but it still needs to be observed. The biggest opportunity of my country's semiconductor industry in the future is to replace domestic, this year is the first year of domestic replacement.

In this issue of [Warehouse Vane], the Fund will explain the second quarter report and its positioning of Nuoan Fund Cai Songsong.

The holding of the shares is not moving.

From the perspective of the fund scale, as of the end of the second quarter, Cai Songsong's latest management scale was 30.553 billion yuan, compared with 28.398 billion yuan in the first quarter of 2022, the scale increased by 2.156 billion yuan. Although the product's performance was not good in the first half of the year, the scale of Nuoan's growth in Nuoan still had 26.636 billion yuan at the end of June.

From the perspective of the fund share changes, Cai Songsong became the top -growing fund manager with the largest number of share growth in the second quarter. Considering that the net value of the fund in the second quarter of the fund fluctuated, the trend of "bottoming the bottom" of Kenmin was obvious. Wind data shows that in the second quarter, Cai Songsong received a total of over 1.5 billion yuan in fund purchases.

In terms of stock positions, Cai Songsong's many fund positions are further rising. For example, its masterpiece Nuoan's growth mixed rose slightly from 91.98%at the end of the first quarter to 92.45%, and Noon Hexin also increased from 92.79%to 93.86%.

From the perspective of the specific heavy position holding, the single standard that is still optimistic, such as Well's shares, Zhuo Shengwei, and the North Huachuang, are close to the upper limit of the holding of 10 % of the shareholding. The second quarter report of the Nuoan Growth Hybrid Fund showed that Cai Songsong reduced its holdings of Zhaoyi Innovation and SMIC; Wait for multiple stocks. Among them, the increase in Zhuo Shengwei's holdings was the largest, reaching 103.48%; the increase in holdings of Shengbang and Northern Huachuang also reached 50%and 44.52%, respectively. He has increased its holdings of more than 2.97 million shares, an increase of 24.28%, and currently accounts for 9.9%of the fund's net worth. The holding of the Shanghai Silicon Industry-U remains unmoved.

As of the second quarter report, the concentration of Nuoan's growth mixed shareholding has increased slightly, from 77.17%at the end of the first quarter to 78.05%in the second quarter.

Looking at Cai Songsong's other fund Nuoan Innovation -driven, another tuning is obvious. The second quarterly report showed that Cai Songsong increased his holdings of Balande and Beijing in the north of Beijing, with an increase of 88.30%and 40%, respectively; reduced holdings of Guarditong; Chinese software, Nasda, Zhuoyi information, massive data, Xin'an Century New Ten Ten Ten Top Ten Large, while digital certification, new country capital, data port, Kelan software, and Pandian software withdraw from the top ten; Inspur software and Qitian Technology are not moving.

It should not be affected by the current market decline

In the second quarter report, Cai Songsong admitted that due to the impact of the epidemic in the second quarter, the largest downstream application consumer electronics in the chip industry faced greater pressure. The decline in June has narrowed, but it still has not returned to the normal level of the same period last year. Although some categories have structural opportunities under the downstream of electric vehicles and new energy, compared with the weakness of the entire industry, it can be described as a lot of money. In the case of the relatively friendly macro environment, the real independent market of the chip sector requires the substantial inflection point of consumer electronics, and this time is getting close, but it still needs to be observed.

In addition, the prosperity of the chip and equipment material sector continues to be high, and the interim report is expected to double the growth year -on -year, while the sector continues to go down under the influence of emotion, and the fundamental and stock prices have obviously departed.

He judged that in the short term, the supply and demand of the industry will be affected to a certain extent, but in the middle and long term, the industry's prosperity brought by scientific and technological innovation will not easily change.

Cai Songsong said that at this time, it should not be affected by the decline in the current market, and it should not be visible to the development of the industry. Its investment concept follows industrial investment, accompanied by the growth of outstanding companies in the industry, but it is inevitable that some stages will respond to some disturbances at this stage. At this time, it is necessary to maintain a rational analysis objective judgment. From the perspective of the subdivision sector, East Digital and Western Calculation, Digital RMB, Cyber ​​Security, and Industry Creation are all opportunities to grasp from top to bottom. The industry valuation is low, and the inflection point of the industry's fundamentals is the largest investment logic.

(Note: If there is no special indication of the chart data in this article, it is derived 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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