Tune Vane | Guangfa Fund Lin Yingrui: Add Airlines, Banking Plates, adhere to the value style

China Fund News Liu Ming

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.

A young fund manager who "stepping on the air" in the second quarter of the big counterattack of the stock in the second quarter described "the role of the onlookers", "the market rises, we are flat and stable", "not understand and shock", but This year still has good performance and has a relatively high ranking. The fund manager is the manager of the post -85s value faction fund and Lin Yingrui of the Guangfa Fund.

Although it describes the "empty" stock market, Lin Yingrui's representative work Guangfa Ruiyi led A. This year, 1.33%of positive returns have been ranked, ranking 96th among the 2674 funds, ranking top 5%. At the end of the second quarter, Lin Yingrui had 7 funds, and the management scale was 19.8 billion yuan. In the second quarter of Lin Yingrui's major funds, we generally increased their positions and still firmly increased the aviation and banking sectors.

Judging from the 5.2 billion yuan Guangfa Ruiyi, of the top ten heavy stocks in the second quarter, 6 aviation stocks including Air China, Spring and Autumn Airlines, and China China Eastern Airlines, and Bank of Nanjing, Bank of Jiangsu, and Hangzhou Bank Stocks, as well as the newly entered Huace Film and Television. Among the aviation stocks and bank stocks, Jixiang Airlines is the top ten in the new entry, and the other eight will be added.

Lin Yingrui not only said that he could not understand the big counterattack of growth stocks, but also prompted "some high valuations and potential risks in the direction of the transaction".

In the second quarter, its funds generally increased

Lin Yingrui's management scale in the second quarter was 19.8 billion yuan, which increased compared with 17.1 billion yuan at the end of the first quarter. It was mainly caused by the growth of product net value. The fund share also had a net purchase of 471 million copies. On behalf of the product, Guangfa value leading A. Guangfa Ruiyi leading A. The second quarter of A rose by 9.69%and 8.26%, respectively.

Lin Yingrui's main and representative funds, the market has undergone a large fell in the second quarter, and the background rebounded. Lin Yingrui also obviously increased its positions, but it was not a strong counterattack stock, or his firm aviation stocks and bank stocks.

The leading positions of Guangfa's value increased from 83.88%to 88.49%; the positions led by Guangfa Ruiyi increased from 63.34%to 74.6%.

Firm aviation stocks and bank stocks

As a manager of the post -85s value -based fund, Lin Yingrui continued to strengthen the concept of the concept of recovery of the epidemic in the second quarter, as well as the low -valuation bank stocks, and the investment was reversed.

The second quarter report of Guangfa Ruiyi showed that among the top ten heavy stocks, the newly entered Huace Film and Auspicious Airlines, and CCCC Real Estate and Guiyan Platinum have withdrawn from the top ten. The other eight aviation stocks and bank stocks were added. That is to say, six of the heavy stock stocks are the top ten in the new entry, and 5 are continuing to increase their positions, and 3 bank stocks have also received positions.

Lin Yingrui said in the second quarterly report that looking forward to the second half of the year, our two previous thinking baselines did not change much: First, it is not easy for overseas economies to enter the economic recession cycle. This round of "swelling" is more than ten years. The result of various policies and emergencies; the second is that the negative impact of the domestic epidemic has gradually faded, and the economic cycle is a general trend from recession to recovery.

Can't understand the big counterattack of growth stocks, prompting part of the high valuation risk

Lin Yingrui stated in the second quarterly report that the market in the second quarter of 2022 was first suppressed, and from pessimism to optimism, it was only a "May Day" holiday. Sweeping the haze in the laughter, the participants directly brought some industries to a state of extremely crowded. In just two months, the income gap between different styles of players reached more than 50%.

Faced with the rebound of the fierce market, Lin Yingrui said that he had done a "onlooker", which was not understood and shocked.

Lin Yingrui said that such a fast and fierce emotional undulating, even in the history of A -share with a large volatility, is a handful of volatility. Because the fund he managed only made a little increase in the end of April, and was basically exposed to the low valuation direction, in the growth counterattack in May and June, the role of bystander was played. The state described by investors described the state of "market rising, we are flat and stable".

Lin Yingrui said that although it can be explained by factors such as epidemics and liquidity, we do not understand and shock for this kind of small sample cases. "The abyss of yesterday, today's shallow talk" is the normal state of value investors, but when it really stares with the abyss, it will inevitably produce ripples. But anxiety and embarrassment are not terrible, they are often the starting point of a new round of optimization and iteration in the framework.

Looking forward to the future, Lin Yingrui said that regardless of domestic and foreign economies, important observation points for large baseline adjustments will be concentrated at the unemployment rate and wage (income) level. Although the prices of major assets are reflecting the inconsistency of domestic and foreign economic cycles, the globalization, especially the international division of labor, is irreversible. The economy will self -adjust through regular accounts and capital accounts. It is believed that the future of the cycle may tend to be consistent.

Lin Yingrui finally reminded the potential risks. He said that under the above benchmark hypothesis interpretation, he wanted to mention investors to examine his risk characteristics again, pay attention to potential risks of part of the high valuation and the direction of transactions.

(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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