Tune Vane | ICBC Credit Zhao Bei: More focused on the Chinese medicine stocks of pharmaceutical stocks obviously increased

China Fund News Sun Xiaohui

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.

Since the beginning of this year, the A -share market has been suppressed first and then leaning. Due to the fund portfolio managed by the ICBC Credit Fund Manager Zhao Bei, the medical sector is still mainly based on the medical sector. During the first quarter, the net value decline was about 10%. In the subsequent rebound, the net value was not as good as growth funds.

The second quarterly report of the just disclosed by the 2022 shows that Zhao Bei's product stock positions have improved from the first quarter, but they remain at a neutral level as a whole.

In terms of positioning combination, the pharmaceutical fund is still mainly equipped with the pharmaceutical track. After the CXO fell sharply, the valuation of valuations began to appear, and there were some positions. Because the traditional Chinese medicine industry has experienced the warmth of the policy environment, there are also some positions. In the Growth Style Fund of the entire market, the fund at the beginning of the second quarter from the perspective of defense, the phased configuration of a certain percentage of the financial real estate sector was assigned. Optimistic growth stocks dominated by medicine.

Regarding the market outlook, Zhao Bei said that changes in the prevention and control policies of the epidemic and relaxed liquidity can help improve the risk appetite of the rights and interests. Medical growth stocks represented by CXO/Medical Services are facing high cost and attractive buying points.

In this issue of [Warehouse Vane], Fund Jun will give you a detailed interpretation of Zhao Bei, the manager of the ICBC Credit Fund, Zhao Bei, the second quarterly report and the change of positioning.

In the second quarter, stock positions increased

Continue to add CXO and Chinese medicine

Since last year, the pharmaceutical sector has continued to adjust, and the net value of the fund managed by Zhao Bei has also been dragged down. However, in the middle and long term, it is still excellent. Taking its representative craftsmanship Credit Suissenianship as an example, more than 252%of more than 252%in 6 years, and an annualized return of 21.47%, and 15%in the top of similar products.

Zhao Bei's fund management has exceeded 32 billion yuan at the end of last year. In the first quarter of this year, a certain amount of shrinkage appeared. The total management scale of the five funds was less than 28 billion yuan. By the end of the second quarter, it shrank again. By the ICBC scientific and technological innovation, the size of the remaining 4 funds was only 27.5 billion yuan. Except for a small net redemption of two funds, the net value performance in the second quarter was not good.

Among them, at the end of the first quarter of the first quarter of the ICBC Credit, the scale of the first quarter of the first quarter was 18.035 billion yuan, and by the end of the second quarter, it was 17.775 billion yuan. In addition, some net purchases also appeared in the second quarter of the ICBC health care industry, with a scale increased from 4.4 billion in the previous quarter to 4.7 billion.

Zhao Bei List at the Guanfu Fund

The just -released fund report shows that the stock position has improved the overall as a whole compared with the end of the first quarter, but it is still at the level of neutral positions. For example, the selection of ICBC Creditions' growth was increased from 72.97%at the end of the first quarter to 86.74%, and ICBC's frontier medical care increased from 85.8%at the end of the first quarter to 86.87%.

In the second quarterly report, Zhao Bei said that in the choice of positions, the valuation at the beginning of the year needs to be reduced to the minimum position when it needs to be digested. After March, the valuation has been greatly digested, and the position has increased.

In terms of positioning structure, in the pharmaceutical fund, the valuation of the valuation of CXO after a sharp decline began to appear, and there were some positions. Because the traditional Chinese medicine industry has experienced the warmth of the policy environment, there are also some positions. In the Growth Style Fund of the entire market, the fund at the beginning of the second quarter from the perspective of defense, the phased configuration of a certain percentage of the financial real estate sector was assigned. Optimistic growth stocks dominated by medicine.

Specifically, in the cutting -edge medical care of ICBC Credit, Yaoming Kangde is still the largest heavy positions. Kyushu Pharmaceutical, Mai Rui Medical, El Ophthalmology, China Resources Sanjiu, and Medisi also increased their holdings. East China Medicine is almost unchanged, and Tongrentang and Kang Long became newly increased.

ICBC Credit Suisse Creed Foreign Medical Stock Stocks

In the selection of ICBC Credit Suisse, Yaoming Kangde's holdings remain unchanged and are still the largest heavy stocks. Kyushu Pharmaceutical's shareholding remains unchanged. Medicine reduced holdings, Tongrentang, Guizhou Maotai, and Kang Longhua became the top ten heavy stocks in the newly added, and Tiger Medicine, Taihe New Materials, and Price Pharmaceutical faded out.

ICBC Credit Suisse Selection Selection of Top Ten Top Ten Heavy Warehouse Stocks in the second quarter

It is worth mentioning that the second quarterly report shows that although Zhao Bei's product concentration has increased compared with the previous quarter, the overall decline has continued since the fourth quarter of last year, but it is still higher than similar average.

Risk preferences for market risks of equity

Choose the field of high prosperity in accordance with the direction of industrial development

Zhao Bei said in the second quarterly report that in the second quarter, the equity market experienced the relatively pessimistic caused by the domestic epidemic and the rapid recovery after the epidemic. Independence of overseas markets.

"We believe that the impact of the epidemic prevention and control on the economic impact has come to an end. With the advancement of normalized nucleic acids and the scientific adjustment of the prevention and control policies with the characteristics of the virus, the impact of epidemic control on the economy in the future is expected to be controlled by smaller ones. The scope may be conducive to the recovery of the risk preferences of the rights and interests. Different from the trend of overseas liquidity contraction under inflation pressure, the domestic liquidity is relatively loose, and it will also be conducive to the rise of the risk preferences of the rights and interests. "Zhao Zhao According to the analysis of Bei, in the second quarter, the pharmaceutical industry also experienced the decline in the Hong Kong and US stock innovation pharmaceutical sectors, which caused investors to worry about the research and development investment of innovative pharmaceutical companies and the CXO industry orders. The concerns of overseas orders have undergone concerns about the impact of the epidemic in the consumer industry, and generally present a greater volatility. "According to our close tracking, we believe that the fundamental trend of CXO's fundamentals may be maintained. Medical services, pharmacies and consumer goods are impacted by a certain degree of epidemic, but the overall impact is relatively controllable. The short -term impact does not affect the long -term business trend and Competitiveness. Market panic has brought more attractive low -valuation buying points to pharmaceutical growth stocks represented by CXO medical services.

According to Zhao Bei, its investment strategy is to choose a high prosperity field that conforms to the direction of industrial development, and adhere to the strategy of combining stock selection with the bottom -up selection of stocks from top to bottom, and adhere to in -depth research, heavy positions and long -term holdings. In the second quarter, we made some great adjustments on the basis of the preliminary defense ideas, sold financial real estate with defensive style, increased the allocation of some long -term optimistic growth stocks such as CXO, automotive electronics, and chemical industry. Configuration.

(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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