Tune Vane | Ruiyuan Fund Rao Gang: Maintain a higher equity position, focusing on consumption and middle and lower reaches of manufacturing

China Fund Daily Jia Zhanying

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.

The Ruiyuan Fund, which maintains the rhythm of the "one year of one year", has turned the new fund to become a behavioral art. Last year, the public offerings lamented that the new fund's release was cold, and Ruiyuan's third new Fund's reappearance of 100 billion subscriptions could not help but cause heated discussions in the market.

The manager behind this product is Rao Gang, an investment veteran in the field of fixed income, has 23 years of securities experience. Among them, investment experience is 14 years, focusing on fixed income research and investment fields.

As a fund manager of the earliest bond funds in the industry, Rao Gang has experienced multiple rounds of bull and bear conversion in the bond market and the A -share market. In the past ten years, Rao Gang has been used to starting from the perspective of risk and continuously discovering high high periods of high periods in different periods. Valuable assets.

Looking forward to the market outlook, Ruiyuan Fund Manager Rao Gang proposed in the second quarter of this year: "On the one hand of profit restoration comes from" price ", after the raw material experience has risen sharply, the price of global pricing raw materials brought about by the decline in overseas demand in the future is expected to fall in the future. Increasing profits; on the other hand, it comes from "quantity", and the gradual rise from domestic demand is expected to drive the growth of demand. Consumption and middle and lower reaches of manufacturing are the areas of focusing on attention. "

In this issue of the "warehouse vane", the fund king will explain the second quarter report of Ruiyuan Fund Rao Gang and its positioning.

Keep a higher equity position in the second quarter, and the stock position increased to 36.8%

With the recovery of the A -share market in the second quarter, the net value of the fund has also increased. As of the end of the second quarter, Rao Gang's managed Rui Yuan's steady -in configuration for two years holding a mixed A net value was 0.9798 yuan, the net value growth rate during the second quarter was 4.84%, and the reference yield of the performance comparison of the same period was 2.40%.

At the same time, Rao Gang's managed Ruiyuan's stable configuration in two years holding a scale of 10.409 billion yuan, an increase of 6.04% over 9.816 billion yuan at the end of the first quarter

From the beginning of the establishment of the two -year holding of Ruiyuan's stability, it chose to open the positioning gap with ordinary bond funds. The announcement shows that stock assets account for 0-40%of the fund assets, of which the proportion of stock investment in the Hong Kong Stock Connect bidding accounted for not more than 50%of the stock assets. Therefore, compared with ordinary stock funds, it is much weaker than ordinary stock funds, but it is much stronger than ordinary bond funds.

According to the previous announcement, the fund's stock position as of the end of the first quarter was 32.34%, and the latest second quarterly report showed that the stock position in this quarter rose to 36.8%again, almost reaching the upper limit of the stock allocation. Such a choice is based on the fund manager's judgment on the current market, but whether the product will always maintain such positioning in the future may also observe the next position changes.

Multi -asset collaborative allocation, focusing on combined cost -effectiveness

In the second quarter, Rao Gang's managed Ruiyuan had made some adjustments in the process of holding the market for two years. From the perspective of stock holdings, cyclical stocks accounted for relatively high companies, and they chose more elastic companies in cyclical stocks.

As of the end of the second quarter, Ruiyuan's top ten heavy warehouses held in the two years were China Mobile, China CITIC, CITIC Securities, Siyuan Electric, Hongfa, Hangzhou Bank, Geely Automobile, Tongwei, and Xingye. Banks, CICC. Compared with the end of the first quarter, Siyuan Electric entered its top ten heavy stocks, and Hikvision withdrew.

As the leader of the relay industry, Hongfa shares have obtained Rao Gang's hand -increased holdings in the second quarter. As of the end of the second quarter, Ruiyuan's steady configuration holding 4.51 million shares of Hongfa shares services, an increase of 60.26%compared to the first quarter. The top ten heavy stock stocks have the largest holding of holdings.

In addition, in terms of increasing holdings, Ruiyuan's steady configuration has increased its holdings to varying degrees of China Mobile, Hangzhou Bank, Industrial Bank, and CICC. It is worth noting that China Mobile is also the largest heavy stocks of the two other fund managers of Ruiyuan Fund. In terms of reducing holdings, Ruiyuan's steady configuration has greatly reduced holdings of Tongwei shares, with a reduction of 24.81%.

In terms of stock operations, Rao Gang said that the Fund maintained a higher equity position in the second quarter. In terms of positioning style, it configures relatively balanced in value and growth style. In the style of large and small plates, based on the large background of the economic environment at home and abroad this year, more large -cap stocks with strong anti -risk capabilities at the operating level have been deployed, thereby minimizing the risks that are not expected as possible.

From the perspective of bond varieties, Ruiyuan's financial bonds holding funds holding funds in two years account for 7.02%(of which policy financial bonds account for 5.73%), corporate bonds account for 45.94%, convertible bonds account for 7.65 %. In addition, Rao Gang was hedged through the ten -year Treasury bond futures, with a market value of 1.433 billion in the contract, as of the second quarter.

Regarding the operation in the second quarter, Rao Gang also wrote in the second quarter report that in terms of convertible bonds, considering that the overall convertible bond market premium rate is still high, from the perspective of alternative bonds and obtaining stable returns, holding low valuations The large -scale convertible debt is the main position, and the overall position is still low. In terms of pure debt, interest rate bonds and high -level credit bonds are mainly allocated. The long -term maintenance is low, and the risk of hedging interest rates through national bond futures. Focus on consumption and midstream manufacturing industry

In the second quarter report, Rao Gang analyzed that the domestic stock market in the second quarter showed a V -type trend. The core contradictions of the market gradually shifted from external factors such as overseas liquidity, external factors such as Russia and Ukraine to the epidemic, and abundant liquidity. During the economic recovery process after the epidemic, the prosperity became the dominant force of industry differentiation.

Rao Gang further stated that the suppression of the economy in April became the main pressure of the market systematically. As the epidemic gradually was controlled in May-June, the liquidity care of the economic recovery of the economic recovery after the epidemic made investors risk a significant increase in risk preferences. Freshly -occupied photovoltaic wind power, new energy vehicle industry chain and other fields performed well.

Based on the moment, looking forward to the second half of the year, Rao Gang believes: "In the context of China's economic bottoming back and the overseas economic high, the" China Strong and Male "pattern will be a large -scale winning rate, but it also needs to recognize it. , "Strong expectations and weak reality" are the common macro characteristics of China and the United States at the moment. The domestic recovery momentum is not as strong as 2020, and the overseas demand is still tough. Therefore, it is necessary to strengthen the confidence in the "strong beauty and weakness" pattern. Also need to be patient. "

Overall, he said that considering the gradual decline of overseas demand, the exports of exports to the economy are relatively limited. We believe that the profit recovery of domestic and downstream industries, which is dominated by domestic demand, is more worth looking forward to. After a significant increase in raw materials experience, the price of global pricing raw materials brought about by the decline in overseas demand in the short term is expected to thicken profits; on the other hand, from the "quantity", the gradual rise from domestic demand is expected to drive the increase in demand. Consumption and midstream manufacturing are the areas we focus on.

Earlier, Ruiyuan's stable configuration for two years holding a hybrid fund one quarter report has stated that it will dynamically adjust the positions by closely tracking various stable growth policies from the introduction of various stable growth policies from the launch of various stable growth policies to verify the verification. ; From the bottom up, it will be strictly observed and gradually deployed in the next 2-3 years. There will be a large growth space in the next 2-3 years and reasonable valuations.

(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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