Tune Vane | Xiaonan, Eat Fund Fund: Return to "50 billion" liquor stocks and coal stocks

China Fund News

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.

According to the latest second quarterly report, Xiao Nan, deputy general manager of the Research Department of the E Fund Fund, has returned to the "50 billion clubs". After the disclosure of the second quarter of 2022, compared with the previous issue, Xiao Nan did a "" big movement "in the structure of heavy warehouses, and firmly added liquor stocks, coal stocks and partially overdoed varieties. The liquidity continues to be loose, and the pessimistic expectations of the macroeconomic economy have been corrected to a certain degree. Based on the judgment of the sub -high -end price of the liquor industry, Xiao Nan has increased the configuration of some sub -high -end liquor.

Regarding the market outlook, Xiao Nan said that he believes that the dominance of economic laws in socio -economic operations is still confident in economic toughness.

In this issue of [Warehouse Vane], Fund Jun will explain the second quarter report and position changes of Eva Fund Xiao Nan.

The product scale has risen to return to "50 billion"

The second quarterly report showed that the size of Xiao Nan's management continued to rise, from 42.945 billion yuan to 52.955 billion yuan, and the net growth rate was 10.01 billion yuan, re -entered the "50 billion" scale.

The second quarter report shows that Xiao Nan's products still maintain the operation of the high position. The positions of its five funds are slightly descending, and the three are increasing. Among them, the positions of Yifangdarui have increased from 90.52%to 93.37%, and the selection of consumer consumption from 82.25%to 87.95%, the overall position is high, the investment capacity and the embodiment of confidence in the market outlook.

The second quarterly report showed that Taking Xiao Nan's representative fund Yifangda Consumer Industry Fund as an example, it still maintained high position operation. The equity position was slightly reduced from 86.81%to 82.82%, and the position of the solid revenue was reduced from 0.52%to 0.41%.

In terms of dynamic retracement, in terms of quarterly, Xiao Nan's represented product's retracement in the second quarter was -27.98%. Compared with the previous period of retracement -41.12%, it showed a trend of further narrowing. In the second quarterly report, in terms of net product value, thanks to the strong rebound of consumer stocks, the net value growth rate of the second quarter of the E -Fangda Consumer Industry Fund was 22.31%, which was relatively leading in the industry.

Add positions in high -end liquor and coal stocks

From the perspective of the concentration of holdings, Xiao Nan's shareholding concentration has increased. Its representative product Yifangda Consumer Industry Fund has increased from 71.83%to 72.60%. %, Rising aspects of shareholding concentration reflect Xiao Nan's confidence in the market in the second half of the year.

From the perspective of the overall management of the management fund industry, the central report shows that according to the net value ratio arrangement (65.38%), mining (6.65%), wholesale and retail industry (1.46%), manufacturing accounts for an absolute leading proportion Essence

In terms of individual stocks, the largest heavy positions in controlling five products are Guizhou Maotai, the liquor industry, but it has reduced positions compared to the previous issue. Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, and Gujing Gongjiu, which are also liquor industry, are all positions. The group of Fuyao Glass and Midea have reduced their holdings compared to the previous period. Favorite.

Judging from Xiao Nan's largest representative fund products, the top ten heavy stocks, according to the market value, the proportion of market value is Shanxi Fenjiu, Wuliangye, Guizhou Maotai, Luzhou Laojiao, Gujing Gongjiu, Yanghe Co., Ltd. , Haier Zhijia, Ou Pai Home. The top five heavy warehouses are all liquor industries. The highest number of heavy positions in individual stocks can reach 39 periods. It can be seen that Xiao Nan's shareholding cycle and the significant characteristics of the low turnover rate are also in line with the concept of value investment he has been practiced for a long time. Essence

Let's look at Xiao Nan's top ten heavy stocks representing the product. In addition to consumption, Xiao Nan, as always, added coal stocks as always, increasing its holdings including Shaanxi Coal Industry, Yan Mining Energy, and China Shenhua, and Shanmei International will not increase compared with the previous issue. Xiao Nan said in the quarterly report that starting from the end of last year, he gradually adjusted the combination to a configuration structure based on "white+black".

Firmly optimistic about economic toughness

Find a balance in elasticity and stability

Xiao Nan said in the quarterly report that in the second quarter of 2022, under the loose liquidity release of the A -share market, a strong rebound was released: the Shanghai Composite Index rose 4.50%, which represents the Shanghai Style 50 Index of 5.50%, which represents small and medium -sized The GEM index rose 5.68%in the GEM index. The new energy performance is relatively strong, and the consumer industry has a lot of rebound this quarter because of the previous overtaking. For the consumption market, from the details of the positioning, Xiao Nan is as firm as ever.

In the configuration idea in the second quarter, Xiao Nan said that the coal plate performed well in the first quarter, and the liquor sector gradually kept up in the second quarter. In this quarter, more strategies he adopted in the configuration of coal stocks was to find a better balance point in the balance between power coal and coking coal, and strive to find a better balance point in flexibility and stability. In the configuration of liquor, it has gradually increased the secondary high -end liquor and the previous oversold varieties. In addition, Xiao Nan also said that he had made a certain reduction in the agricultural chemical sector with a high degree of prosperity to moderately reduce the valuation level of the combination. At the same time, the configuration of the Internet of Hong Kong's Internet has continued to increase, and it has also achieved good results. At the same time, in terms of the new energy sector, Xiao Nan said that in order to make up for the losses brought about the deviation of the deviation of the deviation of the bias in the vehicle market in the first quarter, he was greatly configured at the beginning of this quarter At the end of the quarter, because the overall valuation and expectations of the industry were at a high level, he did some reduction of holdings, so he believed that the cost performance of new energy is relatively high.

Looking forward to the market outlook, Xiao Nan said that he had full confidence in economic toughness and kept flowers to see Yueming. But at the same time, Xiao Nan reminded the risk. He said that there are still many uncertain factors in the current market that may disturb the market trend, and investors need to be fully prepared. "We believe in the dominance of economic laws in socio -economic operation, so we will strive to grasp the investment opportunities brought by those" encountering accidents due to ignoring the law ", and it is also fully prepared for the tortuous process."

In the future, Xiao Nan said that it will continue to optimize the structure and configuration of the combination according to the evolution of market structure and corporate competitiveness to control the overall valuation and elasticity of the combination.

(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.

- END -