Tuition Vane | Jiaotong Schroder Fund Guo Fei: The concentration of holdings has increased slightly, and military, consumption and new energy are still heavy warehouses

China Fund News Wei Zhongzhe

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.

With the disclosure of the second quarter report, Guo Fei's positioning trend of Guo Fei, the "leader" of the Middle -generation of the Bank of Communications Schroder Fund, has also been exposed: within this cycle, Guo Fei's total size has rebounded compared with the previous quarter, holding the shareholding. The concentration has also increased.

It represents the new driving force of the product of the Bank of China to maintain the investment in the A -share market before, focusing on the military components and chips, high -end consumption, new energy and other fields; specific to individual stocks, among the top ten heavy stocks, Zhenhua Technology The proportion of the positions of Guizhou Moutai, Dongfang Yuhong, etc. also increased slightly, and at the same time, the stocks in pharmaceuticals and export brands are also allocated.

In the direction of the selection of the group, Guo Fei believes that the scarce strong profit growth, the deep barriers and the long -term business model, and the powerful and aggressive entrepreneur governance can resist powerful weapons that can resist the market.

In this issue of [Warehouse Vane], Fund Jun will interpret the second quarter report and its positioning of the Schroder Fund-Fund Manager Guo Fei.

The management scale increased slightly, and the concentration of shareholding increased simultaneously

Guo Fei, who is specially invested in growth stocks, has always regarded electronics, communications, and TMT as the main direction of investment. For new energy and advanced manufacturing, it also has a good layout. The benefits of "New Economic Power of the Bank of Communications" have recovered in this cycle. As of the end of the second quarter, Guo Fei controlled the number of funds in four, and the total scale also increased slightly by 6.9%compared with the previously, reaching 11.757 billion.

In the second quarter, Guo Fei's stock position on behalf of the fund product "New Economy of the Bank of Communications" was 63.5%, which was not much changed compared to the first quarter, and it was slightly lowered in terms of bond assets, accounting for 6.35%of the asset allocation ratio.

In terms of heavy warehouse stocks, in the first quarter, a total of 5 heavy stocks in Guizhou Moutai, Ziguang Guowei, Gujiajiajia, Poly Development and Industrial and Commercial Bank of China were newly entered. Guo Fei chose to increase the consumption stocks of pharmaceutical stocks. Yao Kangming and Sanhua Zhi controlled the top ten heavy warehouses, while Poly Development and Industrial and Commercial Bank of China withdrew from the top ten.

According to statistics, the total of the top ten heavy stocks of Guo Fei accounted for 47.88%of the top ten heavy warehouse stocks, an increase of more than 4%compared with the previous quarter.

From the perspective of the concentration of the shareholding, taking the "new driving force of the Bank of Communications" as an example, in the past three years, Guo Fei's investment framework has been widened from the original key allocation of new energy, intelligent equipment, innovative hardware and other fields to now broadening to military industry and consumption. And wealth management related industries, at the same time, for frequent adjustments to the market, Guo Fei also chose to continue to adjust the positions to retain a certain margin of asset security. Judging from the holding time of the combination of heavy warehouse stocks, Oriental Yuhong, superstar technology, Sanhua Zhikong are the longest stocks that hold the longest time, and the holding time has been more than two years; while the first heavy warehouse stock Zhenhua Technology technology It has also held seven quarters, and the growth of these companies has successfully helped the fund product's outstanding income performance in the past three years.

Pay attention to science and technology, consumption and the rise of domestic production, and continue to tap the target of high growth potential

As a good player focusing on the investment of growth stocks, Guo Fei's investment philosophy has always been: the balanced allocation industry, deep excavation of individual stocks; sharing growth, focusing on the margin of security. In the second quarterly report, we also saw that Guo Fei exchanged these ideas one by one and now actual actions.

Guo Fei said in the second quarter report of the new driving force of the Bank of Communications that in the third quarter of the market outlook, the economic recovery was unfolding slowly, and its efforts needed to be observed. After the market experienced the deep V, the valuation returned to the level close to the medium medium. In the future, there will be a significant differentiation of the clues along the fundamentals of various industries. It is significantly different from the recovery after the 2020 epidemic. The decline in the total demand of overseas developed economies this time has made foreign demand a drag, and the residents in domestic demand plus leverage are also different from the past.

In the direction of looking for the investment target, Guo Fei said: "We believe in the rare strong profit growth, the deep barriers and the long -term business model, and the outstanding enterprise governance. ","

In response to the situation of some stocks in the group, Guo Fei said that in the face of the target of the short -term backwind, it will pay more attention to whether the company's core competitive advantage is cumulative; and on the track that is still prosperous It becomes more and more crowded and vigilant, while paying more attention to whether companies have the ability to bred a new growth curve.

As for the TMT field that Guo Fei continues to pay attention to and deeply cultivates, Guo Fei continues to optimistic about his growth potential: "In the current turn of 4G/5G intergeneration, the new energy revolution has started, the data economy/corporate digital transformation has accelerated, and technology believes that technology believes that technologyGrowth will still be the main line of the market for a long time in the future. "In addition to the technology industry, Guo Fei believes that in the various industries of the national economy, the industrial concentration of strong people Hengqiang has improved, the industrialization of the pursuit of efficiency is transformed.Consumption upgrades under domestic demand support and the rise of domestic supporting facilities have spawned investment opportunities for growth stocks in more traditional fields.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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