Warehouse Vane | TEDA Manoly Fund Wang Peng: The prosperity of the investment industry, optimistic about the "scenery car storage and electricity" section

China Fund Newspaper Ma Zutong

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.

This year, the market has experienced a long period of shock adjustment. After the new energy plates and other popular sectors fell into a shock adjustment at the beginning of the year, they ushered in a strong counterattack in the second quarter, and inflation -related coal sectors also performed well.

Under such a fierce fluctuation, Wang Peng, TEDA Manoly Fund, still ranks among the top in the first half of 2022. Recently, the second quarterly report of Wang Peng's products has been announced, and his positioning trends have also been exposed. In the second quarter, an excellent answer sheet was handed out.

Wang Peng said that he will continue to adhere to the method of "investing in the prosperity industry and pursuing Davis Double -click". Flexible selection of industries with a higher probability of performance, and strive to seize the historical opportunities of China's economic transformation. And choose a company with long -term space and good short -term performance to avoid short -term theme catalytic overdraft companies. Pursuing the valuation performance of the performance exceeds expectations.

In this issue of [Warehouse Vane], Fund Jun will explain the second quarter report and warehouse changes of TEDA Manulin Fund Wang Peng.

Optimistic about photovoltaic, wind power, military workers upstream components and material sectors

Wang Peng graduated from Tsinghua University's microelectronics major, and successively worked at Zhongyou Entrepreneurship Fund Management Co., Ltd. and Shanghai Panxin Investment Management Co., Ltd. in 2015, joined the TEDA Manoly Fund, and began to manage his first fund products in 2017.

Wang Peng is currently in charge of products, and the management period has been five years. Its representative product annualized return rate is 33.88%, which is much higher than the annualized return rate of 0.74%of the large market during the same period. According to the disclosure of the second quarterly report, compared with the end of the first quarter of 2022, Wang Peng's management scale has rebounded, from 11.466 billion yuan to 12.806 billion yuan, and the management scale has increased. (As of August 1, 2022, data source: Zhijun Technology)

According to past holding data, Wang Peng's configuration in the manufacturing sector is large. In the second quarter of this year, Wang Peng further added the manufacturing sector.

In terms of industry configuration, Wang Peng is very good at carrying out industry rotation in various scenic tracks. There are many industry distribution, and the holdings of heavy stocks are also short.

Wang Peng's products are mainly growing in the middle market. The stock industry preferences concentrated, and the overall positioning style is more inclined to power equipment, industry, raw materials and other industries. The holding of heavy positions is more short. The industry distribution is changing.

In the second quarter, Wang Peng further increased the manufacturing, information industry and water conservancy, environment and public facilities management industry. The manufacturing industry accounted for 93.22%of its net worth of the funds, an increase of 4.56%over the previous quarter.

In addition, while maintaining a higher industry concentration, Wang Peng's concentration of shareholding on behalf of the product has declined. In the second quarter, the proportion of the top ten heavy stocks of its products accounted for 46.66%, a decrease of 7.15%compared with 53.81%in the first quarter.

In terms of investment strategy, Wang Peng adheres to the method of "investment in the prosperity industry, pursuing Davis Double -click".

Wang Peng said: "The core of this method is to pursue the valuation performance brought by the performance exceeding expectations, and the probability of long -term excess returns is more obvious, but it will be relatively weak at the stage of not talking about the logic. The risk income ratio of the method will still be relatively prominent. "

How to make investment choices for buying and selling individual stocks? Wang Peng said: "I bought a company, must be because its industry is high enough, the company's competitiveness is strong enough, and the company has the possibility of exceeding expectations in the future. The changes in the industry's prosperity may also be because I discovered a company with higher prosperity and a greater probability of performance. "

Specifically, in the second quarter, individual stocks were transferred up, and Wang Peng made a large shuffle on the top ten heavy warehouses on its representative products. Dajin Heavy Industries is the top ten heavy stocks, with a number of positions holding 30.372 million shares, 86.58644 million shares, 2012,200 shares, 85.7151 million shares, 5.24377 million shares, 685,200 shares, and 4.9231 million shares. Based on the more accurate judgment of the company's prosperity, among the top ten heavy stocks of Wang Peng in the second quarter, the double -ring transmission and Dajin Heavy Industry have increased by more than 50%in the past year.

As far as the industry is concerned, Xinjin heavy warehouse shares are power equipment, automobiles, and national defense military industries. Based on the medium and long -term perspective, Wang Peng is optimistic about the medium and long -term development of the new energy vehicle sector. In addition, Wang Peng believes that photovoltaic, wind power, military upstream components and material sectors also have strong investment prospects. On the other hand, Wang Peng reduced his holdings of Zhongtian Technology and Ningde.

It is worth noting that due to its high -wheel dynamic characteristics, Wang Peng's dynamic retracement level fluctuated large, and the maximum retracement of the fund in the first half of the year exceeded 40%.

Investment in the prosperity industry leader, seize the historical opportunities of China's economic transformation

In the investment, Wang Peng adheres to the investment strategy of "the investment in the prosperity industry, seeking Davis Double -click", and takes various types of investment opportunities in the process of China's economic transformation as the main line. Combined with "upper". From the perspective of "top -down", optimize the configuration of large categories of assets, and prefer the beneficiary industry; on the other hand, select high -quality companies with long -term competitiveness and growth potential from the perspective of "bottom -up". The wheel rotation grasps the high booming industry. When choosing investment, Wang Peng pays attention to the two major indicators of profit growth and cash flow growth. "The most important indicator of investment is profit growth and cash flow growth. The marginal changes of these two indicators have the greatest impact on the stock price. The factor of valuation determines the cost -effectiveness of investment. In investment practice . There is no need to bear a industry because of high valuation, and there is no need to look at a industry because of low valuation. If you pay too much attention to the valuation, you only buy a lot of companies that have fallen. The valuation trap. "Wang Peng said.

The development of the market in the second quarter, after experiencing the factors at home and abroad, the valuation of the growth sector in the second quarter reached a new low since 2019. Wang Peng's continuous attention of energy storage, new energy vehicles, photovoltaic, wind power, military industry and other industries meet expectations or even exceed expectations. Wang Peng believes that many factors such as the strong contrast of the stock price and fundamental aspect have led to the reversal of the second half of the second quarter.

Looking forward to the market outlook, Wang Peng will continue to adhere to the method of "investing in the prosperity industry and pursuing Davis Double -click". Flexible selection of industries with a higher probability of performance, and strive to seize the historical opportunities of China's economic transformation. And choose a company with long -term space and good short -term performance to avoid short -term theme catalytic overdraft companies. Pursuing the valuation performance of the performance exceeds expectations.

"There are too many factors that affect the market, and each stage has different factor dominating the market. We need to find out the long -term and most objective factors to make judgments. We insist on investing in industries that meet the industrial trends of the times, especially companies with outstanding performance. Strive to obtain excess returns, "Wang Peng said.

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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