Public fund -raising big shuffle!The "50 billion sky group" is here, Gelan, Zhang Kun, Xie Zhiyu, Li Xiaoxing ... Look at the latest operation

Picture source: Tuwa Creative

Look at how the 80 billion flow fund manager "Tian Tuan" is transferred to the stock.

At the end of 2020, it is the year of the fund industry's "out of circulation", and it is also a year when the scale of public assets has increased. 100 billion or even 100 billion also became the threshold of "top flow".

With the rotation of the sector and the market shock, the ranking of the rights and interest fund managers has changed rapidly for more than a year. The management scale of Gram, Li Xiaoxing, Zhou Weiwen, Xie Zhiyu, etc. also increased significantly, and some fund managers were squeezed out of the top ten. As of the end of the second quarter, 9 active equity funds managers had a management scale of more than 50 billion yuan, which was more than two fund managers than at the end of the first quarter. At present, there is only one "medical goddess" Gelan, and Zhang Kun The scale of management is only one step away from 100 billion.

Gelan monopolized "100 billion"

According to the China -Europe Fund announcement, as of the end of the second quarter, the management scale of the public fund's public offering funds under Gram returned to the top 100 billion yuan, an increase of 5.602 billion yuan from 96.149 billion yuan at the end of the first quarter. This also made Zhang Kun, the deputy general manager of the Yifangda Fund, and became the largest fund manager in the A -share market.

Gelan increased its stock position in the second quarter. The bodies of the equity assets of China -Europe Medical Innovation, Central Europe Alpha, and Central and European Mingrui all three funds exceeded 90%. In terms of revenue, since the haze in April, the five funds in charge of Granda have subsequently won the benchmark and recovered the net worth lost.

以规模最大的中欧医疗健康为例，当前该基金规模达710.82亿元重仓股方面，爱尔眼科、药明康德、康龙化成、迈瑞医疗、泰格医药、凯莱英、片仔癀、同仁堂、通The medical and Jiuzhou Pharmaceuticals are the top ten heavy stocks in China and Europe.

From the perspective of the changes in the positions, the second quarter of China -Europe Medical Health has been greatly increased to 16.1641 million shares, making it jump from the sixth largest holding stock to third. In the second quarter, Alier Eye was 11.4279 million shares in Granda, which became the number one heavy position. In addition, Gelan also increased the positions of Yaoming Kangde, Mai Rui Medical and Pianzi.

Looking forward to the market outlook, Gelan believes that innovation -related markets have not yet touched the ceiling of the domestic market, and overseas markets are gradually charging. Specific to the company's level, the trend of corporate transformation and innovation is still continuing, and the number of clinical applications for innovative drugs hit a new high year by year. In terms of innovation quality, in recent years, the overall research and development pipeline layout has become more rational, resources are inclined in differentiation, and innovative types of innovation with global competitiveness have been born.

"In addition, with the rapid improvement of the per capita income and cognitive level of residents in my country, the demand for medical services and consumer medical care is still growing rapidly and has not been fully met. Long -term investment opportunities, but short -term market fluctuations are unavoidable. "

Zhang Kun's reduction of Hikvision

As a former "brother", Zhang Kun is still appealing. At the end of the second quarter, its scale was 97.137 billion yuan, an increase of 12.209 billion yuan over the first quarter, and once again launched a impact on 100 billion yuan.

From the point of view of the position, Zhang Kun still maintained the operation of the high position in the second quarter, and the equity asset positions of the four funds exceeded 92%. Its representative work Yi Fangda Blue Chip selection reached 62.779 billion yuan at the end of the second quarter, and the net value growth rate of the fund share of the fund during the reporting period was 13.20%, which greatly won the benchmark yield during the same period.

In terms of industry, Zhang Kun has added the configuration of the pharmaceutical industry and reduces the allocation of technology, finance and other industries. The second quarterly report shows that the top ten heavy stocks in the second quarter were: Wuliangye, Yanghe, Luzhou Laojiao, Guizhou Moutai, Tencent Holdings, Hong Kong Exchange, China Merchants Bank, Yili, Meituan, Yaoming creatures.

Compared with the first quarter of 2022, the Blue Chip selection of Yifangda Blue has reduced its holdings of 5 heavy stocks such as Luzhou Laojiao, Yanghe, Wuliangye, Guizhou Maotai, and Hong Kong Exchange in the second quarter. At the same time, it also increased its holdings of Tencent Holdings to 18.1 million shares, and newly entered Yaoming creatures into the tenth largest heavy stock, holding 27 million shares.

It is worth mentioning that Hikvision has withdrawn from the top ten heavy stocks of the fund. The company's stock price fell nearly 10%in the second quarter. Even in the large rebound of A shares after the end of April, it seemed weak. In the first quarter, the fund held 5.166 billion yuan in Hainanwei, while the tenth largest heavy positions in the second quarter held 1.658 billion yuan, thereby making up more than 3.5 billion yuan in Hikvision's three months.

Zhang Kun believes that investment in investment is to judge the future of each company. He hopes to return more common sense or the basic probability of things when making judgments. For example, does the product or service provided by this company continue to be required and increased by customers in the future? Is it difficult for outsiders to imitate the business of this company? Can the business model have sufficient free cash flow (can it continue to grow without relying on external capital)? Is it good for corporate governance and friendship with shareholders (good cost cost control, active repurchase when underestimation, high standard re -investing, etc.)? Is there enough resources and mechanisms to attract and retain the world's top talents for technology companies?

"We believe that these factors are very important for the development prospects of the enterprise on the one hand, and on the other hand, the possibility of changes in 5-10 years is less (but not 0, so it needs to be evaluated frequently). Correspondingly, some part Market factors (such as short -term economic fluctuations, industry short -term supply and demand imbalances, etc.) have significant impact on the short -term market, but it is not important during the long cycle. When these factors are unfavorable, they provide more than -term investors to buy excellent companies to buy excellent companies. Good odds. "Liu Yanchun's" wine fragrance "still

Liu Yanchun, the manager of the Jingshun Great Wall Star Fund, reached 87.038 billion at the end of the second quarter of the second quarter, an increase of 12.203 billion yuan from the end of the first quarter. His representative work, Jingshun Great Wall's emerging growth, reached 45.214 billion yuan at the end of the second quarter, and the scale of the Great Wall Great Wall Dingyi was 19.568 billion yuan.

In the second quarter of "V -shaped", Liu Yanchun still maintained the fund to run the high position. For example, the emerging growth position of Jingshun Great Wall was 93.45%, which increased for two consecutive quarters. In terms of positions, the fund's second quarter report showed that the top ten heavy stocks were China -free, Wuliangye, Luzhou Laojiao, Guizhou Moutai, Mai Rui Medical, Yaoming Kangde, Haida Group, Gujing Gongjiu, Shanxi Fenjiu, and Midea Group. During the second quarter, the general changes in the emerging positions of Jingshun Great Wall have not changed much. Shanxi Fenjiu has become the top ten heavy stocks.

Another masterpiece Jingshun Great Wall Dingyi Second Season Report has not changed greatly, namely: Wuliangye, Luzhou Laojiao, China Medical, Guizhou Moutai, Mai Rui Medical, Gujing Gongjiu, Yaoming Kangde, and Kant, Shanxi Fenjiu, Haida Group, El Eye Department. Among them, the number of positions in the five stocks has not changed in a quarter of the number of positions. Shanxi Fenjiu and El Eye Department have entered the top ten heavy stocks. Wuliangye, Luzhou Laojiao and Guizhou Maotai have been slightly reduced. Out of the top ten.

Looking forward to the second half of the year, Liu Yanchun believes that as the epidemic is gradually controlled, my country's economy is clearly clear. It is expected that the physical financing will be further accelerated and the structure will gradually improve. Due to the tightening of monetary policies too late, major overseas economies require greater contraction at this stage to control inflation. The probability of further adjustment of large -priced commodities priced in global pricing is higher. Demand expansion and cost decline, my country's real economy as a whole has entered a period of profit expansion. After the economy is stabilized, the necessity of overly loose liquidity environment decreases, and market interest rates are expected to gradually move closer to policy interest rates. Although the liquidity of the financial system has converged, the overall valuation level of the stock market continues to expand. Economic recovery and improvement of corporate profitability are the main driving force of the market at this stage. The strength and continuity of the recovery need to be followed in the second half of the year.

Xie Zhiyu layout new energy

Xie Zhiyu, the manager of the global star fund manager, has been known for its balance. It has long been focusing on steady sectors such as home appliances, medicine, and consumption. However, as new energy stocks continue to become popular, Xie Zhiyu's timely layout has turned to the popular track.

The second quarter report of Xingquan Herun shows that its top ten heavy warehouses are Haier Zhijia, San'an Optoelectronics, Son Tai Technology, Mango Super Media, Jinjiang Hotel, Jingchen Co., Ltd. Gujia Home. Among them, the largest heavy warehouse stock Haierzhi was reduced by 10.31%of the shares, and Jinjiang Hotel was reduced by 12.27%of the shares. San'an Optoelectronics, Wintai Technology, and Mango Super Media have all increased their positions. Previously, Prove Pharmaceuticals and Sanqi Interactive Entertainment with heavy warehouses withdrew from the top ten heavy stocks.

It is worth mentioning that Xie Zhiyu directly bought the eighth largest heavy warehouse stocks in the second quarter of the Silicon material, and Gu Jiajia also newly entered into the tenth largest heavy stock stock of the fund. And there is the same operational trend of the same operation. For the first time, the Ningde Times entered the top ten heavy stocks of the fund. Data show that at the end of the second quarter, the full trend held 1.7339 million shares in Ningde Times, with a market value of 926 million yuan, and was the sixth largest heavy stock shares of the fund. At the same time, the German nano also obtained Xie Zhiyu's double holdings, during which the holdings increased by 127.76%. As new energy stocks continued to become popular, Xie Zhiyu also turned to a popular track. As early as last August, Xie Zhiyu investigated Jinlang Technology, the leader of the photovoltaic inverter; in January this year, Xie Zhiyu also investigated the photovoltaic slightly against the leader of Hemai.

For the fund's strategy and operation, Xie Zhiyu did not have too much ink, but simply reviewed the economic trend: in the second quarter, the domestic Omikon variant had a negative impact on the economy; With the economic assistance measures; as infrastructure investment continues to increase, the real estate policies in some cities have begun to relax. Since June, real estate sales have shown a bottom -up trend, and the domestic economy has also showed a mild recovery trend. The Federal Reserve has continued to raise interest rates, CPIs in various countries have maintained a high level, and overseas demand is still observed.

During the reporting period, Xie Zhiyu stated that he had maintained a higher position. In the later period, he would continue to select individual stocks, excavate the company's long -term growth value, and continuously find outstanding companies with good investment.

Responsible editor: Yang Yucheng

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