Recently,Another top investment institution, Ruiyuan Fund, released its position in the first quarter. According to the report, the two funds under this institutionPerformance varies.Zhao Feng’s Ruiyuan equilibrium value profit is positive, while Fu Peng Bo Ruiyuan’s growth value has a profit loss in the current period.
Judging from the holdings in the first quarter, the changes in the holdings of these two funds have changed compared with the previous quarter. Among the top ten heavy holdings, there are not many stocks in Baima or Baotuan. On the contrary, the leader of small and medium caps and the allocation of Hong Kong stocks are increasing.
It can be said that from the perspective of Ruiyuan’s configuration, their style has changed significantly compared with the market style of the structural bull market at that time. Gradually reduce positions from the previous holdings, and buy Hong Kong stocks or small and medium market value leaders.
1. Ruiyuan’s growth value: Shigecang China Mobile, Jiacang Luxshare Precision
According to wind, the current capital scale of Ruiyuan Growth Value under Fu Pengbo exceeds 25 billion yuan. Since its establishment at the end of the first quarter of 2019, it has achieved 105.39% of revenue, but this year’s revenue is only -0.53%. However, in terms of overall positions, Ruiyuan’s growth value position is the latest at 89.98%, which is an extreme increase of 0.94% compared to the previous one.
From the configuration point of view, Fu Pengbo aimed at the information industry, telecommunications, and medical care, increasing positions by 6.81%, 6% and 1.47% compared with the previous quarter. At the same time, he reduced positions on a large scale in the manufacturing industry, reducing positions by 8.44% overall.
Looking specifically at the subject matter, Among the top ten heavyweight stocks, Hong Kong stocks China Mobile became the largest heavyweight stocks, Luxshare Precision, Oriental Yuhong, Wanhua Chemical and other veterans.
Add position: Compared with other heavy stocks, the stock that Fu Pengbo increased significantly this time was Luxshare Precision, which increased its position from the original position of about 1 billion to 1.9 billion. In the process of the fall of Baotuan stocks that came back after the year, consumer electronics was in the hardest hit area, and Luxshare Precision’s stock price fell by more than 40%. It can be seen that Fu Pengbo’s logic for the growth of Luxshare still exists.
New: The surprise of the relatively large position is the new entry of Weining Health, with a market value of over 1.7 billion, making it the fourth largest stock. This company is the first domestic listed company focusing on medical and health informatization, and is committed to providing medical and health informatization solutions to continuously improve people’s medical experience and health.
At present, Weining Health has been in a sideways consolidation phase after its previous highs fell. Moreover, since the first quarter, Weining Health’s stock price has performed strongly. Since the bottom, the cumulative increase has exceeded 25%, and the total market value has only been more than 20 billion.
Lighten up: Liquor, new energy. In the last quarter, Fu Pengbo had two baijiu and three new energy sources. Now, Kweichow Moutai and Wuliangye are no longer in the top ten heavy warehouse stocks, while Longi and Pioneer Intelligence have done some lightening, while Fuyao Glass has not appeared. In the heavy stocks series.
Increasing the allocation of Hong Kong stocks has become a feature of Fu Pengbo this year. Hong Kong stocks China Mobile also appeared in the largest heavyweight stock, with a cumulative position of over 2 billion.
Since the “13th Five-Year Plan”, my country has built the world’s largest information and communication network. Among them, the 5G network covers all prefecture-level cities, and the number of mobile phone terminal connections reaches 2.6 billion.
According to survey data from the China Academy of Information and Communications Technology, 5G will directly drive a total economic output of 810.9 billion yuan in 2020, and will directly drive an economic added value of 189.7 billion yuan. Yang Jie, chairman of China Mobile, said at the Boao Forum for Asia that half of the 810.9 billion yuan is 5G mobile terminals, about 200 billion yuan is investment in network construction, and less than 200 billion yuan comes from 5G information services.
5G has opened two tracks, one is for consumers and the other is for thousands of industries, including domestic ports, mining, medical, manufacturing and other industries.
Data show that China Mobile’s Q1 operating revenue in 2021 was 198.4 billion yuan, an increase of 9.5% over the same period last year. Among them, communication service revenue was 177.7 billion yuan, up 5.2% year-on-year; net profit was 24.1 billion yuan, up 2.3% year-on-year. As of March 31, the total number of mobile customers of the group was approximately 940 million, of which the total number of 5G package customers reached 189 million, and the total number of 5G network customers reached 92.76 million.
Regarding the above asset allocation, Ruiyuan Growth Value concluded in the quarterly report that the strategy of individual stock allocation is based on the discovery of targets with obvious competitive advantages in the industry chain, carefully reviewing valuations at different stages, and selecting companies that fit the industry development direction in the medium and long term. .
2. Ruiyuan Balanced Value: Shigekura Xiaomi Group, Xinjin Siyuan Electric
The current scale of Ruiyuan’s equilibrium value exceeds 13 billion yuan. Since its establishment on 2020-02-21, the fund has achieved 71.69% of the return, and the return rate this year is 6.26%. Unlike Fu Pengbo, the overall position of Zhao Feng’s Ruiyuan Equilibrium Value has been reduced to 88.06%, a decrease of 3.25%.
From the perspective of its holdings, the allocation of Hong Kong stocks in Zhao Feng’s stock is obviously more than that of Fu Pengbo. There are three Hong Kong stocks in the top ten heavy stocks, of which Xiaomi Group and China Mobile are the top two heavy stocks. These two stocks, China Mobile, are underestimated and are in the air of a technology iteration and update cycle and are not valued by institutions. As the leader of Hang Seng Technology in Hong Kong stocks, Xiaomi Group is naturally valued by funds.
As for other individual stocks, Zhao Feng made simple adjustments compared to the previous quarter, reducing its holdings of some higher-increasing varieties. On the contrary, it is noteworthy that the new Siyuan Electric has a market value of 541 million yuan.
Siyuan Electric is a listed company specializing in power technology research and development, equipment manufacturing, and engineering services. In 2020, it will achieve operating income of 7.373 billion yuan, a year-on-year increase of 15.56%; net profit attributable to shareholders of the listed company is 933 million yuan, a year-on-year increase of 67.39%; The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 847 million yuan, a year-on-year increase of 72.82%.
In the first quarter report, Zhao Feng said that “we reduced our holdings of some varieties that had risen sharply in the previous period and had higher valuations, and increased their holdings of varieties with stable fundamental prospects and reasonably low valuations. For the control of individual stock valuations, we must Choose varieties with stable fundamentals and reasonably low valuations. However, in terms of the stock-earnings ratio of heavy stocks reported in the first quarter, Wind statistics show that the average value is already 69.34 times, and some stocks in the information industry and chemical industry are still experiencing valuation corrections. space.
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