The first fund company to announce the 2020 annual report has come.
On March 11, China Post Fund Company took the lead in disclosing its fund’s 2020 annual report, China Post Fund’s fist product China Post core growth fund holding structure, invisible heavy stocks and the current strategy, also to expose.
China Post core growth fund for the fund company’s largest equity fund, by the United States female fund manager Guo Xiaowen management. Unlike many female fund managers who highlight cosmetics among their heavy holdings, a significant proportion of Guo Xiaowen’s 57 total holdings are in the military industry, accounting for more than 26% of her total position. In addition, some of the 57 stocks are likely to be in the category the fund manager is “watching”, with very low holdings.
Guo Xiaowen said that the concentration and share of domestic fund companies continue to improve, so the flow of funds is still the top stock in the high quality track, and then superposition the full registration system to open, the future continued polarization will show incisively and vividly, leading the various industries, is still the main source of stock selection in the future.
Fund invisible heavy warehouse stock bought what?
On March 11, China Post Fund Company took the lead in disclosing its fund’s 2020 annual report. China Post Fund’s fist product China Post core growth fund holding structure, invisible heavy stocks and the current strategy, also to expose. The annual report shows that by the end of 2020, China Post’s core growth fund held a total of 57 stocks, among which the top ten stocks have been disclosed in the previous 2020 four quarters.
The biggest value of the annual report is the exposure of fund managers’ hidden holdings, or holdings that have not been disclosed in previous quarterly reports. According to the annual report, the 11th to 20th largest stealth stocks include Lijun, Aerospace Electrical Appliances, Huayu Software, Anchor Testing, Zijin Mining, Changchun Gaoxin, Sun Paper, Pilot Intelligence, Hikvision, and Great Wall of China. The above invisible heavy warehouse stock holding ratio between 3.14% to 2.39, in addition, there are Foster, Biyin Le Fen and other five stocks holding ratio above 2%.
Among the 57 stocks, there are some stocks that may belong to the fund manager’s “observation” variety, including Ming Microelectronics, Donglai Technology, Fliwang, Sanwang Communications, Lanjian Intelligence, Fengshang Culture, Meichang shares, Daye shares, eight stocks. Among them, the fund managers held less than 900 shares of Fengshang Culture, Meichang shares and Daye shares. By the end of the reporting period, the fund managers held the lowest assets of Daye shares, with a total of 466 shares, about 12,600 yuan.
From the industry distribution of 57 stocks, fund managers at the end of last year in the structure of the stock holdings, the military sector invested a lot, which shows that fund managers are quite optimistic about the military stocks in 2021. Among them, Triangle Defense in the field of military machinery is the second largest position of China Post’s core growth fund, Feilihua in the field of military materials is the third largest position, AVIC Shenyang Aircraft is the fourth largest position, and AVIC Heavy Machinery is the fifth largest position. In addition, China Post core growth fund of the hidden heavy warehouse stocks, military stocks also include Lijun shares, aerospace electrical appliances, China Great Wall, aviation high-tech, etc.
Based on the above stock holding ratio, China Post core growth fund on the military industry sector holding ratio of more than 26 points.
American female fund managers love military stocks
China Post core growth fund is China Post Fund Company’s fist product, is also the fund company’s largest asset scale of an equity fund. By the end of 2020, the size of China Post’s core growth fund is about 6.4 billion yuan.
At present, China Post core growth fund current fund manager for Guo Xiaowen. Guo Xiaowen graduated from Guanghua School of Management, Peking University. Before joining the fund company, she worked as a researcher in China Life Asset Management Co., Ltd. In 2014, she joined China Post Fund as a researcher and served as the leader of the TMT and consumer group. In 2017, she began to work as a fund manager. As a female fund manager with more than 10 years of investment and research experience, Guo Xiaowen’s investment style highlights the strategy of flexible allocation in a steady way, giving consideration to both value and growth. She is especially good at the investment of technology stocks, and has excellent ability in industry allocation and individual stock selection.
Her other fund, China Post New Ideas Fund, has returned 107.00% over the past three years as of February 14, ranking second in its category, according to Galaxy data.
The above information means that Guo Xiaowen’s fund investment style is largely different from that of other female fund managers. To some extent, Guo Xiaowen has more aggressive characteristics of male fund managers. The large proportion of investment in military stocks also shows the unique characteristics of this female fund manager in stock selection strategy.
According to the previously disclosed information, a considerable number of female fund managers in China, at the end of 2020 in the position structure, more or less inclined to the layout of consumer stocks, especially the hot cosmetics stocks in 2020 usually enter the list of the top ten stocks of many female fund managers.
But according to Guo Xiaowen management of China Post core growth fund, cosmetics concept stocks failed to enter the management of the fund’s top ten heavy stocks list, and even did not become invisible heavy stocks. Among the fund’s 57 stocks, the only cosmetics concept stock is iMeiKe, ranked 45th on the fund’s list of holdings. Ms. Guo owned only 473 shares of the stock at the end of last year, totaling less than 300,000 yuan. Xiaowen relative to the love of military stocks, highlighted the female fund manager “do not love red makeup love armed” unique characteristics.
Fund raising concentration to strengthen the support of the head stock
As for the judgment of the A-share market this year, Guo Xiaowen said in the fund’s annual report disclosed on March 11 that the market valuation drive in 2021 is weakening and the market will return to fundamentals more. In a weak recovery, it will take longer for the market to digest the current high valuations. The most important basis for the A-share market in 2021 is the recovery of corporate profits. According to the current expectation, the profit growth rate of all A-shares excluding the financial industry in 2021 will be about 22%, and the industry differentiation is expected to be more obvious. High performance growth for the continued stock, high valuation is expected to maintain.
, she thinks, from the long-term perspective, “difference” planning officially open to the second goal of the new campaign in one hundred, planning will be high quality to promote the economic development as the theme, trying to build a new development pattern of “binary” transformation and upgrading of the market is stronger cattle, main line is the science and technology, similar to 1980-2000, U.S. stocks, upgrading of industrial structure is the core.
In terms of specific investment direction, Guo Xiaowen stressed that because of the increasing concentration and share of domestic fund companies, the funds that enter the stock market will still flow to the top stocks in high-quality tracks.
“We will pay high attention to the four structural trends of industrial upgrading, consumption upgrading, digital transformation and green development.” Guo Xiaowen said that in the future, there will be several main lines: 1, new energy and new energy automobile industry chain, continue to focus on the middle and upstream areas with high prosperity; Technology and industry independent field, focus on technology hardware opportunities; 2. Consumption may continue to recover from a low base in 2021 and remains the key direction of bottom-up stock selection, including home appliances, automobiles and parts, home furnishings, hotels, other optional consumption, food and beverage, etc.; 3. In the cyclical industries, pay attention to the crude oil industry chain whose prosperity may continue to improve and whose valuation is relatively low; 4. The overall opportunity of the “Fourteenth Five” military industry plate. From the current market point of view, incremental funds have been identified as institutional attributes, residents storage move more through the public offering fund into the market, social security, foreign investment and other market amount continues to increase, the concentration and share of domestic fund companies continue to improve, so the flow of funds is still the top quality track in the target. Combined with the opening of the full registration system, the future continued polarization will be most incisively and vividly. Leading targets of various industries, is still the main source of future target selection.