Recently, many fund companies such as SDIC UBS Fund, Zhonggeng Fund, Oriental Alpha Fund, Debon Fund, Soochow Fund, Hengyue Fund and other fund companies released the second quarter report of their equity funds in 2023, revealing the latest developments of fund managers. Rebalancing trends.
According to the data, under the volatile market conditions, some fund managers have rarely carried out large-scale position swaps, and "de-new energy" and "chasing AI" have become typical features of fund swaps in the second quarter. Many doubling stocks entered the fund's top ten heavy holdings at the end of the second quarter.
Changes in the holdings of many funds
In the first half of 2023, the Shanghai Composite Index rose from around 3100 points at the beginning of the year to break through the 3400 point mark, and then turned around and fell below 3200 points. AI concept stocks have shown that they have once ridden the dust, which has a "siphon effect" on funds in other sectors, but the popularity of related stocks gradually dissipated in the later period.
Under the influence of market turmoil and theme investment, how do fund managers, as professional institutional investors, respond? Recently, the second quarter reports of 2023 published by some fund companies revealed the answer.
Relevant data show that in the second quarter, many fund managers took the new measures of "drastic" rebalancing and stock swaps under the market shock, and the top ten holdings of many funds showed large fluctuations.
Take Orient Alpha Industrial Forward Mixed, which published its second quarterly report on July 15, as an example. Among the top ten heavyweight stocks at the end of the second quarter of the fund, only one stock coincided with the top ten heavyweight stocks at the end of the first quarter, and the rest of the stocks were all listed. "Makeover". And this is also the first quarter since the fund was established that there has been such a large-scale adjustment of positions and swaps. At the end of the first quarter of 2023, half of the fund's top ten holdings were the same as the end of 2022. Another product managed by Tang Lei, the current fund manager of the fund, Dongfang Alpha Xingke, a one-year holding mix, also experienced a large change of positions in the second quarter.
In addition, the Zhonggeng Value Vanguard stocks managed by fund manager Chen Tao also replaced more than half of the top ten heavyweight stocks in the second quarter of this year. In the previous few quarters, the top ten Awkward holdings of the fund all changed around 3. In the second quarter of last year, none of the top ten holdings of the fund were replaced.
Sell new energy stocks
Judging from the data of the second quarterly report of the fund recently published, excluding professional-themed funds, whether it is a "drastic" repositioning of positions for shares, or a small adjustment of "holding the ground", it seems that the stocks related to the new energy sector have been transferred out of the top ten heavyweight stocks. It has become a common position adjustment behavior of multiple funds in the second quarter.
The second quarterly report of the fund shows that Debang Fuxin Sensitive Equipment Mix has moved the photovoltaic concept stocks Sunshine Power, GoodWe, and Deye shares in the new energy sector out of the top ten heavyweight stocks; multiple market-wide stock selection under Dongfang Alpha Fund There are no new energy stocks such as Sungrow Power Supply and JinkoPower in the list of the top ten heavyweight stocks of small-scale funds.
A number of fund managers under the Oriental Alpha Fund directly conveyed their attitude of turning to other better industries for investment. Liu Ming, general manager of Oriental Alpha Fund, said: "From the current point of view, the new energy industry has been booming for nearly three years. Although it can exceed expectations this year, the growth rate of the industry will gradually decline in the future." He believes that some industries In the middle stage or even the early stage of the boom, its expected income is better than that of the new energy industry. Subsequent funds will pay more attention to investment opportunities in independent and controllable related technology fields and advanced manufacturing industries.
It is worth noting that when the new energy stocks withdraw from their heavy positions, there are also some traditional power stocks, such as Guanghui Power and Yankuang Power, which were transferred out of the top ten heavyweight stocks of some funds at the end of the second quarter. For example, Qiu Dongrong transferred Guanghui Power and Yankuang Power out of the top ten heavily held teams in the second quarter of the Zhonggeng Value Pilot Mix and Zhonggeng Value Quality One-Year Holding Period Mix managed by Qiu Dongrong.
"Chasing AI" in the rise
At the end of the second quarter of the fund's heavy holdings "de-new energy", the new heavy holdings have a clear trace of "AI" (artificial intelligence), which further verifies the previous market's concept of some new energy funds chasing AI stock speculation.
Debang Fuxin Sensitive Equipment Mix, which released the second quarterly report of the fund a few days ago, can be described as a typical representative of this adjustment operation. According to the data, among the top ten heavyweight stocks of the fund at the end of the second quarter, many new energy sector stocks such as Sungrow Power, GoodWe, and Deye Co., Ltd. withdrew and were replaced by game sector stocks in the field of AI applications. Shenzhou Taiyue, Sanqi Mutual Entertainment, Giant Network, and Dianhun Network have become new heavyweights.
From the perspective of stock price performance, the average stock prices of the above-mentioned game stocks in the second quarter were higher than those in the first quarter, and all of them hit historical highs in the past two years in the second quarter. It can be seen that the fund manager has a high probability of adopting the "chasing up" operation mode for increasing positions.
Judging from the performance of the fund's net value, the strategy of "chasing growth" has indeed brought about a significant increase in the fund's net value. On June 20, the unit net value of Debon Fuxin Sensitive Equipment Mixed A shares once hit a record high. At the same time, a number of game stocks also set new stock price records on June 20.
In addition, some semiconductors and optical module stocks that support AI computing power and data transmission have also become key entry areas for funds to change positions in the second quarter. For example, Zhongji Innolight, the "big bull stock" of optical modules, has risen strongly since the second quarter. As of the close on July 17, the increase has exceeded 480% this year. Many funds, such as Hengyue Growth Selection and Debon Fuxin Sensitive Equipment Mix, included this stock in the list of top ten heavy holdings at the end of the second quarter.