Warehouse Vane | Wells Fund Zhu Shaoxing: The most panic stage of emotions has passed, and the current market is in a better risk income range

China Fund News Wang Yunlong

Editor's note: Recently, the Fund's second quarterly report has been disclosed. The changes and changes in the position and position 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.

In the second quarter, Zhu Shaoxing chose to continue "turning the stone".

A few days ago, Zhu Shaoxing, a well -known fund manager of Wells Farmers, disclosed the second quarterly report. In the second quarter, Zhu Shaoxing's net worth of wealthy Growth (LOF) rose by 8.37%, and the product obtained 259 million copies of net purchase in the second quarter. In the second quarter, Zhu Shaoxing's product scale also rose to 37.057 billion yuan.

Zhu Shaoxing pointed out in the second quarter report that the stage of the most panic in emotions has passed. From the perspective of a long period of dimension, the current equity market is in a better risk income range.

Zhu Shaoxing said that in the future, he will still be committed to finding value in high -quality stocks, turning more "stones", focusing on patiently collecting excellent companies with great prospects, waiting for the company's own realization of value and market sentiment in the future. The periodic return at a time. The capital market income brought by sharing the company's own growth is the best way for growth funds to obtain returns.

In this issue of [Warehouse Vane], Fund Jun will explain the first quarter report and position changes of Zhu Shaoxing, a rich country fund Zhu Shaoxing.

Net worth rising+product net purchase

In the second quarter, Zhu Shaoxing's product scale rose to 37.057 billion yuan

In the second quarter, the market rebounded, and Zhu Shaoxing's only product of Wells Fargo Tianhui Growth (LOF) had rebounded. The second quarterly report shows that the net worth of the wealthy country in the second quarter of the Growth of the Wealth of Tianhui rose by 8.37%, and the net worth of the wealthy Tianhui growth of the wealthy country rose by 8.16%.

In the second quarter, Zhu Shaoxing still received the support of investors' real gold and silver. The second quarterly report showed that Zhu Shaoxing's products received a total of 259 million net purchases. Among them, the wealthy country Tianhui Growth Mixed A/B (LOF) realized a net purchase of 254 million copies in the second quarter.

In terms of scale, the net value of net worth superimized products was purchased. In the second quarter, Zhu Shaoxing rose from 33.467 billion yuan at the end of the first quarter to 37.057 billion yuan at the end of the second quarter.

Maintain the operation of the high position

Oriental Wealth replaced McRrace Medical for the first time entering heavy warehouse stocks

In the second quarter, Zhu Shaoxing's proportion of its product positions did not change much and still maintained the operation of high positions. The second quarterly report showed that the proportion of equity assets of the wealthy Growth (LOF) equity reached 93.43%at the end of the first quarter of the first quarter.

In terms of the concentration of heavy warehouse holdings, the top ten heavy warehouse holding shares of the top ten heavy positions of the wealthy country in the second quarter of the second quarter accounted for 37.99%, and at the end of the first quarter of the first quarter The concentration changes less. But about 10 percentage points lower than the average value of similar funds.

From the perspective of the heavy warehouse industry configuration, in the end of the second quarter, wealthy Tianhui Growth (LOF) industry configuration was relatively decentralized. The proportion of food beverages (15.65%), electronics (5.73%), electricity equipment (5.05%), banks (3.48 %), Building materials (2.82%), pharmaceutical creatures (2.81%), and non -silver finance (2.47%).

From the perspective of the top ten heavy stocks of the product, according to the proportion of market value: Guizhou Maotai, Ningde Times, Wuliangye, Yili, Bank of Ningbo, Weir, Oriental Yuhong, Yaoming Kangde, Lixin Precision, and Oriental Wealth.

Specifically, in the second quarter, Zhu Shaoxing's top ten heavy warehouse holding lists basically remained stable. Only Oriental Wealth replaced Mai Rui Medical and entered the list of top ten heavy warehouse holdings. This is also the first time that Oriental Wealth entered the list of Zhu Shaoxing heavy warehouse holdings.

In addition, Zhu Shaoxing has reached 45 times in Moutai in Guizhou, and heavy warehouse Yili and Wuliangye also reached 30 and 20 times, respectively.

The stage of the most panic in emotions has passed

The current equity market is in a better risk income interval

In response to the market rebound in the second quarter, Zhu Shaoxing said that the stage of the most panic in emotions had passed. "The Shanghai epidemic has gone through the most severe period in the second quarter, and it is significantly relieved at the end of the quarter. The risk preference for investment has also experienced a great process in the second quarter. The most panicked stage has passed."

Zhu Shaoxing believes that the market opportunities in the second quarter are mainly from two directions. The new energy sector with high prosperity has increased, and some companies have reached a new high. The stock price of long -term high -quality companies that was still under pressure in the season also bottomed out.

In addition, the leading valuation of the traditional sector is attractive in a long cycle. Zhu Shaoxing said that from a long period of dimension, the current equity market is in a better risk income range.

In terms of operation, Zhu Shaoxing chose to continue to turn more "stones". "In the future, we will still be committed to finding value in high -quality stocks and turning more 'stones'. We do not have the reliable ability to accurately predict the short -term trend of the market. Waiting for the company's own realization of the value of the company and the periodic return of market emotions at some point in the future. "

At the level of individual stocks, Zhu Shaoxing said that he still prefers to invest in enterprises with good "corporate genes" and excellent management of the company's governance structure and excellent management.We believe that such companies have greater probability to create value for investors in the future.The capital market income brought by sharing the company's own growth is the best way for growth funds to obtain returns.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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