The fund's fourth quarterly report in 2022 gradually revealed that the investment cards of public offerings gradually appeared, and the positions of many tens of billions of fund managers were exposed. In the fourth quarter of last year, the market fluctuated greatly, and the fund managers played quite similar games-picking up chips on dips, enhancing portfolio aggression and maintaining high positions.

The fourth quarterly report also made the investment strategy of public offering in the new year surface. Looking ahead, fund managers are generally optimistic. It is predicted that China's economy will gradually recover in 2023, and high-quality growth enterprises representing the future development direction will emerge continuously. At present, the allocation value of equity assets is relatively high.

Many funds have significantly increased their positions.

Judging from the four quarterly reports of funds in 2022 that have been disclosed so far, most fund managers choose to enhance their aggressiveness, and most fund stock positions exceed 90%. For example, in the fourth quarter of last year, all four funds managed by Qiu Dongrong, a 10-billion-level fund manager, increased their stock positions and operated with more than 90% positions. Among them, the flexible value stock position of Zhonggeng rose from 89% at the end of the third quarter of last year to 93.72% at the end of the fourth quarter, and the mixed value and quality stock position of Zhonggeng rose from 9 1.78% to 93.38%.

Six funds managed by another 10 billion fund manager, Shi Cheng, also disclosed the fourth quarterly report. Established in July, 2022, SDIC UBS has greatly increased its mixed positions from 54.08% at the end of the third quarter of last year to 89.27% during the one-year industrial transformation. The stock positions of the other five funds all exceed 90%.

In the fourth quarter of last year, Lu Bin still chose to hold high and fight high. The stock positions of the four funds he managed all exceeded 92%, with an average stock position of 93.23%.

Talking about the reasons for maintaining high position operation, Qiu Dongrong said that based on the asset allocation strategy of equity risk premium, the valuation of equity assets is still at the absolute bottom, corresponding to a high level of risk compensation, which is a systematic allocation opportunity.

The portfolio is more balanced

Faced with the turbulent market environment, many fund managers have adjusted their positions to make their portfolios more balanced. In the fourth quarter of last year, the size of Chen Tao's Zhonggeng Value Pioneer Stock Fund increased by more than 2 billion yuan, and he quickly shot "incremental bullets" to improve the balance of the portfolio. As of the end of the fourth quarter of last year, the stock position of Zhonggeng Value Pioneer Equity Fund was 94.2%. From the perspective of investment operation, Chen Tao reduced some of the stocks with large gains, and increased the allocation ratio of some low-end consumption and pharmaceutical stocks. Among them, Chen Jing and Gan Yuan food and garden biology have become the top ten new positions of the fund.

HSBC Jintrust's dynamic and strategic mixed industries managed by Lu Bin are relatively balanced. At present, it focuses on industries such as new energy industry chain, computer, brokerage and tourism industry chain. Judging from the changes in the top ten awkward positions of the fund, Dongfang Tong and NavInfo have become the top ten awkward positions of the fund.

Many funds managed by Shicheng still hold heavy positions in the new energy sector, but their portfolios have been fine-tuned. Take SDIC United Bank as an example. By the end of the fourth quarter of last year, stocks such as Yiwei Lithium Energy and Contemporary Amp Technology Co., Ltd. had become the top ten new positions of the fund.

Qiu Dongrong has a good impression on the Hong Kong stock market. For example, by the end of the fourth quarter of last year, the top ten stocks of the fund included a number of Hong Kong stocks. Yankuang Energy, for example, is one of the top ten new positions in the fund, while China Hongqiao and China Offshore Oil continue to occupy the top two positions in the fund.

Follow-up consistently optimistic about the equity market.

At present, the market is divided, and the fund manager's judgment on the market outlook is worthy of attention. In the fund's fourth quarterly report, many fund managers talked about their views on the follow-up market, and "optimism" became the key word.

Lu Bin said that in the past few months, the scale of new deposits by residents has continued to rise, the scale of loans has continued to decline, and the rate of return on traditional large-scale assets has declined. Equity assets are one of the few assets with high implied rate of return at present, and their allocation value is prominent.

Shi Cheng predicted that the economy would gradually improve in 2023. In the context of growth, he is optimistic about the performance of growth stocks. On the one hand, many manufacturing industries will experience nodes with overcapacity, and their profitability will be improved in the future, which has investment value. On the other hand, upstream resource products have resource attributes, and will have high profitability for a long time due to the speed limit of their long-term supply.