Source: Wind
The fund’s first quarterly report has been disclosed, and it is worth discussing the issue of fund managers’ treatment of Hong Kong stocks.
Qiu Dongrong has expressed his optimism on Hong Kong stocks since the end of 2021. It can be clearly seen from the first quarterly report of Zhonggeng Value Pilot that Qiu Dongrong turned Meituan into the No. 1 stock in just one quarter.
Zhang Kun also has a soft spot for Hong Kong stocks. Although Tencent retreated to the second-largest stock in the first quarterly report of E Fund Premium Selection (formerly E Fund Small and Medium Caps), when comparing the 2021 annual report, it can be found that in the first quarter, Zhang Kun was The reversal of the ranking between the increase in Tencent and the reduction in China Merchants Bank is due to the market performance.
E Fund Selected 5.27 million shares in Tencent in the 2021 annual report, and 5.3656 million shares in Tencent in the first quarter of 2022; 39 million shares in China Merchants Bank in the 2021 annual report, and 35.8 million in the first quarter of 2022.
Let’s take a look at Xie Zhiyu again. Kuaishou is the No. 1 stock in Xingquan Heyi’s first quarterly report, which has grown from just over 20 million shares in the 2021 annual report to more than 26 million shares in the first quarterly report.
In addition, from the perspective of Hong Kong stock-related ETFs, the share and scale have both increased, and the “bottom-hunting” funds have been coming one after another.
Note: Changes in shares do not count fund splits and are for reference only
It is an indisputable fact that the valuation of Hong Kong stocks is low. In addition, some star funds are endorsed, so investors who do not “buy the bottom” of Hong Kong stocks have missed something? not always.
Wind statistics show that in the first quarter of 2022, stocks accounted for 24.38% of net assets, of which A shares accounted for 22.25%, so it can be simply understood that the remaining 2.13% are Hong Kong stocks. Judging from the data alone, the proportion of Hong Kong stocks has declined, with 2.36% and 2.54% in the 2021 annual report and the third quarterly report. Of course, there are reasons why Hong Kong stocks keep falling.
Since the fund’s quarterly report does not disclose all holdings, it is also impossible to count all Hong Kong stocks held by public offerings. However, through the change in the proportion of Hong Kong stocks held by public offerings, it can be roughly judged that the “pricing power of Hong Kong stocks” is not yet in the hands of public offerings.
Therefore, fund managers are optimistic about Hong Kong stocks, and there must be a optimistic logic, but it does not mean that the trend of Hong Kong stocks can be changed immediately. After all, the market always rises amid divergences.
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