The new trend of Chinese businessmen , the rotation type, the current total scale of Zhou Haidong is nearly 10 billion. The current positions are dominated by mid-caps, followed by small-caps, and relatively few in large-caps. The turnover rate is medium and slightly above, and the scale will have a certain impact on the performance, which is acceptable. Fund managers are out of the loop.
Industry Rotation:
Computer: 2018Q2 to buy Q3 and sell, the right side, general; 2018Q4 to buy again, 2020Q1 to increase the position, Q3 to reduce the position, and the position will be taken to the next level in 2021. Buying points in 2018Q4 are bargain hunters, buying in 2020Q1 is more expensive, and Q3 is relatively high to lighten up. Computers are a growing industry, and it is not enough to only look at the rotation of the industry, but also depends on the specific holdings.
Non-ferrous metals: buy in 2019Q4, and increase the position in 2020Q3. Buying at a low level, and adding a position at the middle and low levels on the right side is very successful.
Pharmaceutical biology: 2018Q4 obviously increased the position, and gradually reduced the position in 2019. It was too early to lighten the position. Pharmaceutical biology belongs to the growth industry, depending on the specific holdings.
Transportation: 2018Q2 lighten up positions, Q3 bottom-hunting, this wave of operations is good; 2020Q1 greatly lighten up positions, so-so.
On the whole, Zhou Haidong’s rotation is not good. It belongs to the right side of the buying comparison, and the position is medium. There are high-sell and low-suction band-style operations.
Sun Sheng , with a management scale of only 1.5 billion, has a high turnover rate. The market value of historical positions is uncertain, and there are both large and medium-sized stocks. Most of the time, the style tends to grow a little bit. Current size has little impact on performance.
Sun Sheng’s rotation is not very detailed, similar to Zhang Liang, and should be viewed in combination with stock selection and trading.
Initially only look at industry rotation:
Bank: Buy in 2018Q3, lighten up in 2020Q2, and the performance is average.
Food and Beverage: Heavy positions in 2020Q4, gradually lighten up in 2021Q1 and Q2, the buying is too high, and the performance is average.
Power equipment: buy in 2020Q2 and lighten up in 2021Q1, which belongs to the middle position on the right, and sells at high points in stages. In 2021Q3Q4, the right side will increase. Power equipment is a growing industry, and specific positions need to be observed.
Real estate: buy in 2021Q4, and increase the position significantly in 2022Q1, on the right side.
Sun Sheng is the rightmost of the three in rotation. He picks stocks in a variety of ways and trades very frequently.
Huaan state-owned enterprise reform , fund manager Zhang Liang, historical positions and current positions are mainly large caps, and some small and medium caps. The current management scale is more than 5 billion, and there is no time for Zhou Haidong to go out of the circle. It is estimated that the impact of scale on performance is limited.
The traces of stock trading are heavier than the industry rotation, and the industry rotation can see one point:
Food and beverage: buy in 2020Q1, and start selling in 20201. On the right, this wave of earnings is not bad. Food and beverage depends on the specific position.
Social services: buy in 2020Q2, and start to lighten up in 2021Q2. Buy on the right, buy low and sell high.
From the two industries, it is initially seen that Zhang Liang’s rotation habit is to buy on the right side and sell at a high level. But unlike Zhou Haidong, Zhang Liang’s rotation does not seem to be obvious. It is necessary to observe individual stocks in order to judge Zhang Liang.
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