The Four Seasons Report of the Funds I Follow

1. $Yuanxin Yongfeng Enjoy Life Mix (F004958)$

The manager said: Based on the low visibility of real estate sales in 2023, we have not configured the real estate industry chain. Appropriately increased the allocation of consumer industries, but the overall position is still biased towards growth.

Jade Bird said: In the past three years, President Fan’s performance has been very good, with high income and small drawdown, and the scale has grown rapidly, 16 billion, while the total size of her company is only 32.7 billion. She is good at macro strategy analysis and stock selection from top to bottom. The investment in this fund is very scattered, and the top ten holdings account for less than 20%. During the road show, she said that more military industries with weak economic relations were deployed.

2. $National Wealth Deepening Value Mix(F450004)$

The manager said: In the current portfolio, there are many new energy, chemical, banking, machinery and pharmaceutical configurations, and the overall industry and style remain balanced.

Jade Bird said: Like Mr. Fan, she is also a girl, and her investment is also very scattered. In the past three years, her performance has also been very good, and her management scale has also grown rapidly, reaching 10.5 billion, which is very popular among institutions. Guofu is a small company, 82 billion yuan, but its overall investment and research strength is very good, and its product holding experience is very good. His family’s Zhao Xiaodong, Xu Lirong, and Xu Cheng are all fund managers I like very much.

3. $Southern Transformation Mixed A(F001667)$

The manager said: Focus on the allocation of high-quality stocks related to consumption upgrades and advanced manufacturing. The overall portfolio is relatively balanced, and the stock prices of the large consumer sector have a good margin of safety, which is worth making a mid-term layout. The direction of steady growth has not been able to exert force, but 2023 is worth looking forward to, and we have also maintained a certain position. We have also laid out some high-boom sub-sectors in the growth sector. We believe that the fundamental inflection point of leading companies in the consumption field has already appeared, and the current cost performance is relatively high.

Jade Bird said: Many people know that Lin Lefeng is good at managing fixed income + products, and I also bought a lot of his Nanfang Baoyuan bonds. In fact, the partial stock base he manages is also quite good, with a return of 95.58% in the past three years and a maximum drawdown of only -24.52%. He manages 35 billion assets, but most of them are fixed income +. His investments are also very diversified, with the top ten holdings accounting for only 21%. His fund is also favored by institutions.

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