Since the second quarter, A-shares have fluctuated and fluctuated. How have star fund managers responded? Through the shareholder data released by listed companies from time to time, we can see some changes in their positions. The data shows that in the market adjustment, fund managers are constantly adjusting their positions and exchanging shares, increasing their positions in promising targets, and reducing their holdings in some targets with larger gains.
Star fund managers quickly adjust positions
For star fund managers, when the market fluctuates, it is often a good time to adjust positions and swap stocks. The irregular announcements issued by listed companies, such as announcements on share repurchase, announcements on planning for major asset restructuring and suspension of trading, etc., usually disclose the latest positions of the top ten shareholders, and at the same time, the changes in the positions of some institutions will be disclosed.
The company’s shareholder announcement released by Meihua Biology (600873) on June 7 showed that as of June 2, Xingquan Herun Fund managed by Xie Zhiyu, deputy general manager of Industrial Securities Global Fund, held 77.61 million shares of the company, and another fund he managed. Only fund Xingquan Heyi holds 61.08 million shares of the company. The shareholder announcement released by Meihua Biology on May 22 showed that as of May 20, Xingquan Herun held 79.93 million shares of the company, and Xingquan Heyi held 62.8 million shares of the company.
The changes in the holdings of the above-mentioned funds show that in just 9 trading days from May 21 to June 2, the above-mentioned two funds managed by Xie Zhiyu reduced their holdings by 2.32 million shares and 1.72 million shares respectively.
Buy and sell. According to the announcement of Yi Jiahe (603666), an intelligent power robot company, Xingquan Trend Fund, jointly managed by Xie Zhiyu, Tong Lan and Dong Li, has increased its positions in the stock since the second quarter. The announcement shows that as of May 17 this year, Xingquan Trend Fund held 7.47 million shares of the company, an increase of 1.19 million shares compared with the end of the first quarter of this year. Since the beginning of April, Yi Jiahe's share price has undergone severe adjustments, with the share price plummeting by nearly 30% in less than 20 trading days. Combining with the stock price trend, it can be seen that the fund has taken advantage of the adjustment to increase its positions.
AVIC (600372), a leading stock in avionics systems, disclosed the positions of the top ten shareholders recently due to planning a major asset reorganization, and announced the position changes of Deng Xiaofeng, chief investment officer of Gaoyi Assets. The announcement shows that as of May 26, Deng Xiaofeng managed Gao Yi Xiaofeng Hongyuan Collective Fund Trust Plan products and held 20.9 million shares of the company, and another product he managed, Gao Yi Xiaofeng No. 2, sent a letter to the fund to hold the company. 17.09 million shares. Compared with the shareholder data disclosed in AVIC's first quarterly report this year, there were an increase of 186,000 shares and 190,000 shares respectively.
Although it is currently suspended from trading, AVIC has reached a new closing high since January this year on May 26, indicating that Deng Xiaofeng has accurately increased positions in the adjustment market since the second quarter. However, the AVIC announcement also showed that since the second quarter of this year, the Fuguo military industry theme fund has reduced its holdings by 2.63 million shares.
Shock is often a good time to adjust positions
When the market fluctuates and the stock price fluctuates, it often leads to a larger deviation between the company's market value and intrinsic value, and star fund managers will take the opportunity to intensively adjust their positions and exchange shares, and switch to more cost-effective investment targets.
Taking Xie Zhiyu as an example, since the second quarter of this year, whether it is to increase Yi Jiahe or reduce its holdings in Plum Blossoms, we can see the investment ideas behind the exchange of positions and shares.
According to the regular announcements of Meihua Biology, the above-mentioned two funds managed by Xie Zhiyu began to buy heavily in the second quarter of last year. Plum Blossom has performed very well in the past year or so. Despite the drastic fluctuations in mid-to-late April this year, the stock price has repeatedly risen recently, approaching the stock price of the 2015 bull market high. On May 22, Meihua Bio released an attractive share repurchase plan, and the stock price has performed strongly since then. Judging from the changes in Xie Zhiyu's positions, Xie Zhiyu reduced his positions with the help of the announcement to benefit from the stock price rise after the release.
A private equity fund manager in Shanghai said that for professional investors, the more severe the shock, the greater the investment opportunities. It is also a common practice for fund managers to take advantage of good announcements to take profits.
In addition, some value fund managers do not consider market fluctuations when they strongly buy and are optimistic about the target. For example, since the second quarter of this year, Qiu Dongrong, deputy general manager of Zhonggeng Fund, bought Luxi Chemical (000830) strongly and did not care about the market volatility at that time. Data shows that the four funds he manages bought nearly 30 million shares of Luxi Chemical in just a few trading days after April. If it is held so far and not sold, the total market value of the holdings will exceed 2 billion yuan. Considering that the total scale of the four funds managed by Qiu Dongrong in the first quarter was 20.3 billion yuan, and the upper limit of 10% of the single-vote holdings of public funds, he has bought Luxi Chemical to the maximum extent.
