Zhao Mengqiao, a reporter from the Securities Times

Enter 2024KakaducasinonodepositbonusArtificial intelligence market fluctuates violently, micro-disk stocks are no longer magical, and the dividend plate represented by coal and non-ferrous metals represented by gold stocks continue to be strong. In this context, some funds that have achieved excellent performance by virtue of microdisk stocks have been adjusted in time in order to keep up with the market.

Taking a closer look at a number of excellent performance funds last year, in order to maintain the performance, most of the products that can continue to rise in net worth after the year have adjusted their positions. "We tend to avoid low-odds assets with high and consistent market expectations, crowded trading and high valuations," some fund managers said. As a result, some funds choose to turn to the pharmaceutical sector, which has fallen for several years, and some products are heavily positioned in the food and beverage sector for defense.

Microdisk "Internet celebrity Shenji" Jin Yuanshun Anyuanqi is a typical case of turning to a hot market. Taking a closer look at the fund's previous position style, individual stocks and industries are extremely scattered, and most of them are small market capitalization unpopular stocks. The total position ratio of the top 10 heavy positions has been about 10%. By the end of last year, the combined shareholding ratio of the top 10 stocks was 10%.Kakaducasinonodepositbonus.52%, the market capitalization is mostly in the range of 2 billion-5 billion yuan.

However, according to the quarterly report data recently disclosed, by the end of the first quarter, its number one position was Tianfu Telecom, which had a market value of 60 billion yuan at that time, and the fund had a heavy position in satellite chemistry with a market capitalization of more than 60 billion yuan. In addition, the second largest holding stock Zhuye Group is mainly engaged in lead, zinc and its alloy products, the third largest holding stock gold honesty is mainly engaged in copper mine mountain engineering construction, and the fifth largest holding stock Chifeng gold is a pure gold concept stock. The fund's top ten heavy stocks changed seven seats in the first quarter, and made a timely switch to the previously famous concept of "microdisk".

In fact, in last year's annual report, fund manager Miao Weibin has hinted at the direction of position adjustment, "the stock market is expected to maintain an optimistic trend under the strong support of policies in the future." The fund will continue to focus on the investment of equity assets, maintain a medium-to-high level of positions, continue to allocate a certain proportion of the undervalued varieties expected of recovery, and further focus on companies with good long-term profitability and good development prospects.

In the quarterly report, Miao Weibin believes that good external economic growth has led to the stabilization and rebound of China's export demand, which plays a better role in promoting China's economic growth. In terms of the operation of individual stocks, the fund manager said that he is still firmly optimistic about stock assets, the position remains at a medium-to-high level and has been improved, and "persist in diversified investment." in the selection of stocks and industries, we will increase the allocation of companies with good sustainable profitability, while taking into account the allocation of undervalued varieties with a certain performance-to-price ratio.

The aforementioned Jinyuan Shun an Yuanqi fell only 4.31% during the year due to proper adjustment of positions. According to Wind statistics, of the 30 active equity products with the highest growth last year, only 5 have positive performance this year, namely, Soochow Mobile Interconnection, Soochow New trend value Line, Investment advantage Enterprises, financing domestic demand-driven and Wanjia selection.

The high place can not beat the cold, some funds made a good rise last year after the operation began to divide. Continue to stick to what you have, stop in time and take profits. Similar to an Yuanqi in Jinyuanshun, the advantageous investment companies that rose by more than 27% last year replaced six of the top 10 heavy positions in Zijin Mining, Light Media, Yao Mingkant, bilibili-W, Meitu, Tiger Pharmaceuticals and other companies that have fallen for a long time. Fund managers in the quarterly report also stressed the importance of valuation and "timely stop", "We have been actively looking for high odds, high odds investment opportunities, for the market expectations are high and consistent, trading congestion, high valuation of low odds assets, we will tend to avoid, 'eat less or even do not eat the last fishtail market'. Therefore, in a certain period of time, the combination may lose a certain sharpness, but it is more likely to avoid potential greater downside risks.

In addition, the development of the Oriental region, which saw the second increase in the active Rights Fund last year, was also on the defensive in the first quarter, and almost all of the top 10 positions were turned to alcohol. Wuliangye, Gujing Gongjiu, Luzhou laojiao, Shanxi Fenjiu and Tsing Tao Beer are the top five heavy stocks. As for the logic of position adjustment, fund managers said that in the industry, artificial intelligence, dividends and cycles are outstanding and divergent. "during the reporting period, the Fund did not grasp the pace of the market, made a timely and accurate allocation of the strong direction, and missed the rebound of the market. Based on the present, the fund chooses to use the food and beverage sector with steady performance and no high increase since the beginning of the year for defense, waiting for a better opportunity to turn defense into attack. " The fund manager recalled in the first quarterly report.

There are also funds that stand still or adjust their positions slightly to "wait for the wind". The market of these products with heavy positions last year extended to the first quarter so that the net worth remained stable. For example, the two products of Soochow Fund continue to invest in the three major directions of AI computing power and applications, electronic semiconductors and automobile intelligence. At the beginning of the year, with the sharp decline in the market, the net value also declined significantly, but as the market bottomed out and rebounded, the fund performance rebounded rapidly. The Wanjia selection managed by the Yellow Sea continued to concentrate on the allocation of energy stocks represented by coal, and achieved good earnings in the first quarter.