Tens of billions of positions exposed, private equity boss Jiang Jinzhi aggressively bought these companies
Source: China Fund News China Fund News reporter Fang Peiyan According to the latest data from the US Securities and Exchange Commission (SEC), at the end of the second quarter, Jinglin Assets held a total of 25 US shares and a market capitalization of 15.
USD 1.1 billion (approximately RMB 11.2 billion), compared with the holding amount of 16 at the end of the quarter.
The $ 2.6 billion reduction is about 7%.
Specifically, Jinglin’s first heavy stock is Alibaba, which holds 320 shares.
670,000 shares, the market value of positions is as high as 5.
USD 4.3 billion, accounting for about 36% of the entire portfolio.
In addition, the three industry sectors of education, medicine and technology are the most favored: 14 new and increased companies are mainly concentrated here.
It is obvious that the stocks of Noah Wealth, Happy Times and other stocks that have plummeted since the third quarter, and Jinglin Assets have cleared / reduce their holdings in advance, often successfully avoiding the big drop.
For future development, Jinglin Assets said that it will focus on strong cash flow companies and industries and leading companies that may lead the core driving force of the Chinese economy in the future, taking into account short-term performance and long-term potential.
The first largest position is Alibaba’s ranking of the top ten holdings of the top 10 heavy stocks, which account for about 36%.
USD 4.7 billion, accounting for over 95% of the entire portfolio.
Among them, the first heavy stock is still Alibaba, with 320 shares held.
670,000 shares, an increase of 7 compared with the end of the first quarter.
760,000 shares, ending the market value at the end of the second quarter5.
$ 4.3 billion, representing approximately 36% of the entire portfolio.
The second, third, fourth and fifth largest heavy stocks respectively asked New Oriental, Facebook, Happy Times and Pinduoduo. They held market values ranging from US $ 51 million to US $ 300 million, and all suffered reductions in their holdings.
The tenth largest warehouse stock is the newly entered Hutchison Pharmaceuticals, an innovative biopharmaceutical company in the commercialization stage. Jinglin bought 67 in the second quarter.
130,000 shares, holding a market value of 1476.
Education, Medicine, and Technology Favored Although Jinglin reduced its holdings in New Oriental, it increased its holdings and joined other education companies.
This includes increasing the holdings for a better future, new enrollment with whom to learn, and Park Shin Education.
In addition, the pharmaceutical and technology sectors are also favored by Jinglin.
Among the medical and health companies, Jinglin increased its holdings of Zaiding Pharmaceuticals, and newly entered Hutchison Pharmaceuticals, Abbott, and Neox.
In the technology sector, in addition to increasing holdings of Alibaba, Momo, Qudian, Zendesk, etc., they have also entered Microsoft and servicenow.
So far, at the end of the second quarter, Jinglin’s assets increased or 14 new companies entered.
To escape from Noah, the era of happy gatherings ended. At the end of the second quarter, Jinglin cleared / reduce 9 companies.
Including Noah Fortune, Netease, Youxin Used Cars, Bilibili, Happy Times, etc.
Among them, at the end of June, Jinglin Assets had cleared Noah Wealth.
In early July, Noah revealed that it was “mining” Chengxing International, involving an amount of US $ 3.4 billion.
Noah Wealth went down by 20 on the day.
43%, the market value has shrunk by about 5.
$ 500 million.
The latest forecasts show that Noah Wealth is sustainable29.
For more than a month, the sustainability has dropped by more than 35%.
In addition, Jinglin has not substantially reduced its shareholding era, from 8 million shares at the end of the first quarter to 850,000 shares to 112.
Since the second quarter, the biggest decline in the Huanju era has exceeded 40%.
Jinglin’s latest point of view: Focusing on two types of companies in the future According to the reporter’s understanding, Jinglin’s latest market point of view is that looking forward to the second half of the year, the macro and international political situation is still difficult to predict.The risk-free interest rate has fallen significantly.
Companies with operational certainty receive a clear estimated premium.
For future development, Jinglin will focus on companies with strong cash flows and industries and leading companies that may lead the core driving force of the Chinese economy in the future, taking into account short-term performance and long-term potential.
The next step is to test the stock selection ability of investors more.
In addition, in mid July, Jiang Jinzhi, the actual controller of Jinglin Assets, appeared at a customer exchange meeting and answered several key questions at that time: 1.
How did Jinglin’s performance come from?
Jiang Jinzhi said that Jinglin’s performance mainly comes from their long-standing value investment philosophy and in-depth research on the fundamentals of the company as an industrial method; they have maintained high positions for a long time under reasonable and reasonable and underestimated, and they chose the bestCompany, they hold the best company for a long time.
They firmly believe that the expected growth is highly correlated with the company’s performance and may not be completely consistent in the short term, but it must be highly relevant in the long term.
They saw that every time the outstanding blue chip stocks performed well, they performed very well. For example, in the second half of 2014, 17 and the first half of 19, the performance of their products was very good.
The two of them enjoyed the growth of outstanding blue-chip stocks, and they also enjoyed double dividends from these companies from estimated discounts to reasonable estimates.
2.How did the strategy come about?
Jiang Jinzhi said that firstly, they have long been in the international market and have experience in the international market. In Hong Kong and the United States, the outstanding stocks are estimated to be higher, and leading companies are estimated to be significantly higher than non-leading companies.
The second is that this strategy has a theoretical basis. In the past, they have continued to follow investor experts. DCF pricing is the most important corporate pricing method they use.
From the perspective of DCF logic, the certainty of high-quality leading stocks should estimate the premium. They have seen this very early. This DCF model is the core basis for their evaluation of the company.
From the DCF theory deduction, they proposed the return of the blue chip with high performance. They used the DCF framework to repeatedly communicate with investors on the issue of deterministic premiums in 17 and 18 years. Investors who had participated in their past conference calls and road shows knew themThis view.
Practice has proved that this strategy is increasingly recognized by the market.
They estimate that undervalued and reasonable circumstances, high positions hold long-term outstanding companies.
When they choose a position, they will repeatedly consider whether it is better to hold stocks or cash and government bonds, and they would rather bear the short-term changes.
Many people simply define risk as the volatility of stock prices, but the real risk is a permanent replacement of principal.
3．What are you optimistic about?
Where is the main position?
Jiang Jinzhi said that he is optimistic about China, especially the long-term growth of outstanding companies, and insists on holding it when it is reasonable and underestimated, which is why their performance has changed.
Customers and channels familiar with them know that their main positions are in mid-cap blue chip stocks, and their holding periods are relatively relative.
In Jiang Jinzhi’s view: From the perspective of the current composition of China’s GDP growth, the contribution of domestic consumption is about 80%, the investment contribution is about 20%, and the net export contribution is very low.
Therefore, domestic demand growth is the most definitive investment opportunity, and investment consumption can also avoid the risks of trade wars and investment.
At the same time, consumption upgrade is a mega trend for more than ten years, because China is bound to become the world ‘s largest consumer market and the largest middle-class population. Therefore, as long as it is a first-class consumer product brand in China, it will be a company with huge revenue potential.
Coupled with their well-developed e-commerce channels and a good and cheap logistics system, there is still a possibility that China’s consumption growth space will be several times.
If you know that there are 1 billion people in China who have never flown a plane, more than 1 billion people have never gone abroad.
You will understand how long this snow slope is and how big the snowball can roll.
In addition to consumer companies, they are also optimistic about other high-certainty companies with large racetracks. They pay close attention to investment opportunities in TMT, finance, and pharmaceutical industries.
At present, the leading liquor companies are estimated to have been restored to a reasonable estimate of similar international companies, and long-term holdings can still make money for future performance growth.
At the same time, they have maintained in-depth research on various industries. Their investment scope is not limited to a certain industry. They hold competitive enterprises in various industries.
4．What is the turnover rate?
The turnover rate of Jinglin Value Fund is lower than the industry average. The turnover rate in 2018 was only doubled, and the turnover rate as of July 17, 2019 was only 0.
They conduct historical analysis of the performance of domestic products. Every time the blue-chip stocks perform well, their performance is relatively good, such as the second half of 2014, 17 years, and the first half of 2019.
This is consistent with the logic of enjoying the double dividend of growth + estimated return mentioned above.
If a fund relies on news or temporary, the turnover rate will not be low.
Attachment: Details of positions held by Jinglin Assets at the end of 成都桑拿网 the second quarter of 2019: