Source: Wall Street

Author: Chen Jiayi

Xiao Nan, an investment philosopher, is changing again!

The newly released four Seasons report of the Fund shows that the high-quality strict selection fund managed by Xiao Nan has begun to reduce its positions in coal and re-include Hong Kong Internet stocks in its heavy portfolio.

Moreover, Xiao Nan also bought back the Internet troika of Hong Kong stocks: Meituan, Tencent and Kuaishou Technology in one breath. Together with Yanzhou Mining and Li Ning Co. Ltd., Xiao Nan's history of Hong Kong stocks in heavy positions has reached "half of the country".

His once quite successful strategy of "white + black (spirit + coal)" is going to turn into "white + Hong Kong (spirit + Hong Kong stocks)"?

Xiao Nan breaks through himself again

Speaking of, Xiao Nan of Yi Fangda is really a "magical" fund manager. He started his career as a consumer stock research and once "sat" on the top spot of consumer funds in the industry.

But he doesn't seem to be burdened by it. On the contrary, over the past year or so, Xiao Nan has successfully increased a large number of positions in coal stocks in several of his funds, and openly said that this is his "white + black" strategy.

Although, does not conform to the human setting, the allocation to the coal stock, greatly enhanced his combination performance, also let him leave behind a large number of consumer stock "opponents".

But starting from the fourth quarter of 2022, Xiao Nan is going to "change the array" again.

Substantial increase in Hong Kong stocks

It was Hong Kong stocks that entered Xiao Nan's "magic eye" in the fourth quarter.

Statistics show that the Yifangda high-quality strict selection fund managed by Xiao Nan suddenly increased its position in Hong Kong stocks by 12.45% in the fourth quarter.

It is A shares, or more accurately, a large number of coal stocks and some spirits stocks, that have freed up funds for Hong Kong stocks.

By the end of 2022, there were five Hong Kong stocks in the top ten heavy stocks of Yifangda High quality Fund, namely:

The second largest heavy position stock Meituan (new heavy position), the fourth largest heavy position stock Tencent (new heavy position), the fifth largest heavy position stock Kuaishou Technology (new heavy position), the eighth largest heavy position stock Yanzhou Mining (old heavy position stock), the tenth largest heavy warehouse stock Li Ning Co. Ltd. (old heavy warehouse stock reduced positions).

Adjust the layout of "white + black"

While adding a large number of Hong Kong stocks, Xiao Nan significantly reduced his holdings of coal stocks and spirits.

Or take the Yi Fangda high-quality fund as an example, which removed four heavy coal stocks in the fourth quarter of last year: Shaanxi Coal, Shan Coal International, Shanxi Coal Industry, and China Shenhua Energy. Only Yanzhou Mining and Shenhuo shares are retained.

In addition, he also eliminated Shanxi Fenjiu and reduced the allocation of Wuliangye. But at the same time, Guizhou Moutai is still Xiao Nan's number one heavy stock (no increase in the fourth quarter), and his fund has also increased the allocation of Gujing Gong.

From this point of view, Xiao Nan obviously has a more positive view on the consumption of liquor stocks than on coal stocks.

The macro main line has changed!

So what is the reason for Xiao Nan to make the above adjustments?

Xiao Nan mentioned in the quarterly report that his layout is related to an important judgment.

Xiao Nan believes that after the optimization of epidemic prevention measures, the two main lines to judge the macro level in the next two years will be China's economic recovery and the end of the US dollar interest rate hike cycle.

Based on the above judgment, he substantially increased his positions in sub-industries that benefited from the upside of the economic cycle, such as the Internet industry in Hong Kong stocks, and adjusted the allocation of A-share cyclical industries. Increased allocation of coking coal, metals (mainly Zijin Mining Group) and other sectors, reducing the allocation of thermal coal varieties.

In addition, on the consumption side, he is optimistic that the consumer industry can be expected to usher in a recovery in 2023, increasing the allocation of sub-high-end spirits with great flexibility and governance structure in the improvement cycle.

He also adjusted the configuration of the consumer sector, increased the flexibility, governance structure in the improvement cycle of sub-high-end liquor configuration, the overall configuration is still high-end, sub-high-end liquor-based.

Photo: Yi Fangda Consumer Fund reported heavy stocks in the four seasons (data source: wind)

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