Red Weekly Editorial Office | Wang fei
Recently, the former "first brother" Wang Yawei has made new moves.
The latest position data shows that during the first quarter of this year, Wang Yawei cleared most of the layout in the fourth quarter of last year, and he is worthy of being "China's most profitable fund manager", once again making a lot of money.
At the same time, Wang Yawei also entered 9 new heavy positions, and combined with the market performance of these stocks, Wang Yawei's layout at this time, the signs of "bottoming" are obvious.
Liquidation of coal stocks
The first two heavy stocks alone made more than $10 million
Following the "bottoming" of the US stock market in the fourth quarter of last year, Top Ace Asset Management Ltd (hereinafter referred to as "Top Ace") under Wang Yawei disclosed its latest position list in the US SEC on May 15.
Compared with the position in the fourth quarter of last year, Top Ace's position has changed significantly. For example, in terms of the number of shares, Top Ace held a total of 40 stocks at the end of the fourth quarter of last year, with a market value of US$136 million, and at the end of the first quarter of this year, the number of shares held by Top Ace plummeted to 9, and the market value of its holdings also shrank to US$19 million.
From the perspective of position changes, Top Ace has also changed greatly.
At the end of the fourth quarter of last year, Top Ace made a big deal of resources stocks dominated by coal, such as the first seven of its top ten heavy stocks are resource stocks. In this regard, "Red Weekly" once published "
"First brother" Wang Yawei shot again after six years, and Dan Bin "saw the same thing"? "Bottom-copying" made a big profit of 200 million! The latest also pays attention to these
" article for follow-up reporting. At the end of the first quarter of this year, these stocks disappeared from Top Ace's holdings, which means that Top Ace liquidated these companies.
However, combined with the market performance of these companies in the first quarter of this year, Wang Yawei's title of "China's most profitable fund manager" has been added again.
ACCORDING TO STATISTICS, THESE COMPANIES IN TOP ACE LIQUIDATION GENERALLY BRING GOOD BENEFITS TO IT, ESPECIALLY ITS LARGEST HEAVY STOCK ALPHA METALLURGICAL RESOURCES (DIVERSIFIED SUPPLIERS OF METALLURGICAL AND STEAM COAL) AND THE SECOND LARGEST HEAVY STOCK ARC RESOURCES (MAINLY ENGAGED IN THE SALE OF COAL IN POWER PLANTS, STEEL MILLS AND INDUSTRIAL FACILITIES), WHICH ROSE BY 40.54% AND 33.74% RESPECTIVELY DURING THE FIRST QUARTER OF THIS YEAR (FROM THE LOWEST PRICE). According to the market value of its positions, Top Ace may make up to more than $10 million by liquidating these two companies alone.
IN ADDITION, TOP ACE'S REMAINING HEAVY STOCKS ALSO CONTRIBUTED LARGE FLOATING PROFITS, SUCH AS ITS TENTH LARGEST HEAVY STOCK COINBASE GLOBAL, WHICH GAINED THE MOST (FROM ITS LOWEST PRICE) DURING THE FIRST QUARTER OF THIS YEAR (SEE TABLE 1).
But Wang Yawei's move is obviously different from the top private equity player Dan Bin who once "saw a little the same".
According to combing, during the fourth quarter of last year, Wang Yawei and Dan Bin operated almost the same, but at the end of the first quarter of this year, the position data of the two products of Danbin's Oriental Harbor as an investment adviser showed that coal stocks were still its high allocation. In this regard, the two product reports show that they value the high dividend nature of coal stocks. In this regard, "Red Weekly" once published "
But Bin added a position! The latest layout list is exposed! Increase your position in these liquor stocks in large quantities, and hold these high-dividend coal stocks with heavy positions...
" article for follow-up reporting.
Investment winds shifted in the first quarter
Heavy position in 9 penny stocks
While liquidating coal stocks, Top Ace's 9 stocks with heavy positions at the end of the first quarter of this year also have typical characteristics (see Table 2).
From the perspective of company attributes, 8 of these 9 stocks belong to Chinese concept stocks, except for one stock ARBE.O, which occupies the absolute weight of Top Ace's position. Among them, Alibaba, the largest heavy stock, and Bilibili, the second largest heavy stock, account for nearly 60% of the total market value.
From the perspective of industry attributes, these 9 stocks belong to the optional consumer and information technology industries.
From an analysis point of view, Wang Yawei's layout may be reversed in Bo's performance. For example, for the optional consumption industry, some insiders recently said that last year due to the disruption of the epidemic, the total retail sales of domestic society fell year-on-year, of which the mandatory consumption was relatively stable, and the optional consumption was obviously under pressure. As the impact of the epidemic fades this year, its profitability will pick up.
Affected by the performance less than expected, the above 9 stocks generally did not perform well in the secondary market, such as Alibaba, the latest financial report showed that the company achieved a net profit of HK $55.405 billion in the first three quarters of last year, down 37.29% year-on-year, and this is the company's sixth consecutive earnings season performance decline, the company's stock price also fell 25.84% last year. Another example is Bilibili, the company's performance in the first three quarters of last year recorded a loss again, and the company's stock price also fell by 48.94% in the same period last year.
If you extend the statistical period, including ARBE.O, the stock prices of these companies have ushered in a high moment, and the stock prices are now much lower than this moment.
Still taking Alibaba as an example, as a unique retail giant in the past, the company is highly sought after by funds in the secondary market, including Buffett's "behind-the-scenes think tank" Charlie Munger's D.J Daily is also heavily positioned, so the company's stock price hit an all-time high of $319.32 per share around 2021. But since then, as Alibaba's market share has gradually decreased, its share price has also suffered Waterloo, hitting a new low of $58.01 per share at the end of 2022. So far, Alibaba is trading at $88.34 per share, more than 70% from its all-time high (see Figure 1).
However, from the timing of Wang Yawei's layout at this time, his entry may also be precisely because the stock prices of these companies represented by Alibaba are now at a historical low, and the signs of bottoming out are obvious.
Wang Yawei rarely made a move on this company?
The latest attention has been paid to these
In addition to the positions announced by Top Ace, Wang Yawei has rarely had other public positions in recent times, such as at the end of the first quarter of this year, Wang Yawei's Qianhe Capital did not enter the list of the top ten shareholders of any A-share listed company. However, some A-shares may be the target of Wang Yawei's potential layout, and from the characteristics of these A-shares, they are relatively consistent with the public positions of Top Ace.
For example, on May 16, Yinjiang Technology in the information technology industry launched the company's announcement of issuing shares to specific objects. During the issuance process, there were a total of 33 new investors who intended to subscribe, including Qianhe Capital, but in the end, Qianhe Capital did not make an offer and participate in the private placement. However, Yinjiang Technology's stock price is now at a relatively low historical low, shrinking nearly 80% from the high, in line with Wang Yawei's "aesthetics". Therefore, it cannot be ruled out that Wang Yawei has laid out or will lay out Yinjiang technology in other ways.
From the analysis point of view, if Wang Yawei finally abandons Yinjiang Technology, the reason is likely to be related to the company's AI concept stock. It is reported that Yinjiang Technology mainly provides intelligent technology application services for users in transportation, medical, construction and other industries, and is the intelligent transportation leader in A-shares. Therefore, although Yinjiang Technology's share price is still at a relatively low historical level, thanks to the AI wave, the company's stock price has risen by more than 60% since the end of last year, accumulating huge gains in the short term (see Figure 2).
In this regard, Qianhe Capital said in its A-share market outlook in May, "Under the current capital pattern of the market stock game, funds have bought a very distant future (AI) and the valuation of ordinary enterprises has increased, but many other high-quality industry leaders that have undergone long-term testing are generally at a relatively low valuation level." ”
At the same time, Qianhe Capital pointed out that "under this combination of fundamentals and valuation, the current investment has become 'easier', and diversifying the purchase of varieties with good competition patterns, clear endogenous advantages of enterprises, and cheap current valuations in various industries is the best way to have the best risk-return ratio at present." ”
From the perspective of the targets of Qianhe Capital's recent research, they are also in line with these characteristics.
According to statistics, since the second quarter of this year, Qianhe Capital has participated in the institutional research of 19 companies, and these companies are generally concentrated in the information technology and optional consumer industries, a total of 10. In addition, there are pharmaceutical leader Propharmaceutical, coalbed methane leader Tianqiao Environment, diamond wire leader Gaotest Co., Ltd., photovoltaic power supply leader Yingjie Electric and so on. Not only that, these companies generally underperformed in the market in 2022, with as many as 11 showing varying degrees of decline (see Table 3).
(The individual stocks mentioned in the article are only an example analysis, and do not recommend trading.) ）