The Fidelity fund that once emerged Peter Lynch is well-known in overseas management circles.

But they have a very professional Chinese team, and few people know about it.

In fact, this organization has been sneaking in A shares, in the identity of QFII, quietly excavated a lot of cattle stocks.

Shanghai Airport, the beneficiary of tax-free consumption, was owned by Fidelity in 2015.

In recent years, ten times as many as three trees have been held by Fidelity since 2019, and the highest return is estimated to be more than five times.

There are also a lot of characteristic small and medium-sized stocks have the figure of Fidelity. The investment trend of such a characteristic QFII fund is obviously worthy of market attention and consideration.

With the disclosure of the three quarterly reports of listed companies this year, the "China portfolio" of Fidelity Fund has also been exposed.

Only in terms of public informationThe biggest feature of Fidelity this quarter is that it continues to stick to the main line of manufacturing driven by consumption, health and domestic demand, while it has basically achieved "zero exposure" for the new energy and electric vehicle sectors that are supported by domestic capital.

What kind of investment logic is reflected behind this?

Large consumption as the basis and cycle as the wing

The investment trend of Fidelity Fund in the third quarter (according to the third quarterly report, the same below), if you want to use one word to describe, it is probably "persistence".

At the end of the quarter, its heavy positions were largely focused on heavy consumption and domestic demand-driven manufacturing.

At the end of the third quarter, it held at least 14 A-shares.

Among them, the "new" holds the medical and beauty field.Bettany.In the field of medical devicesKailitaiIn the field of industrial robotsEaston., Foxconn related companiesIndustrial Union, and Building Materials UnitYonggao shares。

In addition, it continues to hold positions in the field of large building materialsYashi Chuangeng(paint),Three trees(paint),Mona Lisa(ceramic tiles) and other companies.

In the field of medicine.The traditional Chinese medicine is the same., Shipping UnitInvestment promotion steamshipMotor manufacturing companiesOctagonal sharesSmall household appliancesSubor等。

Love building materials

I have to say, Fidelity is good at digging forgotten "corners". Can you imagine?In the A-share building materials industry, which was so obscure a few years ago, Fidelity shuttled freely in it and made a bunch of cattle stocks.

In the third quarter, Fidelity continued its position swaps in related areas.

Portfolio positions show that Fidelity Fund newly bought 2.1857 million shares of Ash Chuangneng, increasing the market capitalization of related companies in the forefront.

In addition, it slightly reduced its positions in three trees and the Mona Lisa, but continued to maintain a market capitalization of hundreds of millions of shares.

On the underlying shares, he also bought 1.6286 million shares of Shenzhen Gas and 119600 shares of Subor.Neither of these two companies has a large stake in public offering funds.。

Buy medicine at a high price

On the new variety, the appearance of Bettany is very "unexpected". The company's dynamic shareholding is nearly 200x (PE) and has not fallen particularly deeply in the past.

In this case, Fidelity still "added" its ownership of the overvalued medical and beauty company. This suggests that perhaps Fidelity is also willing to pay a "high price" for its favorite varieties.

In contrast, Fidelity reduced its allocation of cyclical stocks in the third quarter of this year.。

China Merchants Steamship and Anhui Joint Force are the two companies with the largest number of shares reduced, with more than 4.5 million shares, of which Anhui Holdings of the heavy truck industry has been reduced by nearly 6 million shares by Fidelity Fund, but it is still the third largest "heavy position" A shares of Fidelity Fund.

There are no new energy sources and electric vehicles.

Another interesting feature of Fidelity is that its heavy holdings in the third quarter did not show any holdings in hot areas such as new energy, photovoltaic, electric vehicles, batteries and so on.

No one.

Not only in this quarter, but also in the past few years.

This suggests that the above situation may not be a simple question of statistics, but that the agency may really have a different view of the relevant industries.

From the valuation point of view, Fidelity Fund holds a high valuation of the three trees and Bettany, should not be unable to take over the valuation of photovoltaic vehicles.

From the position point of view, unless Fidelity holds a small proportion of the "two new" (new energy, new energy vehicles) plate, otherwise with its firm shot, heavy position holding style, will not be "zero exposure".

The specific reason can only be verified by more follow-up information.

Fidelity, which is rich in star fund managers.

To provide some background information, Fidelity is currently one of the pension companies with the largest number of clients in the world and a first-tier fund management company in the world.

Fidelity Investment Group was founded in 1946 by Edward C. Johnson II, headquartered in Boston, USA. It has branches in 15 countries and regions around the world. According to public data, Fidelity currently has more than 12 million customers worldwide and entrusted assets of more than $1 trillion.

In addition, Fidelity is a management agency for production star fund managers.

One of them was once calledCai Zhiyong of "King of Wall Street", known asPeter Lynch, the most outstanding public offering fund manager in the United States in the 20th century.The establishment of the first fund, the Fidelity Special opportunity Fund, in the UK.Anthony Bolton, the "god of European stocks"Wait.