The Zhitong Finance App learned that on October 25, Liu Gesong, a “top tier” fund manager and deputy general manager of Guangfa Fund, announced the 2023 three-quarter report in Product Management. Overall, as of the end of September, the total amount of products managed by Liu Gesong was 45.425 billion yuan, a slight drop of 676 million yuan from 46.101 billion yuan at the end of June, a drop of 1.47%.

However, judging from the third quarter's performance, Liu Gesong lost the benchmark of all six products under management. Among them, the A/C share of the Guangfa Small Cap Growth Hybrid Fund all fell by more than 9% in the third quarter, and the benchmark yield for the same period was -6.26%; while the GF Innovation and Upgrade Hybrid, which was jointly managed by Liu Geyong and Wu Yuanyi, fell 17.14% in the third quarter, and the benchmark yield for the same period was -1.58%.

Although the performance of all 6 products under management fell short of the benchmark in the third quarter, 2 of these products received net subscriptions in the third quarter, respectively, the GF small market growth hybrid and the GF industry's carefully selected three-year holding period.

Judging from positions held, funds under Liu Gesong stuck to their existing positions in the third quarter and did not make major structural adjustments.

As the fund that Liu Gesong has managed for the longest time, in the third quarter of 2023, the net share value growth rate of Class A funds of the Guangfa Small Cap Growth Hybrid Fund was -9.79%, the net share value growth rate of Class C funds was -9.87%, and the benchmark yield for the same period was -6.26%. Although the performance still failed to outperform the benchmark, in the second and third quarters of 2023, the Guangfa Small Cap Growth Hybrid Fund both showed a net subscription trend.

By the end of the third quarter, the net asset value of the Guangfa Small Cap Growth Hybrid Fund was 7.601 billion yuan, down 675 million yuan from 8.276 billion yuan at the end of the second quarter, a decrease of 8.16%.

In terms of positions, the stock position of GF Small Cap Growth A was 87.45% at the end of the third quarter, up further from 86.41% at the end of the second quarter. However, it did not exchange shares in the third quarter; it only adjusted its positions slightly. The top ten heavy-traded stocks accounted for 61.60% of the fund's net worth. Compared with 68.98% in the quarterly report, the concentration of shares held by the top ten heavy-traded stocks declined slightly.

According to the third quarterly report, the top ten heavyweight stocks with a mixture of GF small capitalization growth are Celis (601127.SH), Shengbang Co., Ltd. (300661.SZ), Jingao Technology (002459.SZ), Longji Green Energy (601012.SH), Follett (), League of Nations shares (), Everbright (300014.SZ), and Pratt (002324.SZ), Zhuo Shengwei (300782.SZ), and Jinlang Technology (300763.SZ) in that order. 601865.SH 603613.SH

Specifically, Liu Gesong slightly increased its holdings of Shengbang shares, League of Nations shares, Pritt, Zhuo Shengwei, and Jinlang Technology in the third quarter. The number of positions held in a single quarter increased by 2.84%, 5.35%, 2.36%, 3.98%, and 5.29%, respectively, compared to the previous period.

Furthermore, compared with the second quarter, the number of shares held by the five individual stocks of Celis, Jingao Technology, Longji Green Energy, Follett, and Everweft Lithium Energy did not change. It is worth noting that Celis jumped from the original fourth largest heavyweight stock to the largest heavyweight stock this time, accounting for 10.41% of the fund's net worth ratio, which is the top allocation; Shengbang shares and Jingao Technology, which increased their positions significantly in the second quarter, ranked as the second largest and third largest heavyweight stocks.

Furthermore, the top ten heavy-traded stocks of Guangfa Technology Pioneer Hybrid in the third quarter were Celis, Sunshine Power (300274.SZ), Rongsheng Petrochemical (002493.SZ), Jingao Technology, Longji Green Energy, Everweft Lithium Energy, Shengbang Co., Ltd., North Huachuang (002371.SZ), Guolian Co., Ltd., and Tianhe Solar (688599.SH) in that order.

Overall, Liu Gesong's holdings in the third quarter were still concentrated in sectors related to new energy sources such as photovoltaics and batteries.

Liu Gesong said in the Third Quarterly Report that with the continued strength of macroeconomic countercyclical policies, economic fundamentals will gradually stabilize and recover, and the equity market may usher in good investment opportunities.

Looking forward to the future, Liu Gesong believes that as macroeconomic policies are gradually implemented, the economy recovers steadily, and capital outflows slow down, the situation where valuation scores and growth growth rates are clearly mismatched will gradually change, and the market will eventually return to rationality after experiencing extreme sentiment vent. In the medium to long term, the appeal of growth targets is already remarkable.