I have to mention Yang Fei, the fund manager of Cathay Pacific. Yang Fei manages four funds, Cathay Pacific Prosperity Industry co-manages with another fund manager, and the other three are managed independently. From the position style, Cathay Pacific's booming industry is not mainly managed by Yang Fei. However, the three funds independently managed by Yang Fei-small and medium-sized Cathay Pacific, Cathay Pacific Valuation Advantage and Cathay Pacific Jinlong Industry-had net growth rates of -2.20%,-1.9 1% and -3. 17% respectively in the fourth quarter. After the adjustment at the end of last year, many funds rose again and even hit a "new high". These people in Yang Fei have always been "lifeless".

Let's take a look at the positions of his three funds (the following are the positions of Cathay Pacific's valuation advantage), which are basically the same. The first three heavyweights are Oriental Garden, China Pharmaceutical and Helitai, and then the positions of the three funds are almost the same. Compared with the third quarter, BOE A, Wuliangye, Yili, China Ping An, Midea Group, etc. Cao Meng's ecological, iron man ecological, solar power and other environmental protection industries have decreased. In fact, the shareholding change is quite big. The fourth quarter really caught up with the big consumer industry. Yang Fei's reaction can't keep pace.

The positions of the three funds are similar, and the analysis of the three quarterly reports is also verbatim:

Since the fourth quarter, the overall performance of the market has shown defensive characteristics in the market environment where the expected growth rate of macro-economy has slowed down and the liquidity expectation is relatively tight. Due to the decline in risk appetite, the blue-chip index in the market performed significantly better than the GEM index. In terms of industries, industries with stable growth such as food and beverage, household appliances, medicine and biology are leading, while industries with relatively large fluctuations in performance such as computers, military industry and nonferrous metals are lagging behind.

The fund maintained a high position in the fourth quarter, and actively added positions in food and beverage, household appliances, insurance and other industries after the third quarterly report. The combination allocation is more balanced, mainly distributed in industries such as large consumption, electronics, horticulture and biomedicine, which reduces the allocation ratio of environmental protection industries.

After the third quarter, Yang Fei finally made a balanced allocation, adding some hot industries, such as food and beverage, household appliances and so on. But it doesn't seem to be in tune. I was optimistic before, but in the past three months, each fund has fallen by about 5%. It is really unsatisfactory.