Cathay Fund Cheng: Focus on economic rehabilitation around the three main lines layout

Cathay Golden Horse Sound fund manager Cheng said that the fund on the eve of the rally before the foundation has been laid out in advance.　　In an interview with reporters, Cheng said that bullish on the long-term development of China's economy and future growth, but the short-term market trend, but more cautious investment. Paying attention to the process of economic restoration and judging the macro-economy trend is the important principle of Cheng investment. Cheng said that last November, the tone of macro-control from "one to one control" completely to "guarantee growth", and promptly launched a huge investment plan and moderately loose monetary policy. Based on these policies, market expectations will be biased towards optimism.　　So adjusting before the market rebounds is a key factor in the fund's performance this year. Since April, however, the robust mix of Cathay and Malaysia has begun to become cautious and optimistic. Cheng that valuations and economic recovery are basically over. The whole economic environment is starting to get normal, as the so-called economic recovery rarely has a ' V ' reversal, and the 5 June quarter-on-quarter data is likely to fall, in which case there will be downward pressure on the market.　　Therefore, Cheng said, in the market long-term bullish, but also to take into account the short-term risks of the market. In the industry layout, Cathay and Malaysia Sound hybrid fund in November last year around three main line layout. According to Cheng introduced, Cathay Gold horse robust mix last November when the advance layout, overweight direction mainly concentrated in three directions.　　The first is the low value of the plate and the performance of a certain stability of coal, the second is due to the liquidity factors leading to changes in the industry price of non-ferrous metals industry, followed by the fundamentals, the choice of corporate governance better, good financial situation, but in the fall last year by the wrong to kill the listed companies, this part of the company in the market stability will have a certain performance. Fundamentals support the market can still expect Cheng said the fund would seek to find some listed companies with reliable and valued financial data through the balance sheet. At the same time, adhere to the early increase in the higher valuations of the stock, overweight in the aperiodic industry.　　In addition to the choice of style on the undervalued value of the large market share. For the overall trend of the future market, Cheng that the long-term upward momentum of China's economy is still very strong, the market under the support of the fundamentals can still be expected. Only the pace of future increases will gradually slow down, the early increase in the stock market, including small and medium-priced stocks will face adjustment pressure. (Ma Miting)