Friends who do time, Hua'an Fund Wang Chun: Investment should also maintain the "sense of the times"

There is an old saying in the investment community: "Three times a year, like crossing the river, and double the stars in three years."

As an investment veteran with more than 20 years of experience in securities industry experience and exceeding 12 years of fund management experience, Hua An Fund Wang Chun is such a fund manager standing at the "Time Pyramid Tip".

The work experience for more than 30 years not only allowed Hua'an Fund Wang Chun to witness the rapid development of China's financial industry. He has been tested by 4 rounds of bull and bear test in asset management experience, but also has no doubt that he has become "the value of the era value of the times. "Digger", "crossing more rounds of beef and bear, long -term performance excellent performance", "rotating industry rotation".

Because, no matter how the market changes, the Huaan Fund Wang Chun can always adapt to the market quickly and upgrade the investment framework, thereby ensuring the long -term stability of performance.

Taking his representative work Hua An Zhizheng's selection as an example, in the past three years, it has rewarded as high as 159.85%, and the performance benchmark of the same period was 6.19%. He was awarded the three -year double five -star certification of Galaxy/Haitong. %(36/425). (Source of performance data: Fund regular report, as of 2022.03.31, similar ranking data source: Galaxy Securities, as of 2022.06.30)

From the perspective of Hua'an Fund Wang Chun, the selection of investment targets does not have to be limited to a single industry or style. At the same time, in all the selected asset categories, it is particularly important to conform to the trend of the times.

"Only when you are in the torrent of the development of the times and always feel the pulse of the development of the times, can you dig out the opportunities given by this era and create continuous value." Hua'an Fund Wang Chun said.

Specifically, when the process of configuration in the industry, decide whether to buy a company, how much a proportion of buying, and when to sell is not determined by a single factor.

In the consideration of valuation, the changes in macroeconomics, changes in the competitive structure of the mid -view industry, and changes in the management of micro -listed companies must be analyzed.

Among them, at the macro level, due to the influence of the Chinese economy by the global economy, it also has a cyclical fluctuation. Every three to five years, there will be a process from recovery to decline. Investment in the level and the change of the profit cycle.

At the mid -view level, in the past few years, the adjustment of the heavy positions has a large adjustment, and all its judgments are based on a comparison of risks and benefits.

Specifically, the flexible switching process of the industry, Wang Chun, Hua'an Fund, also mentioned that it will also focus on many factors such as the industry's growth cycle, whether the valuation is reasonable, and the company's own management capabilities in the industry.

In the micro -level stock selection standard. Hua'an Fund Wang Chun also further mentioned the three evaluation factors -namely "heavy quality", "selection" and "correction error".

From the perspective of Hua'an Fund Wang Chun, the stock selection will be concentrated in selecting good companies, and the definition of good companies is also very simple. Essence

In terms of "selection", Wang Chun, Hua'an Fund, said, "We hope to buy high -quality companies at a reasonable price when macro, middle views, and micro environments have changed. And I firmly believe that in the future, from 3 to 5 in the future, 5 to 5 Investment in the advantage of the year may still be the key to obtaining excess returns. "

At the same time, Wang Chun, Hua'an Fund, further stated that the above states are based on comprehensive judgments obtained from objective data and competitive information surveys. Investment must have a process of verification, including upstream and downstream verifications, and verification of competitors. A feedback on the trend of stock prices.

"The entire investment process is actually a process of continuous verification, error correction and integration of subjective and objective views."

Hua'an Fund Wang Chun believes that the company's comprehensive judgment must be based on a dynamic feedback process, and at the same time, it must maintain an objective attitude towards his subjective judgment, so as not to let yourself fall into a paranoid state.

Finally, in the management of the group, Hua'an Fund Wang Chun said that he hopes to reach such a realm: it can achieve "relatively concentrated stocks and keep the industry relatively decentralized."

The Huaan Fund Wang Chun believes that from the long run, the return on the market through the market is quite limited. The largest amount of return should be from the continuous growth of high -quality enterprises, but this kind of enterprise is in the market in the market It is very scarce, so try to avoid the disturbances of those inferior companies or trading levels in the choice of individual stocks.

If all heavy positions are divided into three categories: technology growth, consumer and cyclical industries, we hope that these three types of industries can use a relatively balanced configuration to achieve the effect of decentralized risks.

"The ideal state should be a balance between growth and value. It comes from a relatively balanced balance between enterprises in different industries, different growth stages, and different valuations." Hua'an Fund Wang Chun concluded.

Risk reminder: Fund management companies do not guarantee that the fund must be profitable or minimum returns. The past performance of the fund does not indicate its future performance. The performance of other funds managed by the fund manager does not constitute the guarantee of fund performance. There is a fluctuation risk of fund product income. Investment needs to be cautious. For details, please carefully read the fund contract, recruitment manual and other fund legal documents of the fund.

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