Warehouse Vane | Hongde Fund Bi Chuanyan: Grasp the corporate dynamic value creation ability is an anchor for investment

China Fund News Sun Xiaohui

Editor's note: Recently, the Fund's second quarterly report has disclosed that the positioning movements and position changes of the star fund managers have also become the focus of the attention of the citizens. Behind each regular report, these outstanding manager's "investment secrets" are also hidden. Fund Jun will continue to update the character's database feature [positioning vane], decoding star fund product holding changes and its manager's investment philosophy.

Bi Chuanyan, who was born in insurance investment, has two significant features in investment: pay special attention to the control of risks, as well as a long -term investment perspective. In the fund company, such as Hongde Fund, which attaches particular attention to the in -depth research of the enterprise, his investment methods and concepts can be adhered to. He firmly believes that the source of investment is not obtained by short -term fluctuations, but to find high -quality assets and hold long -term holding. Therefore, he does not do a band, does not chase hot spots, does not make industry configuration and style rotation. 100%of the time is used to find companies that can hold more than ten years.

Due to the inconsistency of the combined style and the market style, since 2021, the investment performance of Yantan Yan has not satisfactory, especially in the environment where this year's fluctuations are increasing, the combination income has been further impacted. It is worth mentioning that although many funds have encountered net redemption in the second quarter, due to the rise in net worth, the overall management scale of Yan Yan Yan still increased.

The second quarterly report that has just been released shows that according to the investment framework and the re -inspection of the company, the second quarter of which has maintained the relative stability of the existing stock allocation ratio and the combination of the combination on this basis.

He believes that the value creation capabilities formed by enterprises are a dynamic ability. It determines the future of the development of enterprises. The work of fund managers is how to study the company's dynamic value creation ability. In this regard, it is necessary to have enough time to track it to judge the company's dynamic value creation ability.

In this issue of [Warehouse Vane], Fund Jun will explain the second quarter report and positioning of the Hongde Fund Fund Manager Wu Chuanyan.

Stable in the position of the position in the second quarter

Continue to maintain a higher position operation

Since last year, due to the fact that the market's superposed fluctuations in the superposition of the investment style are not corresponding to the market style, the combination management of Yan Chuanyan has continued to be lower than expected. Even so, his medium and long -term performance is still excellent. Taking the representative work Hong De visionary return as an example, the reward in the past 7 years has exceeded 151%, the annualized return is 14.24%, and the top 15%of similar products are located; The annualized return is 12.88%, ranking 5th in the same kind.

In the past few years, the management scale of Yan Chuanyan has continued to rise, and at the end of 2020, the maximum is close to 50 billion. However, as the fund's net value retracement, the scale of management has continued to shrink. As of the end of last year, there were about 30 billion, and by the end of the first quarter of this year, it further dropped to about 21.2 billion yuan. With the rebound in the second quarter, at the end of June, the size of the six funds increased to 22.6 billion yuan.

Take Hongde Fengrun for three years as an example. As of the end of the second quarter, the fund size increased from 8.475 billion yuan at the end of the first quarter of this year to 9.488 billion yuan, and the fund share also increased by 4.894 million to 7.484 billion copies. However, in addition to Hongde Fengrun for three years, the share of the remaining five funds has shrunk to varying degrees.

Wu Chuanyan is in charge of the fund

Although the market faced various negative effects in the market in the first quarter and two quarters of this year, Xun Chuanyan still insisted on the long -term investment logic and maintained the relatively stable proportion and structure of the combined stock allocation.

In the position, most of the products still maintain a high position operation of more than 90%. For example, Hongde Fengrun held 91.10%at the end of the first quarter of the first quarter, and the slight increase at the end of the second quarter increased to 92.65%. The stock position was 93.72%, and 94.22%at the end of the second quarter.

In the second quarter, Hongde Fengrun held a three -year holding of the position and followed the company to re -review the company. On the basis of this, it maintained the relative stability of the existing stock allocation ratio and the combination.

Hongde visited the first top ten heavy stocks in the second quarter of the second quarter

Specifically, in the return of Hongde's vision, the top ten heavy stocks have not changed, but the number of shares is adjusted. In the second quarter, Vanke A increased its holdings into the largest heavy positions. Longji Green Energy, Bo Chu Electronics, and Zhuo Shengwei also increased their holdings. Hengrui Pharmaceutical reduced its holdings to the second largest heavy positions. Media, heroic technology, and Haitianwei also have also reduced their holdings.

Hongde Fengrun holds the top ten heavy stocks in the second quarter of the second quarter

In the three years of Hongde Fengrun, Longji Green Energy increased its holdings into the largest heavy position, and Hengrui Pharmaceutical also increased its holdings, ranking second. Haitian Weiye increases its holdings, Yuanyuan Co., Ltd., Hao Mai Technology, and Guanglian Dazto reduce their holdings.

It is worth mentioning that the second quarterly report showed that the concentration of the product concentration of Yan Chuanyan remained stable, and it was still higher than the same average level.

Grasp the value creation ability of the corporate dynamics is the core

In the second quarter report, Xun Chuanyan analyzed that in the second quarter, the geopolitical crisis and the domestic epidemic situation relieved in the direction of the market, and the market style also evolved slowly in the long -term growth logic. The watershed of rebound or reversal has become a concern for many investors. "Of course, simply discussing the market trend is not meaningful for the long -term returns of investment, and it is difficult to get a relatively satisfactory conclusion. For investment decisions, valuable support lies in the creation law of the internal value of the stock market. The understanding of the value of the enterprise is as deep as possible in the face of emergencies and the impact of major events. This is the prerequisite for us to obtain convincing judgments in investment decisions. "Wu Chuanyan said In the second quarter, we continued to think about the investment analysis framework along the perspective of corporate value creation capabilities, and tried to understand the core issues that investment needed to face: the value assessment of the enterprise.

In his opinion, we are often used to measuring the value or price of the stock from the perspective of acquiring the value of the enterprise. This does not solve the long -term value problem of investment targets, nor can it solve whether the investment target is worthy of long -term holding. Because the fundamental factor that determines the value of a company's long -term investment is not how much value it can obtain at the moment, but the value creative capacity formed by its accumulation. This is a dynamic ability. Regularly segmented the market, whether it can make forward -looking strategic arrangements, and whether its future plans can be consistent with the changing consumer needs and technology and competition opportunities.

Wu Chuanyan believes that compared with, the ability to obtain value is more like a static ability. It originated from the existing competitive advantage of the enterprise. From the relationship between value creation and value acquisition, the latter is a manifestation, and the former is the root cause. The value acquisition capabilities of the enterprise often fluctuate around the company's long -term value creation capabilities. The differences between the between the company's internal and external factors operate, including the strategic transformation of the enterprise, the industry environment, emergencies, etc. See the two is balanced. Therefore, as long as we have grasped the corporate dynamic value creative ability in the investment, there is no stagnation or degradation, and the existing value acquisition ability may not be the focus of inspection. On the contrary, the evaluation standards of long -term value creation capabilities are separated, and the short -term value acquisition capacity of the enterprise is in isolation, or the short -term value -added space of the stock is not concerned about the reasons for the formation of this ability and whether it is reliable. It may be lost in the changing market and put our investment in a large risk situation.

It is firmly this point, the next job is how to study the company's dynamic value creation ability. Generally, listed companies have a long history of information disclosure. This information is actually telling us what the company does what time and how to do, what plans to do, how to do it, or no longer do anything. Through the analysis and confirmation of these long -term behaviors, we can roughly understand the actual ideas behind the business operations, the process of corporate culture and evolution; we can also understand how the company handles the relationship with employees and customers, how to view and treat employees in value creation in value creation creation The role of how to improve the value creation of employees; at the same time, it can also reflect how the company treats the relationship between short -term profit and long -term investment, and whether it can effectively speculate and verify the development of the market and technology at each important node, and to verify and verify the development of the market and technology. Effectively organize assets and capabilities and even organize changes to meet new needs; sometimes, we can also observe the company's strategic choice between self -built or external acquisitions inside, and whether to consciously predict the ability to distribute the future capabilities of the entire industry in the future. , And take effective ways with upstream and downstream enterprises, jointly create business ecosystems, and so on. In this regard, we need to have enough time to track it to judge the company's dynamic value creation ability.

(Note: If there is no special indication of the chart data in this article, it comes from Zhijun Technology and Wind data)

Risk reminder: The fund has risks, and investment needs to be cautious. Fund's past performance does not indicate its future performance. Fund research and analysis do not constitute investment consulting or consulting services, nor does it constitute any substantial investment suggestions or commitments to readers or investors. Please read the "Fund Contract", "Recruitment Manual" and related announcements carefully.

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