"Going alone"!Take a look at these "not holding group" treasure fund managers ...

China Fund Daily Jia Zhanying

In the past five years, many fund managers have made bright performance with two golden tracks of liquor and new energy, and the scale and fame have also soared with the lane prosperity.

However, the capital market does not have assets that will always rise forever. Many times, the market style often switches back and forth around different tracks. Some investors who do not participate in the group and do not bet on the track can also help with independent judgment and excellent investment capabilities to help. Gin people earn a lot of benefits.

Taking this opportunity, Fund Jun also screened a batch of fund managers with "not holding a group" but also excellent performance to share their investment philosophy and viewpoints with investors. The filtering conditions are: the total number of the top ten heavy warehouses in the 2021 annual report holds the total of the total of the funds of the fund less than 2500; the fund manager has been in office for three years; the increase in the interval in the past three years is greater than 80%.

In this issue, Fund Jun will introduce the three star fund managers. They are Zhong Geng Fund Qiu Dongrong, Dacheng Fund Han Chuang, and Qianhai Open Source Fund Wu Guoqing. By analyzing their respective investment styles and frameworks, help everyone understand the investment concepts behind these outstanding investors.

Zhong Geng Fund: Qiu Dongrong

Qiu Dongrong, who has always tagged with "not holding a group", has been impressed by many fund investors. Qiu Dongrong, who was "early bird", took the lead in the second quarter report, and really got high attention from the market again. In addition to the good performance in the second quarter, Qiu Dongrong really circled a wave of fans.

According to the latest second quarterly report, under the blessing of many iron powder, Qiu Dongrong's management scale is only one step away. At present, Qiu Dongrong is in charge of four products, with the latest scale of 29.201 billion. Surprisingly, its representative product in control increased by 11.8 billion yuan in the first half of the year.

From the perspective of data dimensions, Qiu Dongrong's performance is indeed remarkable. Zhijun Technology shows that as of August 5, Qiu Dongrong has been in the past 5 years, with an annualized return rate of 21.5%, better than the Shanghai and Shenzhen 300. At the same time, the largest retreat in recent years is only 18.51%. It can be seen through the above data that Qiu Dongrong's ability to gain is relatively strong, and the ability to control risks is better.

The dazzling performance is naturally inseparable from the unique investment philosophy of the manager behind. This year, Qiu Dongrong's perception in the second quarterly report has 2500 words. The core point is that it will continue to adhere to the concept of low valuation value investment. Through selection of individual stocks with reduced risk, positive profit growth, and cheap valuations, build high cost -effective stocks The investment portfolio strives to obtain sustainable excess returns.

In addition, as a typical value investment player, Qiu Dongrong also has the following summary of his investment system framework, including three aspects: first, asset allocation strategies based on risk and risk premium; second, PB-ROE has bottomed up from the bottom to the top to top up. The core of stock selection strategy is the uncertainty of ROE; third, the risk management system.

In addition to the point of view of the second quarter report, in the recent Internal Strategy Meeting of the Geng Geng Fund, Qiu Dongrong simply summarized the market performance of the second quarter of this year, focusing on the investment concept of "low risk, low valuation, high expected income". It also clearly states that they are currently optimistic about energy resources, bank real estate, growth stocks, small -cap stocks, Hong Kong stocks and other industries.

From the perspective of tracking Qiu Dongrong's positions, the four funds he managed continued to operate more than 90%of the high positions in the second quarter, and at the same time, it maintained a higher proportion configuration of more than 40%in Hong Kong stocks.

Taking the fund products representing its representatives as an example, Qiu Dongrong opened a large -scale position in the second quarter. The top four heavy stocks were Hong Kong stocks. Although there were different degrees of positioning of stocks in this quarter, in general, Hong Kong stocks were in the top ten in the top ten in their top ten. The proportion of heavy warehouses is still very high, and the number of shares is significantly increased, which can also reflect that Qiu Dongrong is optimistic about the investment concept of Hong Kong stock low valuation style.

In the second quarterly report, Qiu Dongrong said that in the investment ideas of the market outlook, adhere to the concept of low valuation value investment, through selective fundamental risk reduction, positive profit growth, and cheap valuations, build a high -cost investment portfolio Continuous excess returns.

Qiu Dongrong believes that in the second quarter, regardless of domestic or foreign, there are many changes and rapid changes, the market transaction rhythm changes rapidly, abundant domestic liquidity, investors will give the biggest optimism to the prosperity of policy blessings, and the structure of the A -share market overestimated and underestimated The contradictions of coexistence have become prominent, and the valuation level of high -valuation stocks represented by large -scale growth stocks rose to more than 85%of history. It is still facing the influence of uncertain factors such as epidemic, energy and inflation.

In addition, Qiu Dongrong also stated that he would carefully evaluate this structural risk. Based on the level of equity risk premium, it will maintain cautious and optimistic, actively find value stocks with low valuation, limited supply but stable or expanded demand, and growing stocks with relatively low valuations but upward. income. Hong Kong stocks value stocks are average, but the technology Internet rebounds slightly. From the perspective of various valuation dimensions, Hong Kong stocks are basically at the lowest level in history. Based on the systemic opportunities of Hong Kong stocks, they continue to be strategic allocation.

Dacheng Fund: Han Chuang

As a fund manager who does not bet on the track, there is neither "Ning" nor "Mao" in the position, but his performance can still be ranked at the forefront. He is Han Chuang of Dacheng Fund.

Han Chuang graduated from Sun Yat -sen University and is a major in finance. After graduating in 2012, he was a researcher at China Merchants Securities. In June 2015, the Dacheng Fund continued to be a researcher. Start managing his first fund on January 10, 2019. At present, his fund management experience is only four years. It is considered to be a new generation of fund managers, but the securities have been working for nearly ten years. According to the latest data, Hanchuang currently manages 12 funds with a scale of 29.260 billion. Looking back at Han Chuang's management performance, long -term performance is outstanding. According to Zhijun Technology, as of August 5, Han Chuang has been in the past three years, with an annualized return rate of 52.43%, which is better than Shanghai and Shenzhen 300. The maximum retracement is 24.02%, better than the CSI 300. At the same time, in the past three years, the average annualized income of its partial stock hybrid funds is higher than 99%of similar managers. It can be seen that Han Chuang has a strong ability to control the retracement. Even in the case of the market decline this year, he can control his retracement in the management fund.

Han Chuang, who was born in cycles, believes that everything has a cycle, and the average return is the inevitable result of the market economy operation. His goal is to find high -quality companies with reasonable valuations in the high prosperity industry and the elasticity of the industry.

Han Chuang's core investment framework can be summarized as three principles: the first is the industry's prosperity, the second is the company's competitive advantage, and the third is a reasonable valuation. There is a lack of one.

In the interview column of Dacheng Fund, Han Chuang has also analyzed the prosperity in the investment framework in detail, because this is the most important part he thinks.

Han Chuang divided the prosperity into two categories: industrial trends and the industry. The former refers to the mid-to-long-term growth that can reach 5-10 years or even longer, while industry comparison is more focused on the medium-term industry of 2-3 years. For the better.

According to its investment philosophy, it can be seen that Han Chuang did not have a special style. The same is true. From the perspective of historical positions, the style is relatively balanced, and the overall is biased towards the growth style. It takes into account the market value style of small disks, mid sets and markets.

However, through tracking, Han Chuang's transition rate is very high and the transaction capacity is strong, but as the scale increases, excess returns in this area may decline.

Specific to the stock selection, Han Chuang said in an interview with Dacheng Fund that his stock selection framework came from the cash flow discount model. Han Chuang will divide the future cash flow of a company into two parts, part of which is short-term and 2-3 years. Essence

From the perspective of 2-3 years, Han Chuang believes that a company wants to achieve the rapid growth of performance. In most cases, it depends on the industry's prosperity; in the long run, a company must be able to sustainly create performance returns, mainly mainly It depends on whether its own competitive advantage is outstanding. This is also the source of the industry's prosperity and the company's competitive advantage in Han Chuang's investment framework.

Taking its representative fund as an example, it can be found that in terms of industry configuration, Han Chuang's position changes are relatively large. At the same time, the industry is mainly concentrated in the cycle industry it is good at, such as basic chemicals, non -ferrous metals, etc.

According to the latest announcement of the second quarterly report, from the perspective of its top 10 heavy stocks, Han Chuang mainly added warehouses, real estate, and other sectors.

In the second quarterly report, Han Chuang concluded: "In the second quarter of this year, the market style changed dramatically, the growth circuit has rebounded sharply, and the performance of the value and cycle sector is relatively low. The overall still focuses on the industry's prosperity, the company's competitive advantage is obvious, and the stock valuation is relatively reasonable. The short -term market fluctuations exceed the scope of the fund manager's own judgment, but the medium and long -term value judgment is a direction that needs to be continuously advanced. Fund manager will work hard to continue to create better investment returns for investors while controlling risks. "

Looking forward to the market outlook, Han Chuang is confident in the goal of steady growth. "On the one hand, there are actually many domestic policy tools that can be used in China this year. Real estate and infrastructure can be available in areas, and these are not contrary to long -term policy goals. On the other hand, domestic is very different from overseas low inflation levels. Wait, it also reserves a large space for the stimulus policy. In terms of external environment, we should not worry too much about the Fed's monetary policy, because with the significant improvement of my country's comprehensive national strength, the impact of the Fed's liquidity on my country is constantly weakening. "Han Chuang said.

Qianhai Open Source Fund: Wu Guoqing

As a fund manager who is also "walking alone", Wu Guoqing, the Qianhai Open Source Fund, is not large in terms of management compared to the former two fund managers, but it is also based on the "steady and steady performance" of performance. We are familiar with.

In the case of the fund manager's high education, Wu Guoqing also has the degree of PhD in economic management of Tsinghua University. At the same time, as an "old man" in the industry, Wu Guoqing has more than 15 years of funding experience. There are currently 16 products in the management, and the total scale of the public offerings is 6.343 billion yuan. Although the number of management is large, most of the funds are relatively small.

However, measuring a fund manager must use data to speak. Zhijun Technology shows that as of August 5, in the past 5 years, the annualized return rate was 5.46%, which was better than the CSI's full debt. At the same time, the largest retreat in recent years is 11.95%. As the saying goes, there is no such thing as a thousand miles. Although the performance of Wu Guoqing's fund management is not among the top of similar funds every year, it is also this stable growth that enables them to be able to rank among the hundreds of years of revenue. In the strong list.

Like Han Chuang, if you choose a keyword for his investment philosophy, Wu Guoqing also believes that the "cycle" is the most appropriate. He firmly believes that everything has a cycle, as is the capital market, and the cycle is repeated in the recurrence of the weekly and the bull and bear alternate.

In the interview with many previous funds, Wu Guoqing stated that he preferd the top -down investment method. He believes that the decision -making process from top -down from warehouse to structure to individual stocks is also a feedback mechanism that determines each other macro and medium -view micro -determination.

Secondly, Wu Guoqing will choose the investment style, section and industry according to factors such as the industry's prosperity and valuation status. Finally, in the corresponding sector, a few stocks are selected to strive to excavate Alpha of individual stocks.

Specific to the logic of stock selection, Wu Guoqing prefers growth stocks and screened it through the following stock logic. He believes that a good industry is easier to give birth to good companies, so you first choose a good -growing industry, including the industry's prosperity and market space. Valuation.

If Wu Guoqing's specific positions are tracked, he can find that he is more biased towards gold and rare earth. Wu Guoqing believes: "From the middle and long term, the supply of gold and rare earths is very benign, and the growth is orderly. Therefore, the price of rare earth in the middle and long term will be a continuous and strong situation."

Looking forward to the second half of 2022, Wu Guoqing stated in the second quarterly report that he judged that the Chinese economy had passed the most difficult moment. The possibility of interest rates on significant upward or downward. There may be trading opportunities in the second half of the year. In the future The bottom line strives to provide the holder with low volatility and stable returns.

As for rights and interests, Wu Guoqing said: "In the second quarter, the A -share market rose, of which the CSI 300 Index rose 6.21%, the GEM index rose 5.68%. During the reporting period Growth stocks and sections that benefit from recovery after the epidemic, such as new energy and cars and consumer goods. In the follow -up operation, we will still select high -quality stocks with long -term growth potential, core competitiveness, valuation and growth, and strive to work hard as Investors create sustainable return on investment. "

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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