The "Potential White Horse" catcher Huaxia Fund Zhong Shuai, which is not missed, released on September 5th

Once upon a time, compared with the stock selection of stocks and high investment risks, the fund has become the first choice for many investors to enter the investment market with its low entry thresholds, professional professionalism, and regulatory specifications. However, this year, if you want to choose a favorite fund, the difficulty may exceed the stock selection. You know, the number of A shares of A shares is more than 4,800, and according to statistics, as of June 22, the total number of public funds that have been located has reached 10077, more than 10,000 margins. In this case, in this case, in this case, in this case, in this case What kind of fund can investors choose?

Wang Anshi's "You Zhan Zen Mountain" mentioned: "The ancients' views of the ancients, mountains, rivers, plants, insects, fish, birds and beasts often have the deep thoughts, and they are all in their thoughts. Tourists; there are few people in danger, and there are fewer people. And the world's wonderfulness, weird, very viewed, often in danger, and people are rarely stubborn, so those who are not aspirations can not come. "When the market is When most fund managers tend to choose a stable "white horse stock", they are willing to choose a far -reaching and inaccessible path to capture the "potential white horse stocks".

Huaxia Fund Zhong Shuai is such a unique fund manager, and his uniqueness is not just discovering "potential white horse stocks".

Buyer seller experience discussion: Persevered in the leader of industrial chain research

Zhong Shuai, a master's degree in economics at Nanjing University, Bachelor of Physics of the University of Science and Technology of China. 11 years of investment research experience, including 2 years of public fund management experience. From July 2011 to January 2017, he was a researcher and assistant fund manager of Huaxia Fund Management Co., Ltd..

Seeing this, his resume seems to be no different from ordinary fund managers.

From January 2017 to October 2018, he was the chief industry analyst analyst of the environmental protection public cause of Tianfeng Securities Co., Ltd..

In October 2018, he joined Huaxia Fund Management Co., Ltd., former assistant fund manager of the stock investment department. He is currently the manager of the Huaxia industry prosperity hybrid securities investment fund fund (starting July 28, 2020).

Seeing this, some unique points came out: Unlike most fund managers shifted from the securities company (the industry called "seller") to the professional path of the fund company (buyer). The identity of the quasi -fund manager turned to the seller. During this period, as the chief analyst of Tianfeng Securities as the chief analyst of the environmental protection and public utilization industry, Zhong Shuai won the second place in the first year. After more than a year, Zhong Shuai chose to return to the buyer again, and still chose the old Dongjia Huaxia Fund. This experience can be said to have a great impact on his subsequent product management.

As a fund manager who is good at in -depth excavation of low -valuation stocks in the industry chain, Zhong Shuai's operating strategy has the characteristics of "not tie and not blindly obedient". That is to buy a big pen. This is due to the experience of the buyers and sellers they owned: after learning about the work content and business model of the seller, Zhong Shuai is more inclined to dig out by listening to the seller's report or suggestion. Exchange information.

He believes that the changes in the industrial chain will eventually be directly reflected in the fund's fundamentals, so you can directly investigate the industrial chain and exchange information with the industrial chain in order to be at the forefront of the market. "If you can pay attention to the changes in clues earlier, and have your own research and understanding, you can invest in a more suitable position at the bottom, and the risk income is more suitable than investing." In this regard, Zhong Shuai gave an example:

"I have a habit to look at the company's announcement on huge information. For example, a company's stock price has fallen a lot. Suddenly his chairman repurchase, or the executives have suddenly increased their holdings. The entire market is not optimistic. At this time, the executives have increased their holdings by themselves. In fact, this is a very strong message. This information may map a certain change behind its fundamentals, but this requires you to further study through the industrial chain research. If the change really happens, it may be transformed into the fundamentals after two quarters. In the end, these signals may be good through certain channel industrial chains or selling buyers to study, and finally passed to the market. "

Therefore, Zhong Shuai's work is often "survey first", except for the adjustment and handling of some things every Monday; every Tuesday to Friday, and even Saturday, he runs outside.

"Potential White Horse" catcher: a minority of "impossible triangles"

Such high -frequency continuous surveys complement each other with Zhong Shuai's investment concept.

Zhong Shuai believes that in the investment, if you follow the majority of people and choose the path of "You are near", then the personal performance difference between the fund manager is nothing more than the influence of diligence, talent, or luck, and fluctuates from the median line; If you want to see "the greatness of the world, the weirdness, very viewing", you must choose the path of "dangerous and far away". It is different from everyone. At the same time, pay a lot of effort to build your own unique Investment framework and investment methodology.

Zhong Shuai defined himself as a growth stock fund manager. He believes that there is a "impossible triangle" for investment in growth stocks.

The three corners of this triangle are:

Very good industry, that is, Gao Jingguang Growth Circuit;

Very good price, that is, lower valuations;

Very good company, that is, companies with strong growth barriers;

Under the condition of sufficient market pricing, it is impossible to have a high -rise and fast leading enterprise. The current valuation is still very cheap. Therefore, the art of investment in stocks lies in the clever balance of this "triangle". Fund managers can only choose at most two. At present, the mainstream market growth stock fund managers tend to choose a good industry and good company. The cost is to bear the high valuation of 50 times or even 70 times, and to bear huge retracement in the core asset adjustment in 2021.

In recent years, some popular niche fund managers have chosen a good company and a good price. The cost is to stay away from the hot track to choose stocks. It may experience a long period of dormant period and stick to it in the market.

Zhong Shuai chose a relatively rare third path -good industry and good prices, chose companies in high prosperity industries, but companies with low market valuations (companies with less competitive barriers), in the "left side "Stock selection, before the market, find the" potential white horse "from the dark horse, and earn the income in the process of transforming into a" white horse ".

Zhong Shuai also has his own unique understanding on the high prosperity industry and "potential white horse stocks":

Zhong Shuai believes that the industry has continued to improve in the future, or the industry that has expanded sharply is the high booming industry. The high industry prosperity is formed by various factors. Zhong Shuai values ​​the high prosperity industry that is determined by policy and supply -side factors due to technological progress or improvement of production relations.

Potential white horse stocks are those companies that are in high prosperity industries. Compared with leading white horse stocks, they are still in a fast -growing period; the hidden champion of the industry is subdivided; enterprise.

Historical data shows that the investment framework and methods of this product have undergone several pressure tests and the investment results are excellent.

Taking the prosperity of the Huaxia industry as an example, as the only product currently managed by Zhong Shuai, the reward reached 115.12%. In the past year, it has risen by about 84%, ranking first (1/1704) among similar funds; 127.26%in the past two years, exceeding the benchmark revenue of 118.96%; annualized returns exceeded 48%, and exceeded the performance benchmark 113.95%. In Haitong Securities in nearly 1-3 years of performance rankings, this product ranks among the top 3%of the same class, of which 84.11%in 2021, ranking second (2/1037) in the same ranking of Haitong. (Data source: Huaxia Industry Wind Fund Intermediate Report, 2022.6.30)

Many of the "Potential White Horse Stocks" selected by Zhong Shuai are buying heavy positions when other funds hold a low shareholding ratio. Since Zhong Shuai managed the prosperity of the Huaxia industry, it has continuously reinstated more than 2 quarters of stocks. The proportion was only 4.09%, and the average income of 57.05%after the purchase was 57.05%.

Huaxia industry has a continuous heavy position for more than half a year of stock purchase. After half a year of stock purchase

And the 22 -year interim reporter of the Huaxia industry can be seen that among the top ten heavy stocks of this fund, most of the stock market value is less than 50 billion yuan, and it is still rarely attracted by other funds, of which 4 stocks are even only one digits. The fund choosing a heavy position, once again reflects Zhong Shuai's concept of "do not pile up, does not follow the blind obedience".

The era of "no bear -free beef": the growth of a growth fund in the entire field is born every time

At present, there are opinions that we are entering a new era of "bears -free".

On the one hand, in the case of relatively loose liquidity, the rights market will be prosperous and lively, and there will be a lot of structural money -making opportunities.

On the other hand, the market is difficult to have a comprehensive bull market. There are three reasons: first, in the era of great reform of technological innovation, the traditional economy has been greatly impacted, and the index weight section needs to make a comprehensive bull market from the real economy; It is difficult to have a comprehensive bear market; the third is that the re -financing environment is extremely friendly. Excellent companies will obtain a large amount of capital support to accelerate the development. In this environment, the ability of high -quality companies recognized by the market to obtain funds is very strong. Therefore, in such a shock, the performance of individual stocks is very different.

Therefore, the A -share market is likely to enter the era of extreme differentiation.

And pay attention to the "growth stocks that can continue to stabilize to make money to investors" and carry out "moderate decentralization of the industry".

On September 5th, Huaxia, who was at the helm of Zhong Shuai, grew up to hold a year holding period (product code: Class A 016250; Class C 016251) was also officially issued.

Huaxia's growth in the year holding period will continue Zhong Shuai's investment strategy, adopt the bottom -up stock in the prosperity industry, and select the bottom left of the bottom target with a lower valuation in the prosperity industry. Value and growth, strive to create excess returns with stock selection.

At the same time, this new fund has set a one -year holding period to help investors passively overcome the human instincts of "high chasing up and low -level departure", which is also conducive to the maximum extent of the fund manager. Combination management efficiency to improve long -term return.

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