Get the moon in the water tower first?Reveal the fund manager sought after by their families ...

China Fund News

When the public fund semi -annual report was disclosed, the fund holding of the fund company's own employees also surfaced. Although the A -share market has continued to fluctuate in the first half of the year, fund managers and employees will still lay out in a timely manner, and the net asset value of the fund's assets will continue to rise. Wind data shows that the total ownership of the fund company's management staff in the first half of 2022 exceeded 13.7 billion yuan, an increase of 10.48%over the end of last year.

In this issue, Fund Jun screened the number of managers in the mixed funds and stock fund products in the first half of the year, and ranked in accordance with the shares of the management staff.

(Data source: Wind)

In this issue, the Fund Jun will choose three of the fund managers to introduce to you. They are Guangfa Fund Liu Gezhang, Xingzhi Global Fund Xie Zhiyu, and Dongfang Red Asset Management Li Jing. By analyzing their respective investment styles and frameworks, help everyone understand the investment concepts behind these outstanding investors.

Guangfa Fund: Liu Ge 金

Liu Gezhang graduated from the Graduate Department of the People's Bank of China, a doctor of economics, and currently serves as Guangfa Fund Management Co., Ltd. The management period of public funding funds is 8.5 years, and currently nine funds are currently in charge of the funds, with a scale of 68.5 billion yuan.

As of September 7, the data showed that in the past 5 years, Liu Ge's annualized yield was 15.52%, which was better than CSI 300. The maximum retracement was 45.36%, worse than the Shanghai and Shenzhen 300. In the past 5 years, the average annualized income of partial stocks of Liu Gezhang's partial stocks was higher than 80%of similar managers, and the average maximum retracement was less than 9%of similar managers.

刘格菘始终维持高仓位运作，股票占总资产比高达93.96%，从股票持仓的行业分布来看，刘格菘近三年配置的前五位分别为：电力设备（47.88%）、汽车（12.95%）、 Electronics (7.54%), pharmaceutical biological (7.32%), basic chemical industry (5.72%). The stock industry preferences are concentrated, mainly electric equipment.

According to statistics from the second quarter report of Liu Gezhang's 2022, the average holding cycle of the top ten heavy stocks was 6.9 quarters. The longest target of heavy warehouses is 100 million lithium energy, and it has continuously reinstated in 12 consecutive quarters. The electronic equipment industry in the top ten heavy stocks has been increased. It can be seen that Liu Ge's heavy storage stock holds a long holding time and is optimistic about the electronic equipment industry.

Liu Geyi respects the laws of the market and attaches importance to industry configuration. Liu Ge's investment framework is from macro, and the industry is selected from top to bottom. Then Liu Gehi will conduct detailed quantitative research from the micro level to analyze the industry's prosperity, supply and demand relationship, and competitive pattern to judge the industries that focus on. Liu Gezheng said that the industry must focus on changes in industrial trends.

In Liu Ge's view, the best combination is not to earn money for company growth, but the money of industrial trends. "I think about what the source of valuation changes is, which is more critical. The initial conclusion of the source of valuation changes is related to the industrial trend. Only when the industrial trend is rapidly fulfilled, the performance and valuation of the leading company will double Sheng, bring Davis double -click. "

Liu Gezhen said that his investment framework is based on the long -term investment of the industrial chain, and strive to study the supply and demand pattern of every industry that meets investment needs. Find the best cost -effective industries.

Liu Gezheng said that the largest Beta in investment comes from the background of the times. In the past, a large number of outstanding companies with large market value were born on the Internet and smartphones. Whether the future scientific and technological innovation and high -end manufacturing can bring a new wave of era depending on whether our country can truly enter a new stage of innovation leading economic development.

Liu Gezheng has a good investment mentality. Talking about short -term fluctuations, Liu Gezheng once bluntly stated that everyone would be uncomfortable, and the pressure of fund managers was very high, but in the long run, short -term fluctuations in the growth process of the A -share market are only relatively small water splasses. In the shocking city, Liu Gehi will emphasize to cherish the low A -share assets.

Liu Geye once said: "The best way to control the retracement is that the asset allocation structure is consistent with the mainstream direction of the market." Liu Geh said that what he should think about is "wrong killing", instead of being pessimistic about emotions. "We have experienced many difficult stages in the past. It is because of surviving that there is a big market that has grown in rights and interests in the past three years."

Liu Geye said that the development of innovation economies is not an occasional and point -like innovation, but a systematic and sustainable innovation. The completeness of the industrial system determines the systemic and sustainability of innovation. Throughout the successful experience of innovation in the economy of innovation, Liu Gehi said that there are two important points.

First of all, the integrity of the industrial system is an important support for innovation and development, and the second is the resonance of demand leadership and innovation capabilities. "The high -end manufacturing industry in Germany, the electronics and new materials industry in Japan, the Internet and the pharmaceutical industry in the United States are inseparable from the above two conditions. The demand comes from the leadership of globalization. sex."

Looking forward to the market outlook, Liu Geh said that he will continue to be optimistic about the global comparative advantage manufacturing in the future. Because the global comparative advantage has been established, it has a wider moat, which can make a forward -looking layout to a certain extent. "Although there are affected factor this year, the industrial chain link of the manufacturing industry will also face difficulties, including key links affected by the epidemic situation, affected by supply, etc., but from the perspective of demand, growth is still better. , The demand for suppression may be recovered quickly. "Xing Xing Global Fund: Xie Zhiyu

Xie Zhiyu graduated from Fudan University and joined Xingzhi Global Fund Management Co., Ltd. in 2007. He has successively served as a researcher at the Research Department of Xingzhi Global Fund Management Co., Ltd., an investment manager of the special household investment department, and the current investment director of the fund management department.

Xie Zhiyu Public Fund has been in the management period of 9.7 years, and currently has 5 funds, with a scale of 80.5 billion yuan. Obtaining strong revenue capacity and medium control of risk.

In the past 5 years, Xie Zhiyu's annualized yield was 13.66%, which was better than CSI 300 in the same period. The maximum retracement was 37.1%, which was different from the CSI 300 in the same period. In the past 5 years, Xie Zhiyu's partial stock funds have an average annualized income higher than 67%of similar managers, and the average maximum retracement is less than 50%of similar managers.

Xie Zhiyu's overall style is a broader market-balance type. Always maintain the operation of high positions, and the stock accounts for 89.47%of the total asset ratio. From the perspective of the industry distribution of stock holdings, Xie Zhiyu has allocated the stock industry preferences in the past three years. The top three are electronics, other-Hong Kong stocks, and power equipment, which account for electronics (14.35%), other-Hong Kong stocks (10.86%), and, and, and other-Hong Kong stocks (10.86%). Power equipment (10.04%).

According to statistics from Xie Zhiyu's second quarter report in 2022, the average holding cycle of the top ten heavy stocks was 4.5 quarters. The longest target of heavy warehouses is Mango Super Media, which has continuously heavy positions for 10 quarters. In the second quarter, Xie Zhiyu, who has always preferred a stable section such as home appliances, medicine, and consumption, has increased its allocation of Hong Kong stocks and bought new energy stocks. Xie Zhiyu's heavy position holding the holding time for a long time, and the turnover rate is low.

Xie Zhiyu's investment features are balanced allocation, balanced valuation and value. Most of the excess returns in Xie Zhiyu's investment portfolio originated from selecting stocks. The "mild" investment concept made Xie Zhiyu have the title of "warm male". Xie Zhiyu emphasized the valuation very much and believes that leaving valuation is a very dangerous thing. Xie Zhiyu will start from the original point of the logic chain, clearly set the attributive context, concept, and scope of applications, and then through strict logical derivation to form a complete logical closed loop, and to analyze the possibility in depth. In terms of the integrity of the logical chain, Xie Zhiyu has achieved excellence.

Xie Zhiyu's "three levels" and "two assumptions" theory are quite unique. Xie Zhiyu said that first of all, his investment stocks were based on trust responsibility; his investment assumptions had two points. One was that investment was based on long -term facts, and the other was that the mastery of the facts could not be exhausted. In addition, Xie Zhiyu's investment framework is tolerance, operability and ductility.

Xie Zhiyu tends to look at the fund with a longer -term perspective. He cares that the real value created by the long -term investment of the fund, rather than the short -term net worth floating. Xie Zhiyu believes that the most important cognition in investment is that investment is based on the facts, and our perception of facts cannot be exhausted. Therefore, many things are not so clear or white, they are "possible" and "to a certain extent."

Speaking of Hong Kong stocks, Xie Zhiyu said that some companies in Hong Kong stocks have experienced strict Internet supervision, and the market value has fallen sharply in the early stage. This downward trend reflects pessimistic expectations to a certain extent. The cost -effectiveness of investment is constantly rising. Therefore, Xie Zhiyu maintained a higher position on Hong Kong stocks and resisted the impact of the new crown epidemic.

Looking forward to the market outlook, Xie Zhiyu said that in the later period, he will continue to select individual stocks from the bottom up, committed to finding the most cost -effective stocks, and strive to tap the long -term growth value of high -quality companies, and constantly find outstanding companies with good investment. Xie Zhiyu will continue to configure a balanced configuration, not stick to a certain industry, and continue to pay attention to the target with high growth and core competitiveness.

Oriental Red Asset Management: Li Jing

Oriental Red Asset Management Li Jing's undergraduate graduated from the Fudan Computer Department and graduated from the Fudan Economic Department. The composite learning background allowed Li Jing to gradually grow into a comprehensive investment and research personnel. The management period of Li Jinggong's fundraising fund is 2.5 years. At present, there are 9 funds in the management fund, with a scale of 21.6 billion yuan. In the past one year, Li Jingyan's polarized stock hybrid funds have an average annualized income of similar to 36%of similar managers, and the average maximum retracement is less than 17%of similar managers.

Li Jing's overall style is a large-scale-growth type, still maintaining the operation of the high position, and the stock accounts for 90.14%of the total asset ratio. Judging from the distribution of the stock holding industry disclosed in the middle report in 2022, the top five of Li Jing's configuration are: power equipment (32.76%), other-Hong Kong stocks (15.73%), non-ferrous metals (12.16%), basic chemical industry (5.9777 %), Food and drink (5.94%). The stock industry preferences are scattered and the industry distribution is changing.

According to statistics from the second quarter report of Li Jing's 2022, the average holding cycle of the top ten heavy stocks was 3.4 quarters. The longest target of heavy warehouses is Moutai, Guizhou, and has continuously heavy positions for nine quarters. The holding of heavy positions has a short time, the industry distribution is changing, and the turnover rate is high. The interim report shows that Li Jing's newly entered three non -ferrous metal shares is enough to prove his confidence in this industry. Li Jing followed the growth of listed companies for a long time. He believed that "guarding" was more important than "surprisingly" and strictly adhered to the ability circle. Li Jing said that the foundation of a company is very important, and the organizational ability, management ability, and product capabilities are good, so that there is a high probability that it can provide a high return. Li Jing will not go to Boshikou and the market's attention, and does not rely on 'surprising' to attract attention. Instead, they study and hope to provide investors with a relatively stable return.

Li Jing said that in the first half of 2022, market transactions showed significant fluctuations and differentiation. After significantly adjusted, they ushered in a rebound. From the perspective of the dynamic price -earnings ratio of the wide -based index, the GEM index rose to the average sub -level level. Li Jing once said that after the previous decline, the market has gradually released a stable signal.

Speaking of Hong Kong stocks, Li Jing said that in the past year, the Hong Kong stock market has encountered obvious callbacks and once experienced "to dark moment". However, in Li Jing's view, the Hong Kong market is still not giving up in investment and regarding it as a strategic highland. Li Jing said that there are better consumer companies in the Hong Kong stock market, Chinese technology giants, and more and more technology companies and emerging industry companies will choose to list or listed in Hong Kong stocks.

"These a large number of new economic companies and industrial trends have always been specially needed to study and pay attention to, because they have the logic of the times behind their development." Li Jing said that there are many trends that are created by the background of the times. As investors, investors are investors. Be sure to keep up with the times. Once there is an opportunity, you can effectively seize the opportunity firmly.

Looking forward to the second half of the year, Li Jing said that overseas uncertainty mainly comes from the continuous interest rate hikes in the United States. The expected impact of interest rate hikes on the domestic demand market. Essence In the country, Li Jing said, "Liquidity should still be relatively loose, but there may be a time from too loose and convergence to moderate loose in the second half of the year."

For a long time, Li Jing said that anti -globalization may still have a negative impact on my country's economic environment, and the stability expectations of external ring mirrors may also be repeatedly interfered by friction between China and the United States. Li Jing said that it will further based on the advantages of my country's oversized domestic demand market and strive to tap investment opportunities based on internal circulation. In the middle and long term, Li Jing said that he will continue to optimize investment opportunities in consumption, medicine, high -end manufacturing and other industries.

(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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