Last time the old disclosure fund went intoLujiazuiAs an interview with the fund manager, it was still at the end of November last year. It is already April, and the old fund is lazy. I am sorry.
[intoLujiazui】The series is the old post-requirement of the basic people, the section of the interview fund manager, our goal is: to explore the new generation of star fund managers.
Today, the second phase of the old fund review [fund manager interview] was officially launched. The second interviewee was Yang Ming, research director of Huaan Fund.
Yang Ming is a veteran of the Huaan Fund and has 17 years of banking and fund experience. In October 2004, he entered the Huaan Fund and worked as a researcher in the Research and Development Department. He is engaged in macro research and has served as Assistant Director and Research Director of the Research and Development Department.
When the old expo fund went to the Huaan Fund to interview Yang Ming, everyone praised him as Teacher Yang. The referrer introduced, because Yang Ming is a scholar-type research master, and has been very low-key before, and is particularly modest in investment, quite a college professor's demeanor.
On June 5, 2013, Yang Ming first managedHuaan StrategyOptimalThe fund, in the first two years of management, reflects Yang Ming’s excellent investment management capabilities.
What a good law? As long as any investor buys Hua'an strategy on any given day and holds it for 2 years, the average yield is 55%, the median is 60%, and the highest rate of return is as high as 135%.
Wind data shows that in 2017, Yang Ming's Huaan strategy optimized 2017 revenue by 54.28%. As of March 9, 2018, since Yang Ming’s management, Hua’an’s strategy has optimized the cumulative rate of return to 174.26%, which has outperformed the same period.Shanghai and Shenzhen 300The index yield was 114 percentage points, outperforming the same periodgemMeansThe rate of return is 93 percentage points; the rate of return is the same periodShanghai and Shenzhen 3002.9 times the index rate of return, which is the same periodgemThe index yield is 2.1 times.
As of the end of last year, among the top ten heavyweights of Huaan's strategy, five were financial stocks, including three insurance stocks and two bank stocks. The ratio of these five financial stocks to the overall net worth is also quite high, up to 41.16%.
The old first to see Yang Ming's first question, naturally is to ask for a heavyweight. I asked him why the shareholdings of financial stocks, especially insurance stocks, are very high.
Yang Ming said that as a value investor, his goal is to be able to bring an average of 15%-20% of the annual return to investors over a longer period of time.
“What is the nature of value investment? It is the growth of investment that is seriously underestimated,” Yang Ming said. “The current underestimation is more obvious in the financial sector, especially insurance stocks. Those companies that are large and relatively purely life insurance will obviously benefit from the economy. repair"
"And the demand for life insurance is very large, this business growth exceeded expectations." Yang Ming is very firm.
In the interview, Yang Ming often emphasized that value investment is not limited to blue chip stocks, and investment growth stocks are also value investments. As long as a company grows, he will vote. He insisted on not hyping the theme, not chasing the short-term, analyzing the industry and the company, making reasonable expectations and valuations, finding excellent companies, and finding reasonable pricing for excellent companies.
The so-called growth, including four levels: first is the attribute of demand, whether it is persistent demand or staged demand; secondly, it depends on the profit model and factor agglomeration, which is reflected in the source of profit, the competitive pattern and the substitute, which is growth. The intrinsic source is also the source of the moat; the third is the return on assets and the marginal return on assets. This is the external manifestation of growth. It is necessary to combine the asset-liability ratio and the cash content of profits to see the financial quality. Finally, the margin of safety, safety. Margins can be understood as pessimistic expectations or free call options.
In addition to excellent yields, Huaan's preferred retracement control and low volatility are also worthy of investor attention. The maximum retracement of the Huaan strategy in 2017 was only -7.40%, which was much lower than the major indexes during the same period. In 2017, its annual volatility was only 12.45%. Huaan's strategy is to provide investors with very substantial benefits with lower retracement and volatility.
Yang Ming pays special attention to the prevention of retracement risks. "A good bull stock should be a stock that is relatively small and can continue to rise slowly," he said.
Regarding the control retracement, Yang Ming is very fond of two points: 1. The consideration of risk retracement is more important than the consideration of income. Pursuing an annualized income of 15-20%, although the annual performance is not outstanding, the head ranking can not see him, but in the long run, the income will not be bad.
2, dare to relocate their own stocks after deep research. The number of control core targets is generally about 20~25.
Looking forward to 2018, Yang Ming said that this year's market will be dominated by shocks, and will still present a structural market. His most optimistic sector is insurance. Huaan Ruiming will be adhering to the value investment concept in the past two years, focusing on the long-term layout, looking for enterprises with large-scale, long-term focus and core competitiveness in traditional and emerging industries, and whose stock price is reasonable or significantly lower than the intrinsic value.
Finally, I will give a teacher CALL. Yang Ming personally held the product, Huaan Ruiming set a mixed fund for two years, has been issued on April 9, 2018, Class A code: 005695 Class C code: 005696
Tomorrow April 17th is the last day of the recruitment day.
In the two years of Huaan Ruiming, the mix of “Hua’an Strategy Optimization” was continued, and the absolute income factor was included. Every two years is a closed period, and the open purchase within the closed period is not redeemed. An open period of 5-20 working days will be arranged between the two closed periods to open the redemption.
Why do you have to open it in two years? There are two reasons:
First, fund managers will not pursue short-term benefits for short-term rankings, and they can fully engage in operations and make longer-term value investments.
Second, refusing investors to chase up and down, allowing investors to feel secure and long-term holdings, and gain long-term investment income from the fund. Let the fund make money, and the people also make money!
In addition, Hua’an Ruiming’s two-year hybrid fund also has a feature of strengthening dividends. When the net value of the fund shares reaches or exceeds 1.2 yuan, and the income distribution has not been made in the natural year, the fund must allocate income. In order to provide investors with cash flow during the closed period.
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