The last time the old watched the fundLujiazuiInterview with the fund manager, or at the end of November last year. It is now April. The old money laziness is too lazy. Sorry to be sorry.
【EnteringLujiazui】 The series is the old Jieyin Guimin requirements, open interviews fund managers column, our goal is: mining the new generation of star fund managers.
Today, it was the old time that the fund's second period [interview with fund managers] was formally launched. The second interviewee was Yang Ming, the 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 joined the Huaan Fund as a research fellow in the Research and Development Department. He is engaged in macro-research work and has served as Assistant Director of the Research and Development Department and Director of Research.
When the old money was disclosed to the Hua An Fund for an interview with Yang Ming, everyone respected him as Teacher Yang. The introducer introduced that because Yang Ming is a scholar-based research scholar and has been very low-key before, and he is particularly modest in investment, he has quite the style of a university professor.
On June 5, 2013, Yang Ming was first managedHuaan StrategyPreferredIn the first two years of the fund management, Yang Ming's excellent investment management capabilities were reflected.
What a wonderful method? As long as any one investor buys Huaan Strategy on any one day and holds it for the whole two years, the average yield is 55%, the median is 60%, and the highest rate of return is as high as 135%.
According to Wind data, in 2017, Yang Ming managed a Huaan strategy to optimize its revenue for 54.28% in 2017. As of March 9, 2018, since the management of Yang Ming, Huanan’s preferred cumulative return rate has reached 174.26%. This yield has outperformed the same period.Shanghai and Shenzhen 300Index returns 114%, outperforming the same periodgemFingerThe number yield is 93%; this rate is the same periodShanghai and Shenzhen 3002.9 times the index's yield, which is the same periodgem2.1 times the index's yield.
As of the end of last year, five of the top ten most important positions for Huaan strategy were financial stocks, including three insurance shares and two bank shares. The ratio of these five financial stocks to the overall net worth is also quite high, as high as 41.16%.
The old question that Yang Ming revealed to him was naturally asking heavy stocks. I asked him why the ratio of holdings to financial stocks, especially insurance stocks, is very high?
Yang Ming stated that as a value investor, his goal is to be able to bring an absolute return of 15%-20% to investors every year over a longer period of time.
“What is the nature of value investing? It is the growth that investment is seriously underestimated.” Yang Ming said, “The current underestimation is obviously the financial sector, especially the insurance stocks. Those large-scale and more purely life insurance companies will obviously benefit from the economy. repair"
“And the demand for life insurance is very large, and this business has grown faster than expected” Yang Ming is very firm.
In the interview, Yang Ming often emphasized that value investment is not limited to blue-chip stocks, and investing in growth stocks is also considered value investment. As long as a company grows, he will vote. He insisted on not speculating topics, not chasing short-term, by analyzing the industry and companies, doing reasonable expectations and valuations, looking for good companies, and finding reasonable prices for good companies.
The so-called growth, including four levels: First, the nature of demand, whether it is a persistent demand or a phased demand; second is to look at the profit model and factor agglomeration, reflected as a source of profit, competitive landscape and alternatives, which is growth The intrinsic source is also the source of the moat; the third is the return on assets and the return on marginal assets. This is the external performance of growth. It is necessary to look at the financial quality in light of the asset-liability ratio and the cash content of profits. Finally, there is the margin of safety and security. The margin can be understood as pessimistic expectations or free call options.
In addition to outstanding yields, Huaan's preferred retracement control and low volatility also deserve investors' attention. The maximum retracement of the Hua'an strategy in 2017 was only -7.40%, and much lower than the major indexes of the same period; in 2017, the annualized volatility was only 12.45%. The Huaan strategy prefers a lower retracement and volatility, which brings investors considerable benefits.
Yang Ming places special emphasis on preventing the risk of retracement. "A good bull stock should be a stock with a relatively small retreat that can continue to rise slowly," he said.
Regarding the control retracement, Yang Ming is very fond of two points: 1. The consideration of risk evasion is more important than the consideration of earnings. The pursuit of annualized returns is 15-20%. Although the annual performance is not outstanding, the head rankings do not see him, but in the long run, the return will not be bad.
2, dare to Shigekura their own in-depth study after the good stocks. The number of controlled core targets is generally about 20-25.
Looking forward to 2018, Yang Ming stated that this year's market will be dominated by shocks, and it will still present a structural market. His current favorite sector is insurance. Hua An Rui Ming will continue to uphold the value of the investment concept for two years, pay attention to the long-term layout, looking for traditional and emerging industries in the ambitious, long-term focus, with core competitiveness, and the stock price is reasonable or significantly lower than the intrinsic value of the enterprise to invest
Finally, I made a CALL for Teacher Yang. Yang Ming personally leads the product, Hua An Rui Ming two years will be set to open the hybrid fund, has been released on April 9, 2018, Class A code: 005695 Class C code: 005696
Tomorrow, April 17, is the last day of the recruitment day.
Hua An Ruiming continued to set the standard for "Hua'an Strategy Optimization" in the past two years, and included an absolute return factor. Every two years is a closed period. Open purchases are not redeemed during the closed period. The opening period of 5 to 20 working days between the two closing periods is to open for redemption.
Why do you want to start in two years? There are two reasons:
First, fund managers will not chase short-term interests for short-term rankings, and they will be able to invest fully in long-term value investment.
Second, the refusal of investors to chase and sell, allowing investors to hold long-term stability, access to long-term investment income of the fund. Let the fund make money, the basic people also make money!
In addition, Huaan Ruiming’s two-year fixed-mix fund also has a feature of strengthening dividend distribution. When the fund's net value reaches or exceeds 1.2 yuan, and the natural year has not been distributed, the fund must make a profit distribution. In order to provide investors with cash flow during the closure period.
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