the focus of discussion is mainly on the following aspects.

morning, that's for sure.

Some friends may not know much about the fierce competition in Public Offering of Fund, and simply think that it doesn't matter if you don't make money in the short term, but it's the same if you make money in the long term. In fact, the annual ranking of fund performance is something that fund managers must strive for. One year's poor performance can be forgiven, two years' poor performance is very dangerous, and three consecutive years' poor performance is basically eliminated.

when you study fund managers, do you often find that some people have managed funds, but now they no longer manage funds?

Like this

These are all colleagues of Zhang Kun!

Very few of these people were found to have moved to other industries, such as private placement, but most of them were eliminated.

according to statistics, due to poor performance in the previous year, 64 fund managers left their jobs in the first quarter of 19 years and 59 fund managers left their jobs in the first quarter of 2 years.

Therefore, fund managers can ambush a few stocks in advance, but they will not ambush most positions in an industry in advance, even less so three years in advance.

Analyzing Zhang Kun's timing just means that he is not a god.

I don't believe that anyone can choose the perfect time unless he can hang his name on the rich list for a long time by stock index futures.

I prefer to choose funds that have kept high positions, which can give me a stable expectation. Most fund managers also admit that they have no ability to choose time.

generally speaking, unless it is a quantitative transaction, the lower the turnover rate, the better.

But the low turnover rate cannot prove that the fund manager is a value investment. Low turnover rate is a necessary condition for value investment, but not a sufficient condition. Zhang Kun is not a value investment, as I will say later.

if it's so simple, it's too easy to choose a fund. just buy the top few on the leaderboard.

obviously not. They are all heavy-duty liquors. Why do so many people choose Zhang Kun instead of buying China Merchants CSI Liquor with higher income? Therefore, there must be other reasons besides the rate of return, and it is more important than the rate of return.

Many people understand Buffett as a fund manager, but he is not. Buffett can make long-term investments, regardless of short-term gains, and he can wait for a long time. Manager Public Offering of Fund can't. The performance appraisal method determines that manager Public Offering of Fund must be "short-sighted". He must buy what he thinks will go up this year.

(Actually, companies like BYD were not Buffett's type, but Li Lu recommended it to Munger, and Munger strongly recommended it to Buffett before buying it. Munger is optimistic about BYD's vision. Once successful, it may be subversive, not short-term cash flow, ROE, PE and the like. Don't compare, this is not a logic with investing in consumer companies. )

Many fans in Zhang Kun think that he is a value investment, but unfortunately he is not.

"Select high-quality enterprises and accompany them to grow through long-term shareholding" and "explore high-quality growth companies and hold them firmly for a long time" are what Zhang Kun said.

let's not just look at what he says, but also look at how he does it.

A lot of fund data are published regularly, from which we can find a lot of useful information.

let's see if he is "firmly held for a long time" from the details of fund positions.

this is the shareholding details at the end of 213

this is the shareholding details at the end of 214

this is the shareholding details at the end of 215

this is the shareholding details at the end of 217

this is the shareholding details at the end of 218

this is the shareholding details at the end of 219

Let's look at these two sentences again: "Select high-quality enterprises and accompany them to grow through long-term shareholding" and "Explore high-quality growth companies and hold them firmly for a long time".

isn't it ironic?

funds in Zhang Kun have been restricted recently.

there are generally two reasons for restricting purchases. First, the amount of funds is too large to operate. China's capital market can't accommodate more than 1 billion value investments? You taste it. Second, the fund manager feels that the price of holding stocks is too high, and he can't do it, and he can't find other suitable targets.

the first situation is better, but if it is the second situation, it is very dangerous. After Fu Pengbo's fund purchase restriction, the income fell sharply.