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How does China Merchants Securities inquire about its total profit and loss?
Before writing, I want to declare that this is not an offensive manuscript. The worst performance this year is an objective description, not a derogatory attribute.

Without psychological preparation for poor performance for one or two years, it is unqualified to invest in active stock funds.

There are many reasons for poor performance, both in the market and in their own way. In many cases, there is not necessarily something wrong, so this article is not to criticize anything. I just want to see how excellent fund managers think and operate in adversity in such a turbulent and special year.

1. What is Alipay Gold Selection?

Alipay Gold Selection is a list of funds jointly selected by Alipay Financial Think Tank and china securities journal. The selected fund will have a shining gold standard in Alipay, which is very domineering. Alipay Gold Selection is divided into three areas: stable financial management area, stable enterprising area and gold selection base area, which correspond to short-term debt products, fixed income+and partial stock funds with a yield of about 3% respectively.

In my opinion, Taurus award is sometimes self-satisfaction in the circle. Alipay's gold selection is very grounded, which will greatly affect the choice of investors. There are thousands of funds in the whole market, and less than 200 can be labeled as this gold standard. It can be said that Alipay Golden Selection is the strongest king in the fund industry.

The list of judges selected by Alipay Gold is quite powerful. I will choose two I am familiar with.

Ren Tong team of China Merchants Securities has done a lot in fund research. At the beginning of the year, they had an activity to investigate 200+ fund managers and made a lot of minutes. Those who are interested can also find their research report "The Core Pool of Managers' Style of Public Equity Funds in China", which I think is of great help to grasp the active equity fund pool in China in a framework way.

Lin is the fof fund manager of Xingquan, and his Xingquan Antai pension series products are really good. He compared being a fof to being a coach on a football field. At any time, this fund team requires a striker, a midfielder, a defender and a goalkeeper at the same time. Forest products are characterized by balance and stability. In fact, they are suitable for ordinary people to manage their finances. Today, the management scale has exceeded 30 billion, and it is the largest fof fund manager.

Everyone else is also very good. In short, this bench is still very strong. I heard that Alipay's fund evaluation center has been recruiting people for the past two years, which is quite powerful.

Although the jury of Alipay's golden selection is very good and powerful, this list is also worthy of criticism. That is, weekly adjustment, the composition is transferred in and out, which is easy to cause chasing up and killing down. As a three-party list, it inevitably has a strong sales orientation, which is a big problem.

Alipay gold products that give the best publicity position are often stock fund managers with good recent performance. However, under the rotation of market style, it is easy for the basic people to buy and chase high. Relatively speaking, those products with fixed income+are all chosen by Alipay, because there is no need to consider the market style, and the recommended quality is often higher.

Second, Alipay's worst performance this year

As of this Friday, the stock fund with the worst performance in the whole market this year has a yield of around -25%. The ten products with the worst performance in the current Alipay Gold Select Fund were sorted out (Hua 'an Fund has two products, which were merged together), and the worst performance was the upgrading of Dongfanghong industry, which was-15.45% during the year.

This list does not include the funds transferred from this year's gold election, and the performance is not good enough. They can still be selected through the golden election. These are all statements.

, Wang, and Hu Xinwei were all present, and E Fund's consumption selection was not included in Alipay's gold selection, otherwise Xiao Nan, who lost 12% during the year, would also appear in this list. This fully shows that the market is not friendly to consumption this year. Last year was the track of YYDS. This year, the bosses have been pushed to the edge of the cliff, and it is really not easy to invest.

In fact, generally speaking, this list is biased towards consumption, and Quyang, Chen Yuan and Luo Shuai all have distinct consumption labels. At the beginning of the year, Quyang also issued a large-scale six-month holding fund. If we lose 20% this year, the sales channels will be full of complaints.

Tang Yang, which was still in the spotlight last year, has lost its luster this year. The combination of stocks and consumption in China is really a slap in the face this year. Huitianfu will give up the new fund when the fund manager's performance is brilliant, which actually brings great pressure to the fund manager. Tang Yang also released several large-scale products at the beginning of the year. Fortunately, this year's new products are ok, on the verge of profit and loss.

In this star-studded list, Wang Yanfei and Han Dong seem a little simple. They come from Orient Asset Management Company, a fund company that was once quite popular among the citizens. Nowadays, Oriental Asset Management is losing the color of celebrity fund companies on the Internet. For ordinary citizens, Wang Yanfei is not a familiar name.

3. What did Wang Yanfei do?

Once upon a time, Dongfanghong was the traffic password of the media in the fund circle. Chen Guangming and Starlight Glimmer, Lin Peng, the company's every move is the focus of discussion in the industry. The trend of closed-end funds led by Dongfanghong can even be said to be the starting point of this round of public offering frenzy.

Now, after rounds of intense personnel changes, the star of Dongfanghong is dim. Wang Yanfei is a heavyweight among the stock fund managers of Dongfanghong at present.

With a management scale of 23.6 billion yuan, Wang Yanfei is the manager of Dongfanghong Active Equity Fund, which is second only to Sun Wei. Since June 20 15 became the industrial advantage of Dongfanghong, the Golden Bull Award for one year, three years and five years is not excellent. Since he became a fund manager, the annualized rate of return has reached 12%, which is very impressive.

As a fund manager trained by Dongfanghong himself, Wang Yanfei's investment is very Dongfanghong temperament, valuable, balanced and long-term. Wang Yanfei's turnover rate is very low, and his holding period is very long. Since he became a fund manager, he has been firmly holding Yili shares, and Vanke, Midea and Huayu have also held three Baima shares for more than 15 quarters. The concentration of Wang Yanfei's top ten positions has been around 55% for a long time, which is relatively concentrated, in line with his concept of high confidence in positions.

Aside from the stock market crash of 15, the biggest retreat in Wang Yanfei's history was on 20 18, and the biggest retreat range was around 30%. At that time, the environment was not good, and Yan Wang was full of big consumption: Yili, Midea, Vanke, Qingdao ... Chunchun survived 20 18, followed by Big bounce.

Generally speaking, Wang Yanfei is a classic manager of Dongfanghong Fund, practicing value investment, balancing allocation, and matching words with deeds.

However, this round of adjustment, Wang Yanfei has been on the verge of the largest retracement in history, and has been dynamically retraced by 26% from the high point. Did Wang Can Yin Fei survive like last time?

Let's take a look at Wang Yanfei's specific operation this year. Finally, let me talk about my personal opinion, which may not be rigorous and correct, but can only be said to be a family statement for reference.

Wang Yanfei really doesn't pay much attention to the market style. When there were so many hot concepts in the market in the fourth quarter of last year, he still stuck to his bottom positions: Yili, Midea, Vanke, Haikang and Poly, all of which he held for several quarters. Therefore, the positions that can feed back Wang Yanfei's judgment are: Lu Hua Hang Seng, Rong Sheng Petrochemical, Giant Network, Bairun and Focus.

Generally speaking, it is still practical to find excellent opportunities in the market, which is about 15% per year.

The first quarter of this year was a roller coaster market. The gross index plunged, and consumption and medicine began to slump. At the end of the first quarter, Wang Yanfei cleared Poly and reduced his position in the real estate field. Cutting down the depressed giant network, this transaction is obviously correct, and a new round of plunge has begun behind the giant.

Wang Yanfei bought Yanghe shares in the first quarter. It should be noted that although Wang Yanfei is generally partial to consumption, in fact, the allocation of liquor has been relatively low, and it has never made any money from liquor in history.

Then I bought zhifei Bio. The background that needs to be understood here is that zhifei Bio is the most heavily allocated stock of the fund company Dongfanghong. Wang Yanfei himself once stressed in an interview that medicine is his own shortcoming and will look for opportunities to make up for it. In the context of the pharmaceutical industry callback, buying the pharmaceutical industry recommended by the company is a development.

The second quarter report shows that Wang Yanfei significantly reduced its holdings of Lu Hua Hang Seng, Rong Sheng Petrochemical, Midea and Vanke. The first two stocks belong to well-managed companies in large refining and chemical industries. The fundamentals of the company don't seem to have changed profoundly. The possible reason is that the price is not suitable, or the periodic products have to peak. The latter two stocks actually belong to Wang Yanfei's ballast stone. Decisive reduction after the stock price crash should be the expectation of a long-term depression in real estate.

Accordingly, Wang Yanfei has greatly increased its positions in Focus Media and Yanghe. The share prices of these two white horse stocks are relatively low in stages, and Wang Yanfei has added positions. Shangpin ZJS, Yuyue Medical and Wanfu Bio have appeared in the top ten warehouses, which seems to further increase the layout of the pharmaceutical sector. Wang Yanfei also summarized his medical research during his stay in Vietnam.

The reason for the operation here is not a wild guess, because there is really no evidence to check. In the third quarter, Wang Yanfei didn't do much substantive operation and didn't follow the schedule.

Generally speaking, this year's performance is lame because Wang Yanfei's market growth mode is really against the wind. On the other hand, the response does not seem to play a special role, and the timeliness of lightening positions and the effectiveness of bargain-hunting are insufficient.

However, it must be said that Wang Yanfei is not a fund manager who is good at timing or trading in history. The loss of 15% during the year is not an unacceptable result, and the short-term performance retreat is not enough to explain too many problems.

Fourth, where is the problem?

Wang Yanfei is too oriental, and his classic positions: Yili, Midea, Huayu, Li Xun ... all have a strong brand of Oriental Red.

In my opinion, the newly deployed companies such as Shangpin ZJS and Wanfu Bio have not achieved obvious results yet, but it is a good thing that Wang Yanfei is still actively looking for new investment directions.

Xiaoya, a senior media person in the circle, sent a message this year asking Dongfanghong about its strong consistency in Contemporary Ampere Technology Co., Ltd., regardless of whether it is reasonable or not. It is undeniable that the fund company Dongfanghong has a very strong and consistent investment and research culture, and this investment and research value is often a good thing. But if it is too strong, will it cause everyone to lie in a convergent atmosphere and not make progress?

Dongfanghong has few classic cases in medical investment in recent years, and the tracking of new economy and new industries seems to be insufficient, which is where Dongfanghong needs to think. I completely missed CXO and photovoltaic, which seems to be wrong.

Dongfanghong Ruixi, managed by Wang Yanfei, is about to open for three years, and the discussion forum of the fund has a lot of abuse every day. Of course, many times, the discussion forum of the fund is noisy and meaningless. Praise when it goes up, and scold when it goes down. But for a highly respected fund company like Dongfanghong, the trust of investors is crucial. Who taught you that intensive distribution is a long-term closed product?

A longer closure period allows investors to sacrifice liquidity in exchange for better returns. If there is no better return on investment, it will obviously lose people's hearts.

In addition, the departure of over-intensive executives also reminds Dongfanghong, what is the most expensive in 2 1 century? Talent! This thing of fairness, hidden, has rotted.