First, let's look at how to judge which investment style a fund manager belongs to.
Regarding the investment style, there is no absolute basis for the market to divide, and there is no absolute standard to say what kind of investment style a fund manager belongs to. Our judgment on the investment style of a fund manager needs to be considered from several dimensions.
If we can sort out the investment style of fund managers in Li Chu, we can basically know what kind of investment logic fund managers are and what kind of market they are suitable for.
We can judge the investment style of fund managers from the following aspects.
Working experience of fund managers
It is impossible for a fund manager to start working as a fund manager as soon as he graduates. Before becoming a fund manager, he may have worked as an industry researcher and an assistant fund manager. If a fund manager's securities have experienced a bull-bear market cycle, his grasp of the market will be relatively more accurate.
Industry research background of fund managers
The industry research background of fund managers can roughly judge the competence circle of fund managers. Every fund manager has his own competence circle, and the management effect will definitely be better if he manages the fund in his own competence circle.
So we need to pay attention to the professional background of fund managers at school and the research fields after graduation.
Generally speaking, fund managers who manage industry theme funds will be more well-trained, just like we are looking for a job, we should also pay attention to professional counterparts, and it is certainly more comfortable to invest in areas that we know better.
Of course, with the increase and precipitation of fund managers' management experience, their ability circle will also be broadened.
Historical achievements
Historical performance is generally the most concerned and valued by investors at first sight.
Looking at the historical performance of the fund manager is not to see whether his ranking is the champion and runner-up, but to see whether his past performance continues to improve. If the performance only breaks out in a certain period of time, it is likely to benefit from the prosperity of the big environment or the rotation of the industry, and there are more elements of luck.
The measurement of performance mainly depends on the comparison between annual performance and benchmark, as well as the comparison with the broader market; The performance of bull market, bear market and shock market under different market conditions; Risk control (how the maximum retracement compares with the index); It depends on the performance of each fund they manage in the above dimensions.
Read the fund's regular reports or publicly interview roadshows.
The fund periodic report or prospectus is the most complete official document about the fund information, which contains a lot of information.
The information we want to know is related to the investment style of fund managers, so it is enough to focus on several aspects.
For example, the changes in the top ten awkward stocks, turnover rate, and industry proportion.
The other part is strategic analysis and prospect. The following is the self-report of the fund manager, mainly summarizing the past performance, judging the future market and investing strategy.
Or you can get to know the views of fund managers through interviews and roadshows.
Publicity and positioning of fund companies
In the publicity of fund managers, there is also a very important and clear positioning of fund companies.
This introduction is more professional and accurate, and the fund company will put a clear label on the investment style of the fund manager. Such as value, growth, industry theme and so on.
I hope the above contents are helpful to you.