The first change is the change of investment objectives. The old fund name emphasizes that the investment goal is to realize the long-term appreciation of assets by investing in small and medium-sized stocks with competitive advantages and high growth. However, judging from Mr. Zhang's position in the past two years, it does not meet the definition of small and medium-sized stocks. Maotai, which hoards a lot of goods, ranks first in the market value of A shares. How can it be said that it is a small and medium-sized stock? From Mr. Zhang's personal style, small and medium-sized dishes are no longer in line with his current temperament. The investment goal of the new fund name is to select high-quality enterprises and realize long-term asset appreciation. Combined with positions, this definition is much more accurate.
The second change is the change of investment scope. Compared with before, the new investment scope has increased the investment in Hong Kong stocks and expanded the investment scope of fund products. Combined with the current management scale of Zhang Kun, another market is really needed to divert some funds and diversify positions. It can be seen from another fund product selected by Mr. Zhang that at this stage, Mr. Zhang still prefers the value investment target of Hong Kong stocks.
The third change is investment strategy. Compared with the previous investment strategy, it emphasizes risk management and hedges with stock index futures. Perhaps Mr. Zhang thinks that when the market style is wrong, appropriate stock index hedging can hedge the losses caused by some stock price declines to fund assets.
The fourth change is the change of performance benchmark. The previous performance benchmark corresponds to three indexes, namely, Tianxiang Middle Market, Tianxiang Small Market and China Bond Total Index. The new performance benchmarks are Shanghai and Shenzhen 300, CSI Hong Kong 300 and China Bond Index. This is also a new performance comparison benchmark based on the new investment scope and investment objectives.
Generally speaking, the new fund Wuji thinks it is more suitable for Mr. Zhang's investment style, and also believes that this product can continue to hit new highs in Mr. Zhang's hands. This year's value investment style is really uncomfortable. It has been nearly nine years since Mr. Zhang took over the small and medium-sized enterprises of E Fund in September, 20 12. Only 20 14.30% lost money in 20 18, and the rest of the years were positive gains. This product lost 10.72% this year, which is enough to show that under the influence of multiple factors such as scale and market environment, Teacher Zhang will not play this year. 20 18 generally fell. This year is a structural market. This income can only show that Mr. Zhang is insisting on value. Compared with the previous income, this refund is nothing. The name and related contents of the fund have changed, but what remains unchanged is Mr. Zhang's insistence on value. Do you like such a teacher Zhang?
Finally, talk about Mr. Zhang's views on the market in combination with the fund's interim report. Teacher Zhang believes that the reason why ordinary investors give higher prices to companies is mainly to pay attention to the short-term profitability of enterprises, and thus judge the long-term profitability. Teacher Zhang thinks that this method is not very scientific, and it is necessary to use stricter requirements to select enterprises, and gives a standard, that is, if the stock market is closed for 3-5 years, whether you still have the confidence to buy the shares of this enterprise. Teacher Zhang said that the strong preference of the market for high-growth enterprises this year has given the relevant companies excessive pricing to some extent. In my opinion, I think there is no problem with teacher Zhang's thinking. I can also feel that Mr. Zhang still maintains long-term and effective confidence in his strategy under the current environment.
Finally, let's take a look at the benefits of the infinite sword combination for your reference.