Part one: Review and prospect of fund managers.
The fund manager reviews the fund operation in the last quarter or the reporting period of the previous quarter and looks forward to the next reporting period. Here, the fund manager will mention how the fund manager used to operate, so why did the net value of the fund reach this level, what is his preference in stock selection, and what is his view on the future. About this part, the fund manager will introduce it in detail through the quarterly report. this is
Of course, we look at the quarterly report not only to explore the strategy of fund managers this quarter, but also to look at this part continuously. Why? Because when the fund is issued, the fund manager will explain what his investment strategy is. What is the investment framework? What will he do in different market environments? The quarterly report of the fund is a very good test window, which can verify whether what the fund manager does is consistent with what he says. Including whether what the fund manager said in the last quarterly report is the same as what he did this quarter, we can see the stability of the fund manager's investment framework and the firmness of the investment concept, so the greatest value of auditing the fund manager's investment lies in testing. Investors can also understand the investment philosophy and framework of the fund manager through his review and prospect.
The second part: the change of position.
Why is this part also important? For example, if the fund manager says that some low-valued sectors are worthy of being laid out in the next quarter, then we must see whether the fund manager has done so and whether these sectors are laid out in positions. If you are optimistic about the theme of medicine and technology, let's see if the position has changed the same. Suppose the fund manager says that he is a value investor. If the stock he holds falls and the fundamentals have not changed, he will buy more. Look at the key positions of fund managers in the last quarter. If there is no Masukura, will he lighten his position, continue to increase his position or keep his original position? The purpose of looking at the position change is also to test whether the fund manager is consistent with his words and deeds.