Behind the Nord Fund is Tsinghua Holdings, the first fund company with a well-known university background in China. At present, the management scale is 26.097 billion yuan, with 36 funds and 0/7 fund managers. Regardless of management scale or popularity, fund companies are very backward. In view of the performance of Luo Shifeng's personal performance last year, perhaps the Nobel Foundation will come into everyone's field of vision for a period of time, and how far it can go in the future depends on the long-term stability of profitability to make money for investors.
At present, Luo Shifeng only manages two funds with a total scale of 4.748 billion yuan. Nordisk's value advantage is 3.559 billion yuan, and Nordisk's cycle strategy is 6.5438+0.10.89 billion yuan, which is relatively small in the whole market. Among them, Nord cycle strategy hybrid won the five-year annual stable return fund product in 20 19, and Nord value advantage hybrid won the one-year active hybrid star fund award in 20 17.
At present, Luo Shifeng manages two funds, namely, the hybrid fund of Nord cycle strategy and the hybrid fund of Nord value advantage, and has achieved a performance of over 1.5 times. It's amazing to achieve such results in 1 year.
Nord value advantage combination:
Nord cycle strategic combination:
In terms of style, Luo Shifeng is a firm value investment practitioner. Buffett once said: "Value investment can't guarantee us a certain profit, but it provides us with the only shortcut to real success."
As far as the investment framework is concerned, with the help of the theory of national competitive advantage, he finalized the top-down high-quality "track" and adopted the "moat" model to select individual stocks from bottom to top.
What is the theory of national competitive advantage?
Michael Porter published a book called National Competitive Advantage. This book mainly tells Michael Porter's opinion that the factors that determine a country's industrial competitiveness mainly include the following aspects: production factors such as human resources and natural resources, the demand of domestic market, the strategy, structure and horizontal competition of enterprises. Most countries have comparative advantages. The advantage of the United States is that its scientific and technological innovation ability is unmatched by other countries in the world, and a large number of high-tech leading enterprises with global expansion have been formed, represented by Amazon, Apple and Google.
China's advantages lie in consumption and medicine, including photovoltaic, new energy and high-end manufacturing. There are mainly three people who apply the theory of national competitive advantage to fund management.
One is Zhang Kun of E Fund, representing the fund: E Fund Blue Chip Select Mix (Liquor+Medicine+Hong Kong Stock).
One is Quyang of Qianhai Open Source, which represents the fund: the mixed comparative advantage of Qianhai Open Source countries (liquor+medicine+photovoltaic+new energy).
The third place is Luo Shifeng of Nord, representing the fund: Nord's value advantages (electricity, medicine, food).
Many people say that Zhang Kun is an alcoholic, but this is not his essence. Personally, Zhang Kun chose the head office based on China's national advantages and held it for a long time.
There are two distinct characteristics in Zhang Kun's shareholding. One is companies that are not changed by the times, such as Kweichow Moutai, Wuliangye and LU ZHOU LAO JIAO CO.,LTD Co., Ltd., and the other is companies that change the times, such as Meituan and Tencent. Zhang Kun's style is to select companies, concentrate on holding shares and invest for a long time.
When the economic growth slows down, the competitive pattern of the industry usually improves, and excellent enterprises usually gain greater competitive advantage. Especially in the era of mobile internet, the speed of information transmission is getting faster and faster, and the time (faster), speed and intensity for head enterprises to gain competitive advantage are stronger than in the past. In this era, it is expected to witness the sustained growth of a number of outstanding enterprises in various industries.
"Find a good company in the sunrise industry and grow with high-quality enterprises." Qu Yang summed up his investment philosophy like this. In Quyang's view, "sunrise industry" refers to an industry that conforms to the general direction of social development and can maintain rapid growth for a long time.
Luo Shifeng's investment logic, from a top-down perspective, is to choose those industries with global competitiveness from the perspective of national competitive advantage.
The industries that Luo Shifeng is looking for have the characteristics of large market demand space, excellent allocation of resource elements, good interaction and coordination of industrial chains and high industrial cluster effect.
Luo Shifeng said that based on the national competitive advantage, I am optimistic about the catering industry chain, condiments, liquor, white electricity, medical services, consumer electronics, 5G and new energy in A-shares, most of which are industries with global competitive advantages, especially the latter. Technology-oriented and manufacturing-oriented enterprises.
After choosing a high-quality "track", it is the bottom-up stock selection. Individual stocks choose to adopt the "moat" model, giving a certain valuation premium to companies with strong growth certainty and competitive advantage.
Adhering to the concept of value investment, Luo Shifeng continued the investment framework of growth-oriented value investment in the fourth quarter of last year, focusing on the allocation of low-valued stocks in industries such as food and beverage, medicine and household appliances, and at the same time allocating certain weights to industries with relatively certain growth prospects such as clean energy, advanced manufacturing and consumer electronics.
His positions include condiment, catering industry chain, medical service, photovoltaic and consumer electronics.
The top ten jobs in Luo Shifeng are simply classified by industry as follows:
Electrical equipment: Longji shares, sunshine power supply;
Medical biology: Opcom, Changchun Gaoxin, Mindray Medical;
Food and Beverage: Tianwei Food, LU ZHOU LAO JIAO CO.,LTD, Kweichow Moutai;
Agriculture, forestry, animal husbandry and fishery: Haida Group;
Household appliances: Sanhua intelligent control.
He used to manage five funds, and now he still manages only two. In the past three years, he only bought 37 stocks.
The position changes of Nord's value advantage portfolio (57000 1) are as follows (from the first quarter of 20 17):
Longji shares have been held continuously for 12 quarters;
Opcon has been held continuously for 1 1 quarter;
Tianwei Food and Haida Group held for five consecutive quarters;
LU ZHOU LAO JIAO CO.,LTD Co., Ltd. held for three consecutive quarters;
Kweichow Moutai and Sunshine Power were held for two consecutive quarters.
In the fourth quarter of 2020, the newly-added stocks were Sanhua Zhikong, Changchun Gaoxin and Mindray Medical.
Generally speaking, Luo Shifeng's position concentration is relatively high, and the turnover rate is relatively low.
In 2020, the big bull stock Longji has held 12 quarter continuously since the first quarter of 20 18. From 20 yuan in 20 18 to 92 yuan by the end of 2020, it has increased by 360%. As of February this year, 10 has risen to 12 1.
The same is true of Opcon.
This stock has been in an awkward position since the second quarter of 20 18. 20 18 years is less than 13, and it has risen to 8 1 by the end of 2020. More than six times. The current price of Opcom has also reached 125.
We can also see Luo Shifeng's excellent stock picking ability and his investment philosophy: long-term investment. After choosing a stock, he will hold it for a long time
The positions of Nord's mixed value advantage and Nord's mixed cycle strategy are mainly consumption, supplemented by new energy and medical care, which basically meet the aesthetic standards of A shares. Compared with E Fund's small and medium-sized mixed positions, Nord's value advantage mixed has more new energy sources, so it has greatly outperformed small and medium-sized stocks in recent 1 year. The turnover rate is higher than that of Zhang Kun, but overall it is not high. Last year, the rhythm was very accurate, and the key sections were all set at the critical time. Nord's value and cycle scale are not large, and it is also one of the advantages that the ship is small and easy to turn around.
1. Use Michael Porter's theory of national competitive advantage to lock high-quality tracks from top to bottom, and then use the "moat" model to select stocks from bottom to top. Find a good company with world-class development space in an industry with national competitive advantage.
2. Value investment refers to the use of various methodologies of value analysis to find companies with good growth, so that I can finally avoid paying too much attention to the short-term valuation of individual stocks. We are also willing to give a certain valuation premium to companies with strong growth certainty and competitive advantage. (Style is growth value)
3. Adhere to the long-term investment with absolute return as the goal. Only by sticking to the original intention and doing the right thing can we continue to create value for the holders in the long-term fierce market competition.
4. dilute the opportunity and hold it in a heavy position. Focus on long-term value, so usually do not make too many adjustments according to short-term fluctuations. We will pay more attention to the continuous follow-up study of long-term investment logic such as business model, competition pattern and growth space, and finally screen out the targets worthy of investment in industries with good growth prospects in the future from a long-term perspective.
5. In terms of asset allocation, we will still take the medium and long-term perspective as the main consideration basis. In the actual operation process, the major consumer industries such as food and beverage, medical care and home appliances will remain as the leading sectors, and the high-end manufacturing industries such as consumer electronics, photovoltaics and new energy vehicles will be the auxiliary sectors.