Taking advantage of the performance in 2020, the team of "Ten bagger" has further completed the expansion. Extending the time, the reporter of China Business Daily can find that in the Public Offering of Fund camp, although the ten-fold fund is a very rare "variety", by the end of 2020, the number of funds with an overall increase of more than 10 times has reached an astonishing 50 (the share is counted separately). There are many representatives whose income is about 20 times or 30 times. Even the return of the fund since its establishment is close to 40 times, which is called "the king of performance".
Are there * * * similarities between these different types of "decimal bases"? What are their outstanding characteristics, such as their style, the time when their performance broke out, fund managers and even fund managers? More importantly, how can investors identify "soul pitchers" and buy real tenfold bases?
In order to answer these questions, the reporter dismantled 50 ten-fold bases in the whole market and told you the answer with data and facts.
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The "ten times base" has been expanded to 50.
Ten bagger, an exciting term put forward by Peter Lynch, a famous American fund manager, is also the dream of every investor. In contrast, the probability of "ten times the basis" is much lower than that of "ten times the share", but even so, by the end of 2020, there are still 50 funds that have created more than 10 times the income since their establishment. Their existence also fully proves the great potential of funds and other products in asset allocation and portfolio investment.
Let's see what a "ten-fold radix" is. Ranked first is the legendary fund in the industry-Huaxia market selection. This is the first fund with a net worth exceeding 10 yuan in China, and it also makes Wang Yawei a former "public offering brother". By the end of 2020, the overall return of China's large-scale selection has exceeded 3,900%, which is unprecedented in the history of Public Offering of Fund, China.
Harvest Growth, an established star fund, ranked second in the total performance return, has earned 28 times since its establishment, but there is still a certain distance from the selection of China's large market. Also in the "twenty-fold base" camp are Tianfu Value of Fuguo with a total return of over 2,500%, the growth of domestic demand in Jingshun Great Wall and the prosperous trend of 20-25 times of return, and other 43 funds such as Jingshun Dingyi and Guo Fu Tianhui have a total return of over 10.
By the end of 20 19, the "ten-fold base" is only 16 (the share is calculated separately). In a year, this figure has more than doubled, and the growth rate is amazing. We should know that even in the bull market year of 20 17, the "ten-fold base" of open-ended active partial stock funds is only 1 1, and 50 in 2020 can be described as "unprecedented".
It is no wonder that some people in the industry have commented that after the test of time, the team of "Ten Times Base" is constantly expanding. "Ten cardinal numbers are not accidental, but a reproducible and extensible path".
Do these funds have any common characteristics or laws? What does it take to become a "tenfold radix"?
50 funds have the same characteristics.
Through the analysis of these 50 funds, the reporter of China Business Daily summed up the following characteristics:
First, it is the time when the fund was established. Of these 50 funds, only the small and medium-sized E Fund was established in 2008, and the rest were established in 2006 at the latest, mostly from 2003 to 2005.
There have been three super bull markets in the history of A-shares. The second one occurred in 2006-2007, and the Shanghai Composite Index climbed from 1000 to the peak of 6 124. The third time was at 20 15, and the growth enterprise market index rose from 580 points to 4000 points, an amazing increase. From the investment point of view, funds established in 2006 and before are obviously more dominant, because two rounds of super bull market have provided them with the necessary space for investment performance accumulation.
Second, fund managers and fund managers. The reporter first counted the fund companies to which the "Top Ten Foundations" belong. The most concentrated fund companies are Huaxia Fund, TEDA Manulife Fund, Guo Fu Fund and Jing Shun Great Wall Fund, all of which have four. Among them, Huaxia and Guo Fu belong to the "Old Ten", TEDA Manulife is one of the first joint venture fund management companies in China, and Jing Shun Great Wall is a Sino-US joint venture fund company established in 2003. Another established institution, harvest fund, has three "Ten Foundations", and other funds such as Galaxy Fund, cathay pacific fund Fund, Warburg Fund, Penghua Fund, Guangfa Fund, Yin Hua Fund, Dacheng Fund and E Fund also have two.
Then there is the statistics about fund managers (two people manage the same fund, and statistics are made separately). In the list of these fund managers, one person's name appears three times, and he is Liu Yanchun of Jing Shun Great Wall Fund. Jing Shun Great Wall's domestic demand growth, Jing Shun Dingyi's and Jing Shun Great Wall's domestic demand growth No.2, for which he is the fund manager, have achieved impressive returns of 2537.6 1%, 2422.86% and1238+0% respectively since their establishment. Similarly, Ji Nan and Zhang Xun, the fund managers of TEDA Manulife Fund, manage two "tenfold funds" respectively, and they are also the best among excellent funds.
The contribution of star fund managers to the "ten times base" will be discussed in detail later. One thing is clear, that is, the frequency of fund managers changing in these funds is not high, and many people have served for at least two years, which shows that this is also one of the necessary conditions for funds to obtain high returns. Take Guo Fu Tianhui as an example. Its fund manager is Zhu Shaoxing, who has been in charge since its establishment in 2005 and has not changed anyone since 15. This fund is a "twenty times fund" with an annualized income of 22.57%, which also shows the effectiveness of the fund manager's "single-minded".
Third, the style is usually relatively stable, and I don't like to speculate on short-term hot concepts. Because the investment and research team is relatively stable, the overall strategy and style of the fund are usually relatively stable. Moreover, a relatively obvious style has been formed in the early stage and some achievements have been accumulated. Therefore, even if the fund manager is changed, it is unlikely that the position will be greatly changed in a short time, but it will be gradually adjusted on the original basis.
In addition, it is rare to see "ten times the base" crazy speculation hot spots, chasing the wind. Take the performance of these 50 funds in 2020 as an example. There are 1 10 funds whose net value will double in 2020. Unfortunately, none of the "tenfold funds" are on the list. And Public Offering of Fund's annual ranking list rarely sees the name of "Ten Times Base". Take Zhu Shaoxing as an example, his investment style is relatively balanced, and the industries and sectors with heavy positions are relatively even. Judging from the performance in a single year, the income and ranking of its managed funds are almost not the best, but the investment competition is patience and perseverance. After many years, this "long-distance runner" gained considerable long-term returns through time accumulation and compound interest.
Having said that, I have to mention another kind of fund, that is, the "double base" promoted by the market in the past two years. Looking at the performance of funds in the past two years (by the end of 2020), there are more than 200 funds with a net worth of 2 times, of which the highest income is 3 times. On the other hand, since its establishment, its overall performance in the past two years has been much lower than the return, accounting for as high as 60%. This shows that two years ago, many "double bases" were still in a state of loss, and they just pulled back a city through the east wind or short-term hot spots. The market is always changing from bull to bear, and hot spots emerge one after another. It is doubtful whether such funds can maintain a strong momentum for a long time, and the previous losses can also explain some problems.
Fourth, it is good risk control and adaptability. In view of the fact that the "ten-fold base" has crossed the alternating market of bulls and bears, its strong resilience is also an important feature.
If the Shanghai and Shenzhen 300 index falls by more than 20%, then A shares have experienced this situation eight times since 2007. The reporter of National Business Daily selected ten "ten times bases" to see their performance in these intervals. During several market downturns, "Ten Times Base" also experienced a relatively large decline due to its equity products. Statistical results show that these funds are at least "losing" six times than the CSI 300. 20 13 even a number of funds grew against the trend, showing strong resilience.
When everyone loses money, people who lose less are more likely to recover, and then continue to hit new highs through active management after the net worth is withdrawn. From another point of view, when the market goes down, the holders of these "tenfold bases" can also lose less than the investors of index funds. "Does it really smell good?"
It is also reasonable to keep up with the market rise in the bull market, control the retreat less in the bear market, accumulate small profits for a big victory, and finally win in the long-term investment.
Star fund managers play a greater role.
Open the list of "Ten Bases", almost every one can be closely related to many star fund managers. It is also the relay of these "soul pitchers" behind it that makes the myth of "ten times the base" come true.
Let's take a few star funds as an example to see how the performance of "ten times the base" is tempered. Let's start with the three "Ten Foundations" of Jing Shun Great Wall and Liu Yanchun, the company's ace fund manager.
Jing Shun Great Wall domestic demand growth and Jing Shun Great Wall domestic demand growth No.2 both experienced star fund managers such as Wang and Wang, and grew into a "tenfold foundation" at the bull market high of 20 15. In contrast, Liu Yanchun's post return is not the highest among previous fund managers, but during his tenure, his peers ranked high, and two of them ranked in the top 2% ~ 3% of the industry, leading the fund to rapidly grow into a "twenty times base". The post return of another Jing Shun Dingyi Fund and Liu Yanchun also reached nearly 400%.
It is precisely because of the continuous relay and inheritance of excellent fund managers that these excellent products have been forged.
If we look at the years when the performance of these three funds broke out, we can find some other laws, so the reporter of National Business Daily made another statistic.
By comparison, it can be found that Jing Shun Great Wall Domestic Demand Growth Fund and Jing Shun Great Wall Domestic Demand Growth Fund No.2 both ushered in a wave of performance explosions around 20 13, with an annual net increase of about 70%. In the following years, the overall performance of the two funds was poor, and the annual income fluctuated between-20% and 20%. It was not until Liu Yanchun took over that they took off again and their income soared. Another fund, Jing Shun Dingyi, is in a similar situation. In 20 15, Liu Yanchun began to be the fund manager of this fund, and the return in that year reached 38%, and the return in 20 17, 20 19 and 2020 exceeded 50%. In a word, steady.
For other funds, perhaps the role of star fund managers is even greater. For example, Wang Yawei contributed nearly 12 times of the total return and 49.77% of the annualized return, ranking among the best of its kind. After he left, China experienced seven fund managers in large-scale market selection. These fund managers who took over as the "first brother" are under great pressure and have also created relatively stable income. * * * has achieved the only "forty times base" in the history of domestic public offering.
Generally speaking, behind a "tenfold fund" is often the continuous efforts of many fund managers and their investment and research teams. Of course, there will be many challenges in this process. When the market is good, star fund managers leave their jobs to start businesses. When the market falls, great pressure or company personnel changes will also affect the fund manager's play and destroy the "generation of fame". To achieve the "ten-fold base", time, place and people are equally indispensable.
How can I buy a "tenfold base"?
Finally, let me briefly talk about the topic that investors are most concerned about, how to buy "tenfold base".
According to the statistics in the last part, we can find that even the youngest "ten times cardinal number" was born in 2008, and it has been in 13 years since 2002. If you want to hit the "ten times base", you must first ask yourself whether you can hold the fund for more than 10 years. I believe only a few people can do it. There is no right or wrong, there are subjective and objective factors. Everyone does not live in a vacuum, nor does everyone necessarily have such long-term financial strength.
Homework can still be copied. Instead of copying the fund's heavy stocks, it is better to identify the fund manager and buy the fund directly. The reporter of National Business Daily summed up many characteristics of "ten-fold basis", such as choosing fund companies with good medium and long-term performance, fund managers with excellent active management ability and stable investment style, deeply understanding the investment style of fund managers, and avoiding blindly speculating hot spots and making short-term products. In fact, as long as these are done, it is not difficult to choose a "potential base".
These funds, which have become "tenfold funds", are basically the flagship products of major fund companies and can enter your fund pool for attention. In the past two years, the market style has changed rapidly, and the money-making effect of hot spots is very high. Even if it is a "ten-fold fund", you can choose a good fund that can still adapt to the new situation and not lag behind the market by combining the performance of 1 year, 3 years, 5 years and 10 years.
Another feature is that the number of "double bases" whose performance has doubled and tripled in the past two years is also growing. It may not be impossible to find the next "ten times the base" from these "doubled bases".
Generally speaking, the long-term investment that has been emphasized in the industry is not that you have to hold it all the time, but that you have to keep investing. Don't be annoyed because you missed the "ten times base", but choose a variety that suits you for a long time according to your actual situation. It is also possible to make a band in the middle.