Disclaimer Risk Warning:
This article is the diary and reflection of Xiao Yuge's personal investment fund. Any stocks and funds mentioned in this article are at risk of being halved. All contents do not constitute investment advice. Please think independently, don't use my content to make business decisions at your own risk.
1. Why is the opportunity for value investors coming?
Let's first look at the current valuation data of two representative indexes, and you will know why we have been discussing bargain hunting recently. Shanghai and Shenzhen 300, which only represents the big market, and CSI 500, which only represents the small market.
Wind data shows that as of March 2023, the P/E ratio of the Shanghai and Shenzhen 300 Index is 12. 15 times, which is 9.48% of the historical quantile. Has fallen below the opportunity value and is currently undervalued. For fund managers who make value investments, it is more likely to win by choosing some more undervalued ones in the Shanghai and Shenzhen 300 Index.
Wind data shows that as of March 2023 17, the P/E ratio of CSI 500 Index is 17.23 times, which is 0.4 1% of the historical quantile, which is lower than the opportunity value. It is currently undervalued. It is even undervalued than the Shanghai and Shenzhen 300. At this time, if you go to the fund manager to open a position and buy it yourself, you may understand something.
2. First of all, the representative is Kun Kun Blue Chip:
Blue chip said last night that Kun Kun's relatively high continuous daily limit last year suggested risks. One year after the limit in 2000, the limit of 10000 to 50000 began to open continuously, which is obviously an opportunity for fixed investment.
3. Fu Pengbo's far-reaching growth value.
18 On March 8th, the upper limit of the announcement of the far growth value was raised from 1000 to 10000. There may still be many people who don't know manager fu. Here I briefly say two data:
(The above funds only do fund research and do not make any investment suggestions. )
Fu Pengbo previously worked for Xingquan Global Fund, improvising. Prior to this, his masterpiece Xingquan Social Responsibility served as a fund manager for 9 years with an annualized return of 20%. 2065438+Served as the manager of Ruiyuan Growth Value Fund in March 2009, with annualized income of 17%. Both he and Zhang Kun have worked for a long time, and their funds are representative to some extent.
Since the beginning of this year, Ruiyuan's growth value has dropped by 23.06%, showing poor performance. In the past year, the performance was also average. Because manager Fu's turnover rate is not high, the valuation of heavy positions is not very high. After this wave of decline, the fund has a high cost performance.
(The above funds only do fund research and do not make any investment suggestions. )
Wind data shows that as of 202165438+February 3 1, the average price-earnings ratio of Ruiyuan's growth value is about 42 times, and it also fell for two months in 2023. The current price-earnings ratio is around 35 times.
(The above stocks are for fund research only, and no investment advice is given. )
If Fu Pengbo's turnover rate is not high, the top ten positions will not be greatly adjusted every quarter. So even if there are no other payment tools, you can get a preliminary understanding of the investment style of fund managers.
4. Ruiyuan Fund began to purchase frequently:
On June 27, 2023, it was announced that the self-purchase was not less than 654.38+0.3 billion yuan, and the holding time was not less than 3 years, of which the purchase time of the inherent funds was not less than 5 years.
On March 6, 2023, the announcement was continued, indicating that the purchase amount was not less than1500,000 yuan and the holding time was not less than 5 years. Not much malicious words. For the record, I personally didn't buy Ruiyuan Fund or help them advertise.
5. Qiu Dongrong, the value leader of Zhong Geng:
According to the data of Tian Tian Fund, this year, the value of Zhong Geng's pilot has actually increased by 0.86%, which is equally amazing and ranks among the best among peers. One year, two years and three years, the results are good.
If we only look at the fund's annual ups and downs, the manager's independent management performance in the past three years is average, but it is mainly reassuring.
(The above funds only do fund research and do not make any investment suggestions. )
According to wind data, th
Wind data shows that the average P/E ratio of Zhonggeng Value Pilot Warehouse has been maintained at around 7 times since its establishment, and its style has not changed. The focus itself is undervalued enterprises. If some black swan events cause the stock price to plummet, then this opportunity will come.
6. Qiu Dongrong buys not less than150,000 yuan;
On March 7, 2023/kloc-0, Zhonggeng Fund announced that the manager Qiu planned to purchase a one-year closed-end fund with a value and quality of not less than150,000 yuan. It is also cruel to open the fund's down limit first and then buy a closed-end fund for one year. I think the shares of Zhong Geng value pilot in front of him are not less than 6.5438+0 million shares.
The intertillage price of this subscription
1 year, the average P/E ratio of closed positions is also around 10, and Qiu's overall style has not changed. According to the top ten positions, closed-end funds will buy more Hong Kong stocks than value pioneers.
Qiu Dongrong believes that in the current market environment, we are strategically optimistic about the growth stocks, value stocks and systematic opportunities of some Internet companies in Hong Kong stocks.
Xiao Yuge: After 3-5 years, I think there can be a value investment fund at this stage. It can't be said that it is the bottom now, but after this wave of sharp decline, the valuation of many high-quality assets has fallen to a reasonable range. Since a good company has met a good price, don't miss it.
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On the market side, the Shanghai Composite Index rose 1. 12% to close at 325 1. The Shenzhen Component Index rose by 0.3 1%, the Growth Enterprise Market rose by 0. 1 1%, and the net inflow of northbound funds exceeded 8.4 billion yuan. Note that in the past two days, funds from the north began to flow in large quantities. The turnover of the two cities is close to 1 trillion, and I will continue to be optimistic about the rebound of value investment next week.
(The above funds only do fund research and do not make any investment suggestions. )
About 0.5% today, about-12.4% since the update, and about 0.6% today and about-13.6% since the update. The problem is not big. Today mainly depends on ICBC strategy.
Related Q&A: What do you think of the P/E ratio of the fund? Generally speaking, funds have no P/E ratio. The index fund that invests in the index is affected by the change of the index, so investors can take the price-earnings ratio of the corresponding index as the price-earnings ratio of the index fund. Investors can inquire about the P/E ratio of A shares from the China Securities Index and Hong Kong stocks from the Hang Seng Index.