At the beginning, let's first talk about today's disk dynamics. The 30-minute local entanglement chart of the Shanghai Securities is as follows, which is currently a small level of three-buy position.
Source: Flush iFinD, same below
From the daily point of view, it is currently in a state of consolidation.
Overall, A shares are in a state of glue, and it takes time to see the direction of the future market.
Previously, Lao Zhang had analyzed many ETF index funds with everyone, and active funds said relatively few. Mainly because it is very difficult to choose active funds, especially to pick fund managers, not enough old Zhang does not write.
Today Lao Zhang talked to you about a reliable active fund manager: HuiTianfu Zheng Lei, to help everyone grasp the investment direction in this glued market.
A mainstay fund manager
In fact, whether zheng lei has experience in securities, fund management, or investment strategy, he can be called the mainstay of fund managers.
As of November 8, 2021, according to the data of the daily fund network, Zheng Lei currently manages the fund for more than 6 years, with a scale of more than 30 billion yuan (there have been changes to the fund company, and the return on the position has been separated).
(Source: Tiantian Fund Network; as of November 8, 2021)
Next, let's talk about Lao Zhang's 3 views on Zheng Lei.
First, deep-rooted pharmaceutical industry players.
First of all, Zheng Lei is from the School of Medicine of Fudan University, or a master of social medicine and health management in Fudan, with a 7-year medical background.
Secondly, after graduation, Zheng Lei joined Guotai Junan as a pharmaceutical researcher, and later worked as a pharmaceutical analyst in China Overseas Fund. Since December 2014, Zheng Lei has been the fund manager of pharmaceutical funds since then.
From a pharmaceutical analyst at the beginning to a buyer doing research and investment, Zheng Lei can be said to have witnessed the ups and downs of medicine in this process.
Second, the all-market type, and actively expand the circle of ability to science and technology, high-end manufacturing, consumption, electronic information and other sectors.
Zheng Lei believes that the future is always full of variables, which are mainly reflected in the unpredictability of the market. Therefore, Zheng Lei has been actively expanding the circle of ability, "our own knowledge framework, to continue to advance with the times." ”
Starting from the medicine he is familiar with and good at, Zheng Lei expands his circle of ability to science and technology, high-end manufacturing, consumption, electronic information and other sectors through the analogy between the pharmaceutical subdivision industry and other industries.
For example, innovative drugs, Zheng Lei believes that the valuation system of innovative drugs is similar to that of technology stocks;
Innovative drug outsourcing service industry, Zheng Lei believes that they are very similar to the business model of the electronic industry chain;
Brand Chinese medicines such as OTC drugs, Which Zheng Lei considers to be similar to mass consumer goods;
As for pharmacies, they are similar to supermarkets.
Lao Zhang said from the heart, although this classification model seems "simple". But with this classification, the brain suddenly becomes transparent.
Third, the investment strategy is gradually consolidated and diversified.
After more than 10 years of polishing, Zheng Lei's investment strategy has quietly taken shape, and he is good at selecting high-quality securities from five perspectives: the industry's track space, business model, competitive advantage, management and valuation.
The market upheaval in 2015 had a great impact on Zheng Lei, allowing Zheng Lei to understand what kind of personality he really is and what kind of money he is suitable for making.
Now when Zheng Lei builds a portfolio, there are usually 5-10 different plates or sources.
Even if we seem to be a single pharmaceutical industry, Zheng Lei will refine to different sub-industries of the pharmaceutical industry, such as innovative drugs, medical treatment, pharmaceutical retail, etc. to build a combination, similar to the combination of different industries such as consumption, TMT, and high-end manufacturing.
The birthplace of 100 times the stock in the past 20 years
It can be seen that Zheng Lei actively expands the circle of ability and the direction of investment layout, mainly consumption, medicine, scientific and technological innovation, electronics and so on.
In fact, if we review the stock returns of China and the United States in the past 20 years, whether it is China or the United States, the 10 times company in the past 20 years is basically from three industries: pharmaceuticals, technology, and consumption, which can be called the birthplace of 100 times stocks.
If you go back 50 years or more, the long-term returns of consumption and medicine are even more amazing. With the development of the times, science and technology have sprung up.
In terms of specific management products, the full-layout fund that Zheng Lei currently manages for more than 1 year is a positive growth mix of Huitianfu Mid-Cap. Taking the fund's 2021 interim report as an example, it mainly lays out pharmaceutical and biological, food and beverage, electronics, power equipment and other industries.
(Source: iFinD; as of June 30, 2021)
Zheng Lei's return on the job is also outstanding.
As of June 30, 2021, HuiTianfu Mid-Cap Active Growth Hybrid A has accumulated 67.33% in more than one year of establishment, and the performance benchmark for the same period has risen by 18.96%, achieving an excess return of 48.37%.
(Source: Interim Report of the Fund; as of June 30, 2021)
After market recognition and solid performance, Zheng Lei's second full-layout fund, HuiTianfu Growth Leading Blend (Class A: 013552; Class C: 013553), began to be issued on November 15.
The fund continues Zheng Lei's growth investment style and full layout style.
In terms of investment style, Zheng Lei is biased towards the growth style, "When we invest, growth is the most important, and we will not touch companies without growth." Only long-term sustained growth can bring sustainable excess returns to holders. ”
The industries that the fund focuses on mainly include consumption upgrading and pharmaceutical transformation, while accurately paying attention to high-end manufacturing, information technology, new energy, etc. in the industry, and will also flexibly layout Hong Kong stock targets.
Since 2021, there has been a significant style shift in the A-share market, and the high-quality "white horse" that was admired by investors in the early stage has fallen significantly.
In the face of the current controversy in the A-share market, Zheng Lei believes that the opportunities in the market are often hidden in prejudice.
"Standing at the current point in time, we believe that most of the negative emotions have been fully released and reacted to. After this round of harsher tests, the long-term value of excellent companies will be more certain. All we need is a little patience and wait for the flowers to blossom. ”
Finally, the issuance information of Huitianfu Growth Leading Mix (Class A: 013552; Class C: 013553) is posted, and the fund was issued on November 15, which can be followed by those who are interested. $Tim Fu Mid Cap Active Growth Blend A(F008065)$$$$$$$$$$$$$$$$$$$$$$$$$$.$$$
Full Risk Warning:
Risk Warning: The fund is risky and the investment needs to be cautious. This material is promotional material only and is not intended as any legal document. The short operating time of China's funds cannot reflect all stages of the development of the stock market. The fund manager undertakes to manage and use the assets of the fund in good faith, diligence and due diligence, but does not guarantee that the fund will be profitable or guarantee a minimum return. Past performance of the Fund is not indicative of future performance and the performance of the Manager's other funds and the past performance of its investment personnel are not indicative of its future performance. Investors should carefully read legal documents such as the Fund Contract, The Prospectus and the Product Information Summary to learn more about the product information. Hui Tianfu Growth Leading Blend (hereinafter referred to as "the Fund") may invest in Hong Kong Stock Connect, of which the proportion of investment in Hong Kong Stock Connect stocks shall not exceed 50% of the equity assets. The Fund's investment scope includes Hong Kong stocks and will face unique risks due to differences in investment environment, investment targets, market systems and trading rules.
The Fund is a medium risk level (R3) product, suitable for investors who have been assessed by the customer's risk tolerance level as balanced (C3) and above, and the customer-product risk level matching rules are detailed on the official website of Hui Tianfu. When the consignment agency subscribes, the risk rating rules of the consignment agency shall prevail. This product is issued and managed by Hui Tianfu Fund Management Co., Ltd., and the distributor does not assume the responsibility for investment, redemption and risk management of the product. The specific release time is subject to the announcement.
The performance and benchmark performance of other similar funds managed by Zheng Lei are as follows: Hui tianfu innovative pharmaceutical hybrid under management since 2018/8/2018 and the benchmark performance of the first half of 2018-2020 and 2021 were -6.34%/-16.31%, 70.52%/22.91%, 85.00%/31.55%, 15.40%/9.84% respectively; Huitianfu Pharmaceutical and Healthcare Hybrid, which began to be managed in 2019/4/9, was established in 2010/ 9/21, 2016-2020 and 2021 first half results and benchmark performance were -16.82%/-9.02%, -3.26%/11.14%, -18.48%/-19.66%, 61.49%/24.91%, 89.84%/40.82%, 20.73%/8.85% respectively; 3/13 Started Management hui tianfu mid-cap positive growth hybrid A 2020 and 2021 first half results and benchmark performance of 52.10%/12.50%, 10.01%/5.74% respectively; Hui Tianfu medical active growth one-year holding hybrid A2020 and 2021 first half performance and benchmark performance of 6.69%/9.53%, 18.26%/15.80% respectively The above data are from the Fund's annual reports and interim reports for 2021, as of 6/30/2021. Since the establishment of Huitianfu Healthy Life One-Year Holding Hybrid A, which was jointly managed by Zhang Wei since 2021/3/21, the performance and benchmark performance were 6.40%/-1.91% respectively, and the above data comes from the fund's third quarter report of 2021, as of 2021/9/30.