Table of contents for this article
1. Sun Fang
2. 4 funds managed
3. Investment style
4. Features of 4 funds
5. Aftermarket highlights
【P1 Sun Fang】
Fang Sun: East China Normal University, Master of Economics.
From July 2003 to October 2006, he was a researcher in the industry of Huabao Industrial Fund
In December 2006, he joined Shanghai Investment Morgan Fund and successively served as an industry expert, assistant fund manager, deputy director of research department, fund manager, assistant general manager/ director and senior fund manager of the second department of domestic equity investment, deputy general manager and deputy director of investment.
On December 8, 2011, the management of the first fund invested in the JPMorgan double interest balance began.
Cumulative length of service: 9 years and 312 days
Start date: 2011-12-08
Current fund company: Shanghai Investment Morgan Fund
The total assets of the current fund: 9.637 billion yuan
Best Fund Return During Tenure: 591.53% (as of 2021-10-12)
【4 funds managed by P2】
Currently, 4 funds are under management
The first fund under management, Shanghai Investment Morgan Double Interest Balance Hybrid A, is a hybrid-balanced, serving for 9 years and 312 days, with a return of 119.91% and a scale of 1.072 billion.
The fund with the highest performance, the core preferred hybrid, hybrid-partial stock, 8 years and 321 days, returned 591.53%, and the scale was 1.255 billion.
The second is the Investment Morgan Industry Rotation Hybrid A, which has been in office for 6 years and 300 days, with a return of 238.91% and a scale of 1.06 billion.
The newly established fund this year is 2021/2/26, investing in JPMorgan Industry Ruixuan stocks, with a total AC size of 6.152 billion, 4.3% of the establishment.
【P3 Investment Style】
Overall: Sun Fang is a growth wind, and the investment framework is a combination of top-down and bottom-up, on the basis of grasping the directional track, and then further selecting leading stocks.
In terms of investment, we will not stick to a certain type of asset, but hope to more fully grasp the opportunities of the whole market and pursue the diversification of revenue sources. Each type of asset, each industry has its own characteristics and development cycle, in the time rhythm of returns and risk sensitive factors are different, so the investment allocation will be relatively dispersed, the high growth assets and stable assets and cyclical assets according to their predetermined investment cycle and target returns to combine, as far as possible to reduce the overall volatility of the product, improve the customer's investment experience.
The theory of growth relativity
Growth investment is very extensive, Sun Fang believes that it does not only refer to the existence of a narrow sense of the traditional high-speed growth sector like TMT, we believe that the sources of growth are diversified. Like what:
In an industry where demand is rapidly exploding, it is likely to get high-growth benefits, but we can also obtain relatively high growth returns from some relatively traditional industries that do not have so fast technological iterations, which may come from the opportunities brought about by technology empowerment, technology empowerment, and data empowerment. If these companies have relatively low valuations, they will be a better investment target.
Industry track
The so-called track directionality is a good trend that lasts for several years.
Usually refine the characteristics of business models and development of different industries, and deploy different investment strategies, for example: the consumer industry is suitable for buying and holding, and for emerging industries, different investment methods are adopted at different stages of their development, such as in the early stage of the industry policy sensitivity is very strong, according to policy changes to do increase and decrease holdings, and in the later stage of policy impact is small, the industry is relatively stable, track the product and its cost, study the changes in the competitive landscape.
Selected individual stocks
In the selection of individual stocks, Sun Fang believes that good companies have commonalities. From the perspective of results, it will be reflected in excellent reporting indicators such as profit margins and asset structures that are better than the industry, but this is often a verification. Researching statements is an important means, but relying entirely on this may seem somewhat conservative and moderate in the competitive Chinese equity market.
In fact, I am also a three-dimensional system for stock selection, and we need to study companies at different stages of development through different emphases and methods, and try to explore the huge value of the company as early as possible before the statement.
【P4 4 Funds Comparison】
1. From the basic information:
Newly established fund: Shanghai Investment Morgan Industry Re-selected stocks, can invest in Hong Kong stocks. However, like the cyclical mix of the industry of Shanghai Investment Morgan, it is a listed company with core competitive advantages in the strong industry in the fluctuation of the economic cycle.
Shanghai Investment Morgan Double Interest Balanced Hybrid A is the focus of investment in high dividends, high debt interest varieties, Shanghai Investment Morgan Core Preferred Mix is to select companies with good fundamentals and high growth.
2, from the perspective of cost performance, risk fluctuations and returns are indeed proportional.
The double interest balance has indeed performed modestly lately, with the Sharpe ratio of the funds in the last 1 year below 1.
The overall cost performance is still the preferred mix of the core of the investment Morgan
3. From the performance point of view, in the past 3 years, the rotary mix of the Investment Morgan industry and the core preferred mix of the Investment Morgan are basically on the same side.
4. From the perspective of industry configuration and the top ten positions
【P5 Future Market Outlook】
Looking forward to the second half of the year, we believe that the macroeconomic trajectory will not change significantly, and the policy will be mainly stable.
In the application of the investment framework, macro factors currently give less weight, and the fund's investment strategy is still to select individual stocks.
In terms of investment direction, we are long-term optimistic about consumption, science and technology, medicine and other industries, which benefit from the general environment of China's consumption upgrading and the dividends of population quality, and a number of globally competitive Chinese companies will be born in these fields.
Especially from an annual perspective, the boom in new energy vehicles, clean energy, and carbon emission reduction related industries will continue to be high.
The fund will preferably select companies with broad industry prospects, core competitiveness and entrepreneurial spirit to invest, on this basis, look for long-term development space and short-term prosperity resonance of the company for centralized investment, and join some non-popular track companies with reasonablely low valuations to balance, in order to bring stable excess returns to fund investors.
Consult related articles
| Discover the fund | The base selection policy | New fund
| Fund Manager | Fund company | Fund reports
| Fund Research | The fund is scheduled to invest | FOF Fund
| Shanghai-Hong Kong-Shenzhen and QDII Funds | Index and ETF funds
Tip: Investment is risky, the stocks, funds, etc. involved in the article are only used as explanations in the article, do not constitute investment advice, and are for reference only!
A world of flowers and flowers
Creative direction: base selection strategy, fund investment analysis, single fund and fund holding stock analysis, fund manager analysis, investment perception and financial allocation.
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