Looking at the public fund industry, more and more female fund managers are standing out with high "research" values. Stop at the martial arts, spicy and know the etiquette, there is a degree of retreat, gentleness is more magnificent, and Wu Hao of the Chinese Merchants Fund may be the most special one among them.
Recently, in an interview with China Securities News, Wu Hao fully shared her understanding of "competitiveness", and her profound achievements in the equipment manufacturing industry for 10 years overflowed. Looking forward to 2022, Wu Hao believes that structural opportunities are still abundant, and opportunities can be mainly found around four main lines: carbon neutrality, the new era of automobiles, 5G applications and counter-cyclical policies.
Wu Hao, the proposed fund manager of The China Merchants High-end Equipment Manufacturing Stock Fund and the China Merchants Competitiveness Preferred Hybrid Fund
Four Paths to Optimal "Competitiveness"
After 10 years of intensive research in the equipment manufacturing industry, Wu Hao has an independent and in-depth understanding of the high-end equipment manufacturing industry. The China Merchants Competitiveness Preferred Hybrid Fund, managed by Wu Hao, will be issued on January 13, and competitiveness is the personality label of the new fund. To put it simply, this fund focuses on selecting high-quality enterprises with competitive advantages, sharing the investment opportunities brought about by the continuous improvement of China's industrial competitiveness and the continuous expansion of overseas markets, and strives to let investors share more of the dividends of the era of the rise of great powers.
Wu Hao introduced that the industry is different, and the entry point of choosing a competitive enterprise is also different. For example, in high-end industries, the keywords of competitiveness are to occupy the commanding heights of technology and the heavy equipment of global expansion powers; for mature industries, the keywords of competitiveness are higher market share and control pricing power; for basic industries, the keywords are the deep localization of the industrial chain; the keywords of emerging industries are curve overtaking, competitiveness improvement; cyclical industries, the keywords are to grasp pricing power, through the cycle, the winner is king.
Specific to the investment strategy, Wu Hao adopts a combination of top-down asset allocation and bottom-up selection of individual stocks: from top to bottom, it is necessary to study the life cycle of each subdivision industry, select sub-industries in the upward cycle, and grasp the investment opportunities of the industrial cycle and the rotation of subdivision industries; bottom-up, it is necessary to comprehensively judge the fundamentals and valuation level of enterprises, select high-quality stocks, and tap companies with core competitiveness and long-term growth.
Wu Hao said that when selecting individual stocks, the four paths of penetration rate increase, market share increase, value volume increase, and platform power improvement need to be grasped. "If a company can meet most of them, it may already be a big bull stock; if it can meet these conditions at the same time, it is more likely to be a superior company."
Looking forward to 2022, Wu Hao believes that the policy level is still friendly to the equity market, and there will be some differentiation at the demand level, so the market still has structural opportunities. Wu Hao believes that the focus should be on growth and certainty, and opportunities can be mainly found around four directions, including carbon neutrality, a new era of automobiles, 5G applications and counter-cyclical policies.
"Depth" is combined with "breadth"
The investment management of the fund is inevitably obscure and elusive for the majority of investors. Although the final presentation is only a performance curve, the complex problems in a complex market environment are far from being as simple as a curve. Wu Hao believes that "when the curve is good, it is not calm and calm, and it is often accompanied by the traces of problems and crises; when the curve is not good, it is not completely useless, and it usually indicates the extension of new boundaries." ”
So, what criteria should be used to judge the investment of fund managers? Wu Hao believes that a qualified investment strategy must have a solid logical deduction and meaning connotation. As for performance, in the long run, it will be a natural embodiment of its design ideas and investment philosophy.
Wu Hao always asked himself to strive to achieve two points, one is deep, and the other is wide. "Wide" refers to the coverage, what you learn, see, think on a daily basis, all of which are included in the research, as far as possible not to be omitted; "deep" refers to the depth of the industrial cycle, the boom characteristics of the industrial cycle, the rise and fall of the business cycle, the valuation cycle of the market cycle, layer by layer, complex and intertwined, and the joint action has become the time and space on the investment cycle. Only by looking widely can we be impartial, and only by looking deeply can we not abandon it. Each point needs to be confirmed by research and tracking to do meticulous observation and analysis, after all, investment still comes from empirical evidence and goes to the net value, which is sloppy.
When it comes to risk control, Wu Hao believes that risk is multi-layered, first of all, cognitive risk, which requires fund managers to study and track in depth, the more in-depth the research, the risk is naturally smaller. The second is the sudden risk, which needs to be implemented into the combination, moderate dispersion, logical independence, equivalent to the risk of a circle in the local position, once the risk event occurs, will not give the pressure of the combination collapse.
Wu Hao said frankly that investment is a hard job, and he has to deal with the market, industry and individual stocks every day, and the rapid iteration of its update is still overwhelming. In this context, sticking to the rules is undoubtedly the obsession of "carving a boat and seeking a sword", the so-called "new day by day, new day by day, and new every day", broken wrist introspection and self-renewal, is not only the biggest pressure to face every day, but also the source of vitality for fund managers to keep pace with the times and overcome the market.
Risk Warning: As of 2021.12.31, Wu Hao has 11.6 years of securities experience (7.2 years of securities research experience, 4.4 years of securities investment experience). The upper limit of the initial offering size of the China Merchants Competitiveness Preferred Hybrid Fund is 8 billion yuan, and if the scale exceeds the upper limit during the fundraising process, the fund manager will adopt the method of confirmation of the doomsday ratio to achieve effective control of the scale. The Fund will be issued from 13 January to 26 January 2022. The fund manager undertakes to manage and use the fund assets in a good faith, conscientious, prudent and diligent manner, but does not guarantee the fund's profitability, nor does it guarantee the minimum return, when investors purchase the fund, please carefully read the fund contract, prospectus, fund product information summary and other fund legal documents. The market is risky and the fund needs to be cautious when investing. Investors are kindly requested to choose products that meet the risk tolerance and investment objectives.