Introduction: Investing is like planting a tree, a tree needs two conditions to grow: 1) enough time to grow; 2) a good soil suitable for growth. In the past few years, more and more people know that consumption, medicine, and technology are good soil for the birth of big bull stocks, in fact, the manufacturing industry has also given birth to a large number of excellent enterprises. Compared with other countries, China has unique endowments in the manufacturing industry, especially in the process of continuous upgrading of innovation capabilities, it is also accompanied by the upgrading and iteration of the manufacturing industry, and the projection to the capital market may be able to appear in every different period of time.
However, investment in manufacturing is not easy, the business models of different industries are very different, the industrial change rate is very fast, the industrial chain is also very long, and the research is particularly complicated. Dong Chao, the Hui Tianfu Fund we interviewed today, brought us a "popular science book" for manufacturing investment. Hui Tianfu's fund managers have a characteristic, with a strong investment system, with a relatively strong replicability of the underlying system, and constantly select an excellent enterprise. Through systematic investment, their investment returns become sustainable. It can be said that this interview with Dong Chao also makes us have a deeper understanding of the manufacturing industry. Since Dong Chao took over the Hui Tianfu Reverse Investment Hybrid Fund on June 29, 2020 to the end of 2021, the net value growth rate of the fund range was 89.27%, far exceeding the level of 17.19% of the performance benchmark for the same period.
Dong Chao divides the manufacturing industry into different industrial chains according to the driving force, including: 1) macro cycle, which is highly related to the macroeconomic cycle, pure cycle fluctuations, such as steel and coal industry metal shipping, etc.; 2) cycle growth, including building materials, chemical industry, construction machinery, manufacturing investment chain, etc., which have a certain correlation with macro, but also have long-term growth: 3) independent industries, automobiles, photovoltaics, military, semiconductors and so on.
Among them, each industry can be further divided into four links according to the links: the whole machine, parts, materials, and equipment. The business models of different links have their inherent characteristics and are obviously different. There is no absolute bias in investment, but research and investment will be carried out according to the characteristics of different links. Among them, Dong Chao prefers parts and components, which is more malleable and replicable, and can usually establish a relatively strong moat. The whole machine is more like a consumer product, driven by one or two large single products, the product cycle is more obvious; the material link is mostly chemicals, and the volume and price fluctuations are large; and the equipment is the second-order derivative of the downstream terminal, and the ceiling is relatively low.
After completing the classification, it can help Dong Chao cover different areas of manufacturing more efficiently. Specifically in the selection of individual stocks, Dong Chao attaches the most importance to the business model, his main job is to compare different types of business models, buy the best business models in each link, but it does not mean that they are all the companies with the largest market value. For example, in the field of photovoltaics, Dong Chao will be heavily positioned as an inverter leader that is easy to form barriers, rather than the module leader with the largest market value.
Moderate reverse is also another feature of Dong Chao's investment framework. He found that many manufacturing industries have relatively strong cyclical characteristics, "cyclicality is the essential characteristic of historical change and nature." Dong Chao will make a reverse layout when excellent enterprises are at the trough of the business cycle, so that they can buy a good company with a relatively strong margin of safety. It is precisely because the industrial chain of the manufacturing industry is very long, and the corresponding business cycles of different links are different, Dong Chao can always find the opportunity to reverse the layout of the company.
In terms of portfolio management, Dong Chao has two characteristics: 1) moderate equilibrium, but not completely balanced. He believes that being too balanced is also a form of "laziness", and if an industry does not have the opportunity, there is no need to disperse for the sake of dispersion. Equilibrium is more about the dispersion of industrial driving forces and the dispersion of business cycles; 2) the relative concentration of shareholdings. Dong Chao believes that each position is a "limited amount", so that he will make every buy decision to be thoughtful, and the number of positions is too large to be focused.
The relatively complete investment map and system established by Dong Chao also benefit from the internal team strength of Huitianfu. The entire manufacturing group is the group with the largest number of personnel in the research team of Hui Tianfu, and Dong Chao himself is also the fund manager trained by the manufacturing team of Hui Tianfu, through the systematic operation of the team, to help him quickly understand the business model and business cycle of different manufacturing industries, and establish a set of investment framework with strong replication.
Below, let's first share some investment "golden sentences" from Dong Chao:
1. The capital market can bring good returns to investors in the long run because it can continue to give birth to excellent enterprises in this era
2. Periodicity is the essential feature of historical change and nature, history will continue to repeat itself when the time span is long enough, and prosperity and depression always alternate with each other
3. My investment framework is to divide the different manufacturing industry chains according to the driving force based on industrial research, rather than a bottom-up view of the company
4. In the research of the manufacturing industry, we are divided into complete machines, parts, materials, equipment, etc. according to the links. The characteristics, long-term investment value and investment methods of different links are very different. Relatively speaking, we are more inclined to the stable business model and the clear pattern, such as some core component targets;
5. Usually our heavy companies are in the industrial chain, the business model is stable, the moat is strong enterprises; followed by the capture of the relatively low cycle, there is a greater cycle flexibility of the link of the target
6. "There is no view of the world, where is the world view", after building a big picture view of investment, the efficiency of investment can be improved
7. Even if I will make reverse investments for some companies with cyclical characteristics, instead of playing the price fluctuations of the cycle, I use the valuation with a high margin of safety to buy high-quality enterprises with sustained endogenous growth capabilities
8. If some industries really do not have opportunities, there is no need to configure for the sake of equilibrium, and the combination must have a strong equilibrium, but not All In an industry
9. To make investment, you must not stay on paper, you must go to the enterprise to do field research, understand how the enterprise really operates, otherwise it is a paper talk
The left hand studies the texture The right hand grasps the cycle
Zhu Ang: How do you think about investing?
Dong Chao I think the biggest charm of investment is to find a high-quality head company in this era. Many companies are on a very average track, but the quality of the companies themselves is high. The reason why the capital market can bring good returns to investors for a long time is because it can continue to give birth to a number of excellent enterprises in this era. There are many elements behind a quality company, from entrepreneurship and industry trends to business models, but at the heart of the business model. A good business model can form a strong moat. In addition to a good business model, industrial trends are also very important, and it can be said that these two elements can make an excellent manufacturing company.
The second dimension of investing is understanding the power of cycles. I had read a comparative study of two great global crises before, and the opening sentence made me feel very empathetic, which roughly meant that cycles are the essential laws of nature, and history, in a long enough time dimension, always repeatedly alternates between booms and busts.
Every industry has its stage of prosperity and depression, the cycle is not used to do the band, but moderately grasp the cycle of the industry, can use a better price to buy high-quality companies. When good companies encounter a bad stage industrial cycle, they are all buying points. I once used this method to buy a very good chemical company, because the epidemic situation is very poor, and the price of the product has fallen to an all-time low. At that time, I bought a lot, and then the price of the product rose to an all-time high, making my investment very profitable.
Since I also manage a portfolio of contrarian investments, I pay special attention to good companies at the low point of the cycle. Moreover, most industries in the manufacturing industry have cyclical characteristics, these companies are inherently highly leveraged, and the fundamental cycle fluctuates greatly. When these companies are not in the spotlight, the risk exposure is usually very small.
To sum up, my views on investment are: 1) grasp the excellent head companies in the medium- and long-term industrial trends, and pay attention to industrial trends and business models; 2) from a contrarian point of view, pay attention to the investment opportunities of high-quality enterprises at the bottom of the industry cycle.
How to effectively classify manufacturing
Juan: Can you talk about your investment framework next?
Dong Chao Since I mainly invest in manufacturing enterprises, the investment framework also matches the characteristics of the manufacturing industry. The research complexity of the manufacturing industry is very high, the characteristics of different industries are completely different, and the industrial chain is particularly long, the operating conditions of different links are different, and the stages of development are different, unlike some leading companies in each segment of the industry. Manufacturing investment, losing money is much easier than making money, because the stability of the business model is not as strong as consumer goods, even if you buy a module leader in the photovoltaic industry, there is a risk of being subverted in the future. Due to the complexity, variability and multi-link nature of the manufacturing industry, it is more necessary to have a replicable framework for efficient coverage, tracking and investment.
My investment framework is to divide the different manufacturing industry chains according to the driving force based on industrial research, rather than looking at the company from the bottom up. According to the industrial driving force, the manufacturing industry can be roughly divided into several types of companies:
The first category, macro-driven strong cyclical industries. This category of companies includes commodities, steel, industrial metals, maritime, etc. It is difficult to judge the price fluctuations brought about by macro, and we focus on but objectively it will be more difficult to invest.
The second category is cyclical growth industries. The industries in which this type of company is located have a certain correlation with the macro economy, resulting in the cyclical characteristics of the industry, but in the medium and long term, these companies themselves also have strong growth. In the fields of construction machinery, chemical industry, waterproof materials and other fields, there are a number of excellent cyclical growth stocks. For this type of company, I will moderately reverse it at the low point of the boom, and I can get better returns. To invest in such companies, it is necessary to look at the company's own Alpha capabilities and to understand the beta boom of the industry.
The third category is a relatively independent industrial chain. For example, electric vehicles mainly depend on what stage of industrial penetration rate, and the correlation between the entire industrial prosperity and the automotive industry is not high. Photovoltaics, military, semiconductors, and even home appliances are all relatively independent industrial trends. The number of companies in the third category is large, spread across different industries, and there are hundreds of companies in each industry. In order to study more efficiently, I have divided this type of company into four links:
1) Whole machine. Automobiles, aircraft, excavators, mobile phones, etc. are all part of the whole machine, which is the most downstream of the entire industry. The whole machine is usually not the most stable link in the industry, because there are certain product cycle characteristics. For example, the whole vehicle of the car is usually driven by one or two explosive cars, and once the product cycle goes down, it will also affect the operating conditions of the enterprise.
2) Parts. The whole machine to the next link is parts, such as auto parts, mobile phone parts, excavator parts, etc. belong to this category. The parts link is my favorite, they are usually for all downstream customers, the stability of the business is better than the whole machine link, and the business model is more replicable. Moreover, companies in the parts link do not have strong price characteristics.
3) Material company. The next level of parts and components is the material company. For example, power batteries have four major materials: positive electrode, negative electrode, electrolyte, and diaphragm, semiconductors have materials such as photoresists and industrial gases, and photovoltaics have glass and adhesive film as materials. Material companies all share common price characteristic properties. We take the electrolyte material in electric vehicles as an example, lithium hexafluorophosphate was 60,000 tons at the lowest price, and now the price is 560,000 tons. From this, we see that the price elasticity of material companies is very large. In the process of price increase, there are the characteristics of volume and price rise, so the profit elasticity is very large. In 2021, one of the best performing companies in the electric vehicle industry chain is also the material link. Investment in this type of business model needs to combine its cyclical characteristics, more in accordance with the investment method of cyclical growth stocks, in the relatively low cycle layout, to grasp the cycle growth resonance, volume and price rise opportunities. However, once the industry enters the channel of overcapacity and downward prices, the downward pressure on operations will be relatively large.
4) Equipment company. Photovoltaic, lithium battery, semiconductor, etc. have equipment companies. This link is also not my favorite, it belongs to the second derivative of the capacity cycle. For example, if the battery leading enterprises want to expand production, if the growth rate of so many parts declines slightly, the purchased equipment may decline. The ceiling of equipment companies is relatively small, almost one-tenth of that of downstream terminal companies. Therefore, we see that no equipment companies in the world have a particularly large market value, even if many of their customers can reach a market value of hundreds of billions. Of course, the specific performance in different industries will vary, not absolutely. For example, the status of semiconductor equipment and photovoltaic equipment in its industrial chain is more scarce;
Figure: Different industrial chains are divided by link
After doing the classification of the company, it can cover different areas of manufacturing industry very efficiently. But our classification is not rigid and will incorporate differences across industries. For example, in the field of electric vehicles, lithium battery equipment companies are not the best performing links, lithium battery equipment leaders can not win the battery faucet every year, because the battery faucet does not expand production, lithium battery equipment companies can not get orders; but semiconductor equipment companies can outperform semiconductor companies. This is because the semiconductor industry chain is very special, equipment companies are the promoters of Moore's Law, supply can create demand, demand is continuous iteration. So we will see that the market value of semiconductor equipment companies is very large, like ASML has 300 billion US dollars. Looking at photovoltaic equipment, there is no Moore's Law, but there are technical changes. Every time the technology changes, the photovoltaic equipment will be reinvested. Companies that do HJT battery equipment will perform better than battery companies themselves.
After classification, how to pick the best company
Zhu Ang: After you classify manufacturing companies according to your own system, how do you do bottom-up company research?
Dong Chao Talked about the first step of my investment system, how to classify various types of manufacturing enterprises. After completing the classification, it is necessary to go to the second step of the investment system, how to select the good companies in it.
The first link in my stock selection system is the comparison of business models. Since we prefer medium- and long-term stable operation, strong sustainability, can form a relatively strong moat of enterprises, in the company screening link, it is important to compare different types of business models, the good model of the company to select out. Usually our heavy companies are in the industrial chain, the business model is stable, and the moat is strong.
We take the new energy industry as an example, in the new energy vehicle industry chain, the whole vehicle is not a very good business model, easy to be subverted by competitors, but the power battery is a strong moat business model, different types of downstream vehicle manufacturers will use the power battery of a leading enterprise. Let's look at the photovoltaic industry chain, inverters have brand and channel attributes, and the business model is the most stable. Therefore, the varieties of our heavy positions are all enterprises with good business models and deep moats, but they may not be the companies with the largest market value in the industry.
The second link of our stock selection system is to pay attention to the changes in the competitive landscape of the industry. Even if the boom trend of an industry is good, if the competition pattern is not good, we will not invest. There are also some manufacturing competition patterns will deteriorate, such as the leading companies of photovoltaic modules, facing a large number of competitors to choose the same technical route of monocrystalline silicon. There are also some industries that are oligopolistic, but several companies fight price wars with each other, and everyone can't make money. For example, I have studied the light cutting laser industry before, which shows such characteristics, even if the industry grows, the leading enterprises have declined under the influence of price stations.
The third link in my stock selection system is to judge the business cycle of the industry in which the company is located, and to make an appropriate reverse layout at the bottom of the industry cycle, or even when the entire industry is in the loss stage. Especially for some manufacturing companies with cyclical business models, the reverse layout of those companies with higher moats can bring us a better margin of safety.
In addition, entrepreneurship, corporate governance, and financial statement quality are all parts of our hui tianfu fund's overall stock selection system.
To sum up, there must be two good stock selection systems: a good business model and a good competitive landscape; on the contrary, the business cycle does not have to be very good, but try to buy companies whose business cycle starts to improve from the bottom. The advantage of manufacturing investment is that the industrial chain is very long, the rhythm of the business cycle of different links is not the same, we do some business cycle switching under the big industrial trend, and use a moderately reverse method to invest.
In the process of stock selection, I also strive to have a stronger mesoscopic industrial perspective, I think that "there is no view of the world, where is the world view", after building a big picture of investment, the efficiency of investment can be improved. The growth rate of different sub-industries is not the same, with a mesoscopic perspective, it will not blindly carry out bottom-up stock selection, find each investment main line, and compare the driving forces of different industries.
Zhu Ang: How to distinguish between positive and negative business cycles?
Dong Chao There are both research problems in stock selection and portfolio construction. If the industry is very good, for example, electric vehicles can maintain 50% growth, the performance of leading companies here will grow more, and generally there will be a stage of bad business cycle.
From a portfolio building perspective, I don't want the business cycle of all the companies in the portfolio to be in the same direction. Companies with particularly good fundamentals will have high market attention and a high probability of price. I will incorporate the reverse layout of different dimensions in my portfolio: 1) the business cycle has reversed but the probability continues to improve; 2) the business cycle is at the end of the recession or in the early stage of recovery, focusing on increasing the configuration; 3) Relatively left, the short-term is not good, but the probability will be reversed in the annual dimension. If we combine these types of companies at the same time, the risk exposure of the overall portfolio will be reduced. Among the contrarian investment products I manage, the proportion of companies with reverse business cycles will be higher.
Cyclical growth stocks, to do a reverse layout
Zhu Ang: Can you share a representative investment case?
Dong Chao I once laid out a leading company of new chemical materials relatively in reverse at the bottom of the cycle. I remember I took over the reverse investment product in June 2020, at a time when manufacturing was plummeting and consumer medicine was soaring, and I saw that the MDI price of chemicals was at an all-time low. At that time, we also paid attention to many other chemical companies, but why did we buy this company and did not buy other chemical stocks, because this company met several criteria for our investment cycle stocks:
1) This is a very high-quality company (representative industry leader);
2) The industry operation is at the bottom, and there will be a reversal in the future. At that time, we made a calculation of the supply and demand balance of MDI, and the downstream demand will most likely recover, but the supply is very rigid and there is no new capacity. As long as demand gradually recovers, product prices will return to historical highs;
3) The company is not only a cyclical stock, but also a certain endogenous growth. The investment in cyclical stocks is not the mean reversion of the game price, and we hope to invest in companies with endogenous growth. Even if the industry doesn't work, companies still have 20 to 30 percent organic growth. Once the cycle is up, resonance can also be achieved;
4) Valuation has a strong margin of safety, and the downward risk is not large. When we bought, the corresponding bottom profit was only 13 times the valuation, and the PB of about 2 times was the lowest point in history. The risk-reward ratio of such companies is asymmetrical, and the upside space is much higher than the downward risk.
From my public portfolio, I can see that I have repositioned the faucet of the power battery, but did not buy the faucet of the photovoltaic module, and the business model moat of the two companies is very different. Inside the military industry, I previously bought a plight reversal company, this company is the core material of the aircraft engine, monopoly market share, the entire industry is also in a very strong upward cycle, the company's business model and stability are very good, after the private enterprises take over the company, the governance mechanism and management are also undergoing major changes.
In the second quarter of last year, the price of silicon materials in the photovoltaic industry soared, resulting in the industry boom falling, and I bought an inverter in a reverse heavy position at that time. This is also a link with strong stability and better business model in photovoltaics.
On the whole, even if I will make reverse investments for some companies with cyclical characteristics, instead of playing the price fluctuations of the cycle, I use the valuation with a high margin of safety to buy high-quality enterprises with good business models and strong stability.
Zhu Ang: It is not easy to judge whether the industry is at the bottom of the business cycle, many times people will buy in the "halfway point" of the downward cycle, how do you judge that the industry is indeed at the bottom of the business cycle?
Dong Chao's judgment of the cyclical industry is more complicated, but there are also certain normative paradigms, such as supply and demand balance sheets, etc.; we will comprehensively consider the characteristics of price characteristics and quantity.
Price characteristics are mainly judged by the supply and demand balance sheet, and the characteristics of quantity are judged by supply and demand curves. The Aforementioned MDI price is judged through the supply and demand balance sheet, and then compared with the price of the historical cycle, and it is roughly known whether the price is at a high or low level in the historical cycle.
For example, when studying a construction machinery leader, it is necessary to judge the characteristics of the quantity, behind which is the demand for real estate construction and infrastructure investment, and a large amount of data research needs to be done. At the heart of this is finding the core drivers of the industry cycle and doing research through a unified paradigm. For example, the lowest point in the history of excavator sales is 50,000 units, and the highest point is 200,000 units. The high point of this round reaches 300,000 units, so the probability is a historical high. In terms of investment, we pursue vague correctness.
Every stock in the portfolio is a valuable "quota"
Zhu Ang: How do you do this for specific combination construction?
Dong Chao The basic principles of the combination construction are unchanged, the industry is relatively balanced, the individual stocks are moderately concentrated, and the dynamic adjustment is made in a timely manner.
But I think being too balanced is also a form of laziness. If some industries really don't have opportunities, there is no need to configure for the sake of equilibrium, and the combination should have a strong equilibrium, but not all in one industry. I will diversify several investment lines in the portfolio, and put 20% to 30% of the positions in the most important investment lines. My individual stocks are relatively concentrated, with 2-3 companies in each industry.
I will make moderate dynamic adjustments to the combination and focus on the reverse. Smooth the natural high volatility of the industry by reversing, I will buy some when it falls, and reduce it moderately if it rises. The overall turnover rate is around 10% each month.
Zhu Ang: If you find an investment target, what is your buying rhythm, is it a one-time purchase or a multiple-lot purchase?
Dong Chao I will be relatively cautious before making decisions, hoping to observe a company for a long time, take it slowly, and not be in a hurry. I want to spend three-quarters of every month researching, doing phone interviews, and sorting out the industry before making a decision. Once I've made a decision, the pace of buying is fast, and it's likely that I'll be able to buy my stock position in a week.
I have a mandatory requirement for myself: the number of companies in the portfolio cannot be very large, usually between 25 and 35. I don't want to make an "all-encompassing" combination, and if you buy more and more companies, it's hard to focus on the best quality companies. My combination, each "quota" is precious, including a company to exclude a company, small positions of "observation position" as few as possible.
Juan: After talking about the buying rhythm, can you talk about how you sell a company?
Dong Chao For scarce assets with particularly good business models, the best way is to buy and hold, there is no need to do the band back and forth, unless the fundamentals of the industry have changed greatly. For companies with obvious business cycles, the price fluctuates greatly, so it is reversed when the business cycle is not good, and the gains are cashed in when the market is hot.
Manufacturing always has opportunities, but can not "lie to win"
Zhu Ang: How did this investment system come into being?
Dong Chao Formed this investment system, which stems from my industry background and is also related to my personality.
I look at the manufacturing industry, naturally around the manufacturing industry how to invest, the characteristics of the industry, the length of the industrial chain, the diversity of business models, the number of companies, the cyclical characteristics of sub-industries, etc., the formation of such a set of investment framework. I hope that I will gradually improve my system, throw out great companies, and dance with the times. But on the other hand, when I was a researcher, I found that many sub-industries in the manufacturing industry have cyclicality, and I have also seen pure cyclical industries such as coal and steel, and I have a deep feeling for the power of the cycle. I think investing is about understanding cycles and revering cycles.
Juan: What do you think is the biggest challenge for you to invest right now?
Dong Chao My circle of competence is still in the manufacturing sector, and if there is no systematic opportunity in manufacturing, my combinatorial pressure will rise. The manufacturing industry is very deep, and there may be bull stocks running out at different stages, but these bull stocks are different, so we must have a global vision, not only to study one or two hot industries. Like the rapid growth of new energy vehicles in the past few years, our combination is also relatively heavy, but we must not only look at this industry. I think investment should always pay attention to what changes are taking place in the industrial structure, and follow the pace of the development of the times to adjust the layout direction. Even after the industry beta becomes flat, there will still be leading companies coming out (such as a consumer electronics leader in the past few years).
Investments cannot be scratched off by the boots
Zhu Ang: In your career experience, what are the typical mistakes you have made? What lessons have been learned?
Dong Chao First, we must understand the business model thoroughly. The differences in the business models of companies in different manufacturing industries and different links in the same manufacturing industry are very large and very complex. If you don't understand it thoroughly, it's easy to make mistakes. I bought a traditional clothing equipment company, and the industry is very traditional and reversed. At that time, the demand was very poor due to the impact of the apparel industry, so the operating performance in 2019-2020 was very poor, and at that time I thought that 2021 would usher in a business reversal. But when the industry improved, the performance did not improve much. This is related to its industrial chain status, bargaining power for upstream and downstream, and so on.
Second, don't blindly step into the unknown. I invested in a game stock in the media sector, and although it fell a lot before laying out, it still lost a lot. My reflection is whether the field is still very new, including the risk of policy uncertainty that may be faced.
If the industry does not have a deep understanding, it should not be touched, and the field cannot be evaluated in terms of experience in other fields. For example, I have been looking at the manufacturing industry before, ignoring the risk of regulatory policy uncertainty faced by the consumer-like industry, and finally suffered losses because of this. At the same time, in areas that you are not familiar with, the price falls in your heart without a bottom, because you are not familiar with it and cannot judge. So there's a saying that you don't make money outside of your perception.
Zhu Ang: What is your special feeling about entering the investment industry from engineering?
Dong Chao I also entered the investment industry after graduation, and I have no experience working in enterprises. My feeling is that to make investment, you must not stay on paper, you must go to the enterprise to do field research, walk into the real business world, understand how the enterprise really operates, otherwise it is a paper talk.
We often say that this industry has several times the space in the future, but how to really land products, form a team, form sales, etc., all require very precise planning, and even need some opportunities, which is a very complex business behavior.
Risk Warning: The fund is risky and should be invested with caution. This material is promotional material only and is not intended as any legal document. 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. Mainland funds have been in operation for a short period of time and do not reflect all stages of stock market development. The past performance of the fund does not indicate future performance, the performance of other funds managed by the fund manager and the past performance achieved by its investment personnel do not constitute a guarantee of the performance of the fund, investors should carefully read the "Fund Contract", "Prospectus" and "Product Information Summary" and other legal documents to understand the product information in detail. The past performance of the funds managed by Dong Chao is as follows: Hui Tianfu Reverse Investment Hybrid was established on 2012/3/9, and the previous fund managers are Gu Yaoqiang (2012/3/9-2020/9/3) and Dong Chao (2020/6/29 to present), and the performance and benchmark performance of each year from 2016 to 2021 are: -4.77%/-8.42%, 12.01%/17.08%, -25.47%/-19.17%, 50.24%/29.59%, respectively. 61.60%/22.48%, 29.05%/-2.86%; Huitianfu Intelligent Manufacturing Stock was established on 2018/4/23, the previous fund managers are Zhao Pengfei (2018/4/23-2021/1/11) and Dong Chao (2021/1/11 to date), the annual performance and benchmark performance of 2018-2021 are: -14.27%/-25.65%, 30.13%/34.03%, 52.31%/28.56%, respectively. 25.53%/16.83%, the above data from the fund's annual reports, 2021 4 quarterly reports, as of 2021/12/31.
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Wang Zonghe | Wang Keyu | Wang Jing | Wang Shiyao | Wang Xiaoming | Wang Qiwei
Wang Xiaoling | Wang Yuan Garden | Wang Yan | Wang Wenxiang | Wang Rui | Wang Haitao
Wang Dengyuan | Wang Jian | Wei Xiaoxue | Wei Dong | Weng Qisen | Wu Xing
Wu Da | Wu Fengshu | Wu Yin | Wu Wei | Wu Yue | Woo Woo Woo
Wu Jie | Xiao Ruijin | Xiao Weibing | Xie Shuying | Xie Zhendong | Xu Lirong
Xu Zhimin | Xu Cheng | Xu Bin | Xu Bo | Xu Zhihua | Xu Xijia
Xu Wenxing | Xu Yan | Xu Wangwei | Xue Jiying | Summer rain | Yan Yuan
Yan Xu | Yang Dong | Yang Hao | Yang Yan | Yang Ruiwen | Yang Fan
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Zou Weina | Zou Wei | Zou Xi