Alas, I find that there are really more and more fund managers leaving this year.
Former Niu 20 fund manager Zhongke Wotu Worui left, and Feng Xuan, who I liked to see in the past two days, also left.
It may be that after the market turned bearish, the scale has not been able to do it, so it is another way out
After Feng Xuan left his job, he changed to a fund manager named Xu Yuliang, which is a large-cap growth style, which is completely different from his previous large-cap value.
And Xu Yuliang's investment life is only more than a year, during which he did not have excess returns, so how to look at it is very general, so this time Golden Bull 20 or decided to replace it, excluding Xingye Juli.
The combination was replaced by a selection of Sino Analytica strategies managed by Sino Analytica Cai Yubin, which we had previously written about.
Cai Yubin has employment experience in the IMI petrochemical industry, belongs to the large-cap value style, and likes to pursue a reasonable valuation of leading stocks for allocation.
The following is the historical performance of his masterpiece, which has beaten the CSI 300 Index for four consecutive years.
If you hold the portfolio for more than 7 days, if you check the automatic follow-up adjustment, the position will be adjusted automatically; if you hold the combination
Within 7 days, then it will wait until at least 7 days or more before automatic rebalancing to avoid punitive rates.
Then again, some people have asked if the recent repositioning is a bit frequent, will the rate be very high~
The first is the logic of repositioning, if the fund manager leaves and changes from a high-quality player to a player with poor overall performance, then the exchange still has to be changed.
In order to control the wear and tear of the rate, I will give priority to the fund managers of small fund companies as much as possible, so that even if there is a departure, there is no cost of changing positions.
Otherwise, we just entered, and people made performance and jumped, which really can't stand it.
However, for this rebalancing, we should not worry too much about the rate problem, because it is only for a single fund to change, and the weight of replacement is not high.
For example, this rebalancing, the transfer of a fund with a weight of 8.8%, and the redemption rate of 0.5% for more than one month will have an impact on the cost of the total rate of the portfolio of about 0.044%.
The proportion of the rate is still within the controllable range~
In addition, in terms of position adjustment, I am not saying that the fund manager will definitely be replaced when he leaves.
For example, before the portfolio held Zhou Xinpeng's Boshi Research Huixuan, and later after the fund manager was replaced by Ji Nan, there was no immediate adjustment, considering that Ji Nan was also a good fund manager at that time, so he was adjusted after observing for a while.
So the key is to see if the fund manager and the product are good or not.
.......
After talking about the adjustment of the cattle 20, we will summarize the performance of the cattle 20 year-to-date.
The drawdown during the year was 12.5%, and the average performance of the active stock base during the same period was as follows:
Partial Equity Hybrid Fund Index: -15.11%
ICBC Stock Mix: -17.47%
Active Share Base: -16.56%
CSI 300:-13.33%
CSI 800:-13.03%
The Niu 20's goal is to outperform the active stock base and the CSI 800, and slightly outperform the market average this year.
The main outperforming benchmark is the relatively large allocation of traditional industries (real estate, chemicals, infrastructure).
However, at the beginning of the year, this wave of indiscriminate decline, and no industry can do significant excess returns, so the excess is not obvious
But don't panic, yesterday I said that the gold pit of the wide base is about to arrive, so correspondingly, the bottom of the ox 20 is expected to be almost in place.
Let's look at the group data.
Looking at the historical data of the CSI 300, it will be found that in the past 10 years, the CSI 300 has fallen for five years and rose for five years (the default is the situation of falling this year).
Cancer stocks live up to their name, within a year of admission, half the time is losing money...
However, optimistically, in the past ten years, the CSI 300 has never had a case of losing money for two consecutive years, so the next can still be optimistic ~
Let's not talk about the NASDAQ, only this year has been negative in the past decade, and it is more difficult to lose money for two consecutive years.
So in the long run, looking forward to 23 years, when the interest rate hike process is more than halfway through, the funds have once again entered the easing cycle, and the stock index can have a good expectation
Let's talk about the valuation level.
From the data point of view, in fact, the CSI 300 is a long-term operation around a 12 times PE-BANDS fluctuations.
For example, in this chart, the red line part is corresponding to the undervalued range of CSI 300.
At present, the PE of the CSI 300 has fallen below 12 times, almost returning to the valuation level of 19 years, 13 to 14 years.
That is to say, the current CSI 300 is actually not "expensive".
If you look at the CSI 500, it is even cheaper.
The PE-BANDS of the CSI 500 is operating around a 32 times PE line, and now the PE valuation of the CSI 500 is only 17.5 times, which is far from the center.
Of course, because of the registration system, the central valuation of small and medium-cap stocks may never return, but the valuation of the CSI 500 is indeed cheaper than the CSI 300, with only 17.5 times the PE, and the pe of the CSI 300 non-silver index of the benchmarking financial stocks is 26 times.
So there is no doubt that the gold pits of the large, medium, and small markets have appeared.
As for whether there will be a diamond pit or a diamond pit next, I am not sure, we can't read the bottom at the bottom of the pendulum, but we can buy it in batches below the pendulum...