At the end of May, the index once again fluctuated and diverged, affected by the broader market, and the average return of equity-biased funds in the past two years was negative. However, it is worth noting that some fund managers have flexibly grasped the main line of the market through in-depth exploration of individual stocks and industries, and have achieved relatively bright investment performance.
Haifutong Fund Lv Yuechao is a fund manager with "hegemonic performance". The net value growth rate of the 4 fund products managed by him in the past two years has ranked in the top 4 of its kind, of which 2 have ranked 1st in the same category. In the past 1 year, the growth rate of net worth has been ranked among the top 14 of its kind. Over a long period of time, its longest-managed (about 6.5 years) Haifutong Equity Hybrid Fund has ranked in the top 12% of its kind (76/637) in the past seven years.
Source: Morningstar, as of 6/2/2023.
Institutionally recognized growth investors
Which areas of the equity market can be deployed in the long term? The tech track deserves a seat.
In recent years, most sub-sectors of the A-share technology sector have achieved relatively lucrative yields. Since the beginning of this year, the index has fluctuated and differentiated, and the market heat has focused on themes with high prosperity and relatively low valuations, such as artificial intelligence, energy storage, cloud computing, and special valuation, etc., and the "scientific content" is still high.
Under the market, fund industry celebrities who are good at investing in technology stocks are also emerging. Lu Yuechao is a technology growth style fund manager who has attracted a lot of attention in the industry.
Lv Yuechao is currently the deputy director of the public equity investment department of EFORTIS Fund, and is a representative figure of EFORTIS Fund's technology growth style investment, he has more than 12 years of experience, including more than 8 years of investment experience.
Looking at his growth history, it can be seen that Lv Yuechao is a manufacturing researcher, started his fund investment career in TEDA Manulife Fund in 2014, and joined Haifutong Fund in 2016. In the past few rounds of growth represented by semiconductors, new energy and artificial intelligence, the products managed by Lv Yuechao have a good record - since Lv Yuechao took over the Haifutong stock mix in November 2016, the earnings of the following six complete natural years have outperformed the performance comparison benchmark (see Remarks for specific results).
Therefore, when some institutional investors are investing in 2023, the products managed by Lv Yuechao have become their choice - according to the 2022 public fund annual report position analysis report released by Southwest Securities, from the middle of 2022 to the end of 2022, among all active equity funds, the largest increase in the proportion of institutional holders is Lv Yuechao's Haifutong Technology Innovation A, accounting for an increase of 81.85%, and the share of institutional holdings exceeds 800 million.
Actively explore investment opportunities in technology stocks
Stock prices fluctuate greatly, sectors rotate quickly, and industry innovations and changes emerge one after another... The characteristics of technology stocks determine that growth fund managers engaged in active investment should not stick to individual sectors and individual stocks, but should keenly grasp the changing trend of prosperity and fundamentals, and look for explosive investment opportunities at the current stage. On the other hand, fund managers also need to maintain independent thinking and not blindly chase the limelight.
In Lv Yuechao's investment operation and investment philosophy, such "change" and "unchanged" are also implemented.
In the first quarterly report of Haifutong Equity Hybrid Fund in 2023, Lv Yuechao frankly stated his position swapping ideas in the first quarter, "In the first quarter of operation, the fund generally grasped the rhythm change and structural transformation of the market, reduced the allocation weight of the new energy sector, better grasped the investment opportunities in the TMT sector, and achieved obvious excess returns in portfolio adjustment. ”
Looking back at the past operation of this fund, we can also see the process of constantly sorting out the investment context and actively exploring investment opportunities along the main line of technology. According to the explanation in the periodic report, in the operation in 2022, the fund will focus on the two main lines of pan-new energy and redefining automobiles, and actively explore investment opportunities in subdivided high-prosperity tracks. In the operation of 2021, the fund grasped the investment opportunities in the direction of pan-new energy, semiconductors, and defense industry, and actively looked for high-quality growth stocks from the bottom up...
As for "unchanged", Lv Yuechao has always insisted on grasping investment opportunities on the main line of emerging growth for many years, and has never deviated from his investment style even in years when the growth market is not dominant.
On the other hand, he has repeatedly proposed his risk control approach to investing in technology stocks. First of all, we must abide by the value of "integrity", insist on looking for investment opportunities in industries that can continue to bring positive externalities to society, and attach great importance to the ESG evaluation of the proposed investment enterprises; Secondly, in terms of specific portfolio management, the principle of balancing risk and return should be implemented; Third, in terms of cognitive capacity building, it is necessary to implement the principle of keeping pace with the times.
Note 1: The net value growth rates of EFORTIS Equity Hybrid Fund from 2018 to 2022 were -22.95%, 81.59%, 24.56%, 27.07% and -17.09%, respectively, and the benchmark returns were -24.32%, 30.08%, 24.19%, 0.90% and -17.12%, respectively. Source: Fund's periodic reports. Previous fund managers during the period: Lv Yuechao (2016/11 to present).
Note 2: According to the three-level classification of Galaxy Securities Fund, the Fund is classified as a partial equity fund (60%-95% of the upper and lower limits of stocks). The performance of other similar products managed by the fund manager is as follows:
1) The growth rates of the net value of Class A shares in 2020-2022 were 12.82%, 45.75% and -16.43%, the growth rates of the net value of Class C shares were 12.70%, 45.17% and -16.76%, respectively, and the performance comparison benchmark returns were 9.19%, -0.09% and -15.85%, respectively. The 2020 annual results are calculated from the effective date of the fund contract (September 27, 2020). Previous fund managers during the period: Lv Yuechao (2020/9 to present);
2) The net value growth rates of Class A shares of EFORTONG Technology Innovation Mix in 2020-2022 were 19.10%, 28.70% and -15.23%, the growth rates of net value of Class C shares were 18.33%, 27.68% and -15.90%, respectively, and the performance comparison benchmark returns were 37.02%, 1.78% and -23.88%, respectively. The 2020 annual results are calculated from the effective date of the fund contract (March 10, 2020). Previous fund managers during the period: Lv Yuechao (2020/3 to present).
Source: Fund's periodic reports.
Risk warning: investment is risky, mainland fund operation time is short, can not reflect all stages of stock market development. The past performance of a fund is not indicative of its future performance and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of the fund. Depending on the scope of the investment, the volatility of the Fund (or the above funds) may be high. EFORTIS Fund solemnly reminds you to pay attention to investment risks, please carefully read the fund contract and fund prospectus, and make independent decisions on fund investment according to your own risk tolerance, investment period and investment objectives on the basis of understanding the specific conditions of the fund and listening to the appropriateness of the sales agency.
