See the little essay again! The "prodigy" fund manager sold miserably in public, did the people buy it?

Image source: Ant Fortune Community

"If I can sleep for 5 hours, thank God, waking up 4-5 times a night is a good quality of sleep. "The goal is to treat every friend fairly and equally, no matter how much money there is. "I really think I can make money in this position (A shares), and I myself am all in. On January 11, Wang Guizhong, deputy director of the research department and head of the science and technology group of Harvest Fund, and a doctor of quantum electronics at Peking University, made a series of sincere remarks in an article titled "Several Issues Concerned by Investor Friends" in the Ant Fortune community.

For a time, the article attracted heated discussions among the people. Some people only pay for performance, commenting that "the rate of return is not good, and it is useless to say that no amount of suffering"; some people "buy" for their feelings, believing that Wang Guizhong's sincere speech shows that he is a conscientious manager, and says that although they have not bought his products before, they will invest in it in the future; and some people are reflecting on and summing up, asking "why are Hong Kong stocks cheap for so many years, and why are US stocks at high valuations hitting new highs every year?"

According to Tiantian Fund Network, Wang Guizhong currently manages 7 (A/C shares are calculated together) products, with a total scale of 7.206 billion yuan. It is worth noting that of these products, only 2 made a profit, and the remaining 5 products were all loss-making. At this juncture, it does take courage for fund managers managing active equity funds to speak out in a "high-profile" manner.

"Wake up 4-5 times a night"

Perhaps it was impulsive, or perhaps it was a true outpouring of feelings, Wang Guizhong, a 13-year-old "genius prodigy" who was admitted to Peking University and graduated with a 22-year-old doctor of science, published an article titled "Some Issues Investors Concern About" in the Ant Fortune community.

In the article, Wang Guizhong bluntly said that he has only one goal, "to make money for my relatives and friends, my fathers and fellow villagers, and those who trust me." He explained that although he is still far from this goal, or even farther and farther away, he still believes that "although the road ahead is far, the line will be reached." It's hard to do, but it's hard to do. ”

At the same time, he also pointed out that being a fund manager is not easy and stressful. "Daily quizzes, monthly mock exams, quarterly exams, and annual college entrance examinations. And all the top students in the college entrance examination will not withdraw from the market and continue to roll. ”

Wang Guizhong said that when he was a student and researcher, he never lost sleep. And now, "I was thankful I was able to get five hours of sleep." Wake up 4-5 times a night, which means that the quality of sleep is high. ”

"The industry of fund managers is really stressful. The state of work that is tested and evaluated multiple times a year, as well as stress manifestations such as insomnia, are common phenomena in the fund manager industry. Wang Peng, dean of the Digital Economy Research Institute of Nanchang University of Technology, said in an interview with the China Times that fund managers need to manage a large amount of money and make investment decisions in a complex market environment. This requires not only professional knowledge and skills, but also a high sense of responsibility and the ability to withstand pressure.

At present, active equity funds are losing a large area, and the valuation level of the A-share market is at a historically low level, and most fund managers prefer to use "silence" to act in a low-key manner. However, Wang Guizhong chose to speak out "high-profile" at this time, and also expressed his hardships at work and low sleep quality in the article. Such a "miserable sale" also caused Jimin to question in the comment area, "The rate of return is not good, and it is useless to say that no matter how much suffering you have." ”

But in Wang Guizhong's view, the purpose is not to complain. In the article, he pointed out, "Because of my personal background in extreme poverty and my mother's education, I believe in my bones that everyone should be treated equally. And the reason why he chose the moment to speak out is to "treat every friend fairly and equally, no matter how much money is or how little money is", he further explained, "There are also my relatives and friends who pay attention to my views on Alipay, and I want to tell the truth." Let everyone know about me, and then decide more objectively whether it is suitable or not. Moreover, many of my friends' opinions and criticisms are very professional, which also helps me to look at problems more comprehensively and improve myself better. ”

For this explanation, the people are more supportive. "Come on, Brother Wang, I also bought your fund with a heavy position, although there is a lot of loss, but for your attitude, I will continue to hold it" "A sincere and active fund manager, worthy of support! Looking forward to the day when the light boat has passed the ten thousand mountains" "This sincerity is worthy of the trust of investors"......

Claiming to have been all in, "now you can really make money"

In fact, observing the performance of Wang Guizhong's products under management, it is a representative of the general performance of active equity products.

According to the data of Tiantian Fund Network, among the 7 products he manages, the 2 with the longest management time have positive returns. Among them, Harvest Technology Innovation Mix has achieved a high return of 73.27% in the past five years under Wang Guizhong's management, and Harvest Culture, Sports and Entertainment Stock Class A share products have achieved a small positive return of 0.33% in the three and a half years since he took over.

The rest include Harvest ChiNext two-year regular mix, Harvest Hong Kong stock Internet industry core assets, Harvest frontier innovation blend, Harvest frontier technology Shanghai-Hong Kong-Shenzhen stocks, and Harvest innovation pioneer blend, all of which have negative returns. However, from the perspective of management time, Wang Guizhong's management time for these five products is relatively short, and the shortest is only 30 days.

Talking about the reasons for performance, Wang Guizhong said in the article that there are two main aspects, the internal reason is the main reason, and the external reason is the auxiliary. He focused on the internal factors, and in 2022, he still has the ability to invest in some dividend assets, and at that time, he felt that the valuation of the entire market was already relatively expensive. But it couldn't find enough targets, and the valuation of the entire portfolio was lowered. At that time, I chose the direction of Hong Kong stocks, with low valuations, but I did not have a deep understanding of the characteristics of Hong Kong stocks. In terms of external factors, compared with previous times, the process of economic recovery this time is indeed more complicated.

Looking ahead, Wang Guizhong is still firmly optimistic about the investor value of Hong Kong stocks. In the article, he emphasized, "(Hong Kong stocks) are cheap at the core, and big opportunities must come from big differences." He has also said before, "I started to be bullish on Hong Kong stocks in March 2022 after Vice Premier Liu He's speech." At present, the effect is not good, mainly because China's economic recovery is weaker than expected and US inflation is higher than expected. But at present, Hong Kong stocks are the cheapest assets in the world, and the main companies in Hong Kong stocks are buybacking, that is, the listed companies themselves feel undervalued. ”

In the view of Huang Dazhi, a researcher at the Xingtu Financial Research Institute, Hong Kong stocks have extremely high investment value in the future, whether in terms of valuation, dividend yield, or corporate development. He analyzed to the reporter of the "China Times": "From the perspective of valuation, Hong Kong stocks are almost the cheapest stock markets in major countries or regions in the world. In addition, from the perspective of dividend yield, the dividend yield of many value sector and blue-chip sector assets in Hong Kong stocks is also at historically high levels. At the same time, we also see that many companies in Hong Kong stocks are increasing their buyback efforts, demonstrating their confidence in the future development of their own companies. ”

At the same time, the great risks faced by Hong Kong stocks in the past have been greatly mitigated. Huang Dazhi said that with the end of the Fed's interest rate hike cycle and entering the interest rate cut cycle, the pressure on the liquidity of Hong Kong stocks has been eased to a certain extent. It is expected that the risk and liquidity pressure faced by the Hong Kong stock market in the future should be much better than it is now. As valuations reach the bottom, the Hong Kong stock market will also usher in an upward momentum for valuations. Therefore, from the perspective of opportunity and risk, the current Hong Kong stock market must have more opportunities than risks.

Yu Fenghuiye, an expert at the Hong Kong Top 100 Research Center, holds the same view. He told the "China Times" reporter that there are indeed many targets with investment value in the Hong Kong stock market, and the valuation is relatively low. The core strength of Hong Kong stocks is their low valuation, and large investment opportunities often come from large market divergences. However, it should be noted that there are also certain risks associated with investing in Hong Kong stocks, such as high market volatility and corporate governance risks. Therefore, when participating in Hong Kong stock investment, investors should fully understand the characteristics of the market, allocate assets reasonably, and do a good job in risk management.

Standing at the current point in time, Wang Guizhong insisted that he had been all in. In the article, he appealed, "I really think I can make money in this position (A shares), and I speak rhythmically, but from 2021 to 2022, I still talk relatively little, because I feel that the market has downward pressure and the valuation is not low enough." Now I really feel that I can make money, and I am all in myself. ”

Editor-in-charge: Xu Yunqian Editor-in-chief: Gong Peijia