公募中国研究组 | Holland
编辑、统筹 | Jamie
制作 | Jessica
Yang Ruiwen is the No. 2 person of Invesco Great Wall, with the latest management scale of 30.895 billion yuan, second only to Liu Yanchun, and ranks 11th among China's active equity public fund managers. As of the end of the first quarter of 2024, Yang Ruiwen's masterpiece "Invesco Great Wall Preferred" has achieved a return of 185.10%, with an annualized rate of about 11.74%.
Yang Ruiwen, known in the market as a "growth stock hunter" and "growing crops in saline-alkali land".
These two words respectively reveal the characteristics of Yang Ruiwen's focus on growth stocks and intensive cultivation of his own one-third of an acre. He positions himself as a discoverer of growth stocks, and his core credo is to find opportunities in growth stocks from industry trends. Eight of the top 10 heavyweights at the end of Q4 2023 belonged to the STAR Market or ChiNext.
The extreme growth style not only explains his high-spirited first eight years, but also explains his sharp drawdown of more than 40% in recent years.
Seven years before "Invesco Great Wall Selection".
Since joining Invesco Great Wall, Yang has managed 13 funds and currently manages 9 funds. "Invesco Great Wall Preferred" is its longest-running product, with a return of 185.61% and an annualized return of 11.75% over nine years. Yang Ruiwen's other masterpiece "Invesco Great Wall Environmental Protection Advantage" has also reached a return of 151.40% and an annualized return of 12.12% since 2016.
Source: Wind, as of April 2, 2024.
At present, Yang Ruiwen's 9 products are 5 positive and 4 negative, and the negative returns are Invesco Great Wall Electronic Information Industry A, Invesco Great Wall Growth Leading One-Year Holding A, Invesco Great Wall New Energy Industry A, Invesco Great Wall Reform Opportunity A, and the return on employment is -3.28%, -31.78%, -6.65%, and -12.68% respectively. Among the loss-making products, one started in 2020, two started in 2021, and one started in 2022.
Yang Ruiwen studied optoelectronic engineering from Huazhong University of Science and Technology with a bachelor's degree and a master's degree in optical engineering from Zhejiang University. After graduating with a master's degree in 2008, he worked as an industry researcher at Ivy Capital, initially researching international commodities such as copper, crude oil, and gold, and then shifting his research focus to domestic power equipment, new energy, and consumer industries in the following year.
In 2010, after joining Invesco Great Wall Fund, Yang Ruiwen continued to research power equipment, new energy, public utilities, environmental protection, and later joined the research of home appliances. In 2013, Yang Ruiwen began to focus on media stocks, TMT, and technology growth sectors.
In October 2014, Yang Ruiwen began to manage Invesco Great Wall Select, which was on the eve of a bull market. In 2015, Invesco Great Wall Preferred achieved a return of 61.02% through heavy positions in Blue Cursor, Gold Mantis, Xiangyuan Cultural Tourism, Taiji Group, etc., and became famous in one fell swoop.
If it is said that when Yang Ruiwen took over Invesco Great Wall Optimization in 2014, it coincided with the leveraged bull from 2014 to 2015, then the situation after 2015 is more of a test for the operation of growth stock fund managers. After 2015, A-shares entered a long bear market in growth stocks - a volatile downward trend in 2016, a blue-chip market in 2017, a panic decline in 2018, and a ...... in 2019 Many early-stage growth stock style fund managers have opted for a style switch during this time.
Yang Ruiwen formed and adhered to his own style in the midst of market turmoil.
From 2015 to 2019, Invesco Great Wall preferred representative heavy stock is "Infore Environment", in the fourth quarter of 2015, Yang Ruiwen bought for the first time and jumped to the fourth largest heavy stock selected by Invesco Great Wall, the current Infore Environment quarterly increase reached 97%, and then continued to hold heavy positions for nine quarters. In the first quarter of 2016, Infore Environment rose to the first largest heavy stock selected by Invesco Great Wall.
Rongjie shares, in the fourth quarter of 2016, Yang Ruiwen began to take a heavy position. In the big blue-chip market in 2017, Rongjie shares rose by 51%, making outstanding contributions to Yang Ruiwen's earnings at this stage.
The three-year period from 2019 to 2021 was another bumper harvest period for Invesco Great Wall, with a three-year return of 180.16%. At this stage, Yang Ruiwen's growth style is further highlighted.
The intelligent interactive display leader "CVTE" is the one that Invesco Great Wall has preferred to hold for the longest time, from the third quarter of 2017 to the second quarter of 2023. According to Wind data, according to the pre-resumption, CVTE's shares rose from about 40 yuan per share to 144.32 yuan per share.
In addition to CVTE, another growth stock excavated by Yang Ruiwen is Roborock, which is mainly engaged in sweeping robots. Since Roborock was just listed in 2020, Invesco Great Wall Preferred has begun to hold heavy holdings, which will continue until the end of 2023. During this period, Roborock's share price rose from a maximum of 200 yuan to about 750 yuan.
30% of the time looking for sparks
Yang Ruiwen likened the search for growth stocks to "growing crops in saline-alkali land".
First of all, he tends to follow the path of "investment in line with industrial trends", hoping to find industries that conform to the trend of the times and social development trends, and tap high-growth stocks among them.
For example, the electronics industry.
Yang Ruiwen prefers the electronics industry in the manufacturing industry. Combing through Invesco Great Wall's preferred heavy holdings in recent years, it can be found that it has maintained overweight to the electronics industry for a long time, and the proportion of the electronics industry will even reach 40.58% at the end of 2023. In addition, the industries are much more dispersed, involving medicine and biology, power equipment, basic chemicals, national defense and military industry, automobiles, household appliances, transportation, machinery and equipment, etc.
So, after finding the industry that "reflects the main axis of social development", how should individual stocks be chosen?
About 30% of the time, Yang Ruiwen will spend it on "looking for sparks". The spark is a new company, a new direction, something new. I read a lot of materials every day, research newly listed companies, and read a lot of news.
In Yang Ruiwen's view, "enterprises with strong vitality are more likely to win in the future competition". His consideration of the vitality of the enterprise mainly includes the following four parts: the management ability of the enterprise, the evaluation of the corporate culture, the self-evolution ability of the enterprise, and whether the enterprise has a smooth decision-making system and a reasonable value distribution system.
In addition, Yang Ruiwen has two basic requirements for companies holding positions. The first is that the enterprise must be able to make good products, and the second is that the enterprise must be traceable and verifiable to accurately assess the vitality and authenticity of the enterprise. In his view, growth stocks are not perfect many times, and as an investor, he will look for whether these "imperfect companies" have the gene to become perfect.
In terms of operation, Yang Ruiwen will not buy particularly popular stocks, but often trade on the left side, he believes that the process of falling is more conducive to building a position, and the cost of paying at this time will not be too high.
This also means that Yang Ruiwen's investment direction is early and medium-term.
"In the process of opening a position, buying a stock can often last for a month or two, which is normal. He said.
Larger drawdowns after 2022
For a long time, Yang Ruiwen's fund has been able to consistently outperform when the market is in good shape, but it has also pulled down more when the situation is poor. 2022 is an "eventful year" for Yang Ruiwen, and many funds managed by Yang Ruiwen have lost more than 30% throughout the year.
At that time, the performance of the A-share market fluctuated widely, and the growth stocks pulled back significantly. The products managed by Yang Ruiwen are facing considerable performance pressure. At the end of 2022, the total scale of the 9 funds held by Yang Ruiwen was 28.279 billion yuan, which was significantly reduced compared with the 48.2 billion yuan held at the end of 2021, and the total net profit loss was 14.631 billion yuan. At the same time, the total number of holders of the nine funds reached 2.3 million, and the management fee collected exceeded 500 million yuan.
Yang Ruiwen controls the drawdown mainly by asset allocation. For example, Invesco Great Wall's preferred equity position has remained around 75% for a long time, and the remaining 20% of the position is allocated to bonds (mainly Treasury bonds in recent years), which is not timely, which makes the fund face greater pressure in the bear market.
Many of the stocks he held heavily held had a sharp pullback. In 2022, Roborock fell 57.17%, Nine fell 56.49%, and CVTE fell 26.54%.
Another example is the integrated circuit R&D company, the leader of infrared thermal imaging, Ruichuang Micro-Nano, Invesco Great Wall Preferred continued to hold a heavy position for three years, began to hold a heavy position in the third quarter of 2021, fell 52.53% in 2022, and fell 70.24% by the end of 2023.
In 2022, Invesco Great Wall Preferred Net Value will retreat sharply by 30.07%, with the largest drawdown of 45.07% in the past three years, ranking 608 among 1,784 similar partial stock hybrid products.
In fact, as of April 3, 2024, the maximum drawdown of the nine funds under management in the past three years has exceeded 40%, and the drawdown of Invesco Great Wall Electronic Information Industry A has even reached 59.19%.
Yang Ruiwen's performance during the year also received a fierce response among retail investors. Until now, searching for reviews about Yang Ruiwen on social platforms, most of the negative comments have appeared in this year.
In the 2022 annual report, Yang Ruiwen expressed his apologies and guilt for the poor performance of the fund this year, and also reviewed his career: "Since I became a fund manager, I have experienced three rounds of adjustment from 2015 to 2016 and a sharp fall in 2018, and almost every year I will experience a market retracement of nearly 20%. ”
Convinced of the AI opportunity
In the case of sluggish market sentiment at the beginning of 2024, Yang Ruiwen believes that the market sentiment has reached a freezing point, and it is difficult for extremely low expectations to encounter a weaker reality. In reality, it's hard to get any worse.
"Although we don't feel very good at the moment, many of our emerging industries are indeed rising rapidly and going global, and we are not falling behind in the industry, on the contrary, we are constantly making progress and developing. He wrote.
He believes that China's "emerging industries are rising, and the prototype of the industrial chain has emerged". In addition to new energy and semiconductors, AI is becoming more and more attractive to Yang Ruiwen. If in the first quarter of 2023, Yang Ruiwen was still relatively cautious about AI, then in 2024, he has put forward his optimism about AI technology more than once in this year. However, as far as Yang Ruiwen's current operation is concerned, the AI position situation still needs to wait for the wind direction in 2024.
After ten years as a fund manager, this is once again back to Yang Ruiwen's previous track: looking for a real growth stock and investing heavily when it is not yet mature. At present, the global AI industry is in a stage of rapid development, and a new round of computing power competition has begun, and he is convinced that many investment opportunities will emerge in this industry.
A year after coming out of the "eventful autumn", can Yang Ruiwen find a new "saline-alkali land" full of prospects?
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