In the face of the stock market, fund managers have become "philosophers......

Source: Brokerage China

"I am fortunate that what I lost in one world was earned in another; I am also unfortunate that the money I made in one world was lost in another. The joys and sorrows of the two worlds are not connected, and I only feel that I am noisy. Xu Yan of Dacheng Fund wrote in the second quarterly report that the theory of "two worlds" has become another season of emotion for Xu Yan of Dacheng Fund.

In the face of the volatile stock market, many fund managers choose poetic language in the interpretation of quarterly reports, Xu Yan once admitted that the market information is complicated and redundant through "the world of so many exclamation points makes the stock market more magical"; also laughed at himself, "In terms of operation, I sold some growth stocks, and then they rose sharply; bought some value stocks and are still trapped"; Jiao Wei of Yinhua Fund explained in detail the logic of adjusting positions from liquor to power stocks in the second quarterly report: "The great rivers bred by the unique tertiary landform are nature's gifts and compensation for the Chinese nation. ”

Xu Yan's "two worlds" theory of Dacheng Fund

"In the stock market, there is one world, but there are two worlds. In a world, it's easy to earn; In a world, it's easy to lose. In a world, it's easy to be right; In a world, it's easy to get wrong. In one world, it's hard to understand another. Xu Yan wrote in a quarterly report.

The latest disclosure shows that as of the end of the second quarter, Xu Yan is 15.483 billion yuan in the scale of management, a total of 14 funds under management, taking the largest product he manages, Dacheng Ruixiang, as an example, the fund fell 0.64% in the second quarter in the volatile market, in the context of A-share shocks, it is not easy, a closer look at the top ten heavy stocks of the fund, 8 funds rose in the second quarter, Huayu Automobile, GCL Technology, Huaqin Technology, ZTE and other stocks ranked in the top four.

Looking back, Xu Yan has been "poetic lyrical" in the fund's quarterly report for many quarters, and he once explained that "consensus is a false proposition of the capital market" through the millennium question of the Pythagorean conjecture and the crow-like crowd around Colonel Aureliano in "One Hundred Years of Solitude"; He also admitted that the market information is complicated and redundant through "But the world of so many exclamation points has made the stock market more magical"; He also said sincerely last year, "The whole year has achieved positive returns, but the subscription in the middle of the year ended up in a loss." He also laughed at himself in the first quarter report last year, "In terms of operation, I sold some growth stocks, and then they rose sharply; Bought some value stocks and are still trapped. It shows that I have a lot of room for improvement in both stock selection and timing. ”

"After recognizing the truth of life, still love life" is a kind of heroism, and it is also a proverb that has been playing in the capital market for many years.

Xu Yan is a value investor with a clear banner, and he has said in public interviews many times that his investment logic is very simple: that is, value investment, based on long-term cash flow discount, to select truly valuable targets. Avoid buying during bubble periods by judging the value of a business and then buying it when it is relatively undervalued; In turn, it will be sold when it is relatively overvalued. In addition, he repeatedly stressed that "setting aside enough cash is a more responsible behavior for investors".

Since the beginning of 2020, the stock position has only been about 60% most of the time, and the data in the semi-annual report last year was only 58.62%. His perception of the market and the outlook for the market have also been cleverly integrated into seemingly obscure sentences many times, such as in last year's annual report, he wrote: "The overvaluation of enterprises, the imprudent market, and the fragility of the whole system appeared together three years ago, and now they appear in another market....... But forgive my confession, friends, that I am less sure of what I could look forward to now than I was three years ago. And in this year's quarterly report, he cautiously warned of risks after a strong rebound: "From March to now, the wind and waves have been calm, please don't forget the previous big fluctuations." ”

Yinhua Fund Jiao Wei's "Great River"

A few days ago, Jiao Wei of Yinhua Fund managed a number of products to disclose the second quarter report, and Jiao Wei, who has been heavily positioned in liquor stocks for many consecutive quarters, chose to sell liquor stocks in large quantities and increased his position in dividend-related stocks.

Taking Yinhua Wealthy Theme as an example, as of the end of the second quarter, the top 10 heavy stocks of the fund were: CNOOC, Midea Group, China Mobile, Haier Smart Home, China Shenhua, China Nuclear Power, SDIC Power, Shanxi Fenjiu, Yangtze River Power, and Hisense Home Appliances. Compared with the end of the first quarter, Haier Smart Home and Yangtze River Power newly entered the top ten heavy stocks, and Tsingtao Beer and Kweichow Moutai withdrew from the top ten heavy stocks.

Jiao Wei, known as the "fund poet", said in the second quarter report that he did not agree with the statement that the popular high-end liquor will enter the historical garbage time of investment. He believes that the consumption moat enterprises represented by high-end liquor still have huge advantages in cash flow and user stickiness to refute this argument.

"The manager believes that the great rivers nurtured by the unique tertiary landform are nature's gift and compensation to the Chinese nation, and these trickles of water, which can not only make the characteristic wine of Chinese culture, but also can be converted into electric energy driven by water turbines, and the monopoly of these natural resources will still be the focus of our investment." Jiao Wei wrote in the second quarterly report.

Jiao Wei said: Many excellent companies in China's manufacturing industry have been able to swim against the tide in the adversity of the past few years, firmly do their best, open up a sky and customers overseas, and maintain a continuous growth of cash flow to return to shareholders. This has further increased the confidence of the Fund Manager in China's entrepreneurial spirit. "In the past, we have always focused on the moat of the business model and the companies with high gross profit margins, but in these manufacturing industries where the gross profit margins are not high, and the entrepreneurs do not choose to lie flat, the managers see that the companies have passed round after round of historical difficulties and created excellent brand quality around the world. At a time when the domestic market is facing contraction, these excellent companies made in China have gone overseas and come out of the trough. This leads us to believe that a company's performance during the trough is the bottom line for us to observe and buy it. Jiao Wei thinks.

Editor-in-charge: Ye Shuyun

Proofreading: Ran Yanqing

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