"Each net worth curve is a reflection of the fund manager's values and outlook on life, and is the process of the fund manager constantly questioning himself and crossing the shadow of time." Investment begins with technology, perfection in art, and ends in the Tao. ”
【The purpose of our column】
Screening out a very small number of reliable fund managers and fund products;
Indicators we refer to:
1. The representative works of fund managers should span a complete bull-bear cycle and outperform the CSI 300 Index;
2. In the extreme situation of stock market crash in history, it is necessary to show excellent ability to control the drawdown;
3. The selection of trading points for heavy stocks is better, and the heavy stock sector has experienced a complete outbreak period;
4. The fund manager has his own clear investment philosophy and is consistent in words and deeds.
【Fund Name】
Baoying advantage industry flexible allocation hybrid fund
【Fund Code】
A类：001487
August 25, 2015 / 683.5 million copies, as of June 30, 2021, the scale of 1.049 billion yuan.
【Fund Company】
Po Wing Fund Management Limited
【Fund Performance Benchmark】
CSI 800 Index Yield*65% + CSI Composite Bond Index Yield*35%
【Fund Manager】
Shaw (4 years and 241 days)
Chen Jinwei (287 days)
【Representative Products】
001487 Baoying Advantage Industry Hybrid Fund
【Performance】
Comments:
It can be seen that after Mr. Xiao Xiao took over, he was synchronized with the CSI 300 Index for a long time, and it was not until 2019 that he began to gradually accumulate excess profits, but in the second half of 2020, he began to significantly outperform the CSI 300 Index, until this year, Mr. Chen Jinwei joined and began to erupt again.
【Drawdown Control】
Comments: From the perspective of drawdown control, it can be seen that during Mr. Xiao Xiao's tenure,
The retracement during the Sino-US friction in 2018 is similar to the CSI 300 Index.
The retracement during the epidemic in 2020 is greater than the CSI 300 index,
There was an unexpectedly large drawdown in the second half of 2020,
During the collapse of the group stock in early 2021, the retracement was much smaller than the CSI 300 Index, and the back control was better.
Mr. Chen Jinwei joined in January 2021.
【Position change】
Comments: It can be seen that Xiao Xiao himself has almost no traces of timing, and there are signs of slight reduction after Mr. Chen Jinwei joined this year.
【Performance of Heavy Stocks】
Makihara Shares:
Gree Electric Appliances:
Kweichow Moutai:
Ping An of China:
Zhongju High-tech:
The buying and selling point selection is really excellent.
【Investment Philosophy】
Growth is an industry style, but value investing is a methodology, and the two can be perfectly integrated to capture "small and excellent" enterprises in a "big and beautiful" industry. Value investing is essentially an input-output DCF mindset that is an overall estimate of the net cash flow that a company will generate at different stages in the future. Wait patiently for the moment when the stock price is significantly undervalued relative to its intrinsic value, and then choose to buy actively.
My portfolio has three characteristics, from the importance of high positions, individual stock concentration and segment dispersion, but in the final analysis, it is not possible to choose the wrong company.
【Conclusion】
This is not recommended to continue to participate.
Manager Xiao Xiao has no problem, but this year Hao Miao and Li Jin are gone, especially Li Jin is a big banner of the equity class of Baoying Fund, he left, Xiao Xiao and Zhang Zhongwei to carry the flag, the pressure is estimated to be very large, as far as I am concerned, I chose to redeem Baoying Research Selection after knowing that Mr. Li Jin left office, from the perspective of Baoying's advantageous industry, Mr. Chen Jinwei joined the shareholding style and drawdown control, position control are completely different from before, maybe Mr. Chen Jinwei plays a greater role in it, although the performance is also very fierce, But after all, it is a newcomer, I think it is better to take a look.