"As a fund manager, while experiencing the market, I am also competing with human nature. If in the long run, only the fund makes money, and the customer does not make money, then both the fund company and the industry will face a huge crisis. Our vision as a public fund is to enable more people to experience the happiness of wealth in the capital market. Recently, a fund manager named Chang Yuan shared his original intention of investing with investors.
For the pain point of "funds make money, the basic people do not make money", the fund industry has been working hard for a long time to find optimization solutions, in addition to continuously strengthening investor education and transmitting the correct investment methods for investors. Some "conscientious" fund managers are also thinking about how to help holders better practice long-term holding from the investment side by optimizing investment methods.
---- Changyuan, the mesozoic generation of Yongying Fund, is one of them. Chang Yuan said that we should face up to human nature, every day on the roller coaster no one can stand it, can make the holder long-term holding, can only make our net worth curve more in line with human nature, fear and greed let the fund manager to bear. If you can fall a little less when the market falls sharply, and the market can keep up when it rises, long-term accumulation, the compound yield will probably not be bad. At the same time, the fluctuations of the equity curve are much smaller than others, and the holder may be willing to hold it for a longer period of time. He hoped that his strategy would meet the needs of most ordinary investors, so he finally chose to deepen his balanced strategy.
Wind data shows that Changyuan's strategy has been recognized by both the market and investors. As of the end of June 2021, the three funds under its management have performed well. In particular, the representative work Yongying Consumption Theme A, which has doubled its net value in less than two years of management (appointed on December 12, 2019), has achieved a return of 151.04% (performance comparison benchmark for the same period: 39.97%), outperforming the CSI 300 and CSI Consumer Index by 117.18 and 81.92 percentage points respectively, with a strong ability to excess return.
At the same time, as of the end of June 2021, there are more than 300,000 customers who hold Changyuan management products, of which 95% of customers are profitable. According to the semi-annual report, the management scale of Changyuan's representative Yongying Consumer Theme Hybrid Fund (a/c share total) has increased from 1.422 billion at the beginning of the year to 4.67 billion, an increase of more than 2 times, which really shows that investors vote with their feet.
In an imperfect market
The pursuit of "more perfect" investment experience
Chang Yuan, a doctor of science, when it comes to the DCF model of valuation, he praises the concise formula, believing that such a simple beauty is the closest state to the truth.
But the fund manager, who is beautiful in simplicity and simple in truth, has to prove himself in a slightly chaotic and flawed market environment.
If in the Greenham era, the efficiency of the market is still low, investors can also look for the current value of the undervaluation, calmly "pick up the cigarette butt"; if in the Buffett era, the market efficiency is high and it is difficult to find a good "cigarette butt", can only be through the high probability of the future value is undervalued, decisively buy, waiting for the future value to be realized; then, at present, with the improvement of market efficiency, the above investment methods are facing great changes, the market efficiency is rapidly improved, the opportunity for undervaluation is fleeting, Even a short period of time to complete the valuation repair or even rise to the valuation is too high.
"You may find the market's more extreme sentiment and then buy this series of stocks in a package, but the effectiveness of the market should not be ignored, it may quickly restore these stocks from relatively undervalued positions to normal positions, and may even be overvalued in stages." Chang Yuan said.
For the "duration mismatch" contradiction between the value investment method of "buying and holding for a long time" and the time period of the holder's funds, Chang Yuan believes that the management of public funds needs to be responsible for the holding experience of the holders, and needs to contribute matching returns to investors within the appropriate length of time, and the "risk-adjusted yield" is the most important thing for Chang Yuan, of which the opportunities and risks brought by time must also be paid attention to in the adjustment.
Construct combinations that conform to human nature
Make your investment more "long-term"
"Adhering to the basic strategy of selecting individual stocks from the bottom up and allocating various equity assets in a balanced manner. In terms of stock selection ideas, we pay attention to the medium- and long-term profitability and growth of enterprises, and determine the basic framework for in-depth study of individual stocks from four dimensions: business model, competition barriers, development space and certainty. Through years of long-term investment and research accumulation and tracking of various companies and industries, we have gradually improved our stock selection strategy and accumulated a wide range of research cases, covering companies with different business models, development stages and profit characteristics. This provides us with the necessary knowledge to apply a balanced portfolio investment strategy. Chang Yuan said.
Bottom-up selection of individual stocks and balanced allocation of various assets are the basic structure of Changyuan's investment framework.
Among them, the bottom-up selection of individual stocks, the four dimensions of business model, competitive barriers, development space and certainty, are the basic framework for Changyuan's research at the individual stock level. In Chang Yuan's view, the business model explains the source of a company's profits; competitive barriers mean that a company is successful in its own field; the development space has both growth and sustainability considerations, and the pursuit of sustainable growth will be the best choice; certainty has subjective and objective levels, industry track, development stage, etc. are objective content, subjectively, you need fund managers to make a clear enough judgment on such certainty, different circles of ability to judge different certainties.
In the past quarterly report of Yongying Consumer Theme, we have seen the effectiveness of this set of stock selection criteria, and the following table shows that he has selected a number of heavy stocks, holding ranges that lead the industry.
Note: The source of position data is the regular report on the theme of Yongying Consumption, and the data range of individual stock statistics are: LONGi shares 2020/7/1-2021/6/30; BYD 2020/7/1-2020/12/31; Luzhou Laojiao 2020/7/1-2021/6/30; Mango Super Media 2020/1/1-2020/6/30; Sailun Tire 2021/1/1-2021/6/30; Longbai Group 2020/ 7/1-2020/12/31; The denominator of the range increase ranking is the number of similar stocks in the CITIC tier 1 industry where the stocks are held. Position data is only based on the statistics of positions disclosed in periodic reports, does not consider the change of hands within the quarter, does not represent the future investment direction, and does not constitute investment advice. The rise or fall of individual stocks does not represent the actual return of the fund.
The balanced allocation is a very distinctive point in Changyuan's investment, which fully demonstrates the consideration of the investor's holding experience.
The reason for the balanced allocation: the first is that Chang Yuan hopes to achieve the risk-return ratio of the net value curve of the fund is relatively stable, so that investors have their due returns for each risk; the second is that investment should take into account the medium and long term and short term, both the stability of performance and the elastic contribution of performance; the third is the pursuit of cost-effective individual stock opportunities, which needs to be realized by portfolio allocation.
What Chang Yuan hopes to do is not to gamble on the track, but to do the configuration. The premise of the allocation is to select reliable stocks from the bottom up. Because, he wants to hedge against beta, and get alpha.
Chang Yuan said: I hope that in a few years, everyone can use two indicators to measure whether my fund is doing well or not, one is the compound return of long-term performance, and the other is the proportion of profit of holders. Through scientific strategies, every risk that investors take has a return that he deserves, and helping more people to experience the sense of wealth in the capital market is something we think is truly meaningful.
"Breaking the circle" is a masterpiece
Chang Yuan's "same name" Xinji sincerely offers
So, what is the long-term approach to Changyuan's investment?
According to the data, as of the end of June 2021, Yongying Consumption Theme A, Chang Yuan's return on appointment was as high as 151.04% (the start date of appointment was December 12, 2019). The latest position data shows that Yongying consumption theme has achieved a balanced allocation in liquor, photovoltaic, new energy vehicles, medicine and other sectors, and has increased the allocation of new energy and food and beverage sectors in the second quarter, reducing the shareholding of the home appliance sector. In the "fixed income +" product Yongying steady growth year, Changyuan's return on appointment is 14.36% (the start date of appointment is August 11, 2020).
At the same time, both products show a high risk-reward ratio, and the Sharpe ratio during tenure ranks in the top 5% of the same category (data source wind, as of 2021/6/30). The Sharpe ratio is an important criterion for measuring the cost performance of the fund for the excess return obtained by taking on each unit of risk. The higher the ratio, the better the value for money for the fund's risk-return. It can be seen that Chang Yuan has effectively managed drawdowns, smoothed fluctuations, and remained aggressive. Such an excellent risk-return ratio is also favored by institutional investors, according to the report, by the end of June 2021, Yongying consumer theme a institutional investors accounted for up to 63%, a/ c share accounted for 56%, the total share of holding continued to rise, highlighting the favor of "smart money".
It is reported that since today, Yongying Fund has officially issued Yongying Long-term Value Hybrid Fund (012406), which not only has the same name as Changyuan, but also has subscribed to 30 million yuan, Changyuan has purchased 2 million, and Ma Yuhui, chairman of Yongying Fund, has also subscribed to 1 million, which highlights the importance that the company, the company's management and fund manager attach to the product, and also continues the culture of Yongying Fund adhering to sharing growth and sharing risks with investors with practical actions.
The asset investment direction of the new fund will be unlimited and the whole market can be selected. Compared with industry-themed funds, Changyuan has a long-term investment approach of selecting individual stocks and allocating various equity assets in a balanced manner from the bottom up, and has a stage that can more vividly show itself.
The upper limit of the fund's initial fundraising scale is 8 billion yuan, and the scale will be controlled by means of apocalyptic proportional confirmation, as detailed in the announcement. The upper limit of the fundraising scale of the fund is 8 billion yuan, and the scale will be controlled by means of "confirmation of the proportion of the last day". Therefore, the subscription application of Yongying Fund and the proposed fund manager Mr. Chang Yuan and the chairman Mr. Ma Yuhui may be different from the subscription application due to the restriction of the "doomsday proportional confirmation" rule, and the final subscription application confirmation result shall be subject to the result confirmed by the fund registration agency.
As of June 30, 2021, the total number of people holding the products managed by Changyuan is 307127, of which the number of profiteers is 291985, accounting for 95.07%. The above data is calculated by Yongying Fund, and the proportion of profitables in the current managed products and their respective current holders is Yongying Consumption Theme A (94.31%), Yongying Consumption Theme C (94.37%), Yongying Steady Profit Holding Mix (99.91%), Yongying Steady Growth One-Year Holding A (99.79%), Yongying Steady Growth One-Year Holding e (100.00%). Profit judgment criteria: The total amount of the fund redeemed by the customer in history (the redemption fee has been deducted) + the amount of cash dividends received by the customer during the period + the total share of the fund held by the customer at the end of the period * The net unit value of the fund at the end of the period> the total amount before the user's historical purchase of the fund before deducting the subscription/subscription fee is profitable. If more than one product is held at the same time, the total profit is calculated. Past performance of a fund is not indicative of its future performance. The performance of a fund manager in managing other funds does not constitute a guarantee of the performance of the fund.
Chang Yuan has 10 years of experience in securities-related business and 4 years of experience in public fund management. He was the fund manager of E Fangda Equity Investment Department and the fund manager of Yongying Fund Equity Investment Department.
The performance of Changyuan management products is as follows, and the fund performance and performance comparison benchmark yield have been reviewed by the custodian bank: Yongying Consumer Theme a was established on November 6, 2018, and the performance comparison benchmark is the yield of the CSI Mainland Consumer Theme Index *60% + the yield of the China Bond Total Index *40%. As of June 30, 2021, the net value of the fund has increased by 293.70% since its inception, and the performance benchmark has increased by 80.58% in the same period. In 2019 and 2020, the growth performance of net worth was 71.77% and 96.79%, respectively; the performance benchmark performance in the same period was 33.51% and 37.98%. Fund manager Li Yongxing is managed from 2018/11/06 to 2020/02/07, and fund manager Chang Yuan has been working since 2019/12/12. Yongying Steady Growth a was established on August 11, 2020, and the performance benchmark is the yield of the CSI 300 Index * 15% + the Yield of the China Bond-Composite Index (Full Price) * 85%. As of June 30, 2021, the net value of the fund has increased by 14.36% since its inception, and the performance benchmark has risen by 2.17% in the same period. Chang Yuan has been in office since 2020/8/11, and Qiao Jiaqi has been in office since 2020/8/24. Yongying Steady Increase Interest 18-month Holding Fund was established on 2021/1/26, Tao Yi began management on 2021/1/26, often far from 2021/3/5 began to manage, the performance benchmark is China Bond - Composite Index (full price) yield * 85% + CSI 300 Index yield * 15%, as of 2021/7/30, the fund has a total return of 3.02% since its inception, and the performance comparison benchmark for the same period is -1.01%.
The Fund invests in hong Kong Stock Connect underlying stocks, and in addition to the general investment risks such as market volatility risks similar to those of domestic securities investment funds, the Fund also faces special investment risks faced by overseas securities market investments such as exchange rate risks. Investment is risky and investment needs to be cautious. The Manager undertakes to manage and use the assets of the Fund in good faith, diligence and responsibility, but does not guarantee that the Fund will be profitable or guarantee a minimum return. The Past Performance of the Fund and the level of its net worth are 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. Investing in different types of funds will yield different return expectations and bear varying degrees of risk. In general, the higher the return expectation of the fund, the greater the risk. Investors are kindly requested to carefully read the product legal documents before making investment decisions, fully understand the risk-return characteristics and product characteristics of the Fund, fully consider their own risk tolerance, rational judgment and prudent investment decision-making. (cis)