I chatted with a fund manager the other day.
I said that looking at the fund managers who have bet on various tracks in the past two years, there is a sad feeling. I'm not sure if they're getting the beta of the times or their own alpha; especially for small companies, betting on the track is a choice that has to be made, the bet is right, the company benefits, the individual is famous, the bet is wrong, it's a big deal to change a fund manager again.
The big guy said, yes, the only thing the company has to do is to wait, anyway, sprinkle pepper noodles, someone can always make it, drought and flood to ensure the harvest; but for individuals, it is a lifelong thing, this is actually not equal.
I took a look at the various new energy, medicine and other track gods that have appeared in recent years, and I feel very bored, many times, most people can't tell whether the fund manager is really strong, or it is just luck that bet on the track. And I've always tended to go to some balanced fund managers, who don't necessarily generate amazing gains over the past few years, but whose performance is always top every year, with a high winning percentage in the long run.
Is there a fund manager with a large circle of competence that can stably make an excess? In fact, as I said before, there are several representative fund managers that I often mention.
The first is Yuan Fang, the representative of the ICBC cultural and sports industry can run out of the top 20% of the performance every year, and even almost every quarter can steadily outperform the CSI 300.
The second is Zhou Yingbo, a representative work of the pioneer of the Central European era that does not lose the ICBC cultural and sports industry.
The third is Deng Yuxiang, who ran steadily out excess returns in the Furong CSI 300 Enhancement Index.
The fourth is Wang Jing, the helmsman of the China Merchants Manufacturing Mix, the winner of the double golden bull of equity and debt, except for 18 years, which is a bit unexpected, and other years basically run out of excess in a balanced way.
The above fund managers are basically balanced style, not too betting on the track, in fact, this kind of fund manager is difficult to find, in history, many fund managers are this year's god next year was driven off the altar, some are betting on the track, some are "value investment", but the holding experience may not be good enough.
In my opinion, Li Jin belongs to the top hunter in the balanced growth style. If I had to say a draft template, I think Li Jin is very similar to Zhou Yingbo, but he has his own distinctive characteristics: the offensive methods are extremely rich.
First of all, why Li Jin balanced. I heard a saying that when Li Jin first entered the Baoying Fund, the leader asked him, what do you think of your future? Li Jin replied: I hope that the products I manage rank in the top 50% every year, and I can make money for investors every year.
Let's look at his product performance, take his longest management time Baoying Hongli as an example, its management time is 2017-01-04 ~ 2021-05-15, it can be roughly considered that the performance of 17 years, 18 years, 19 years, 20 years is his:
Almost impeccable, and the more you do it back, the better you feel.
And what is valuable is that he also has a certain ability to choose time, and the 18-year bear market actively reduces his position to 68%:
Disassembling Li Jin's performance, I was really shocked.
He does not have any favorite track, as long as it is a small and mid-cap growth stock, you can consider, whether it is medicine, electronics, military industry, new energy, etc., where there is an opportunity, to dig, this is a terrible growth stock hunter + attack kaleidoscope. From his background, you can see some clues: when he was a researcher in the early days, he studied manufacturing, and later looked at pharmaceutical, TMT and other industries. In addition to the slightly poor fund management years (less than 5 years), he is almost the only mesozoic fund manager in the whole market who can face Zhou Yingbo and Yuan Fanggang, and there is almost no opponent among the growth stock players of the same type and qualifications.
After his product suddenly hired a fund manager at the end of April, I have been paying close attention to Li Jin's movements:
By July, Li Jin finally settled the dust and began his debut as a new owner in the Invesco Great Wall live broadcast:
At the end of August, Li Jin hung up a new product, and I included that product in the portfolio on the same day:
Before the festival, I met a friend of invesco Great Wall at an event and heard that he was going to launch a new product:
This migrant worker is planning to subscribe to some new products (old fans should know that I basically do not buy new funds, the last time I bought a new product was Hou Hao's consumption leader), out of selfishness, my wish is not too big. Of course, now the market is also very cooperative, and the product release in the past month has almost fallen into the freezing point, which should be able to do as I wish. But to tell the truth, the holding capacity of the Invesco Great Wall is very terrible, Liu Yanchun has not issued products for several years, and has become a top stream of 100 billion, if Li Jin's short-term performance is too eye-catching, it is estimated that it will be quickly targeted by channels.
Long-term good fund managers in this market are extremely scarce, and balanced fund managers often don't get much attention – I think this is a good expectation difference, track players attract retail firepower, and some people are more willing to make a fortune in balanced growth products.
I certainly don't recommend you to buy new products, if you are not familiar with the style of the fund manager, the holding experience does not necessarily meet your expectations, everyone has a different risk preference; but such a fund manager, the product plus a self-selected long-term observation is OK.
(Risk Warning: Equity funds are high-risk varieties and should be cautious when investing.) This material is not intended to be any legal document, and all information or opinions expressed in the materials do not constitute the final operational advice of investment, legal, accounting or taxation, and I do not make any guarantee as to the final operational advice with respect to the contents of the materials. In no event shall I be liable to any person for any loss arising from the use of any content in this material. The short operating time of China's funds cannot reflect all stages of the development of the stock market. The past performance of fixed investment does not represent future performance, and investors should fully understand the difference between the fund's regular fixed investment and zero deposit and withdrawal of savings methods. Regular fixed investment is a simple and easy way to guide investors to make long-term investments and average investment costs. However, regular fixed investment does not avoid the risks inherent in fund investment, does not guarantee that investors will receive returns, and is not an equivalent financial management method that replaces savings. Before investing in the investment fund, investors should carefully read the fund's "Fund Contract", "Prospectus" and other fund legal documents, fully understand the risk return characteristics and product characteristics of the fund, fully consider their own risk tolerance, rationally judge the market on the basis of understanding the product or service situation and listening to the appropriate opinions, make prudent investment decisions according to their own investment objectives, duration, investment experience, asset status and other factors, and independently bear investment risks. The market is risky, and you need to be cautious when entering the market. The fund manager reminds investors of the principle of "buyer's own responsibility" for fund investment, and after investors make investment decisions, the investment risks caused by the operation status of the fund, the fluctuation of the listed trading price of the fund shares and the changes in the net value of the fund are the responsibility of the investors. )