In the face of the unpredictable capital market, more and more investors are deeply aware that if they want to obtain stable and satisfactory investment returns, asset allocation is indispensable. And how to do a good job of asset allocation? In fact, the old reveal feels that it is simpler to invest across the market and diversify the investment risk as much as possible.
Therefore, an important fund type in public funds, qdii, cannot be ignored, and there are not many helmsmen who can really control qdii investment, and Liu Ping of Huaxia Fund may wish to focus on understanding it. In the eyes of the old revealer, Liu Ping is one of the few frontier economic explorers in the market who can play with A-shares, Hong Kong stocks and US stocks, and is also a typical master of capturing "growth stocks".
In 14 years, from research to investment, the record is remarkable
Speaking of Liu Ping, she is also a rare "veteran" in the public fund industry. Joined Huaxia Fund in February 2007, starting from industry researchers, along the way, not only has a wealth of investment and research experience in the TMT (technology, media, communications) industry, but also is an investment master in the field of cloud computing. As a public fund manager since November 2015, he has always adhered to the investment strategy of buying and holding high-quality growth stocks in the medium and long term, and is also one of the few experts in the market who can play with A-shares, Hong Kong stocks and US stocks to invest in technology stocks.
14 years of experience, from research to investment, performance, has now achieved remarkable results. According to wind statistics, its representative Huaxia Mobile Internet A (002891), which is a qdii fund, the fund since its establishment on December 14, 2016, as of June 1, 2021, its compound unit net value growth rate of 178.4%, the same period of performance comparison benchmark yield of 55.37%; the range annualized yield of about 25.73%, the maximum drawdown during the period of about 25.64%.
Such performance, such a drawdown, do not need to be said more, everyone knows that there are some levels. From the perspective of social recognition, in 2020, Liu Ping won the Best Fund Manager of the Three-Year Overseas Equity Investment of the China Fund Industry Anglo-Chinese Award.
The "playground" investment theory, the fusion of sensibility and rationality
Behind the sustained and stable and excellent performance, there must be a good investment strategy to support, which is beyond doubt.
Liu Ping frankly said that in the investment more favor "growth stocks", in the construction of their own portfolio, there is a "playground" theory of investment, the "growth stocks" divided into two parts, the purpose is to determine which type of growth stocks can be used as the main position according to the current market style, and then make their own fund investment style does not deviate from the market style.
In its view, the first category is a "carousel" target. They are characterized by leading enterprises with solid fundamentals and clear profit models, and the performance certainty of such stocks is high, the peg is relatively low, and it is also very suitable for the bottom position.
The second category is likened by her to "roller coasters.". They are characterized by potential growth companies that are more cutting-edge and exploring new models, and these stocks have a higher peg.
Such a description made Lao Jie feel The "sensual" side of Liu Ping. But how to make the "carousel" and "roller coaster" have fun, in the process we can feel her "rational" side.
"The carousel can sit frequently, enjoy soothing music, and play happily, which can be understood as my core disk, making the net worth of the fund more 'stable', so most of the time I am willing to sit on the carousel and enjoy the fun." At the same time, considering that the 'roller coaster' is very exciting, it can be understood that this is my wheel, the short-term fluctuations are large, and the stock price may soar. This is the part of my chip that I can earn higher returns and make my position more 'sharp'. This is my investment playground theory, both offensive and defensive. Liu Ping said.
There is also a unique set of playing styles in stock selection
In addition to interesting investment strategies, she also has her own unique set of playing styles in stock selection.
According to Liu Ping, the most valuable asset accumulated in the past 14 years of investment research career is to establish his own five-factor growth stock selection model. The five elements are: stable profit model, high moat, pricing power, excellent management, large market capitalization and small companies.
First of all, there must be a good profit model, that is, profitability should be strong and the business model should be sustainable. For example, cloud computing companies; second, is a higher moat, moat can be a technical barrier, channel advantages, can also be the accumulation of thousands of customer resources; third, pricing power, which is to verify the company's profit model stability and higher moat whether it really exists, if true, then it will inevitably bring pricing power, enterprises through the accumulation of competitive advantages, so that they have pricing power over products and services, pricing power means that roe can continue to improve; fourth, to have a sound corporate governance structure, We see alignment between the interests of the company's executives and our shareholders in the secondary market. In management, I have always been a "positive shareholder" approach. I am particularly willing to communicate with the chairman of the listed company and provide some secondary market fund managers as a reference. Fifth, in the large market and small companies, if a company is in a very broad market space, the penetration rate is still relatively low, and it is in the process of gradually increasing the penetration rate, then it is easy to find bull stocks.
For example, in the past, technology fund managers were more likely to buy growth, and I wanted to see what the underlying nature of growth was, how sustainable and replicable it was, so I was buying a business model.
The "checklist" is my investment rule
An excellent fund manager, in addition to a good investment strategy, stock selection strategy, must also have a risk control discipline. For this, Liu Ping also has his own insistence.
The "checklist" is my investment rule. Liu Ping further analyzed, "When we can't understand the market, first be patient, don't rush to operate, be sure to think clearly about what you buy, have strict discipline, don't let human greed and fear lose the benefits of forward-looking research, insist on investing in your own circle of ability, and don't buy a stock because of the recommendation of others." At the same time, we must also learn to draw strength from failure and continue to grow and transform. I have made a 'checklist' of all the lessons learned from my investment research experience over the past 14 years. Every time I make a decision, I look at the list and remind myself not to make the same mistakes. ”
The new QDII is issued, focusing on the cross-border frontier economy
What about a new product that Liu Ping intends to be a fund manager is in the process of being issued from June 1, the Huaxia Hong Kong Frontier Economy Hybrid Investment Fund (Class A 012208; Class C 012209?). The old revealed that the core points of view are three:
Highlight 1, it is a qdii fund (hybrid, stock investment accounts for 60%-95% of the fund's assets, of which the proportion of investment in cutting-edge economic theme stocks is not less than 80% of non-cash fund assets; the proportion of the fund's investment in Hong Kong stocks is not less than 80% of non-cash fund assets, and the proportion of investment in overseas assets is not less than 80% of non-cash fund assets), from the perspective of asset allocation, this fund can be fully reflected.
Highlight 2, the positioning of the fund is to pursue the theme of frontier economy (at present, the frontier economy related fields mainly include a new generation of information technology, high-end manufacturing, high-end equipment, new materials, new energy, energy conservation and environmental protection, biomedicine, consumption upgrading and emerging services, etc.), this target field is very promising, investment in science and technology is not to invest in the future.
Highlight 3, the helmsman of this fund , Liu Ping, she is one of the few frontier economic explorers in the market who can play with A shares, Hong Kong stocks and US stocks, and is also a typical master of capturing "growth stocks".
For this product, Liu Ping also has his own ideas, this year's investment in overseas target qdii fund performance is relatively eye-catching, mainly because of: first, the rise in commodities, economic recovery expectations and inflation rate continued to rebound, the energy sector performed well; in addition, due to the positive progress of vaccine research and development, coupled with the continuous improvement of economic growth and inflation expectations rebounded, promoting value stocks to outperform the broader market and growth stocks. Unlike a share, the U.S. stock market this round of adjustment is less, the main reason is the liquidity problem, the U.S. stock liquidity expectation is also relatively loose, although the NASDAQ adjusted some, but the Dow is still hitting new highs.
Regarding Hong Kong stocks, Liu Ping analyzed that the investment opportunities of Hong Kong stocks in the future are worth paying attention to, the number of IPOs of new economy companies is increasing, this sector is rising, and the continuous increase in the market value of the frontier economic sector represented by science and technology, medicine and new consumption will change the overall ecology of Hong Kong stocks in the medium and long term, and this change will help attract more southbound funds and overseas funds to precipitate in it, injecting new momentum into Hong Kong stocks. At the same time, compared with other major stock markets in the world, Hong Kong stocks still have a good comparative advantage in terms of valuation.
Considering that the antitrust impact on Internet platforms is in the middle of its end, enterprises with continuous innovation capabilities will continue to drive the growth of corporate value and the recovery of valuations. From an investment point of view, these giant companies in Hong Kong stocks after this round of adjustment may be in the bottom of the consolidation period; in the long run, the operating environment of the industry is gradually improving, the ability to innovate is still continuing, and the drawdown of the stock price has effectively depressed the valuation, and now this point layout is still more appropriate.
In terms of sectors, Liu Ping believes that based on the long term, we continue to be optimistic about medical demand and the future performance of the medical sector. My key investment areas mainly focus on innovation and consumption upgrading. To buy "innovation" is to buy, for example, medical devices like vaccines, biopharmaceuticals and innovations. In addition to product innovation, we can see the innovation and improvement of China's manufacturing efficiency, which is not only reflected in the traditional manufacturing industry, but also in the pharmaceutical industry, for example, pharmaceutical outsourcing. Innovation includes both products such as innovative drugs and process innovations in our R&D and manufacturing efficiency. What is buying a "consumption upgrade"? For example, doing tumor treatment, doing artificial assisted reproduction, in fact, this is constantly upgrading the upgrading demand of China's consumer medical treatment, which is buying "consumption upgrade"!
Risk Warning: The past performance of the fund and its net value do not indicate its future performance, the basic people should carefully read the "Fund Contract", "Prospectus" and other fund legal documents, understand the risk return characteristics of the fund, and judge whether the fund is compatible with the investor's risk tolerance according to its own investment objectives, investment period, investment experience, asset status, etc., and purchase the fund according to its own risk tolerance.
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