Rising Foundation Wealth - focus on fund research, share investment dry goods!
This is the 13th article in the #Top Fund Managers series.
Today, let's talk about Feng Bo of E Fangda, the explosive fund manager who broke the record of public offering at the beginning of the year, where is the strength, and there are 237.4 billion funds to buy his fund?
Zhang Kun, Xiao Nan, and Chen Hao of E Fangda have all written about it, and today I will write about Feng Bo.
At the beginning of 2021, a major event occurred in the public fund circle, and the scale of E Fangda Feng Bo's E Fangda competitive advantage enterprise reached 237.4 billion yuan on the first day, refreshing the historical record in the history of public offering.
This historic event directly made Feng Bo a well-known star fund manager.
E Fangda's most well-known equity fund manager is Zhang Kun, who has successfully left the circle and already has a backup group. Followed by Xiao Nan and Chen Hao, lao K previously called the three of them E Fangda "Three Musketeers", in fact, in the fund circle, there is also E Fangda "Four Heavenly Kings", and these four heavenly kings are Zhang Kun, Xiao Nan, Chen Hao, and Feng Bo.
This time Feng Bo's fund can be sold is not a day's work, as a public fundraising veteran, Feng Bo has a very good historical performance and representative fund, this time can be sought after is just a matter of course.
Feng Bo is one of the few "double ten" fund managers in the industry, managing a fund for more than ten years and with an annualization of more than 10%!
There are only 14 fund managers who have reached this standard in the whole market, among which Zhu Shaoxing, Wang Zonghe, Zhao Xiaodong, Bi Tianyu and so on are more famous.
Source: Choice, as of 2021.01.29
Today we will get to know the "double ten" fund manager.
First, 11 years of annualized return of 15%+, E Fangda Tianwang warlord
Mr. Feng Bo, Master of Economics.
He is currently the deputy general manager of E Fund Management Co., Ltd., the general manager of the research department, and a member of the equity investment decision-making committee.
He has 17 years of experience in the fund industry, 13 years of investment research experience and more than 10 years of investment experience. He once served as an industry researcher in the research department of E Fund, and has experienced many rounds of bull and bear cycles in his career for more than ten years, accumulating solid research and investment skills.
In addition to the E Fonda Competitive Advantage Company, which has just created a record, he currently manages three funds: E Fonda Industry Leader, E Fonda Mid-Cap Growth, and E Fonda Research Select.
Among them, E Fangda's industry-leading management time exceeded 11 years, and the annualized return reached 15.05%!
E Fangda Mid-Cap Growth, which took office in July 2018, also received a return of 211.01% in the position.
E Fangda Research Select, which was established in February 2020, has also received 84.16% of the return on appointment.
It can be said that the performance of the three old funds he manages is excellent, and it can be seen from the same ranking that the short, medium and long-term performance is in the forefront of the same kind.
Source: Daily Fund, as of 2021.01.29
Feng Bo believes that the continuous excess income comes from the continuous transcendental market cognition. Investors' investment behavior should return to the essence of research and investment.
The essence of the so-called research is the perception of the industry and the company. The essence of investment is to share the rise in stock prices brought about by the growth of corporate value.
Three areas are critical to achieving a sustained return on investment:
First, it is necessary to see whether the enterprise has strong competitiveness and competitive barriers;
The second is whether the value of the enterprise continues to grow;
Third, the valuation of the enterprise should be reasonable, because only in this way can the value of the enterprise continue to promote the rise of the stock price.
Under such an investment philosophy, he has discovered many bull stocks through in-depth research, and greatly increased his position at the bottom of the valuation, thus achieving outstanding performance.
Second, big data looks at fund manager Feng Bo
The data does not lie, according to the convention, we use some of the industry-leading historical data and public information of E Fangda managed by Feng Bo to analyze his investment style and strategy.
(1) Basically do not choose the time, good at selecting individual stocks
Lao K has written more than a dozen articles on top fund managers, and found that there are really very few excellent fund managers in the A-share market, and they are basically selected stocks.
Feng Bo is also a fund manager who is basically not selective, and his position has remained high, only slightly adjusting his position to 73% during the stock market crash in 2015!
Source: Choice, as of December 31, 2020
One of the disadvantages of high positions is that the stability of performance is sometimes difficult to guarantee, such as Feng Bo's E Fangda industry leader in 2018, 2016 and 2014, which obviously outperformed the same average and CSI 300 index.
(2) Recently, the concentration of shareholdings has been rising
Judging from the proportion of shares held by the top ten heavy positions, the concentration of E Fangda's industry-leading shareholdings varied greatly from June 2018, and before June 2018, the concentration of positions had been relatively low, maintaining between 30% and 50%.
However, after June 2018, it has slowly concentrated, and at the end of the fourth quarter of 2020, the proportion of the top ten heavy positions has been raised to nearly 70%.
Source: Choice, as of December 31, 2020
E Fangda industry leading at the end of the fourth quarter of the main heavy positions held LONGi shares, Midea Group, Wuliangye, Luzhou Laojiao, Guizhou Moutai, China Merchants Bank, tcl Technology, Yilian Network, Tsingtao Beer, Changchun High-tech.
Photovoltaic faucet, home appliance faucet, liquor faucet cluster, bank faucet, panel faucet, growth hormone faucet, beer faucet.
It is basically the leader in the four major tracks of new energy, consumption, medicine and science and technology.
(3) The industry allocation is balanced, slightly biased towards large consumption
From the industry allocation distribution chart, we can see that E Fangda's leading industry has significantly increased the allocation of the liquor industry, and there is no paragraph that says that E Fangda is one of the world's three major wineries, and many of its funds are heavily invested in liquor, with Zhang Kun and Xiao Nan being the most famous.
The position allocation of the single industry of food and beverage exceeds 40%, which still needs to be cautious, and the old K does not like to bet heavily on funds in a single industry.
(iv) The fund turnover rate has remained low recently
Feng Bo's turnover rate has been at a low level since it fell from the mid-2017 report.
Before 2017, especially in the extraordinary year of 2015, the turnover rate was once high, and in these years, with the formation of the style of the leading strong Hengqiang, it seems that the turnover rate of many excellent fund managers has dropped to a very low level.
Judging from the changes in positions in the past 1 year, Feng Bo has reached the immovable state of the same door Zhang Kun and Xiao Nan.
Guizhou Moutai, Wuliangye, Midea Group, LONGi shares, tcl technology and other white horse leaders have always been in its top ten heavy warehouses.
Fourth, Feng Bo's investment concept sharing
In fact, write the top fund manager, this part is what everyone should focus on, listen to the experience of these fund managers with practical results, will always make you gain something, the following is Feng Bo on the Internet publicly published some views of the collection, we must read carefully.
After 1, 2-3 years after the A-share market enters a mature stage, it will show two obvious characteristics, namely the premium of certainty and the premium of liquidity, which will lead to further intensification of structural differentiation, and companies with excellent texture and reasonable valuation must be selected for investment.
2, from the investment direction and industry, must be consistent with the trend of China's economic structure changes, such as TMT, medical care, consumption, high-end manufacturing, etc., the growth rate of these industries is much higher than the GDP growth rate for a long time, but also the future investment opportunities of the larger areas.
3, the company's management is very important, an excellent entrepreneur, he can always exceed the expectations of the market to achieve his own financial indicators, but a relatively poor entrepreneur, may often be lower than expected.
4, I think a reasonable valuation of our liquor, according to international market standards, it should be more than 40 times, we think it is reasonable.
5, the real estate industry should be in a long period of time, not likely to become a major direction of investment in our industry.
6, we should pay more attention to the new business model and new commercial enterprises based on 5G infrastructure, which may be our biggest investment opportunity in the future.
7, we think the financial industry should be optimistic this year, but the expectations should not be too high.
8, if we look at Hong Kong stocks, we will be optimistic about the entire Internet industry, the consumption industry, and then the service industry.
4. Summary
Feng Bo is a fund manager who is good at selecting individual stocks, his investment research experience is very rich, and he likes high-quality white horse dragons with high position layout.
For the basic people with high risk appetite and the balanced configuration style, Feng Bo is also a public veteran worth paying attention to.
Point to pay attention, point to see, point to share, the first time to see the investment of dry goods ~
The market is risky, investment needs to be cautious! This article is original by Jimin Lao K, and the content shared by Lao K only represents personal views and does not constitute any investment advice! Do so at your own risk. Data or omissions, welcome to correct! #Talk about stocks##Fund#a##Financial Headlines##投资理财 #