The most candid fund manager has appeared...

time:2022-12-09 12:39:52source:chakarski.com author:Hot industry
The most candid fund manager has appeared...

Another fund manager went out of business because he was too candid. Lazy Cat has not seen such a down-to-earth fund manager interview for a long time. How candid? Regarding the investment framework, he said that there is no framework now, and it is all about making the net worth run faster. Do your best to find out those varieties that can make money, and buy anything that can go up. Regarding the theme hype, he said that A-shares have sectors that can rise every quarter and every month. Seizing this opportunity, they will eat the meat in their mouths, but some fund managers will not eat the meat. There are also some fund managers who are immoral. They participated in the theme speculation and made money, but they turned their faces and scolded other retail investors. This is immoral. Once you make money, you should be thankful for the opportunity to make money with this theme. He is also very open about the unhappiness of his career. He said that from 2016 to 2018, the fund was not well managed, especially in 2018, it was extremely bad, and then it was smashed by the fund company. He became a researcher again from a fund manager, and only became a researcher after 8 months of rebuilding. on a fund manager. Hahahahaha, so honest, there is no one else. Having said that, what does a fund manager do? Maybe it really did. In terms of turnover rate, since he managed it in 2019, the turnover rate of this fund called "XX Smart Life Flexible Configuration" has been rising steadily, reaching a maximum of over 1090%, with an average shareholding period of more than one month. In terms of income, in the past three years, the fund has risen by 248.27%, ranking 14th among its peers, and probably 27th in the whole market. This year's performance is also good, up 2%, ranking in the top 10% of its peers. Seeing this, do you think that another line-drawing fund manager was born? Not really. Let me show you the drawdown of this fund, which is quite large and has underperformed the CSI 300 many times. Maybe as the fund manager said, he is only focused on making the net worth run faster, and he does not pay so much attention to the drawdown. In terms of holdings, the concentration of the top ten heavyweight stocks exceeds 50%. It is also often overweight three or four industries. 2019, 2020 are technology (computers, electronics) and medicine. Since the end of 2020, positions have begun to tilt towards new energy and chemicals. It may even fall more and more buy. He has a heavy warehouse of auto parts this year, and Shanghai is an important city for auto parts, so during the epidemic, auto parts stocks fell into a mess. How did he do it? The more it fell, the more I bought it. In his words, "In the week of mid-April, I cried basically every day, adding more positions while crying." Reflected on the net value, his fund fell sharply again in April, and the maximum retracement once broke down by -40%. Fortunately, after the epidemic eased, auto parts rebounded quickly, and his fund also achieved a V-shaped inversion. , As I said just now, this fund manager has a heavy position in three or four industries all the year round. In 2019 and 2020, he held a heavy position in technology and medicine. After the end of 2020, he began to tilt his position in new energy and chemical industry. With such a heavy position in a single industry, what about his ability to grasp the market? Looking at the trends of these industries, the first half of 2019 and 2020 will be a bull market for medicine and technology. After the second half of 2020, medicine and technology have declined successively, while new energy and chemical industry have ushered in an explosive market. Especially new energy, which is the most sustainable variety on the market in the past few years, no one. The fund manager's ability to grasp the market situation is quite strong, and he has followed up on several major hot spots. And after the market went to the deep water period, he did not rest. In his words, it is meaningless to simply buy ETFs when you are optimistic about military industry, new energy, and semiconductors. You have to find out stocks that can rise. How to find it? Work harder and harder than your peers. The research work that used to take a week or two or even a month to complete now needs to be completed within a day or two. It should be included in the stock pool as soon as possible to buy the desired position as soon as possible. Later, it may be a few boards (limit-up board) gap. It may be precisely because of his diligence that the fund he manages has risen by another 2% against the backdrop of the decline in new energy, chemicals, and pharmaceuticals that are heavily held this year. Looking at the whole, although the words are out of the circle, they are actually quite down-to-earth, and they are telling the truth. And it also turned to the fund manager's previous summary of his investment framework - "surprisingly upright". Keeping upright is to use relatively certain alpha to deal with an uncertain world. To put it simply, choose those industries with long-term excess returns, so his positions focus on high-prosperity industries such as consumption, medicine, and technology. Surprisingly, it is to seize the opportunity and make a decisive move, and decisively increase the position when a certain industry has obvious excess returns relative to the broader market. It's not difficult to understand why he would say, "There is no framework now, and it is just focused on making the net worth run faster, and buying anything that can go up." What he pursues is profit, the ultimate profit. At a time when the heavy-holding new energy, technology, and pharmaceutical markets have entered a deep-water period, and the overall industry does not have much chance, all he can do is to seek excess returns from high-prosperity segments, be one step ahead of others, and discover this prosperity before others. direction, ambush in. In his words, "There is not much systemic risk now, a large number of varieties have doubled in a week, and the market has given an opportunity to receive money from pots. But in the process of receiving money, you must ensure that your pots There can be no loopholes, and if there are many varieties of 10 cm and 20 cm will be missed, how to plug the loopholes in the pot? Do your homework beforehand, so that you can catch the money when the sky is thrown." So, he now wants to What we do is to find out the 10 cm and 20 cm varieties in these high-prosperity sub-sectors, and we must find them one step ahead of others. As for the investment framework and turnover rate, we will temporarily put aside. Finally, a brief summary of his views on the main industry is for reference only! (1) Consumption The fundamentals of consumption next year will be better than this year, but it is estimated that the change will not be much. If you pursue it now, you may waste some time. (3) There are many bugs in the logic of new energy, semiconductors, military diaphragms, electrolytes, and positive and negative materials, which may not necessarily increase, but to find a more cost-effective direction. The same is true for semiconductors and military industries. There is no shortage of opportunities, but you have to find out the varieties that can rise. It is meaningless to simply buy ETFs. (4) Although consumer electronics are driven by vehicle-mounted demand, traditional demands such as tablets and smartphones have not improved much, and the consumer electronics industry has not yet appeared at an inflection point. So don't rush to buy it. After Apple's real-time release, let's see if AR, VR, and MR devices can boost demand. (5) Medicine has lost a lot of money on CXO this year, and will not buy CXO for a while in the future. Now we mainly take some companies in the fields of traditional Chinese medicine and medical devices that are expected to reverse their difficulties. Until we see the general trend of the pharmaceutical industry or there are major changes in the industry, we may not add pharmaceutical stocks. (6) Computer Computer may be a promising direction. One is because the proportion of institutional allocation has dropped to a very low level, and the other is because the industry has experienced the largest decline this year. (Under the risk warning, he still has a lot of positions in the computer industry, and he does not rule out the suspicion that his butt decides his head) ⭐Focus on lazy cats and understand funds ⭐This article does not constitute personal investment advice, nor does it take into account the special investment goals of individual users , financial situation or needs. Users should consider whether any opinions, views or conclusions contained herein are appropriate to their particular circumstances. There are risks in the market, investment needs to be cautious, please make independent judgments and decisions.
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