Up to now, the first quarterly report of public funds has basically been disclosed.
Let’s be honest, the stock market has had a very bad start to the year.
In the first quarter, the CSI 300, the SME board index and the ChiNext index fell by 14.53%, 18.64% and 19.96% respectively.
The fund Shigekura index according to wind statistics, fell 18.60% in the first quarter, and has fallen 26.61% so far this year, which has exceeded 25.96% in 18 years.
Most of the top fund managers have also shrunk considerably.
But there are also a number of funds that have strongly doubled in size in a headwind environment.
Among the active equity funds with a scale of more than 1 billion, a total of 17 funds have at least doubled their shares.
There are many familiar faces, such as Qiu Dongrong from Zhonggeng , Jiang Cheng from Zhongtai Asset Management, and Yu Yang from Fuguo.
Anxin’s Chi Chensen also mentioned in his past articles that positive returns were also achieved in the fourth quarter of last year.
This year’s medicine has fallen sharply, but Anxin Medical Health A managed by Anxin’s Chi Chensen has dropped by only 6.98% and continues to be stable.
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But more are unfamiliar faces, such as Yinhua’s Wang Haifeng .
Yinhua Xinsheng, which he manages, has been under management since October 2018, with an annualized return of 34.67%, ranking among the top 3% of its peers (44/1804).
Such a good performance, it is reasonable to double the share.
Wang Haifeng is also known as the third equity star in Yinhua Fund. Currently, the scale under management is 14 billion yuan, second only to Li Xiaoxing and Jiao Wei.
In recent years, Hua An has produced many talents, Hu Yibin in 2019, Cui Ying in 20, Liu Changchang in 21, and Zhang Liang this year.
Zhang Liang has been managing the reform of Huaan state-owned enterprises since October 2018. Up to now, he has held an annualized rate of 41.24%, ranking the top 2% of the same type (22/1807).
It’s the No. 1 guy again.
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In addition to the share doubling fund, I also compiled a list of changes in the share of the tens of billions of active partial equity funds.
Yang Jinjin of Bank of Communications Fund performed the most. The share of Bank of Communications Trend A under his management increased by 38.71%, and he was also the only new fund of 10 billion yuan in the first quarter.
Aside from the two equity-bond balance funds of Huaxia Return and GF Steady Growth, Bank of Communications Trend A fell only 9.48% in the first quarter, the smallest decline among the tens of billions of funds, and continued to remain stable.
And Yang Jinjin’s performance last year was also very good, with an annual return of 81.45%, but the maximum drawdown was only 8.81%, which truly achieved high returns and low drawdowns.
They are also tens of billions of funds, and they are also constrained by scale. Some fund managers have retraced the most in history. It is time to reflect on it.
If you use the market style as an excuse, you will be eliminated by the market sooner or later.
Yang Jinjin mentioned in a quarterly report:
Looking forward to the second quarter of 2022, the market direction is mainly concentrated in two directions:
On the one hand, with the increasing downward pressure on the economy, the expectation of policy easing is unprecedentedly strong. Under the effect of sector rotation, there is a strong expectation of capital switching from high-level institutional heavy-holding sectors to low-valued, low-focus traditional large-cap value switching. , such as real estate, infrastructure, and cycles.
On the other hand, the fundamentals and stock prices in the first quarter were all down, so that most companies have reached a position where the valuation has a price advantage.
Even with the most pessimistic assumptions about the future economy, we can still find a 5%-10% opportunity in it. With our own structural industry prosperity and individual logic, we can still achieve growth. The worse the environment, the more scarce growth will be. , you can also get better returns after cashing out.
Just like the economic downturn in 2013-2014 and 2018, there are still many investment opportunities for individual growth stocks.
For the Fund, we will moderately participate in the former to hedge macroeconomic volatility risks and control drawdowns.
At the same time, the main focus will be on finding individual growth stocks that can cross the macroeconomic and market bulls and bears.
The overall market correction in the first quarter provided a good soil for stock picking at a suitable valuation level.
In the medium and long term, the pursuit of excellence in entrepreneurial spirit and an enterprise organization with the ability to evolve are the core driving force for enterprise growth. Fluctuations in the general environment often create better opportunities for enterprise growth and stock selection intervention.
And the growth of Nuoan , let us grow again.
Although it fell by 22.76% in the first quarter, Lion’s growth share increased by 16.28%, which truly achieved contrarian investment.
Looking back on 2021, Lion’s growth has risen by 22.5%, but its holdings of Christian Democrats have risen even more, up 25.02%, and outperformed Manager Cai.
When the returns of the holders of the other four funds all underperformed the actual returns of the funds, only I, General Cai’s Jimin, outperformed General Cai.
All are old drivers.
So, will this old driver’s reverse operation outperform Manager Cai again?
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From the changes in fund shares, it can be seen that the market is very efficient, those with poor performance will abdicate, and those with good performance will be promoted.
Among them, as a fund manager and fund company, what you do will be remembered by the market.
Which fund managers limit purchases and dividends at high levels, and which fund managers feel that the scale exceeds their strategic capacity, will also limit purchases, which are all worthy of praise from the market.
And which fund managers neither pay dividends at a high level, nor do they limit the purchase of their own funds, thinking that it is an opportunity after the crash, but found that they bought it halfway up the mountain.
There are also fund managers who feel that the market is risky and secretly reduce their holdings in their funds.
These bad phenomena will be exposed one after another, so stay tuned.
The original mango small grid picks up three circles
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#Zhang Kun’s management scale fell below 100 billion, and the first quarterly report talks deeply about investment# #Zhu Shaoxing: It is meaningless to be overly pessimistic about the market#
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