The market has rebounded rapidly in the past few days, especially in new energy and photovoltaics.
I looked at the circle of friends, and even the little friends who had been quilted were cheering that Kweichow Moutai finally got rid of the quilt and could go out and have a meal.
Looking at the data of Tiantian Fund, the mixed fund with the largest increase in the past month rose 34.18%.
Mixed funds rose an average of 9.45% in the past month.
I can’t help but be very curious. Did Dong Chengfei’s smuggling fund, which was a big sale last month, copy the bottom line?
Just launched on May 9, Dong Chengfei’s first product sold for 4.5 billion yuan. The series of products named Rui Jun Chengfei was launched on May 17.
I didn’t know the result, I was startled when I saw it.
As of June 17, the fund’s net value fell by 0.23%, and it still lost money. During the same period, the CSI 300 Index rose 7.57%, the ChiNext Index rose 12%, and various growth sectors rose alternately.
Not to mention a simple comparison, the public offering of a fund manager who took office in May has seen his net worth increase by 45.46% in more than one month.
Personally, I think there are three reasons why Dong Chengfei’s products were not good at bargain hunting this time:
The first is that the position of the new product is too low, it should be less than 50% of the position.
He once said at the roadshow: “If the market does not rise sharply, I may complete the process of opening 0%-50% of the position soon. However, I may stay in the 50% position for a long time later. , until the net value performance of the entire product can accumulate a certain safety pad, and then choose to increase the position.”
The second is that the strategy is too complicated.
In Ruijun Chengfei’s series of products, in addition to investing in stocks, it will also invest in convertible bonds, derivatives, and commodities. Among them, 55% are bottom-up stock selection strategies, 30% timing strategies, 10% arbitrage strategies, and 5% alternative risk hedging strategies.
Simply put, there is too much to do and not pure enough.
The third is to avoid the popular varieties of the market.
In this wave of A-share rises, popular stocks such as Ningde Times, BYD, and Kweichow Moutai rose significantly. For example, Ningde Times rose 38.11% in the past month, BYD rose 18.63%, and Kweichow Moutai rose 11.36%.
However, Dong Chengfei also said in the channel roadshow that he would be relatively cautious if he did not go to places with many people, and would first avoid King Ning and King Mao; he would pay more attention to some sectors and individual stocks with high dividends in the short term.
Personal estimates, he may have bought stable growth themes such as banks, real estate, and infrastructure, and paid attention to defense, and these sectors have not performed well in the recent rebound.
Finally, let me make a personal summary. Although Dong Chengfei’s products did not perform well in the first month, he still insisted on his own style.
After all, this is a product that is ready for long-term operation. Pay attention to defense in the early stage, low positions, focus on low valuation, high dividend stocks, and there is no big problem with a stable start.
I don’t think there’s anything wrong with companies that I don’t understand and don’t buy companies that are too popular.
I personally think that Dong Chengfei’s style is definitely not offensive enough, and it is unlikely that the rate of return is too high, but if he insists on it for three years, he should still be able to make money.
For fund holders, it is still necessary to choose products based on their own risk appetite, rather than fame.
If you are risk-averse, averse to high valuations, and do not want to fluctuate too much, then products like Dong Chengfei are suitable for this group of people.
If you pursue higher aggression and want to be highly resilient in the bull market, then don’t buy his products, and don’t buy products with a long lock-up period. It will be troublesome to sell them after you buy them.
Just make an analysis for reference. @Today’s topic #Star plan creator# #
Disclaimer: Fund research and analysis do not constitute investment consulting or advisory services, and do not constitute investment advice. The remarks posted on this account only represent personal opinions and do not serve as a basis for buying and selling. Fund investments are risky and past performance of the fund is not indicative of its future performance. Please read the relevant legal documents and risk disclosure statements carefully, make rational investments based on your own risk tolerance, and bear the risks of investing in funds yourself.
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