Huge loss of 72 burgers in 2022
The Borg Z account lost 72.1 burgers in 2022, and the cumulative loss was -14.79%.
Regarding the profit target of long-term investment funds, Borg set himself an annualized rate of 15%. At the beginning of 2022, he felt that he could earn 15% that year, but ended up losing 15%.
2022 is a particularly difficult year. SSE 50 Index -19.52%, CSI 500 Index -20.31%, CSI 1000 Index -21.58%, CSI 300 Index -21.63%, Shenzhen 100 Index -26.13%, ChiNext Index -29.37%.
Borg’s biggest loss in 2022 was close to -20%, and the loss at the end of the year was relatively reduced to around -14.79%, mostly due to the fact that the allocation of Hong Kong stocks rebounded a lot from the bottom.
For Borg, the loss (including principal and yield) in 2022 will be more than in 2018:
In 2018, the loss was -11% (the Hong Kong stocks were allocated in that year, and the Hong Kong stocks fell less);
Profit +44% in 2019 (mainly due to medicine)
Profit +44% in 2020 (mainly due to military industry)
Profit +8% in 2021 (mainly relying on small and medium caps)
Loss -15% in 2022 (comprehensive loss)
The cumulative profit for five years is 69.4% (without considering the increase in principal during the period), and the annualized return is 11.11%, which seems to have failed to reach the goal of 15% annualized, but it should be satisfied considering that so many chips can be hoarded at the bottom of the market.
Funds with the most losses in 2022:
The seven funds with the most losses in the Borg Z account, there are almost 60 funds in this account, and the accumulated losses of these 7 funds alone are close to 40 hamburgers. This is also in line with the logic that “making money mainly depends on a few funds, and losses mainly depend on a few funds” .
Every time the loss of account Z was horrible, Borg did not dare to open the account Z to increase the position, but chose to increase the position in account X (with relatively small funds). As a result, the account lost 5% of the annual gold in 2022, and verified again When Borg is desperate, it is the best time to increase positions.
2. Configuration plan in 2023
Borg made a 2022 version of the market temperature and industry valuation. This time, it uses the PE temperature ranking. The so-called PE temperature is the position of the current price-earnings ratio (PE) of the index in the past ten years. The lower the temperature, the representative (relative to history) The lower the valuation.
As mentioned in the previous article, Borg investment logic
“In the undervalued industry, choose what you are optimistic about for allocation”
evolved to
“Choose a good industry, and then buy when the valuation is relatively low”
It is found in the thermometer chart that Borg’s allocation is mainly biased towards undervaluation, but not all undervaluation allocations. In 2023, the main allocation will still be concentrated in defense and military industry, medical biology, electronics (chips), new energy, Hong Kong stock funds, and high-quality small and medium-sized enterprises. disk fund.
Food and beverage (liquor) is not allocated. In fact, Borg is still very optimistic about leading consumers such as liquor. However, their current valuation is at a historically high level, so they will not allocate it for the time being. When the valuation level decreases in the future, they will definitely buy it.
3. Recent operations
(1) Hang Seng Technology continues to make small-scale investments, and the investment target is Huaxia Hang Seng Technology Connection
(2) Added a small amount of new energy and software (Xinchuang), and invested in Fuguo New Energy Industry, Haifutong Growth Pilot, and Cathay Pacific Software ETF Connection
Some people say that the current valuation of new energy is high, but this is not the case.
For example, new energy leaders CATL and LONGi belong to the power equipment industry. The current price-earnings ratio of the power equipment industry is 27 times (the temperature is 8.5 degrees Celsius), which is almost the same as the valuation in 2018. Borg cleared new energy at a high level at the end of 2021, but he is still optimistic about the future of new energy. It is reasonable to buy it back now. In addition, new energy used to buy index funds, but this time he bought active funds. The reason is that new energy is in differentiation stage (not all pigs can fly to the end), let’s let the fund manager choose a good company.
This is the end of this weekly report, pay attention to Wangjing Borg to see the real offer!
#2022Investment Summary# @今日话题@雪球基金
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