In the past few days, Gao Bing of Huashang Fund has been out of the circle, and many friends have asked me to analyze it in detail~
OK, satisfied.
Gao Bing’s professional experience belongs to the conventional path in the industry. He once worked in PricewaterhouseCoopers Zhongtian Accounting Firm as a senior auditor. He joined Huashang Fund in 2010 and served as an industry researcher and fund manager assistant. He became a fund manager in April 2015, just in time for the high point of the bull market.
With 12 years of investment and research experience and over 6 years of fund management, Gao Bing has several distinctive features:
1. Diligent, research expert
Gao Bing, who has audit work experience, has an advantage in the research of individual stocks, and can have a deep understanding of the business activities, model changes, project and financial management of related listed companies.
But it is precisely because they understand so much that they will be very strict and have high standards .
Gao Bing’s idea is:
1. The financial indicators in the three tables (balance sheet, profit and loss statement, and cash flow statement) of the listed company must be mutually verified;
2. The core financial indicators must be focused on and deeply interpreted;
3. You must carefully study the company’s historical financial reports and analyze historical data. It is best to start from the prospectus.
This is very labor-intensive, and requires a lot of research and interviews to analyze the deep meaning behind the data.
It is understood that in order to investigate a company clearly, Gao Bing can conduct more than a dozen interviews , and the interviewees cover a wide range of subjects, from the company’s executives and middle managers to the company’s downstream enterprises and even the company’s competitors.
Running research is particularly diligent. Since this year, I have been conducting research almost every month. In January, I ran 5 companies, and on the 25th, I ran 2 companies in a row.
Source: iFinD, the individual stock display only shows the research records of the fund manager, not as investment advice, stocks are risky, investment should be cautious
Now the industry is rotating fast. I heard that Gao Bing’s requirement for the team is that the research work in the past month should be completed in 1-2 days, and the dozen or so meetings should be compressed into 1-2 days.
It can be said that one minute is broken into two minutes. It can be described in one word: research expert.
2. Continuous evolution capability circle
In the A-share market, everyone can find that the market style seems to be changing every year, and the investment philosophy of “one trick fresh” is becoming less and less applicable. This puts forward higher requirements for fund managers, and all martial arts must be practiced.
Gao Bing has an investment philosophy, which can be summed up as “surprisingly upright” .
Responding to an uncertain world with a relatively certain alpha, this is positivity;
It is surprising to deviate from the staged technological varieties with strong beta attributes.
Specifically, it can be divided into three points:
1. Select high-prosperity industries through top-down industry comparison;
2. Through bottom-up in-depth industry chain research, select varieties with stronger alpha attributes in the high-boom track, and obtain the value of enterprise growth through medium and long-term holding;
3. Continuously optimize the allocation of portfolio positions and varieties according to the marginal changes in the industry and company fundamentals;
It can be seen that Gao Bing pays more attention to meso-scale industries and micro-scale companies.
However, in the latest 2022 second quarter report, Gao Bing said this:
“Individual strength cannot resist short-term market volatility. We are always strictly reviewing the structure of our portfolio and whether the selected stocks can come out in the future. But at the same time , I myself need to further improve the investment framework , especially the integration of macro volatility into into portfolio management .”
I understand the meaning of this sentence: macro analysis, active position management .
This is more powerful in the industry.
3. Unity of knowledge and action
As mentioned above, Gao Bing will compare industries from top to bottom, and prefer industries with high prosperity.
The figure below shows the industry configuration of Gao Bing in each quarter. It can be seen that there are major industry adjustments in almost every quarter .
Source: iFinD, as of Q2 2022
In large industries, focus on the three major directions of “technology + consumption + medicine”.
The reason is that Gao Bing believes that such a portfolio has caught the pulse of the times. Although the market is changing rapidly, the main line revolves around this.
At the same time, the three industries of technology, consumption and medicine have been proved by the market to have sufficient depth and breadth to accommodate a large amount of market capital, and they will not feel “crowded” in them, but can do it with ease.
Fourth, the performance can be hit
As the so-called three points are destined, seven points depend on hard work, and good performance is a matter of course in my opinion.
According to iFinD statistics, Gao Bing’s return from Huashang Smart Life A and Huashang Emerging Vitality Mixed tenure for more than 3 years has both exceeded 230%, and the annualized return has exceeded 48% .
Refinement to each quarter, since Q4 2019, wins more.
But beware, volatility.
The chart below shows the retracement trend of Huashang Smart Life A in the past year. When the market takes into account the extreme decline, the retracement of the fund is greater than that of the CSI 300 Index. $HuaShang Smart Life Mix (F001822)$
Source: Jiuquaner, as of 20220825
However, in the same way, once the market rebounds, it is typical that since April 27 this year, the rebound of Huashang Smart Life A is also very strong, with a V-shaped reversal.
In general, Gao Bing is a fund manager with a distinctive growth style. He has a solid foundation and is able to summarize and reflect in the ever-changing market and create excess returns .
Welcome to share the high soldiers in your eyes.
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There are risks in the fund, and there is no guarantee that the principal will not be lost or a certain profit. Investment should be cautious. The above views only represent the author’s personal opinion, do not represent the position of the fund company, and do not constitute investment advice for readers. The content of the article is for research and learning purposes only, and the stocks, funds, etc. involved do not constitute any investment advice. @snowball fund @today’s topic @snowball creator center
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