On August 29, 2022, the “Oscar” award of China’s fund industry, which was “late” for four months, the Golden Bull Award was finally released.
In the new fund evaluation of Snowball, 12 Golden Bull Award funds were selected, and there are many funds worthy of attention. Today, let’s talk about Du Yang, the fund manager of ICBC Credit Suisse Fund, and the ICBC Strategic Transformation Stock A (000991) that he manages.
This article will mainly analyze the introduction of the Golden Bull Award, asset allocation ability, industry allocation ability, timing ability, stock selection ability, trading ability, etc., and welcomes criticism and correction from golfers.
1. Introduction to the Golden Bull Award.
The selection of “Golden Bull Award for China Fund Industry” was sponsored by China Securities Journal and co-organized by five institutions including Galaxy Securities, Tianxiang Investment Consulting, China Merchants Securities, Haitong Securities and Shanghai Securities. The award has been widely recognized by the fund industry and fund regulators, and has become one of the most credible and authoritative awards in China’s capital market, enjoying the reputation of the “Oscars” award in China’s fund industry.
The awards involving a single fund are divided into “Five-Year Continued Winning Golden Bull Fund” (referred to as “Five-Year Golden Bull Fund”), “Three-Year Continued Winning Golden Bull Fund” (referred to as “Three-Year Golden Bull Fund”) and “Annual Golden Bull Fund”. “Golden Bull Fund”; the selection of a single fund is based on the first-level classification of the “China Fund Industry Golden Bull Award Fund Classification System” and takes into account the special circumstances of index funds. . The five types of open-end money market funds are classified and implemented. The number of participating funds that meet the eligibility criteria should be no less than 10, and the awards of this category can actually be selected.
Awards involving fund management companies include “Golden Bull Fund Management Company”, “Fixed Income Investment Golden Bull Fund Company”, “Overseas Investment Golden Bull Fund Company”, “Passive Investment Golden Bull Fund Company” and “Golden Bull Progress Award”.
Among them, the selection of funds focuses on the combination of fund performance evaluation, fund manager ability evaluation, fund compliance contract evaluation, etc., and conducts a comprehensive and comprehensive evaluation of the selection objects.
Fund performance evaluation is based on the investment income measurement and performance measurement of the fund, and carries out risk adjustment on the investment income of the fund, so as to form a reasonable evaluation result of the investment performance of the fund with different risk levels.
Focus on long-term evaluation, and guide the long-term investment philosophy of fund managers and investors through selection.
In the fund selection, awards are set up according to different inspection periods such as seven-year, five-year, and three-year periods, and in the release of the award results and later publicity, the focus will be on the seven-year, five-year, and three-year continuous winning Golden Bulls. Fund, guide fund managers to attach importance to long-term investment and sustainable return ability, cultivate and guide investors to pay attention to fund products with more sustainable return ability.
II. Basic information of ICBC Strategic Transformation Stock A
ICBC Strategic Transformation Stock A (000991) is a stock fund of ICBC Credit Suisse Fund. The current fund manager is Du Yang. Investment objective of ICBC Strategic Transformation Stock A (000991): Based on in-depth exploration and a full understanding of the investment opportunities brought about by domestic economic growth and strategic transformation, select stocks of companies with valuation advantages for investment, and strive to achieve long-term fund assets. Stable value-added.
This investment objective points out the main feature of ICBC Strategic Transformation Stock A (000991): strategic transformation.
The award that ICBC Strategic Transformation Stock A won this time is the five-year open-end equity type that continues to outperform the Golden Bull Fund.
As a stock fund, the fund’s investment portfolio ratio is as follows: stocks and depositary receipts account for 80%-95% of the fund’s assets, of which the stocks and depositary receipts invested in the strategic transformation theme defined by the fund account for 80% of the non-cash assets. The proportion of the updated prospectus2 of ICBC Credit Suisse’s strategic transformation-themed equity securities investment fund shall not be less than 80%.
((1) Definition of the theme of strategic transformation: China’s economy is entering an important period of opportunity for strategic transformation. From a macro perspective, the adjustment of the economic structure and the transformation of the development mode will bring a lot of investment opportunities. At the micro level, the strategic transformation It will also bring new vitality to the enterprise. Especially the merger and reorganization of the enterprise accelerates the change of the organizational model and the integration of resources in the process of strategic transformation, which is more conducive to the improvement of the operation efficiency and competitiveness of the enterprise. The theme of strategic transformation is defined as: 1) Listed companies that are about to undergo strategic transformation based on public information, including but not limited to company announcements, which can confirm the willingness and potential of mergers and acquisitions; 2) Those that have completed mergers and acquisitions and are undergoing strategic transformation 3) Other listed companies that are considered by fund managers to have the potential for mergers and acquisitions and have strong expectations for strategic transformation based on public, compliant information and traceable research. In the future, with the transformation of the economic growth mode and the upgrading of the industrial structure, the extension of the strategic transformation theme will gradually expand. The Fund will adjust the above identification and identification of the strategic transformation theme stocks according to the actual situation. )
The current scale is 4.926 billion yuan (2022-06-30), which can be subscribed normally.
There have been some changes in the intermediate fund manager of the fund. The current manager, Du Yang, took office on 2015.2.16, and was jointly managed with Song Bingshen until 2017.12.21, and managed independently after 2017.12.22.
Morningstar Fund Type: Morningstar Classification <br />Mid Cap Balanced Equity – Large Cap Value.
The benchmark for performance comparison is 80% × CSI 800 Index yield + 20% × ChinaBond Composite Index yield.
2. Performance analysis
1. Compared with the performance benchmark, it outperformed by a large margin. Among them, since the fund took effect to 2022.6.30, the increase has reached 295.90%, which greatly outperformed the performance benchmark by 265.22%.
(February 16, 2015 to June 30, 2022))
2. Compared with the main broad-based indices: Since Du Yang took office, the growth rate from February 16, 2015 to 2022.9.1 has reached 286.4%, significantly outperforming the major broad-based indices.
The return data is far ahead, with a medium standard deviation, higher than the CSI 300 Index and the CSI 500 Index, and lower than the CSI 1000 Index and the ChiNext Index. The drawdown is smaller than the main broad-based index, and the volatility is higher than the CSI 500 Index, lower than the CSI 300 Index, the CSI 1000 Index, and the ChiNext Index. The Sharpe ratio and Karma ratio show that the overall return-risk ratio is relatively high.
3. Compared with similar funds:
a. Compared with Wang Bin of growth + trend style, as well as Wang Peng and before God’s love:
Ranked 3rd in range return, 1st in standard deviation, risk-return data: Compared with similar style funds, ICBC Strategic Transformation Stock A (000991)A has the characteristics of higher returns and smaller drawdown fluctuations. Sharpe ratio Ranked 1st and performed very well. (The interval is from 2018.10.31 to 2022.9.1 since Wang Bin took office)
Judging from the Sharpe ratio, which measures the adjusted risk-return ratio, ICBC Strategic Transformation Stock A (000991) performed very well and met the selection requirements of the Golden Bull Award.
b. Compared with the two equity gold bull funds five years ago in this issue:
Ranked second in range return and second in standard deviation, according to risk-return data: Compared with funds of similar styles, ICBC Strategic Transformation Stock A (000991) A has the characteristics of high return and medium retracement volatility, and has performed well. (The interval is from 2015.7.31 to 2022.9.1 since the establishment of Xinao New Energy)
3. Analysis of asset allocation and management capabilities:
1. Major asset allocation:
Since Du Yang took office, he has maintained a high stock position (over 80%), holding bonds between 0 and 7.32%. Because it is a stock fund, the stock position has always been above 80%, generally at any time. (It is stipulated in the contract that the assets of stocks and depositary receipts account for 80%-95% of the assets of the fund)
According to Snowball’s performance attribution, the timing contribution has little impact.
2. Retracement control analysis:
The retracement trend of ICBC Strategic Transformation Stock A (000991) is relatively consistent with that of the broad-based index, but the retracement is small. At present, the largest retracement has been recovered, and the longest recovery time is 1669 days.
From the perspective of the risk-return performance ratio of the same type of funds (value style), ICBC Strategic Transformation Stock A (000991) in the past 3 years ranked 14/306 excellent, and the largest drawdown ranked 2/306 excellent, and it performed well in the same type of funds. .
The relative advantage of ICBC Strategic Transformation Stock A (000991) is that it has higher returns under the same volatility and maximum drawdown.
From the perspective of annual income, since Du Yang took office, all except 2016 and 2018 have been positive income, and the increase has been huge and the performance has been outstanding. (-1.38% from 2022 to now, much better than the -18.155 of the CSI 300 Index)
3. Industry configuration analysis:
Historical industry configuration: From the perspective of subdivided industries, banking, real estate, building decoration, media, non-banking finance, utility vehicles, electrical equipment, steel, mining, etc. are long-term heavy positions. The rotation is more obvious, and the ratio is often adjusted.
Current industry configuration: Banking, real estate, building decoration, and environmental protection are the top four major industries.
From the attribution analysis: over-allocated banking, real estate, and building decoration industries, and the excess income of industry allocation mainly comes from banking, real estate, and building decoration industries.
From the perspective of the correlation between scale index and industry index: in the past 5 years, it has the highest correlation with the CSI 500 index, and in the past 1 year, it has a high correlation with real estate and banks, and has a high correlation with value style.
4. Analysis of the top 10 heavyweight stocks and stock selection capabilities:
(1) The latest top 10 heavyweight stocks:
The top 10 heavy-holding stocks contain 0 grains and 0 electricity. Most of the top 10 heavy-holding stocks are fund holding stocks, and they are concentrated in the three major industries of banking, real estate, and building decoration.
The financial data characteristics of the top 10 heavyweight stocks: Average: PE: 5.4, PB: 0.8, ROE: 14.4%, market value: 164.54 billion, low PEPB, high ROE, and the market value is large.
Top 10 heavyweight stocks: mid-cap growth and small-cap growth.
Since Du Yang took office, the growth and value rotation have been obvious, and the style has changed a lot at different stages.
Current Style: Market value based.
Concentration of 10 heavyweight stocks:
The concentration ratio of the top ten stocks with heavy holdings has fluctuated greatly in history, and the latest positions are relatively concentrated (51.8%). The historical concentration ranges from 30.59% to 64.75%.
The top ten stocks with heavy holdings changed a lot on a quarterly basis, with an average of 2.5 changes per quarter. For example, the majority of holdings in Q3 2020 are growth-style stocks, which are quite different from value-style stocks in Q2 2022.
Combined with the fund performance, the fund manager’s trading ability is relatively strong.
Judging from the turnover rate, it has gradually decreased in recent years, which may be related to the increase in scale and the recent holding of value-style stocks.
From the perspective of attribution analysis, industry allocation, over-allocation, stock selection, and interactive returns have all contributed to significant excess returns. Among them, industry allocation returns mainly come from the three major industries of banking, real estate, and building decoration. (Take Q2 2022 as an example)
Success stories of historical heavy holding stocks: Sungrow: 2020Q2 is the second largest holding stock, accounting for 6.84%, and will be the seventh largest holding stock in 2020 Q4, accounting for 2.97%, and it will increase by 404.31% from 2020.7.1 to 2020.12.31, running Winning 25.15% of the CSI 300 Index. Sungrow is a big bull in 2020, and Du Yang’s operation in Sungrow is very successful.
3. Income split analysis (based on financial reports)
From the perspective of income split, the main income comes from stock investment income, and dividends also have some contributions.
The proportion of new revenue from new projects was medium. In the past, when the scale was small, the contribution was large, but now the scale is large and the contribution is small. Since Du Yang took office, the contribution of new projects has been 10.36%, and the latest scale is 4.926 billion yuan. The contribution of follow-up new revenue is limited.
Performance attribution from Snowball shows stock picking as the primary source:
The main source of income is stock income, and the income contributed by non-new stocks is relatively high, which reflects that the active management ability of fund managers is good.
IV. Comparison of ICBC Strategic Transformation Stock A (000991) with China Securities Value and China Securities Growth Index:
Comparison of the trend of ICBC’s strategic transformation stock A (000991) with China Securities Value and China Securities Growth Index: 2015.2.16 to 2019.6.30, partial value style, 2019.7.1 to 2021.12.31 partial growth style, again after 2022 Value style.
It can be seen that ICBC’s strategic transformation stock A has performed well in both the value style year of 2017 and the growth style year of 2020.2021, outperforming related style indexes. The fund manager has a more accurate grasp of style switching and stronger stock selection ability. Outperformed China Securities Value and China Securities Growth Index.
In terms of annual returns, it can outperform the value index in the value style bull market and the growth index in the growth style bull market, showing excellent performance.
5. Analysis of holder structure:
The latest report shows that the proportion of institutional holdings is relatively large, at 30.73%, a slight decrease from the 2021 mid-year report, indicating that institutions are optimistic about this fund. The latest internal holding ratio is 0.19%, which remains stable. In terms of historical data, the proportion of institutional holdings fluctuated greatly, ranging from 0.16% to 62.55%.
Fund scale: The scale fluctuates greatly, and the scale has increased significantly since September 30, 2020. The latest is 4.926 billion yuan, which is relatively large, and the latest share is net redemption. Since Du Yang took office, the growth of his position has contributed to the growth of the fund’s net value and the net subscription of shares.
6. Investment philosophy:
Investment framework: Du Yang said that taking into account macro and stock selection, Du Yang built an investment framework that combines top-down and bottom-up. On the other hand, the pursuit of excess returns, and the pursuit of absolute returns by accumulating long-term relatively good excess returns.
Du Yang bluntly stated that ” top-down ” does not mean that large gains are obtained by predicting the macro or the broader market, but by tracking the macro, so that the combination and the current state of the economy and industry do not have headwinds . By positioning from the top down, controlling the volatility and withdrawal risk of the excess return of the entire portfolio, and improving the holding experience, instead of relying on the top-down rotation to make excess returns. “Bottom-up” refers to relying on a relatively reasonable valuation to make money for corporate performance , and to practice the concept of “being a friend of time”.
“In the long run, the market must follow objective laws, and it takes time for such laws to work,” said Du Yang.
Pay special attention to the “power of time” and do full cycle research.
Du Yang admitted that he has four criteria: the first is the depth of research; the second is the fundamentals ; the third is the valuation , focusing on the comparison of historical valuations; the fourth is whether it is a benchmark constituent stock. “If the four items are met, a heavy blow will be thrown, but it is usually difficult to meet at the same time, and the layout will be more stable.”
Du Yang’s risk control management is mainly carried out from the three levels of individual stocks, portfolio and dynamic management .
7. Fund Manager: Mr. Du Yang: Master, joined ICBC Credit Suisse in 2010 and is currently the head of the energy facility research team and fund manager of the Research Department. From February 16, 2015 to now, he served as the fund manager of ICBC Credit Suisse’s strategic transformation theme equity securities investment fund; from November 2, 2016 to October 12, 2018, he served as ICBC Credit Suisse’s 18-month regular open bond securities investment fund fund Manager; from January 25, 2017 to June 11, 2018, served as the fund manager of ICBC Credit Suisse’s semi-annual open bond securities investment fund; from March 22, 2018 to present, served as the fund manager of ICBC Credit Suisse Steady Growth Hybrid Securities Investment Fund ;From November 14, 2018 to January 18, 2021, he served as the fund manager of ICBC Credit Suisse New Energy Vehicle-themed Hybrid Securities Investment Fund. Since April 24, 2019, he has been the fund manager of the ICBC Credit Suisse Strategic Emerging Industry Hybrid Securities Investment Fund. From December 25, 2019 to December 31, 2020, he served as the fund manager of ICBC Credit Suisse Industrial Upgrade Equity Securities Investment Fund. From January 13, 2022, he will be the fund manager of ICBC Credit Suisse New Energy Vehicle Themed Hybrid Securities Investment Fund.
At present, the accumulated tenure is 7 years and 201 days, and 6 funds are managed, mainly in the mixed type and stock type, with a total scale of 24.026 billion yuan, and the return on employment is relatively good.
Du Yang has won 2 Golden Bull Awards and 1 Star Fund Award.
Risk warning: ICBC Strategic Transformation Stock A (000991) (003567) is a stock fund with a risk level of r5, which is a high-risk product with higher risks than hybrid funds, bond funds and monetary funds. The historical performance of the fund cannot predict the future. . This article is a personal opinion, not as investment advice, and enter the market at your own risk.
ICBC Strategic Transformation Stock A (000991) (003567) has outstanding performance and outperforms most similar funds. Its allocation is dominated by stocks, with strong drawdown control, excellent Sharpe ratio, and outstanding risk-adjusted returns. Macro and stock selection, Du Yang has built an investment framework that combines top-down and bottom-up. The value style bull market outperforms the value index, and in the growth style bull market outperforming the growth index, it can also switch well, with excellent performance, stable excess returns, and positions, good at multiple industries such as banking, real estate, building decoration, media, non-banking Finance, public utility vehicles, electrical equipment, steel, mining, industry with outstanding allocation capacity, current value-oriented style, outstanding stock selection ability and transaction ability. ICBC Strategic Transformation Stock A (000991) and fund manager Du Yang deserve investors’ attention.
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