Snowball has sorted out 13 new-generation fund managers who have received more attention and their current representative works:
Judging from these representative works, these fund managers did have or at least had relatively good returns during their tenure, but the tenure was not too long. At the same time, apart from Yuan Weide and Wang Peng who have about 5 years of experience in fund managers, The other managers are novice fund managers with less investment management experience.
Sometimes, some new-generation fund managers with better returns are dubbed as cutting-edge fund managers.
But objectively speaking, if the new generation of fund managers have good investment performance in the first two or three years, maybe we can find some bright spots in their investment , but it is usually difficult to really say that they are really extraordinary .
In any case, since these 13 managers do produce performance, it is good to take a look at their performance and style characteristics.
Judging from the intersecting tenures of managers in these funds since December 30, 2020, the performance of these 13 funds during the period is higher than that of active equity funds in the same period;
Among them, the annualized rate of return during the mixed period of CCB Small and Medium Cap Pioneer Stock managed by Zhou Zhishuo and Bank of Communications managed by Yang Jinjin exceeded 40%;
Dacheng Xinrui Industrial Mixing managed by Han Chuang, Huaxia Industry Prosperity Mixing managed by Zhong Shuai, Xinao Cycle Power Mixing managed by Li Shuyan, Huatai Bai Rui Fuli Mixed Management managed by Dong Chen, SDIC UBS New Energy Mixed Management managed by Shi Cheng The annualized rate of return during the period exceeds 30%;
Huaan Culture, Sports and Health Mixed by Liu Changchang, Huaxia Xinghe Mixed by Li Yan, and TEDA Manulife Transformation Opportunity Stocks managed by Wang Peng have an annualized return of more than 25% during the period;
The annualized rate of return during the growth period of the Sino-European Value Smart Selection Mixed by Yuan Weide and the Zhejiang Merchants Juchao Industry Growth Mixed by Jia Teng was about 15%;
During the period under the management of Yu Bo, Wells Fargo New Income’s mixed annualized yield of only 42.78% of the stock’s flat position was 5.7%.
It is necessary to point out that, due to the fact that the term of this intersection is not long, and affected by the strong income performance in stages, the annualized rate of return of the products managed by some fund managers seems to be very high, but combined with active equity From the long-term performance history of the fund, it is usually excellent to have a long-term annualized return of more than 20%. Obviously, strong annualized returns such as 30% and 40% are difficult to maintain in the long run.
In terms of risk, due to the overall low stock position, the Fuguo New Income mixed income volatility and drawdown levels managed by Yu Bo are relatively low;
The TEDA Manulife Transformation Opportunity Stock managed by Wang Peng and the SDIC UBS New Energy Hybrid managed by Shi Cheng all showed strong high-risk attributes, and the net worth even reached or approached the level of halving;
During the mixed period of China’s industry boom managed by Zhong Shuai, the income fluctuation and maximum drawdown level were also at a higher level than those of non-biased debt active equity funds during the same period;
Compared with the non-biased debt-type active equity fund managed by Yuan Weide, the income fluctuation level during the period was moderate, but the maximum drawdown was slightly larger;
The income volatility and maximum drawdown of Huaan Culture, Sports and Health managed by Liu Changchang are at the middle level of non-biased debt active equity funds during the same period;
The performance of several other managers’ product period income fluctuation and maximum drawdown have certain advantages compared with non-biased debt active equity funds in the same period, especially the Bank of Communications Trend Mix managed by Yang Jinjin and Huatai Park Reef managed by Dong Chen. Profit mix performed better.
In terms of comprehensive income and risk performance, the risk-adjusted returns of the products managed by these 13 managers have advantages over the active equity funds during the same period, especially the trend of Bank of Communications managed by Yang Jinjin.
Judging from the style characteristics of managers in the process of managing these funds, Bank of Communications’ trend mix Yang Jinjin , Xinao’s cycle power mix Li Shuyan, CCB’s small and medium-cap pioneer stock Zhou Zhishuo , and China Xia’s industry boom mix Zhong Shuai are all relatively biased. At the same time, Yang Jinjin takes both valuation and growth into consideration and holds flexible positions. Li Shuyan focuses more on opportunities in cyclical industries and holds flexible positions. Zhou Zhishuo pays more attention to economic changes and holds more flexible positions. Zhong Shuai’s growth style is obvious. ;
Dong Chen from Huatai-Bairui Fuli, Han Chuang from Dacheng Innovation Industry, and Jia Teng from Zheshang Juchao Industrial Growth all focus more on exploring opportunities in cyclical industries. At the same time, Dong Chen prefers large companies with lower valuations. Market value companies have more flexible positions, while Han Chuang pays more attention to valuation and growth, and the turnover rate is lower than Dong Chen. Jia Teng pays more attention to valuation, and prefers leading companies with relatively more room for growth in traditional sub-sectors. ;
Liu Changchang , who is healthy in culture and sports from Huaan, prefers growth-oriented industries with better economic prospects, and pays more attention to large and medium-sized enterprises among them. Yu Bo , whose income from Fuguo Xin is mixed, is a large-cap growth style, and he is more active in changing positions and stocks;
Yuan Weide , selected by CEIBS Value Intelligence, in his original formula of “low valuation, good company > prosperity”, the weight of prosperity has been greatly increased;
Li Yan from Huaxia Xinghe, Shi Cheng from SDIC UBS New Energy, and Wang Peng from TEDA and Manulife’s transformation opportunities have a more active investment style, and they all prefer to focus on a few booming tracks.
With so many fund managers, it is not easy to be noticed by a large number of investors based on their performance.
I hope that among these 13 managers, some of them can prove that they are shining stars worthy of long-term trust with good performance in the longer term in the future .
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