This article is the second bullet of the article by @徐汉智松白.
For the first play, please see Feng Liu and “Suihan”, and the past 6 years at their fingertips…
The core of the second bullet is to see Suihan’s performance in stages and how it is.
Can’t talk about performance data, so go straight to the conclusion:
(1) In the 23 quarters in which Suihan managed funds, 18 quarters outperformed the CSI 300, and 5 quarters underperformed.
(2) Among the 5 quarters that underperformed, 4 quarters were basically flat and slightly lost. The obvious underperformer is Q3 2017. In that quarter, the CSI 300 was red, but Mr. Suihan was green. The reason is not very clear, and the annual report of that year has not been turned over. (off topic: there has been an annual report every year since then, and even a monthly report since 2021)
(3) In the 18 quarters that outperformed, most of them outperformed only slightly. Only 5 quarters outperformed by more than double digits, and 4 of those quarters were in the double digits, which is a testament to the power of compounding itself. The only very exaggerated quarter that surpassed the performance benchmark was 2020-Q4, really exaggerated!
The annual report of the year is here, you can go to the specific situation: 2020 Investment Summary – Through Death
Blindly guessing that the source of the performance of the cattle X in Q4 should be $ Stone Technology (SH688169) $ and $ Great Wall Motor (SH601633) $ contributed a lot.
Taken together, the performance of the 23 quarters proves a characteristic of an asset: in the extreme poor 20% of the time, keep up with the index, in the remaining 20% of the time to keep up with the index, and in the remaining 20% of the time Put a little brilliance, and finally it is the result of the top 1% of the industry. Personally, the most difficult thing is how not to fall in the hardest 20% of the time. And this nearly 6-year-old fund provides a little inspiration in this regard: the strategic characteristics of reverse stock selection, financial analysis, and diversified shareholding may be more useful in this regard.
$Suihanzhi Pine and Cypress No.1A(P000379)$
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