Choosing an active fund is choosing a fund manager.
When we get an active fund, we urgently need a “portrait” of the fund manager.
The fund regularly reports the fund manager’s education background, working background, and fund management experience, but this is not enough to give the fund manager a “portrait”.
The fund’s regular report will disclose the fund’s main financial indicators and the performance of the fund’s net value. Based on this, we can judge the short-, medium- and long-term performance of the fund managed by the fund manager and presume the investment ability of the fund manager.
The fund’s regular report also discloses the details of the fund’s holdings.
By analyzing the overall valuation of individual stocks, we can judge whether the fund manager is partial to value or growth style;
Analyzing the size distribution of the stock market value of holdings can determine whether the fund manager prefers to invest in large-cap stocks or small- and medium-cap stocks;
By analyzing the concentration of industry holdings, individual stocks, and the concentration of the top ten holdings, we can judge whether the fund manager is partial to attack, balance or defense;
By analyzing the position turnover rate, it can be judged whether the fund manager manages the investment portfolio based on trading or long-term holding of stocks;
By analyzing the industry distribution and changes of the fund’s holdings over the years, it can roughly judge the competence circle of the fund manager. For example, some fund managers are good at consumption and medicine; some are good at finance and real estate; some are good at TMT; Good at several industries, some fund managers seem to have no industry preference, and the industry allocation is relatively scattered and balanced…
Investment performance, investment style, competence circle, education background, working background and fund management experience can generally give a “portrait” to the fund manager.
The problem is that the analysis and judgment of investment performance, investment style and competence circle require experienced investors or even professional investors to use certain fund analysis tools to do so. However, these analyzes and judgments are mainly biased and will inevitably be subjective. and one-sided.
Not to mention ordinary investors, who simply do not have the ability to conduct such detailed analysis and judgment. Getting an active fund is nothing more than looking at the performance (and mainly short-term performance), simple and rude, buy it if the performance is good; when you buy it in your hands, you will be dumbfounded when the performance is not good, because you don’t understand the investment philosophy of the fund manager And the investment framework, there is a high probability that when the performance of the fund is very poor, it will be out of the game by cursing.
In fact, regular fund reports can fully disclose the investment philosophy and investment framework of the fund manager in a realistic manner, that is, the fund manager gives himself a “portrait”, communicates frankly with investors, and gains the understanding and trust of investors.
After all, regular fund reports are the most convenient way for us to understand fund managers, and fund managers should make good use of them. For ordinary investors, it is not easy to obtain truly valuable fund manager interviews and research reports.
The reality is that some fund managers are ruthless or perfunctory in the part of the fund’s regular report “Fund Investment Strategy and Operation Analysis during the Reporting Period”.
Many fund managers advertise, do live broadcasts, accept various interviews, and even directly write articles to explain their investment philosophy and investment framework. Isn’t it just to seek full and candid communication with investors? Why can’t it be more fully elaborated in the “manager’s report” section?
I hope that “Fund Investment Strategy and Operation Analysis in the Reporting Period” can answer the following questions:
1. Does the manager (fund manager) admit that any investment system and investment strategy has limitations, and it is impossible to “take all” all market styles?
2. The manager’s short-, medium- and long-term considerations for the portfolio equity position (stock and bond allocation).
3. The manager’s views on the importance of stock selection and trading and the explanation of the trading tendency during the reporting period.
4. The manager’s preference and reasons for value and growth, size and market capitalization.
5. What industries and directions are the managers optimistic about in the past, present and future, and explain the reasons.
6. How does the manager manage the investment portfolio to achieve excess returns: what to buy? how to buy? How to sell?
7. How does the manager respond to market fluctuations, especially when the performance is seriously lagging behind?
8. The manager’s outlook on future investment.
What questions do you want fund managers to answer in their periodic reports? Welcome to the comment area to communicate together.
All opinions and funds involved in this article do not constitute investment advice, but a true record of my own thinking and practice, and invest in the market based on this, at your own risk.
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