Original title: Three indicators of the rise of the “Mesozoic” power of the fund industry: Comment on the growth style star fund managers of China Europe, Cinda Australia and other subsidiaries
For “Mesozoic” star fund managers, it is important to choose the right track for the product to have high returns and stable performance.
This year, the “old Siji” collectively overturned in the treacherous market.
The old Christians have turned around, and they have begun to look for new opportunities from a group of “Mesozoic” fund managers who tend to grow up.
Different from the “older generation” star fund managers who prefer value investment, such as Zhang Kun, Liu Yanchun, Zhu Shaoxing, Xiao Nan, and other “drunken” styles, many of the most famous star fund managers of the “Mesozoic” have a preference New energy, medicine, technology and other industries that tend to grow in style, such as the star fund managers of the “Mesozoic” that have received much attention-Feng Mingyuan, Zhao Yi, Zhou Yingbo, Ge Lan, Yuan Fang, etc.
The “Mesozoic” who are receiving the attention of the old Christians, what supports them to show the temperament of excellent fund managers?
This article will take you to take an inventory of several Mesozoic fund managers with good performance and their own characteristics: Feng Mingyuan, Zhao Yi, Zhou Yingbo, Ge Lan, Yuan Fang.
5 “Mesozoic” stars
First, let me introduce the basic selection criteria of Mesozoic fund managers:
1. The fund manager’s life span is 3-7 years;
2. The management scale is more than 1 billion yuan;
3. The mid- to long-term performance during the tenure is relatively stable and excellent, with a geometric annualized rate of return of more than 20%.
In general, Feng Mingyuan of Cinda Australia Fund, Zhao Yi of ABC-Agriculture Fund, Zhou Yingbo of China Europe Fund, Gu Lan of China Europe Fund, and Yuan Fang of ICBC Credit Suisse Fund all meet the above conditions. They are the most sought after in the “Mesozoic”. A group of star fund managers.
The above five “Mesozoic” fund managers have a life span of 4.5 to 6.3 years, with a management scale of more than 20 billion yuan, and the geometric annualized rate of return during their tenure is more than 20%.
We will discuss five “Mesozoic” star fund managers from three indicators, including income, risk control, and investment style.
Indicator 1: Income
The income of fund managers is very important, especially the medium and long-term performance, which is the “gold standard” for market selection. We choose “Geometric Average Annual Return” as an indicator to evaluate the return of “Mesozoic” fund managers. The main purpose of our inventory of the medium and long-term performance of fund managers in the past is to predict the future performance of fund managers.
From the perspective of the geometric average annualized rate of return, Wind data (as of October 13, the same below) ranks from high to low as follows:
Feng Mingyuan 32.29%> Zhao Yu 31.05%> Ge Lan 29.20%> Zhou Yingbo 28.67%> Yuan Fang 24.10%.
In general, the geometric annualized rate of return of the five “Mesozoic” stars during their tenure is more than 20%. This is a very good result, ranking in the top 1/10 of the more than 1,000 “Mesozoic”.
At the same time, because fund managers have different investment styles and they have different comparison benchmarks, our excess returns are also very important. We have selected “exceeding the benchmark geometric average annualized rate of return” as the standard.
The product income of the above five fund managers also far exceeds the benchmark geometric average annualized rate of return. Specifically, they are: Zhao Hao 50.27%, Feng Mingyuan 33.37%, Zhou Yingbo 26.78%, Ge Lan 20.28%, Yuan Fang 19.84%.
In general, Feng Mingyuan and Zhao Yi, who are in Shigekura’s new energy (vehicle) direction, performed the best. Shigekura technology stocks, Zhou Yingbo in emerging industries, and Gu Lan, who is known as the “Goddess of Medicine”, have held similar positions, and the performance is also between the two. Yuan Fang’s performance is relatively lagging. Her investment is in addition to new energy. , Unlike the previous four Mesozoic fund managers, she is also heavily involved in the food and beverage, pharmaceutical and other consumer industries, and the consumer industry has performed poorly this year.
Indicator 2: Risk Control
In addition to performance, the stability of fund managers is also very important. Let’s look at the biggest retracements of Feng Mingyuan, Zhao Yao, Zhou Yingbo, Ge Lan, and Yuan Fang.
This year, the A-share market has experienced a roller coaster market, and there has been a rare round of sharp decline since 2018. The risk-return analysis of Wind data in the most recent year shows that the maximum drawdowns of Feng Mingyuan, Zhao Yi, Zhou Yingbo, Ge Lan, and Yuan Fang are -13.58%, -23.52%, and Yuan Fang, respectively.
-20.38%、-26.05%、-17.15%。
The maximum retracement control ability from high to low are: Gelan>Zhao Yu>Zhou Yingbo>Yuan Fang>Feng Mingyuan.
Correspondingly, the largest annualized volatility rate is Gu Lan (32.82%), Zhao Hao follows closely (32.68%), Zhou Yingbo is lower (23.12%), and Yuan Fang (21.18%) and Feng Mingyuan (21.62%) are the lowest. ).
From another perspective, from the perspective of timing ability, Feng Mingyuan performed best in both the short-term and medium- and long-term perspectives.
Wind data shows that among the five fund managers this year, only Feng Mingyuan’s timing ability is positive, and the other four are all negative. From a long time to 3 years, the situation is the same. Only Feng Mingyuan’s timing ability is positive, and the other four are all negative.
Among them, Gülen has the worst timing ability. In fact, the pharmaceutical industry in which Gülen is good at investing is one of the industries with the biggest decline this year. A more important reason may be the scale. Gülen has the largest fund management scale, exceeding 80 billion yuan, making it the first person among the “Mesozoic” active equity funds. In fact, it is difficult for large-scale funds to choose timing and frequent transactions. Basically, the suitable investment method is long-term holding by large blue chips. In fact, star fund managers generally experience impact on their performance after their management scale is large.
On the whole, in the past year, Feng Mingyuan has the best control of the maximum retracement and the strongest timing ability. In contrast, Gülen’s performance in these aspects is the bottom. The maximum drawdown of Zhao Yu and Zhou Yingbo in the past year has exceeded -20%, while Yuan Fang is relatively better, with the maximum drawdown being -17%.
Indicator 3: Investment style
From the perspective of investment direction, Feng Mingyuan, Zhao Yao, Zhou Yingbo, Ge Lan, and Yuan Fang are growing.
In fact, most celebrity fund managers who can cross the bull and bear market choose stocks from the bottom up. With the expansion of the management scale of fund managers, the ability to select stocks will become more and more important than the ability to trade, and it is also very important to evaluate the ability to select stocks. But historical experience shows that choosing the right track is also very important for “Mesozoic” fund managers.
Below we select Feng Mingyuan (Cinda Australia New Energy Industry), Zhao Yi (ABC New Energy Theme), Zhou Yingbo (CEIBS Times Pioneer A), Gülen (CEIBS Healthcare A), Yuan Fang (ICBC Credit Suisse Culture and Sports Industry A) ) A representative fund, look at their industry allocation and heavy holdings.
The above five representative funds are all Big Macs with a scale of more than 10 billion yuan. Among them, the scale of Gülen’s China Europe Medical and Health A is more than 50 billion yuan.
According to the latest semi-annual report published by Wind, at the end of June, the positions of the above five funds were all high, with more than 80% allocated stocks, and the representative products of Feng Mingyuan, Zhou Yingbo and Ge Lan exceeded 90%.
From the perspective of industry allocation, Feng Mingyuan, Zhou Yingbo, and Yuan Fang’s representative fund allocation is the information technology industry, Zhao Yu allocates the most in the materials industry, and Gülen allocates the most in the health care industry.
From the perspective of the above 5 representative funds, Feng Mingyuan, Zhao Yao, and Yuan Fang’s first major stocks are all from the Ningde era; Zhou Yingbo’s first major stock is Hikvision, and Hikvision is also Yuan Fang’s second major stock. share. Gülen’s first Aile Ophthalmology unit, Aier Ophthalmology, carried out the top grid configuration.
On the whole, Feng Mingyuan’s Cinda Australian Bank New Energy Industry and Zhao Yi’s ABC-CA New Energy themes, as the thematic funds of new energy, the allocation direction is new energy; while Zhou Yingbo has long been concerned about new technology, new consumption, new energy Investment in emerging industries such as reforms, the investment direction is naturally focused on this; Gülen CEIBS Healthcare A, as a pharmaceutical theme fund, more than 90% of the allocation is in the healthcare industry; Yuan Fang’s investment style is closer to value investment, and her main investment It is a consumer industry, including food and beverage, optional consumption, medicine, etc.
Earlier we mentioned the 4-7 years of mid- to long-term performance of the above-mentioned 5 “Mesozoic” stars. Let’s take a look at this year’s earnings performance affected by investment style:
Since the beginning of this year, Wind’s fitting performance is: Feng Mingyuan 52.24%, Zhao Yu 39.63%, Zhou Yingbo 8.43%, Ge Lan 5.88%, Yuan Fang 3.84%.
This year’s new energy (vehicle) and cycle stocks performed well, and Feng Mingyuan and Zhao Yu, who are heavily involved in this direction, have achieved good results.
In fact, the most popular in 2019 and 2020 are the consumer, pharmaceutical, and technology tracks. After the Spring Festival in 2021, the new energy industry chain + some procyclical industries are more popular. The investment direction of the above five “Mesozoic” stars corresponds to these “outlets.”
Generally speaking, for the “Mesozoic” star fund managers, it is important to choose the right track for the product to have high returns and stable performance.
(Author: Pang Huawei Editor: Li Xinjiang)
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