Since this year, the A-share market has continued to fluctuate. In the adjustment of the market, what is the current state of fund managers? Wu Yuefeng, manager of Fengjing capital fund, joked: “my current state is like a cat and insect, paralyzed at my desk and listening to the teleconference.” In his view, the market has entered the bottom stage, and the subsequent market sentiment will gradually repair.
It is understood that “cat bug” is a popular network language nowadays. It describes a cat paralyzed on the ground and shaped like a bug, jokingly known as “cat bug”.
In addition to Wu Yuefeng, a number of fund managers have spoken frankly recently. Everyone’s views are more consistent. At present, we might as well be optimistic. In addition, some institutions have quietly copied the bottom with the help of the Fund
“Winter is a good opportunity for sowing. The dormancy of winter is only in exchange for the explosive power of breaking the ground in spring. All we have to do is wait patiently.” Compared with Wu Yuefeng’s humor, Kuang Wei, the leading fund manager of Xingzheng asset management Shandong Gold Phoenix Co.Ltd(603586) , wrote artistically.
Kuang Wei, who was waiting for spring, also elaborated on his views on the market. “Steady growth assets have relative returns in the falling market, and there is still little room for absolute returns; the long-term valuation of high-quality white horse stocks represented by Shanghai and Shenzhen 300 is reasonable or has certain allocation value; after the rapid decline of growth stocks represented by gem, the investment value may begin to show. We are no longer pessimistic about growth stocks.”
Zheng Zehong, the manager of Huaxia Fund, wants to take investors to “climb mountains” and pursue higher mountains. “In such a market, we still need to remain optimistic. Don’t blindly choose to cut meat or stop loss at this time. In this case, it may be a real loss. When we stand at a new high point, we look back, it’s not a small trough, and we still have higher peaks to pursue.”
In Zheng Zehong’s view, the A-share market is still in a long-term upward process, and the major fundamentals have not changed. On the one hand, the transfer of residents’ main asset allocation from the house to the equity market has not ended. Although the current fund sales are relatively poor, this is only a short-term phenomenon. When the market is good, it is expected to see an influx of residents’ funds.
On the other hand, the upgrading process of China’s manufacturing industry has not changed, and we can continue to see more and more excellent manufacturing companies go global in the future.
“Although the market at the beginning of the year has worried many investors, we still firmly judge the market. This year’s market will certainly not be a bear market, so we should pay more attention to investment opportunities when we fall to the current position. If we insist on holding companies that are good for a long time, we will probably achieve good returns.” Zheng Zehong said.
Liang min, manager of CCB fund, said bluntly: “the market should be sunny and able to stand with investors. Hey, the market should be able to endure the storm with investors!”
“In January 2022, the partial stock fund index fell by 10% and fell by 10% a month. What level? Even if it is pulled back to the most desperate 2018, it has not fallen by 10% a month. If you occasionally think of the glory of 2020 (the average return of partial stock funds in 2020 is 55%), it must be even more bitter! But don’t suffer first and don’t cry.”
Liang min shared his suggestions and summarized them into three image keywords.
First, look inward . “I am 42 years old. After market education, I choose 6 / 4 (60% shares and 40% debts) as the allocation anchor of my assets all the year round. At the same time, discipline rebalancing.”
second, look forward . He believes that this year’s market rate is not a bear market, but there is a lack of main line. Compared with previous years, the range of shocks has been widened. The follow-up focuses on the strength of policies and the resonance relationship between market sentiment and policies.
third, open your legs . “Adhere to the standard allocation of 6 / 4 of your shares and bonds, and select excellent managers to manage stock assets and bond assets.” Liang Min said.
In addition to the frequent voice of fund managers, Cinda Aoyin Fund recently directly issued a document saying: “we should cherish the gem below 2800 points and the Shanghai composite index below 3400 points. The industries with deep decline in the early stage have the internal power of short-term rebound.”
China Merchants Fund also made it clear that “the bottom of the market has been relatively clear, and the market will gradually recover. At present, the value style will still dominate at this stage, and the opportunities of growth companies, especially track companies, need to wait for the recovery of risk appetite”
It is worth noting that at present, some institutions have quietly copied the bottom with the help of the fund. For example, on February 16, Zhonggeng value pilot, managed by Qiu Dongrong, issued an announcement to suspend large purchase, and adjusted the limit of large purchase (including conversion and transfer in and regular fixed investment) in sales channels from February 21, with the upper limit of 1 million yuan. According to relevant sources, the reason for the purchase restriction of the fund is the recent influx of institutional funds.
