"Double ten" fund managers are rare. Who is the high-performance long-distance runner?
According to the statistics of the 21st Century Business Herald reporter, there are 2936 fund managers in public funds, and there are only 178 fund managers with a service life of more than 10 years, of which only 57 have an annual return of more than 10%.
"Double ten" fund managers account for about 2%.
What is the investment style of "double ten" fund managers of long-distance runners?
With the increase of market uncertainty in 2022, how will double ten fund managers invest?
what is "double ten"
In the market, there are a group of "older generation" fund managers who have crossed multiple bull and bear markets. Their fund managers have more than 10 years of service life and a 10-year compound return of more than 10%.
According to statistics, as of March 2 (the same below), there were 57 "double ten" fund managers (Note: fund managers have worked for more than 10 years and the annualized rate of return has exceeded 10%).
Including a large number of well-known star fund managers Fu Pengbo, Zhu Shaoxing, Liu Yanchun, Zhou Weiwen, Cao Mingchang, he Xiaojie, Wang Keyu, Wang Jian, Du Meng, Li Wei, etc.
Specifically, there are four fund managers in the market. The investment managers have more than 10 years of service life and the geometric average annualized rate of return is more than 20%. They are: he Xiaojie of ICBC Credit Suisse, 27.34%; Xu Xiaoyong of Chang'an 24.01%; Cao Mingchang in Central Europe 21.89%; Ruiyuan's Fu Pengbo 21.33%.
Another 17 fund managers have more than 10 years of investment managers, with a geometric average annualized rate of return of more than 15%, respectively 19.88% of Zhu Shaoxing of rich countries; Zheng Xiaohui of Huaxia 19.65%; Zhou Weiwen of central Europe 18.72%; Wang Keyu of Hongde 18.50%; Du Meng, who invested in Morgan, 17.99%; Wang Chun of Hua'an 17.95%; Wang Xiaoling of ICBC Credit Suisse 17.45%; Wang Jian of central Europe 17.38%; Li Wei of GF 17.05%; Yang Gu of noan 16.51%; Zou Wei of Huian fund 16.15%; Xu Lirong of Guohai Franklin 16.12%; Sun Fang, who invested in Morgan, 15.98%; Zhang Qi of Guoshou security 15.76%; Tao can of CCB is 15.63%; Bi Tianyu of rich countries 15.39%; Zhang Yang of galaxy is 15.06%.
Among them, there are three fund managers in the "Double Tenth Five Year Plan": Zhu Shaoxing of Fuguo. The fund manager has a service life of 16 years and a geometric annualized rate of return of 19.88%; Bi Tianyu of Wells Fargo has 16 years as a fund manager and a geometric annualized rate of return of 15.39%; Yang Gu of noan has 15 years as a fund manager and a geometric annualized rate of return of 16.51%.
The "double ten" fund managers also have great influence, including 19 with a management scale of more than 10 billion.
Liu Yanchun 97.9 billion yuan; Zhou Weiwen 92.5 billion yuan; Feng Bo 46.9 billion yuan; Gu Yaoqiang 44.2 billion yuan; Zhu Shaoxing 40.5 billion yuan; Fu Pengbo 36.6 billion yuan; Wang Jing 28.9 billion yuan; Liang Hao 25.9 billion yuan; Zheng Yu 22.8 billion yuan; Wang Jian 20.8 billion yuan; Du Meng 19.6 billion yuan; Wang Keyu 17.7 billion yuan; Yu Guang 17.4 billion yuan; GUI Yueqiang 17.2 billion yuan; Tao can 16.5 billion yuan; Li Wei 14.1 billion yuan; He Xiaojie 13.1 billion yuan; Should be 11.1 billion yuan; Hu Tao 10.4 billion yuan; Zhang Xufeng 10 billion yuan; Rao Gang 10 billion yuan.
investment style
To win the title of "double ten" fund managers has a lot to do with the investment style of fund managers.
For example, the best long-term investment performance is Zhu Shaoxing of Wells Fargo, who is one of the top fund managers in the "Double Tenth Five Year Plan".
At present, among the only 22 "double ten" funds, the fund manager has not changed since the first day. The longest tenure is Fuguo Tianhui selected growth.
Zhu Shaoxing's only fund is Fuguo Tianhui selected growth. He has created a myth of 1821% income in 16 years, with an annualized return of 19.88%. At present, the scale of the fund is 40.5 billion yuan, and the long-term return is very excellent.
Among the top ten heavy warehouse stocks in the fourth quarter of last year, the top ten heavy warehouse stocks in the fourth quarter of last year'last year's fourth quarter quarter of last year, which include food and beverage ( Fangda Carbon New Material Co.Ltd(600516) 00519\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Changchun High And New Technology Industries (Group) Inc(000661) ) and financial stocks ( Bank Of Ningbo Co.Ltd(002142) ).
The stock position is as high as 93.53%, the position industry is scattered, and the top ten heavy position stocks account for 36.80% of the net value of the fund, which is relatively low.
Generally speaking, Zhu Shaoxing prefers growth stocks in his investment style, selects individual stocks from bottom to top, diversifys investment and holds shares for a long time regardless of time.
Fu Pengbo, another fund boss, has a management scale of 36.6 billion yuan and has been an investment manager for 12 years. He and Chen Guangming jointly established Ruiyuan fund in 2018.
At present, Fu Pengbo has only one fund, Ruiyuan growth value, which was established in March 2019 and belongs to the explosion fund of that year. It raised 70 billion yuan a day and finally placed 5 billion, setting the lowest placement ratio at that time.
From the perspective of position in the fourth quarter of 2021, Fu Pengbo's position is as high as 93.51%, focusing on sub sectors such as building materials, chemical industry, TMT and new energy, and the proportion of core stocks is relatively stable. Fu Pengbo also belongs to an obvious growth style.
The prosperity of the industry in which the listed company is located, the medium and long-term development space and certainty, as well as the available resources in the growth process are all important indicators for Fu Pengbo's screening.
Another group of "double ten" fund managers are good at value investment.
The most distinctive is Cao Mingchang, who is famous for "undervalued investment".
There are two characteristics of undervalued investment. One is to pay more attention to the safety margin of valuation. The "left side" buys shares and the "left side" sells shares. If the valuation reaches a certain height, it may be sold; Second, the investment method is relatively "conservative". During the bull market, it can not beat many investors and may even lose the market. However, the weak market is relatively stable and will beat the market and most investors.
At present, Cao Mingchang has been an investment manager for 15 years, with a management scale of 6.6 billion yuan and 4 funds under management. Representing the potential value of China EU fund, the scale is RMB 2.1 billion, with a return of 122% and an average annualized return of 13.48% since taking office in November 2015.
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As a "conservative" investor, Cao Mingchang fund is characterized by low PE and low Pb, many of which are small cap stocks below 20 billion. Most of them choose small and medium-sized market leaders in some subdivided industries as the main investment direction.
At present, the investment direction of China EU potential value fund is to choose real estate and upstream and downstream industrial chains to buy Gemdale Corporation(600383) into the largest position. In addition, it holds the upstream and middle reaches of Tangshan Jidong Cement Co.Ltd(000401) , Lets Holdings Group Co.Ltd(002398) and other real estate, as well as the home decoration industry downstream of Dare Power Dekor Home Co.Ltd(000910) , Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) , Qumei Home Furnishings Group Co.Ltd(603818) ; On the other hand, choose small market value auto parts companies, such as Ningbo Huaxiang Electronic Co.Ltd(002048) , China Automotive Engineering Research Institute Co.Ltd(601965) , which has been held by Mr. Cao since the end of 2019.
Wang Jian, the fund manager, is a steady player, with a management scale of 20.8 billion yuan and nine funds. The fund manager has been in charge for 11 years, with a geometric annualized return of 17.38%. He is now the investment director of China Europe growth group.
Wang Jian's representative products are the new driving force of China and Europe, which belong to the style of market balance, and the heavy positions are scattered in the industry. For example, the end of the quarter quarter of 2021 in the fourth quarter quarter of the year of 2021, for example, the end of the quarter quarter quarter of the year of 2021, for example, the end of the quarter quarter of the quarter of the year of 2021, such as the last quarter quarter of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the quarter of the quarter of the quarter of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the 2021, for example, 68 Beijing Hotgen Biotech Co.Ltd(688068) 8080 Amlogic (Shanghai) Co.Ltd(688099) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\(information technology).
Since Wang Jian took over the management of China Europe new power a in November 2016, the return on employment has exceeded 135%, and the annualized return is 17.41%.
Wang Jian is a female general with balanced investment. She has always adopted the GARP strategy and belongs to the style of "undervalued growth". She gives consideration to value and growth and buys higher growth stocks at a lower price. Generally speaking, the industry configuration is relatively decentralized, and the pullback control is relatively good.
investment strategy
Overall, the "double ten" fund managers in 2022 pay more attention to style balance. On the one hand, they allocate more undervalued and value stocks, and on the other hand, they continue to be optimistic about growth stocks such as technology and new energy.
Liu Yanchun, the "top flow fund manager", has been an investment manager for nearly 13 years, with an annualized rate of return of 10.51%. Liu Yanchun has always invested in large cap growth stocks.
Liu Yanchun believes that the market style will be rebalanced in 2022. Those excellent companies with short-term headwinds have great investment value, and many industries will usher in a boom reversal. Industries and companies with long-term and short-term logical resonance are expected to usher in good performance in the new year.
"The most difficult stage of investment is over. Be patient and value will always return." Liu Yanchun thinks.
He Xiaojie of ICBC Credit Suisse fund has 11 years of fund managers, with a geometric average annualized rate of return of 27.34%, which is the highest among the "double ten" fund managers and prefers the growth style of the market.
He Xiaojie said that looking forward to 2022, we will continue to maintain balanced allocation, optimize industry targets with long-term growth space and moderately increase consumption.
Some "double ten" fund managers prefer growth stocks in 2022.
Xu Xiaoyong, a fund manager, has 10 years of fund manager management experience, with a total management scale of 7.1 billion yuan and an average annual return of 24.01%, second only to he Xiaojie among the "double ten" fund managers.
Xu Xiaoyong predicts that the market in 2022 may be similar to that in 2021, with wide-ranging oscillation and rotation of industry and style.
Xu Xiaoyong is also partial to the market growth style. He said that he will continue to revise the stock selection strategy around growth stocks and actively build and optimize the long-term growth portfolio.
Fu Pengbo, who is inclined to growth style, said that he would dynamically adjust the position structure in combination with the pre disclosure of the performance of Listed Companies in January, while new energy, military industry, new materials and high-end manufacturing are still his key industries.
Some fund managers are more optimistic about undervalued industries.
Cao said that under the premise of stable macroeconomic policies and long-term consumption of real estate in 2022, those industries that have a close relationship with the real estate industry may perform well in 2022. On the contrary, some industries that have overdrawn too much in the past few years may be difficult to perform in the new cycle.
Wang Jian's style is relatively stable, which makes her more "fall resistant" in the case of the market correction this year. In the 2021 fourth quarter report, Wang Jian said that the periodic focus on valuation is suppressed, but there are real estate leaders who may relax the policy margin, as well as aviation, hotel and other industries.
However, from the medium and long-term perspective, Wang Jian mainly focuses on companies with domestic import substitution ability in the field of high-end manufacturing and science and technology; Companies with improved growth or consumption mechanisms.
It is worth noting that, on the whole, the "double ten" fund managers put more emphasis on bottom-up stock selection and prefer to choose "high-quality companies" with reasonable valuation.
Zhu Shaoxing believes that in last year's core assets, the early share prices of some high-quality targets have retreated significantly, and the valuation attraction has increased. In 2022, he devoted his energy to selecting "excellent companies" - enterprises with perfect corporate governance structure and excellent management Relevant report
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