404 Not Found
nginx/1.6.1Financial World Fund August 19th News Cathay Value Classic Flexible Allocation Mixed (LOF) Fund 0 rose 4.66% on August 18, with a current price of 2.532 yuan and a transaction of 297,800 yuan. The current off-market net value of this fund is 2.6060 yuan, up 1.40% from the previous trading day, and the on-market price premium rate is 1.69%.
This fund is a listed tradable mixed fund. Financial World Fund data shows that the net value of this fund has increased by 3.95% in the past January, the net value of this fund has increased by 23.62% in the past three months, the net value of this fund has increased by 7.46% in the past June, and the net value of this fund has increased by 11.61% in the past year. Since its establishment, the cumulative net value of this fund has been 3.2160 yuan.
Since the establishment of this fund, the dividend html has been paid 42 times, with a cumulative dividend amount of 611 million yuan. The fund is currently open for subscription. The fund manager of
is Xu Zhibiao. He has managed the fund on July 24, 2020, and his income during his tenure was 26.98%.
Chen Yaqiong has managed the fund on July 7, 2022, and has earned 2.00% during his term of office. The latest fund periodic report of
shows that the fund has heavy holdings in Condellai ( holding proportion 9.75%), Saturday (holding ratio 9.66%), Sanhua Intelligent Control (holding ratio 9.59%), Rongbai Technology (holding ratio 9.32%), Yingliu Shares (holding ratio 8.90%), Huayou Cobalt Industry (holding ratio 8.80%), Runfeng Shares (holding ratio 7.86%), Xinquan Shares (holding ratio 7.73%), Biyinlefen (holding ratio 7.61%), and Langxin Technology (holding ratio 6.39%).
During the reporting period, fund investment strategy and operation analysis
market trend fell first and then rose in the second quarter. The main reason is that the epidemic has caused concerns about the short-term performance of the numerator and more concerns have affected the increase of risk premium of the denominator. Our previous strategy was a slow bull pattern. On the one hand, liquidity did not shrink. On the other hand, the overall valuation of the growth track represented by CSI 500 is relatively low. Therefore, we have always maintained a high position , which is in the direction of growth. But in fact, the market trend is much more twists and turns than we think. In April, a rare growth stock plunge. We believe that it was mainly due to the decline of the epidemic that triggered many absolute returns stop loss trading, resulting in a wave of unreasonable chip clearance. As work and production gradually began to resume on April 27, stocks began to rebound, especially the manufacturing industry represented by automobiles rebounded sharply. Looking back at history, it will really repeat. We have experienced the impact of the epidemic on the decline of the stock market in March 2020, and also experienced the sharp rebound in the next four months. This year also plummeted in April, but it has rebounded sharply since the end of the month, and there are many funds rebounding 30-50%.
We did not operate much overall in the second quarter. Mainly after the plunge, our positions were more focused on strategically optimistic targets, reducing the position of the epidemic income direction in the phased epidemic, increasing the allocation of the new energy vehicle industry chain, and basically maintaining the upper limit. Although the combination managed by
experienced large fluctuations in the second quarter and large fluctuations in the combination, it finally achieved a yield of about 7%-10% in the second quarter, which has a certain excess return compared to the market.
The performance of the fund during the reporting period
The net value growth rate of this fund during the reporting period was 7.24%, and the benchmark yield for the same period was 4.30%.
manager brief outlook on macroeconomic , securities market and industry trends
macro level: the economy basically reached its peak in the first quarter of 2021, and it has been a downward channel in the future. At the end of March and early April, due to the outbreak of Omickron , the impact of Yangtze River Delta was severe and the economy had a great impact. Therefore, similar to the first half of 2020, the policy was increased, especially the automobile industry's stimulus was very strong, and fiscal and monetary policy was likely to continue to work in the third quarter; the conflict between Russia and Ukraine at the global level led to an increase in upstream prices, and the previous epidemic situation has been greatly exacerbated, and now it has entered the interest rate hike cycle . The 10-year US bond yield reached a maximum of 3.4, and the world is facing pressure from stagflation .
Securities market outlook: We have repeatedly emphasized our investment framework, a combination of top-down and bottom-up. Top-down framework: the denominator determines the transaction, and the numerator determines the direction.First of all, from the perspective of the denominator, the stock-to-bond ratio is around 0.73, which is a significant increase compared with 0.7 at the beginning of the year and a decrease compared with the most panic stage in April. Overall, the stock market is still attractive, especially growth stocks represented by CSI 500/1000 fell to the lowest valuation point since 2010 in April, and are still in less than 20% percentile at this stage, so the stock market is still very attractive; secondly, from the perspective of numerator, the economic pressure throughout the year is great, and the impact of the epidemic is still there, so the economy is obviously still in a weak cycle. We believe that from the perspective of certainty, the weak cycle sector is better, specifically in the fields of medicine, consumption, technology, etc., especially the technological growth direction represented by new energy. Referring to the market trend after the epidemic in 2020, high-quality growth stocks experienced a violent rebound of 4 months after the plunge. Now we have experienced a 2-month rebound. We believe that we only make up for the decline in April. At this stage, we can still find many high-quality growth stocks with high performance and low valuations.
specifically depends on our combination: we screen companies with a 5-year annualized performance growth of more than 15% and at the same time, and the valuation is low. Currently, the main configuration is: medicine + manufacturing + textile and clothing + new energy + live streaming sales + pesticides, among which medicine is mainly in the direction of devices, innovative drugs, pharmacies, etc.; new energy is mainly in the direction of ternary high-nickel, thermal management, robots, energy IT, etc. In short, they are basically high-quality companies in various sub-divided areas with low valuations.
has fluctuated greatly in the past two years, especially many investors have suffered serious losses at the investment level of the track. They are either chasing the rise and selling the fall, or being addicted to the track regardless of valuation. We always emphasize that investment should believe in common sense and return to the mean. What exactly is common sense? We believe that stock knowledge includes industrial knowledge and financial pricing knowledge. Among them, industrial knowledge determines the company's medium- and long-term profit center, and the influencing factors are mainly industry space, industry competitive landscape, industry company trends, etc.; financial pricing knowledge determines the valuation center, and the influencing factors are mainly ROE, ROE stability, cash flow , etc. in financial indicators; multiplying the profit center by the valuation center is a reasonable market value in the medium and long term, so it is definitely very important to return to long-term investment investment valuation. If you do not look at valuation in the short term and only pursue fast returns, because the valuation seriously deviates from the center, there will be double increase in performance valuation to a certain extent, which is often the biggest source of losses, which is the so-called chasing ups and selling downs. Therefore, it is concluded in one sentence: a good company, a low valuation, and a good performance. This is the biggest source of long-term returns, the best way to control portfolio risks, and the guarantee that returns can continue to hit new highs.
Every quarterly report, we will emphasize one sentence at the end: we have always insisted on doing simple and correct things. Looking for some high-quality companies from a long-term perspective, earning performance growth or even earning Davis double-clicking is actually not difficult. This is a simple and correct thing, and it is not advisable to pay too much attention to the short-term market. The market is effective in the long term, but it is not necessarily effective in the short term. I believe that "slow is fast, profit and loss are the same source." In the future, we will still be united in knowledge and action, continue to do simple and correct things, and adhere to the principle of "being entrusted by others, managing finances on behalf of customers, walking on thin ice, and trembling with fear". We hope to provide fund holders with stable returns on the basis of controlling the drawdown. (Click to see more fund changes)
