The investment income of active funds is closely related to the personal factors of the fund manager. As the direct manager and investment decision-maker of fund products, the fund manager directly affects the investment style and performance of the fund. Therefore, buying a fund means buying a fund manager. management capabilities. When selecting a fund, we must not only consider whether the fund's performance is good, but also determine why the fund's performance is good? Solve the problems of "where does performance come from" and "is performance sustainable?" The fund research team will conduct "performance attribution" by analyzing the historical operations of fund managers.
The necessary condition to test the investment strength of a fund manager is whether it can predict the profit level of the company in the next few years or even more than ten years, so that the investment income can match the company's profit level, and truly earn the company's alpha money. Beta (β) returns are often brought about by the rise of the market and cannot reflect the ability of the fund manager. Alpha (α) ability is an important indicator used to measure the investment skills of fund managers. The stronger the alpha ability, the stronger the fund manager’s investment strength.
During his tenure as the fund manager of Haifutong Strategic Income Bond A (010260), Jiang Yong’s cumulative return was 1.16%, with an average annualized return of 0.42%. During the period, there were 33 repositionings of heavily held stocks, of which 9 were profitable, with a winning rate of 27.27%.
The following are examples of rebalancing positions of some heavyweight stocks of the fund where Jiang Yong works:
Detailed explanation of examples of rebalancing heavyweight stocks:
1, Wuliangye (000858) doubling case:
Haifutong CSI 100 Index (lof)a managed by Jiang Yong The fund bought Wuliangye in the first quarter of 2019 and sold it in the fourth quarter of 2020 after holding it for one year and three quarters. The estimated return rate during the holding period is 271.03%. During the holding period, Wuliangye's annual report attributable net profit increased by 14.67% from 2019 to 2020.
2, Wanhua Chemical (600309) position adjustment case:
The Haifutong Shanghai Stock Exchange Non-cyclical ETF Fund managed by Jiang Yong bought Wanhua Chemical in the third quarter of 2019. After holding it for 2 years and 2 quarters, it bought Wanhua Chemical in January 2022. Sell quarterly. The estimated return rate during the holding period is 98.02%. During the holding period, Wanhua Chemical's annual reported total operating income increased by 143.3% from 2019 to 2022.
3, Hengrui Medicine (600276) failure case:
The Haifutong CSI Yangtze River Delta Leading ETF Fund managed by Jiang Yong bought Hengrui Medicine in the first quarter of 21, and held it for 1 year and 0 quarters before buying Hengrui Medicine in 22 Sold in the first quarter of the year. The estimated return rate during the holding period is -50.49%. During the holding period, Hengrui Pharmaceutical's annual report attributable net profit from 2021 to 2022 dropped by 13.77%.
By analyzing the above fund managers’ historical rebalancing operations of heavy stocks, we can see that fund manager Jiang Yong’s alpha ability is average, and the profitability of Haifutong Xinying 6-month holding period mixed a (019134) fund is still Awaiting follow-up observation.
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