How to choose fund products under oscillating?GARP growth investment is also a force

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How to choose fund products under oscillating?GARP growth investment is also a force

2022-01-20 06:03:50 47 ℃

Since the opening of 2022, the A-share market has continued to fall sharply. According to the same flush IFIND data, as of January 12th, the three major stock indexes of the A-share refer, is not optimistic; specifically, the Shanghai Composite Index, Shenzhen, Shenzhen, the annual increase in the year of the entrepreneurial panel is -1.16%, -2.94%, - 5.6%. In this context, investors are also called hard. Investors can choose your products from the 2022 equity market continues to fluctuate?

In many investment philosophy, the core of GARP (GROWTH AT A REASONABLE Price) is the subject matter of finding valuation and growth. Specifically, it can be summarized as "a low three high", "a low" is low. "Three High" emphasizes looking for high quality growth in the high view of gas track and relatively high concentration. In the industry configuration, it is more balanced, and in the selection of stocks, the reverse investment is reflected in the pricing of the left side and values ​​the quality and fundamentals of the company. At the same time, there is a unique "DCF +" valuation model, pursuing 3-5 years dimensions to achieve a standard expected composite growth rate. Among the fund managers who actively practice GARP growth strategy, it is more prominent.

It is reported that Chen Pengyang is a long-range player who focuses on valuation and growth. It has 13.2 years of experience in securities. 6.1 public fund management experience, especially the selection of heavy stocks, paying attention to bottom and reverse investment, through medium and long-term holdings Offset the short-term fluctuations of the share price, dare to have pricing capabilities on the left side of the market, can endure short-term fluctuations and time costs, dare to buy when they fall, and they will have a reward for investors.

At present, Chen Pengyang has a total of 9 in the management product. In its blog, Yulong, the growth is preferred, the value is selected, the growth is a flexible configuration fund, the growth is selected, the growth advantage is the bias mixed fund, Rongsheng stable, Heng Yue, music Enjoy the bias mixed fund. With the longest fund of Chen Peng Yang - Bo Chun Yulong (August 24, 2015 - So far) % Returns, annual return by 18.91%, this answer is more than 4 times more excessive benefits from 37.59% of the same period performance, and the seven rating agency of Ji'an Jinxin is excellent.

(Data Source: Fund Performance Contributation Management Right Review, Performance Better and Solver Heading Data Source WIND)

Bochung Yurolong transformed from the fund Yulong from June 3, 2014. Chen Pengyang's dated August 24, 2015, the picture shows 2015.8.24-2021.11.26 Fund performance

It is worth mentioning that Chen Pengyang is in the management of funds, not only from offensive, but also has a fairly stable defensive strategy. Chen Pengyang's investment framework has experienced a revision in 2017, from the company's market value flexibility to more concerned with the company's quality (because the management capabilities and operating efficiency of listed companies determine whether it can seize the growth opportunities of the industry). Three years later, Chen Peng Yang's yield has a large market, especially in 2018, the loss control in the number of positions, which also laid the foundation for long-term performance. This reflects an excellent investor's thinking and growth in the market. It is especially worthy of cherish the investors who have been re-reflect on the beef bear.

For the municipal strategy and prospect, Chen Pengyang has its own unique understanding. For a long time, he wrote more than a dozen Jingzi subtranes in various industrial directions, adopting industry-timer strategies, and pays attention to its growth and valuation rationality, and is committed to the choice of corporate texture Looking for companies that can form a relatively advantageous competition pattern in an industry, with market value deterministic growth, 3-5 years dimensions expected composite growth rate can reach a certain standard as a core indicator.

In addition, in the valuation view, he is not a simple to measure the valuation with PE (P / E ratio), but from DCF (ie, cash flowing estimation method, it is estimated by predicting future cash flows) models) The angle understanding is in terms of value and valuation level, and the discount of free cash flow in future business is the main source of corporate value, the growth rate is the core of assessing the valuation of enterprises.

Therefore, Chen Pengyang is mainly focused on science and technology, manufacturing and consumption tracking in the mixed securities investment fund (hereinafter referred to as "Bo Tong Growth Selection Mix"), which is worth mentioning that the fund is worthy of technology. Investible scope includes Hong Kong stock (0-50% of the stock investment position), focusing on the advantageous sectors such as the scientific assets and low valuation assets listed by Hong Kong stocks.

In the case of significant increase in the market, Bo-hour growth is selected to mix with the consistent GARP growth investment concept, focusing on the core level of the medium and long-term growth, grasping industrial trends, corporate texture, valuation. Important elements. Self-designed stocks, adhere to the left layout, hold in a reasonable price, pay attention to the company's quality and fundamental, and pay attention to the H-shares allocation ratio, which is more than the higher the risk of risk.

Remarks: Chen Pengyang is currently in the management of 9 funds (A, C share merger): 1 Bo Jun Yong transformed from the fund Yulong from June 3, 2014, Chen Peng Yang's dated August 2015, 2016-2020 The full accounting year, the history of 2021 is: 2.91%, 2.00%, - 8.21%, 50.55%, 53.55%, 6.27%, and the comparison of the same period is: -7.71%, 15.93%, - 17.58%, 27.99%, 21.29%, 0.95%;

2 Bo-hour growth is preferably closed on March 10, 2020, and Chen Pengyang's dates of June 10, 2020, the full accounting year, 2021 historical results are: 59.70%, 6.96%, episode performance The comparison benchmark is: 15.81%, 2.35%;

3 Bo Ji Rongsheng Stable Timing Founded on April 29, 2020 %, 3.35%, the same period performance comparison benchmark is: 3.64%, 2.17%;

4 Bo-hour value was established on July 29, 2020, and Chen Pengyang's dated 20th, 2020 full accounting year. The history of 2021 is: 4.93,10.01%, The performance of the same period is: 9.14%, 1.75%;

5 Bo-hour growth is established on January 21, 2021. Chen Pengyang's dated January 21, 2021, as of 2021 three quarters, the performance since 2021 is: -4.55%, the same period performance benchmark is: -4.82%;

6 Bohang Heyue Founded on March 16, 2021, Chen Peng Yang's dated March 16, 2021, as of 2021 third quarter newspaper, 2021 performance is: 8.81%, the same period performance benchmark is: 1.35%;

7 Bohang growth was established on April 20, 2021. Chen Peng Yang's dates on April 20, 2021, as of 2021 three quarters, the performance since 2021 is: 3.26%, the same period performance benchmark is: -1.70%;

8 Bo Chung enjoined on May 28, 2021, Chen Pengyang's dates on May 28, 2021, Zhuo Ruo Wei's date with Chen Pengyang, as of 2021 third quarter newspaper, 2021 performance is: 3.23%, synchronization performance The base is: -0.64%;

At August 3, 2021, Chen Peng Yang, on August 3, 2021, the fund performance is not over half a year and does not disclose.

Risk Tips: Fund is different from financial instruments expected by bank savings and bonds, different types of fund risk income, and investors may share the benefits of fund investment, or may undertake the loss of fund investment. The fund manager is committed to managing and uses fund assets with honesty and credit, diligence, but does not guarantee that the fund must be profitable, and does not guarantee the income, the fund's net value has fluctuation risks. The fund manager management does not constitute the fund performance. The guarantee of the performance, the past performance of the fund does not expect its future performance. Investors should carefully read the legal documents such as the "Fund Contract", "Recruitment" and "Product Overview", and pay attention to the appropriate sexual opinions issued by the company, and the sales organizations regard the advice of appropriateness is unable to consistently, the appropriateness of the company Matching opinions do not indicate substantial judgment or guarantee of the risk and gains of the fund. There is a difference in the fund contract and the fund risk level and the fund risk level. Investors should understand the risk of funds, combined with their own investment purposes, deadline, investment experience and risk tolerance and cautious decision-making and self-responsibility, and should not meet the sales behaviors of laws and regulations and illegal promotion materials. The fund details and purchase channels mentioned in this material can be inquired by the official website of the manager - Bochta Fund - Fund Products, Bo Time Fund Related Business Qualification Information For: ClassID = 00020002000200010007.