Do not look at short-term fluctuations, do not look at the rise and fall of the industry Ruiyuan issued a new fund to buy 30 million

Do not look at short-term fluctuations, do not look at the rise and fall of the industry Ruiyuan issued a new fund to buy 30 million

Original title: “Don’t look at short-term fluctuations, don’t look at the industry’s rise and fall.” Rui Yuan issued a new fund with self-buy 30 million 21st Century Economic Report, It sold 60 billion, attracted 71 billion gold, and the placement ratio was only 7.

03% pomp.

  This time, Ruiyuan Fund will issue a second public fund on February 18, still familiar taste: set a 6 billion scale cap, star fund manager, ownership value investment, the difference is that the funds are locked for three years, will you be excited

  The veteran of the fund industry led the team and bought 30 million in self-importance. Judging from the performance of Ruiyuan’s first public fundraising fund, its strength cannot be underestimated.

Fu Pengbo, the former deputy general manager of Xingquan Fund, was established on March 26, 2019, with a yield of nearly 33% in less than one year, and a yield of 10 this year.


Of course, this is not to be disdainful of public funds. After all, thanks to the recovery of the basic market last year, all fund companies have achieved positive returns, but they have given Ruiyuan’s second public fund a boost.

  The forthcoming Ruiyuan equilibrium value three-year holding period hybrid fund will be the same as last time, A and C sharing will raise a total cap of 60 billion.

According to the last experience, C share is purchased on Ruiyuan’s own website, and the proportion of placing is higher, and A share is in other channels, and the proportion is low.

  Zhao Feng, the proposed fund manager of Ruiyuan’s balanced value, will subscribe 30 million in the first fundraising period, and promises a lock-up period of 4 years.

The Air Force also has fund managers buying their own funds to escort their products, but this is the first of its kind.

The Air Force’s higher quota case is that Zhong Geng’s value-lead fund manager Qiu Dongrong invested 10 million in self-purchasing.

  Zhao Feng is a veteran of the securities industry for 20 years. He has been an analyst of Penghua Fund, a fund manager of Rongtong Fund, a manager of Bank of Communications Schroder, the general manager of the special account investment department, a partner of Xingju Investment and an investment manager of private equity funds.In 2019, he joined Ruiyuan Fund as the managing director of the public offering.

Joined the newly established Bank of Communications Schroder in August 2005, and served as the Deputy Director of Investment and the first stock fund of Bank of Communications Bank of China Select Fund Manager. He stepped down on January 28, 2008, with an initial size of 3.8 billion, and later expanded to200 billion, a return of 368%.

Later he was transferred to the general manager of the special account investment department.

In 2010, Zhao Feng left the public equity industry in 2014, and went out again in 2014. He founded the private equity Shanghai Xingju Investment Management Co., Ltd. with Wang Xiaoming, the former vice president of Xingquan Fund.

  The impact of the recent epidemic has changed the online roadshow of this public offering.

The 21st Century Business Herald reporter learned that during a roadshow, Zhao Feng pointed out during the Bank of Communications Schroder’s record that even in the global financial crisis in 2008, “special accounts did not lose much money, some lost 5%, Some earn 5% -10%.

In 2009, the position was resolutely increased, and the average earnings before leaving the company exceeded 90%.

“For joining Ruiyuan, Zhao Feng said:” I am a value investor and Ruiyuan is a family of value investors.

“For the sales of this fund next week, a number of people in the brokerage business department expressed optimism.

Last time, China Merchants Bank channel sold more than half of Ruiyuan’s first public offering. This time, China Merchants Bank is the custodian of the new fund, or will it be “powerful.”

  A brokerage person told reporters that marketing has always been Ruiyuan’s strong point. Among the founders of Ruiyuan, Lin Min, the wealth manager of the wealth management department of the former head office of China Merchants Bank, also has the “retail gene” of China Merchants Bank.
  Do not look at economic fluctuations, do not avoid the sunset in the industry during the new crown pneumonia epidemic, how does Zhao Feng think of market changes?

  A brokerage person told a reporter from 21st Century Business Herald that Rui Yuan introduced her short-term and medium-term macroeconomic views during the roadshow, and the economic impact of the epidemic was indeed favorable and pessimistic. It is assumed that on February 杭州夜网论坛 10,Rework started, but there will be no rebound repairs, or translational repairs at a rate lagging the previous week. By February 29, 9 will be lost.

One standard day, the corresponding value-added loss of industry was 788.9 billion yuan.

In this case, the losses will not last until March.

  Suppose that the work was reworked on February 10, but the repair speed was slow, and the time to return to normal was 2 weeks slower than the aforementioned. The impact will continue until March 14.

In the case of constant speed repair, 23 standard days will be lost, corresponding to a loss of industrial added value2.

0 trillion.

  Zhao Feng pointed out at the roadshow: “The epidemic is a short-term impact, and its impact on the industrial added value of enterprises is about 500 billion to 1 trillion.

The impact on the stock market is limited, and even a non-growth company’s cash flow was disrupted in the first half of the year, and it returned to normal in the second half of the year. The impact on the value of the company was about 5%.The impact of the flow.

He also said that after the year, the market performance is stronger than expected. It was originally thought that after the first day of decline, it would bottom out for a few days, but due to monetary policy intervention and institutional investors are more rational, it rebounded faster.

He also mentioned that the epidemic has hit the breakthrough in the transportation sector, but if the epidemic ends in the summer of the first half of the year, it is estimated that the sector will have limited impact and the long-term value will remain promising.

  According to the issuance announcement, Ruiyuan Equilibrium Value Holding Hybrid Fund for three years is a hybrid securities investment fund, with equity assets accounting for 60% -95% of fund assets.

The fund will also invest in the Hong Kong stock market through the Hong Kong Stock Connect mechanism. The proportion of stocks invested in the Hong Kong Stock Connect Standard accounts for 0-50% of the stock investment ratio.

How will Ruiyuan’s new fund pick stocks?
  ”Top-down” is Zhao Feng’s investment methodology repeatedly cited.
See first look at the macroeconomic expectations of some fund managers and angel investments, and pursue hot industries. Zhao Feng wants a manufacturer to study listed companies, “don’t look at short-term economic fluctuations, don’t look at the industry’s rise and fall.”

  Zhao Feng believes that the probability of forecasting short-term macroeconomic fluctuations is too high. Sometimes the government will hedge market interest rate information through policy intervention. Investment sentiment may change overnight, and the correlation between macroeconomics and the stock market is not so strong.It was from 2001 to 2005 that the macro economy was strong but the stock market was bearish.

The root cause is that the valuation of listed companies in 2001 was too high. ”

  Zhao Feng does not look at the rise and fall of the industry.

He pointed out that the high growth of hot industries such as TMT has caused most of the investment targets to be more expensive. “These industries are ‘grabbing money’, and it is difficult to copy companies that have real competition barriers.

“And his strategy is to try to avoid reducing the return caused by overestimation.” “Buying good goods cheaply, and industries with poor expectations are actually reasonable estimates. Banks, real estate, and alternative industries are actually not bad.”

“He extracted Gree Electric Appliances. The overall home appliance industry’s growth rate is not as good as TMT, but the stock creates higher returns.

And some sunset industries can also “find leaks.”

He imitates Shenzhou International, a Hong Kong-based garment and textile company. “Since 2008, it has increased 100 times. This is because the garment industry has undergone a lot of industry changes. The industry’s concentration has been low before, and Zara, Nike and other large-scale companies have appeared.Of brand retailers, orders from upstream companies have soared, and they have soared previously.

“For the quality of the enterprise, Zhao Feng believes that the most important thing to pay attention to is not profit, but cash flow.

“A company with core competitive advantages can only create cash flow if it has competitive barriers, otherwise it will be a short-lived one.

The most obvious is that in the first half of 2015, many companies had good cash flow and high profits, but they were only temporary dividends brought by industry demand. When the industry grew rapidly and supply and demand made up, many companies went naked.

The number of good companies in the market is no more than 10%, and only these companies can bring reliable returns to the investment.

“Sixteen, he thinks that if you look at a company, you look at products and services early, you look at business models in the middle, and you look at organizational structure and corporate culture in the later.

“Good governance is a matter of zeros and ones, and I avoid companies with governance flaws.

“On January 20, 2020, the mixed fund funded by the 2019 equity fund winner Liu Gezhen as the fund manager-GF Technology Pioneer won nearly 100 billion funds, and the scale of over 90 billion US dollars of subscription funds also created equity funds in the history of public offerings.The most subscribed.

Can Ruiyuan’s second public fundraise continue to legend?