Anxin Fund Zhang Jing: Looking for good companies with core competitiveness
Anxin Fund Zhang Jing: Looking for a company with core competitiveness ⊙Liu ChangyuanIn the first stage, we will focus on finding structural highlights, and select leading stocks with long-term performance and core industries with core competitiveness for investment.
Zhang Jing has managed Anxin Flexible Allocation Fund since 2017 and has achieved an annualized return of 12%. The net value has increased by 42% since 2019, ranking the top 4% among similar products.
Regular public reports show that the fund’s heavy warehouse stocks include Wen’s shares, Makihara shares and other pig cycle bull stocks.
This time, Zhang Jing and Chen Zhenyu, the deputy general manager of Anxin Fund, took charge of Anxin’s core competitiveness and flexible allocation of hybrid funds.
Chen Zhenyu, the company’s deputy general manager in charge of investment research, has 25 years of experience in the securities industry. He is good at fundamental value research and gains from market pricing errors. He has extensive experience in grasping the rhythm of bull and bear turnover.
The reason to choose to issue a new fund at this time is based on the optimistic judgment of the trustworthiness of A-shares’ long-term investment value.
In December last year, Zhang Jing publicly stated that the A-share is estimated to be at the bottom of history, and the time for sowing has come. At the same time, the Anxin Core Competitiveness Fund declared at the same time.
Despite the rapid growth of A shares in the first quarter, Zhang Jing believes that CSI 800’s estimate is still low.
“Even with the most caution, current estimates are in a reasonable state.
After a period of time, there have been more and more stocks with long-term high return potential, and we are full of confidence in the market outlook.
Zhang Jing said.
Although there are optimistic expectations for the market outlook, Zhang Jing reminded that the general rise in oversold repairs may have ended, and it has now entered the stage of looking for structural bright spots that are beyond expectations.
As the name of the fund, core competitiveness may be a key factor in judging the value of enterprises in the next stage.
”The Chinese stock market has never lacked big bull stocks. What is lacking is only vision and courage.
Zhang Jing is quite confident in his stock selection ability.
In his opinion, it is his team’s specialty to find good companies with core competitiveness.
“We are not disturbed by short-term market sentiment.
Buying and holding a good company with a good price, making money is a high 北京夜生活网 probability event.
“So, what is the core competitiveness of an enterprise?
According to Zhang Jing, in the long run, core competitiveness can enable enterprises to maintain long-term competitive advantages and obtain stable excess profits.
To put it simply, core competitiveness is a company’s unique technology or ability that can withstand the test of time and that has the ability to withstand extensibility and is difficult to imitate.
Chen Zhenyu said that the stock selection strategy of Anxin’s core competitiveness and flexible configuration of hybrid funds can be summarized using the “F + G” model, that is, selecting those companies that have franchise characteristics and long-term growth capabilities. This model andThe core competitiveness is similar.
Zhang Jing stated that there are three elements of a company’s 武汉夜生活网 core competitiveness, namely industry prospects, business models and competitive advantages.
In the industry, choose industries with broad development space and excellent structure, and it is best to avoid those industries that will be eliminated due to technological progress. In terms of competitive advantage, consumer companies must seize pricing power and manufacturing companies must have customers.Sticky; the business model includes the level of industry entry information and trends, etc. In essence, a good business model can create long-term value for shareholders.
If you use a financial indicator to observe the three elements of a company’s core competitiveness, it is the return on equity (ROE).
Zhang Jing said that he will focus on finding companies with long-term composite high ROE, while grasping the cycle inflection point of the industry.
From the perspective of position allocation, Zhang Jing can take pan-consumer long-term bull stocks as the bottom position, and at the same time maneuver the allocation of cycle and technology stocks based on the grasp and judgment of the changes in the prosperity of the leading industry segments.
Zhang Jing introduced that bull stocks that are the bottom positions rarely underestimate the opportunity to buy, and the key to obtaining excess returns also needs to seize the opportunity of good mobile allocation positions.
However, Chen Zhenyu said that the stock selection of the mobile configuration part is not limited to certain industries. It is more based on fundamental research to select individual stocks. It does not deliberately divide cycles or industries.
In addition to selecting good companies with core competitiveness, Zhang Jing said that it is also necessary to obtain “good prices” through timing.
“Historically, the A-share market will have a major timing every few years, and it must be grasped from the perspective of risk control.
To grasp the good times, it is necessary for fund managers to carry out long-term follow-up evaluations, changes in market transaction structure and other factors, and we cannot relax our vigilance because of turbulent market sentiment.