Fang Li, Lu Huijing, reporter of China Fund News.

Public offering fund industry again spread the big news of well-known fund managers.

May eleventhDaiwawindcastcarp, medium Geng Fund announcementDaiwawindcastcarpThe two funds managed by Qiu Dongrong, Zhonggeng value pilot and Zhonggeng value quality, were jointly managed by Liu Sheng and Wu Chenggen, respectively. Of his other three funds, he still manages Zhonggeng small-cap value and Zhonggeng Hong Kong Stock Exchange value separately and closes two funds for 18 months, while co-managing the Zhonggeng value Smart Fund with Wu Chenggen.

Recently, some channels have heard the news that Qiu Dongrong may leave office in the future, and from the past industry situation, the recruitment of additional fund managers will often be accompanied by relevant personnel changes.

The Zhonggeng Fund responded that the arrangement of hiring more fund managers can maximize the Alpha of research talents and enable everyone in the research team to better play the effectiveness of the systematic development of investment and research.

China Fund News reporter will also continue to follow the progress of this matter.

Qiu Dongrong's two funds

Hire additional fund managers

Recently, the news that Qiu Dongrong, a well-known fund manager, may be stepping down has spread in the industry, and now some of his funds have also ushered in the joint management of new fund managers.

On May 11, the Zhonggeng Fund announced that Wu Chenggen and Liu Sheng were appointed as the fund managers of Zhonggeng value quality and Zhonggeng value, respectively, to jointly manage the above two funds with Qiu Dongrong.

According to public information, Wu Chenggen has a master's degree in accounting from Shanghai University of Finance and Economics. He has 12 years experience in securities industry, and has served as trust assistant, junior trust manager, trust manager, investment manager and so on. Joined the Zhonggeng Fund in January 2019 as the Investment Manager of the fixed income Department, and co-managed the Zhonggeng value Smart Fund with Qiu Dongrong since June 3, 2020.

Liu Sheng is a PhD in chemistry from Nanjing University. He has nearly 9 years of experience in the securities industry. He has served as a researcher in Taiping Asset Research Department and HSBC Jinxin Fund Investment Department. He joined the Zhonggeng Fund in July 2018 and served as a researcher, an assistant investment manager and an investment manager. At present, he serves as director of the research department and fund manager of the Investment Department.

It is understood that Wu Chenggen is one of the fund managers independently trained in the undervalued investment strategy system of the Zhonggeng Fund, and has rich practical experience in cross-asset investment. As the main force of the Mesozoic generation trained by the undervalued strategy system of Zhonggeng Fund, Liu Sheng has rich front-line research and investment experience, and is good at mining high-quality stocks in the whole market based on a unified undervalued investment strategy system. build a cost-effective investment portfolio.

Referring to the future follow-up arrangements for the appointment and removal of products and personnel, Zhonggeng Fund said that every decision made by the company will be carefully evaluated by the management, the research team and various business departments. the core principle of the evaluation is the interests of investors and to better meet the real investment needs of customers. If there are any further arrangements, the company will issue an announcement in time and please refer to the company announcement.

Undervalued representatives

It can be said that Qiu Dongrong is the representative of the "undervalued school". 'We adhere to the undervalued investment strategy and build a portfolio with high expected returns by selecting stocks with good fundamentals, positive earnings growth and undervalued stocks,'he wrote in his quarterly report on his fund management. strive to achieve sustainable excess returns.

According to Qiu Dongrong's resume, he has been engaged in securities investment management since 2008, and has served as a researcher in the Shanghai Representative Office of Qunyi International Holdings Co., Ltd., a senior researcher in HSBC Jinxin industry, director of the stock investment department and assistant to the general manager. He joined the Zhonggeng Fund in May 2018 and is currently the deputy general manager and chief investment officer of the company.

Qiu Dongrong's market popularity all depends on "hard core performance". When he was a fund manager at HSBC Jinxin Fund, his HSBC Jinxin market equity fund earned 193 between September 16, 2014 and April 28, 2018, according to Wind.Daiwawindcastcarp.86% of the income, with an annualized return of 34%.Daiwawindcastcarp.69%. At the same time, his HSBC Jinxin dual-core strategy fund earned a return of more than 110% during his tenure.

In 2018, he joined the Zhonggeng Fund and made good achievements again. According to Wind, he currently manages five public funds with a total size of 19.854 billion yuan at the end of the first quarter. As of May 10, after several years of market ups and downs, his "masterpiece", Zhonggeng value pilot, had an annualized return of 16.98%, with annual returns of 29.62%, 26.67%, 31.97%, 4.85% and-3.84%, respectively, from 2019 to 2023. In addition, he manages the medium Geng small market value, the medium Geng value smart and flexible allocation annualized rate of return of more than 16%.

Be optimistic about three major areas in the future

Every time, Qiu Dongrong shares his views on the economy, market and industry in the quarterly report or annual report, and the views of this quarterly report are also worthy of investors' aftertaste.

In the context of transition, debt, geography and other challenges, the economy or market is unstable, the current equity assets face higher uncertainty, and pessimistic factors are reflected by higher risk premium compensation, Qiu Dongrong wrote in the first quarterly report of Zhong Geng value pilot. On the other hand, countries, enterprises and individuals are constantly adjusting to adapt to changes or take the lead, looking for order in the chaos, it is important to effectively allocate exposure to correctly bear risks, and to obtain excess returns by continuously tapping investment opportunities. Based on the undervalued investment strategy, Qiu Dongrong believes that the conclusion is clear and progressive:

First, equity assets are systematic and strategic allocation positions. (1) looking back, economic fundamentals and risk level subtraction and addition have been done for many years, and the impact weight of real estate and local debt risk has been reduced after years of subtraction; productivity gains and breakthroughs are continuing to achieve results in some areas; trade, capacity, resources and other layouts are increasingly global in order to raise safety thresholds. (2) the adjustment time of equity assets is long and the range is large enough, the valuation level is low, the risk compensation is high, and the risk of intertemporal investment is low, which has a strong right-leaning distribution, so it is the most risk-worthy asset.

Second, pay more attention to structure and prefer companies that meet the characteristics of "tight supply, new demand, low valuation, high profit growth or high elasticity". Generally low valuations, a wide range of opportunities, investment in the next phase of continued improvement in fundamentals, profitability is expected to achieve high growth and highly resilient companies. At the same time, the growth stocks that seemed to be dreams and stories in the past are now emerging and have great prospects, which deserve more attention.

Third, the long-term return of high dividend strategy is partial to beta, and it is not a low-risk strategy. Investment is more important than fundamentals and pricing. The high return of high dividend strategy comes from the superposition of other factors, but investors like to strengthen the successful strategy and prefer linear trading, ignoring the continuous accumulation of real risks. such as cycle, growth, capital supply or innovation and other possibilities will challenge the stability of high dividends.

The investment directions that he focuses on in managing the fund include:

First, technology stocks such as pharmaceuticals, Internet stocks and intelligent electric vehicles with strong business growth and large future space.

Second, the supply side shrinks or rigid value stocks with high growth or profit flexibility, the main industries include resource companies represented by basic metals, energy transport companies, real estate and so on.

Third, there is room for demand growth and the supply of cost-effective companies with competitive advantages, including machinery, electronics, pharmaceutical manufacturing, electrical equipment and new energy, agriculture, forestry, animal husbandry and fishing.

The trend of "platform" in research is gradually becoming.

On March 15, the CSRC issued the "opinions on strengthening the Supervision of Securities companies and Public offering funds and speeding up the Construction of first-class Investment Banks and Investment institutions (for trial implementation)", which attracted the attention of the industry. It is mentioned in the "opinion" that we should strengthen the construction of core competence of public offering funds for investment and research, improve the evaluation index system of investment and research ability, abandon the phenomenon of star fund managers, and strengthen the construction of "platform, team system, integration and multi-strategy" investment and research system.

In this regard, many fund companies said that "platform, team system, integration, multi-strategy" has become the overall goal of the company to build an investment and research system in recent years, and the era of over-strengthening star funds has passed. Many people in the industry believe that high-quality scale growth is reflected in the underlying design of products, which forms a joint force with the foresight of investment research, so that the right people can manage the right funds, and in product design, the subscription scale should be controlled within the capacity circle of fund managers to prevent the interests of investors from being harmed due to the excessive scale of fund products. High-quality investment returns come from having a foothold in the long term, not betting too much on the track, and avoiding large fluctuations in the net value of the fund caused by chasing short-term hot spots or betting on a single track, so as to bring more robust investment returns and better investment experience for investors.

In addition, some industry insiders said that at present, the fund industry is gradually developing in the direction of "platform" for research, diluting the business strategy of creating "star fund managers".

In fact, many fund companies are carrying out "platform" construction. The China Geng Fund said that in the construction of the integration of investment and research, the undervalued investment strategy was taken as the unified bottom core strategy, and a three-dimensional investment process was established. Each person, each team and different levels of Alpha in the research team are gathered into a high alpha collection to seek to form the effect of "alpha superposition" so as to give better play to the effectiveness of the systematic development of investment and research.

(original title: just now! Qiu Dongrong, big news! )