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澳门网上投注平台:Rich Tianrui strong: seize the opportunity to tap the development of a strong production of securities to invest in the intrinsic value of the securities

时间:2017/12/22 21:57:47  作者:  来源:  浏览:0  评论:0
内容摘要:Summary: hybrid funds :hybridFund The Fund is an investment initiative, major investment is reasonable and has strong growth potential in th...


hybrid funds : hybrid Fund The Fund is an investment initiative, major investment is reasonable and has strong growth potential in the region in the pricing of high-quality stock, belonging to the moderate-risk securities investment fund Variety.

Profitability : Wells Fargo Tianrui strong established more than 12 years, to survive in the fund market for such a long time there must be somewhere extraordinary. Statistics show that since 2005, the cumulative net growth exceeded 925% in recent years, earnings have surpassed similar funds and Shanghai and Shenzhen 300 average return; cumulative net growth over the past three years, more than 81%; nearly 1 year Fund net increase of 35.14% in total, in the same category of 1988 funds ranked 99th.

fund manager: Mr. Li Ye Miao: Master, from March 2011 to April 2013 State Securities Co. in researcher; from April 2013 to August 2015 limited Wells Fargo Funds Management in Company assistant industry researcher, industry researcher; since August 2015, he was rich high-end manufacturing industry equity securities investment fund manager. With the fund qualifications.

Investment Strategy: The Fund mainly adopts the "top-down" proactive investment management strategy. Under the premise of fully judging the macroeconomic conditions and the operation characteristics of the capital market, taking the evaluation of the investment value of individual securities in the strong regions as the core, Pursue long-term effective combination of liquidity, profitability and safety in the portfolio. Taking the opportunity of strong industrial economic development in the region, we will actively seize investment opportunities in the selection of individual stocks and tap the intrinsic value of investment in securities.

performance benchmark: Shanghai A-share index return × 70% + SSE Government Bond Index yield × 25% + interbank deposits rates × 5%

agency spoke highly of the : of the Fund's outstanding performance was professional rating Agency approval. China Merchants Securities , Ji An Jinxin, Shanghai Securities 2009 rating covered each year can get decent reviews, the latest one to get Merchants Securities five-star rating, Ji An Jinxin, Shanghai Securities three-year, five-year Four-star rating.

both growth and value: the Fund except that the arrangement Bank mainly blue-chip value, income of the fund set a steady tone; also heavily loaded configuration of lithium batteries, pharmaceuticals, manufacturing, energy and other second-tier blue-chip growth , Further increasing the chances of gaining excess returns. In the first half of 2017, the overall growth rate of lithium batteries and pharmaceuticals was gratifying. In the second half of the year, the financial positions were reduced to small increases in environmental protection and real estate. Industry and configuration leading strong stocks in various industries, yield 9% in recent 3 months, Correctness and good investment quality. The overall style of the fund growth stocks accounted for more than the value of shares, belonging to the defensive attacking the steady type.

Figure 1: net performance stage


Figure 2: The trend comparison


Source: Oriental Fortune Choice data , every day Fund Research Center; Deadline: 2017-12-22

optimistic about the investment opportunities in manufacturing , Reduce financial accounting: The Fund in recent years to hold the manufacturing and financial industries Change mutual allocation ratio. Recently, the share of manufacturing industry has risen while that of the financial industry dropped from 20% to less than 8%. Specific to individual stocks, fund managers adhere to configure ICBC while holding Hengtong Photoelectric , environment clean other second-tier blue-chip listed companies.

Figure 3: 10 stock fund holdings before the concentration


Figure 4: top ten Awkwardness ratio of total net


Source: Oriental Fortune Choice data, daily Fund Research Center; Deadline: 2017-09-30

The scale is gradually expanding 7 _ 89456 _ 154 _ 65473 _ 97 _ 89456 _ 155 _ 65473 _ 9: 7 _ 89456 _ 156 _ 65473 _ 92016 The size of the fund started to fall out of the doldrums. At that time, the fund size was only 1.1 billion yuan, only one tenth of its peak value. The fund share subscription gradually increased. As of September 2017, the fund size was 2.243 billion yuan. From the perspective of scale changes, The scale of the expansion of 100% during the year, relative to some other blue-chip funds on the market, the small size of the fund but excellent performance, the strategic transfer positions of fund managers refers to the 2018 new performance of the manufacturing growth stocks.

Figure 5: fund size changes


Source: Oriental Fortune Choice data, daily Fund Research Center; Deadline: 2017-09-30

fund manager outlook : according to our analysis framework, first of all, from Corporate earnings perspective, the mid-year report of listed companies has confirmed our previous "2017 Q1 is the high point of this year's performance growth rate, follow-up performance quarter by quarter," the judgment, but the economic growth showed strong resilience Also exceeded our expectations. In particular, the supply side reform has partially exceeded the control of the production capacity of the middle and upper reaches of the industry and the consequent improvement in the profitability of the cyclical industry as a whole exceeded our expectations. However, we are still cautious about the economic growth for some time to come. Second, from a capital cost perspective, we think the targeted RRR cut during the National Day means that the most tense moment of funding may be over. Thirdly, judging from the valuation level, with the rebound of the market, the current valuation of the overall market is around the historical average, and the risk of the valuation compression is modest. In conclusion, although the risk of a worsening of the cost of capital and a sharp drop in valuations has been small, it is difficult for the corporate earnings growth rate to increase significantly. Therefore, we maintain the pattern of market volatility in the A-share market. In the stock market incremental market capital is not significant, the market heavy performance, revaluation style will not change much. Based on this judgment, we will pay more attention to some sub-sectors that are accelerating their future performance growth.

first Sino-US joint venture fund company escort : Invesco Great Wall Fund Management Co., Ltd. was established in June 12, 2003, by the China Securities Regulatory Commission Fund [2003] No. 76, approved the establishment of China's first Sino-US joint venture fund management company. Invesco Ltd. is a leading independent global investment management company dedicated to the investment goals of investors around the world. By combining the unique investment management capabilities of various investment teams, Invesure provides a wide range of investment strategies and tools for retail, institutional and high net worth clients around the world. Fund companies set up over the years many times to obtain the Taurus Fund Management Company and the best investment team fund company awards.

underlying funds

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Fund Code fund referred near March earnings fee operating
100022 rich Shui strong 9.35% 1.50 % 0.15% purchase accounts Buy
Source: Eastern Wealth Choice7_89456_239_654 73_9 data, Galaxy Securities, as of the date: 2017-12-21


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The market is risky, and investment needs to be cautious. This report is based on information held by our analysts at / as reliable and publicly available and does not guarantee the accuracy or completeness of the information nor does it warrant us that there will not be any changes in the views or statements in this paper. The Company may issue a report that is inconsistent with the information, opinions and inferences contained in this report.





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