The world is full of uncertainties, and investing is a process of focusing on one in a hundred. Just like going to sea by boat, the ** manager, as the captain, needs to use his professional investment system to anchor the coordinates and positioning, and take the appropriate course in order to sail to the ideal target of the sea of stars.
* Managers' investment methods are different, but excellent ** managers are always similar, they are more focused, more persistent, more determined than ordinary people, adhere to their own investment style in the magnificent ocean of investment, and patiently watch the roses on the other side.
Liao Hanbo is such a first-class manager who dares to stick to and integrate knowledge and action, he believes in the power of growth and long-term power, and has been polishing his investment ability circle for ten years, accompanying high-quality companies to become bigger and stronger, waiting for and sharing the fruits of growth. Talking about his style, Liao describes himself as a "balanced growth player" and hopes to "respond to the changing investment world with an evolutionary system".
This "three-sided" manager with balanced, stock selection and advanced characteristics has consistently focused on his heart and dedication in the investment ocean, and recently set off again with the new ** - Great Wall Balanced Growth to continue to accumulate strength for growth.
Balanced players adhere to long-termism
The Tao Te Ching says: "The way of heaven is to make up for the deficiency when there is more loss." ”
In investment practice, Liao Hanbo is well versed in the way of "balance". In his view, the market is always full of uncertainty, and relative equilibrium is a good way to deal with uncertainty. "Investment opportunities are distributed in all walks of life, and it is not necessary to be completely limited to a specific industry, but to look for high-quality companies with significant competitive advantages and high long-term growth potential in different industries, or it may be more helpful to bring investors a continuous and stable experience like 'not competing for the first, competing for the first place'. ”
Looking through the past ** regular reports, it is not difficult to find that Liao Hanbo's product holdings are allocated to all major industries, and the overall allocation style is relatively balanced. In the past year, the number of Shenwan first-class industries to which the top ten heavy stocks belong has exceeded 5. (Data**: Regular report, as of September 30, 2023, the industry is Shenwan first-class industry.) The data of heavy stocks is historical holdings, which does not represent the present and future, and does not constitute investment advice**There are risks and caution should be exercised. Thanks to the balanced and decentralized configuration of the industry, the Great Wall Environmental Protection Theme A has shown strong market adaptability. In recent years, the environment at home and abroad is complex, and the superposition of multiple factors has made the market style switch rapidly, and from 2019 to 2022, it has experienced ups and downs in the growth bull market, structural bull market, ** market, and ** bear market in just 4 years. In the face of a very different market environment, Great Wall Environmental Theme A still has a good long-term performance, which is not unrelated to Liao Hanbo's ability to switch and grasp the balance of opportunities in different sectors.
On the road to becoming a balanced player, Liao Hanbo has been steady and steady in every step. Before joining Great Wall in 2017, he laid a solid foundation in investment research while working as a brokerage researcher, and his team also won the first place in the Best Analyst of New Fortune. After joining Great Wall, from an industry researcher, to an assistant manager, to a manager who manages multiple products, Liao Hanbo has assumed more and more responsibilities between role switches, and his investment ability circle has also continued to expand and expand, and has now been extended to "pan-manufacturing + core consumption + core technology". "Starting from the research of manufacturing industries such as automobiles, transportation, electrical and new energy, it extends vertically to pan-manufacturing sectors such as machinery, military industry, building materials, and light industry, and horizontally expands to core consumption and core science and technology fields, including food and beverage, medicine, communications, electronics and other sectors," Liao Hanbo summed up his ability to expand the circle. In Liao Hanbo's view, the investment and research experience covering multiple industries and multiple perspectives over the years have laid a solid foundation for his balanced investors.
Stock pickers are selected among the best in growth
For every manager engaged in equity investment, excellent stock selection ability is the core competitiveness of his tireless pursuit. Liao Hanbo once said in an interview, "I have always believed in simplicity. I only do one thing, which is to select high-quality growth stocks, hold them, accompany the growth of this company, and strive to share the fruits of its growth."
Liao Hanbo specializes in a combination of top-down and bottom-up from a medium- to long-term perspective, and identifies high-quality growth stocks based on his unique "six-dimensional" stock selection framework. The "six-dimensional" stock selection framework not only includes the dimensions of growth space, competitive advantage and performance realization from a quantitative and short-term and static perspective, but also integrates the dimensions of business model, development strategy and management philosophy from a qualitative, long-term and dynamic perspective.
Such a systematic and mature investment framework is conducive to Liao Hanbo's multi-faceted thinking and multi-angle cross-verification in the process of stock selection, and also makes his investment style relatively stable and not prone to major drifts. Another of his masterpieces, the Great Wall Jiuding A, has a cumulative return of 9808%, which is 13 times the benchmark of performance comparison in the same period, and also won the "Star ** Award for Flexible Allocation of Three-year Sustained Returns" for its continuous and long-term performance. (Data**: The performance data comes from the ** regular report, and the performance benchmark of Great Wall Jiuding A for the same period is 7.)51% as of September 30, 2023;The award data comes from ** Times, as of June 7, 2023;**Past performance does not represent future returns, and the evaluation results are not for future performance**, there are risks, and investment should be cautious. ）
In Liao Hanbo's view, the ideal high-quality target should have the advantages of the above six dimensions at the same time, but in reality, it is often "impossible to have both fish and bear's paws", so it needs to be weighed and considered. For example, a good business model, high growth, and low valuation are the "impossible triangles" in investment. In this regard, Liao Hanbo will make trade-offs under the guidance of long-termism, and will gradually increase the valuation tolerance for industries with medium and long-term prosperity. "The main return on investment is the growth of corporate earnings, and the essence of holding growth companies with high performance growth is to obtain investment income driven by the company's performance growth. Compared with valuation, performance growth is real, can support the growth of the company's market value, and can be predicted through research;Valuation expansion, like a bubble, can be big or small, and it is more difficult to grasp. Liao Hanbo said.
Advanced Player's abilities continue to evolve
Balance and growth are the consistent investment styles of Liao Hanbo, and advanced is the law for him to better exert the effect of his investment style in the ever-changing investment world. Liao Hanbo believes that "excess returns come from in-depth cognition, and responds to the changing world with an evolutionary thinking system", and has been diligent in reflection and good at summarizing for many years, and has constantly sorted, examined and evolved his investment capabilities and systems.
One is the continuous evolution of the circle of competence. From the beginning of his contact with manufacturing research, Liao Hanbo gradually formed an investment capability circle of "pan-manufacturing + core consumption + core technology", but he did not stop there. On the occasion of the new ** release, he also talked about the next step, "I plan to further deepen the research and energy investment in the field of science and technology, focusing on the two relatively large industries of electronics and medicine, because from the perspective of industrial development, these two industries will have more sunrise opportunities." In addition, we will continue to improve our research and understanding of cycles, including economic cycles and cycles of specific sub-industries, and further improve our research framework."
The second is the evolution of investors. Liao Hanbo used to be a relatively pure stock picker, focusing on bottom-up stock selection. With the changes in the market environment, Liao Hanbo has also begun to focus on incorporating top-down considerations in the investment process, and paying more attention to odds (expected return) and win rate (certainty) in the trading process. "Bottom-up," he says, "is like turning over a stone from a heap of rocks."From top to bottom, the area is demarcated first, and then good stones are found in it. The two methods complement each other, on the one hand, they retain the characteristics of stock selection, on the other hand, they improve efficiency, and at the same time avoid risks to a certain extent. ”
Regarding the top-down perspective, Liao said that macro strategies may not really play a role in the investment process for a particularly long time, but they will play an important role at key inflection points. In terms of specific operations, he mainly conducts research and judgment on the general trend from a macro perspective, compares the industry from a mesoscopic perspective, and provides direction guidance for the selection of the best products, improves efficiency and reduces risks. At the macro level, taking the market performance in 2023 as an example, Liao Hanbo believes that "2023 will be in a relatively weak stage of the domestic economy, and the overall A-share market will show a bearish patternAt the mesoscopic level, based on marginal thinking, measuring the growth rate of the industry and judging the changes in prosperity, he believes that for the capital market, it is necessary to give priority to the industry with growth rate, speed up and reversal of the dilemma.
The third is the evolution of the stock selection framework. Liao Hanbo's current "six-dimensional" stock selection framework was not formed overnight. In the past stock selection, Liao Hanbo selected some excellent targets based on the three dimensions of growth space, competitive advantage and performance cashing, and he also achieved excellent performance in the products under management. But in the review, he still keenly captured some deficiencies, "If you only look at these three dimensions, you can indeed find companies with good short-term performance, but this may only be a phased growth, if the company implies defects in the business model, such as rapid growth but poor payment collection, it means that the growth of this ** may not be sustainable."
Therefore, on the basis of quantitative stock selection, Liao Hanbo added the consideration of three dimensions: business model, development strategy and company management, so that his stock selection framework has developed into six dimensions, which has achieved a combination of quantitative and qualitative, short-term and long-term, and static and dynamic. "This system allows us to better understand the real world and guide investment, which on the one hand helps to identify high-quality companies, and on the other hand, it can also help us avoid some risks. ”
Liao Hanbo is currently managing the performance of **
1) The Great Wall Environmental Protection Theme Flexible Allocation Hybrid **Investment**Class A was established on April 8, 2015, and Liao Hanbo has been in office since March 8, 2018. Great Wall Environmental Protection Theme A In the past five years, the annual results and performance comparison benchmarks are as follows: The performance benchmark increases are: 19%/24.84%、-17.16%/-11.01%。Class C was established on June 24, 2022, and Liao Hanbo has served in the ** since its establishment, 20226.24-2022.12.31 performance compared to the benchmark increase of -1375%/-10.03%。He Yiguang served in the ** from 18 August 2017 to 7 December 2018.
2) Great Wall Jiuding Flexible Allocation Hybrid **Investment**Class A was transformed and established on July 26, 2019, and Liao Hanbo has been in office since July 26, 2019. The annual performance and performance comparison benchmark of Great Wall Jiuding A since the transformation are the annual performance and the performance benchmark increase is respectively. 67%/-0.03%、-17.15%/-10.78%。Class C was established on July 4, 2022, and Liao Hanbo has served in the ** since its inception, 20227.4-2022.12.31 performance compared to the benchmark increase of -1526%/-6.64%, since the inception of the performance performance benchmark increase of -2787%/-7.63%。
3) Great Wall Growth Pioneer Hybrid Investment**A C was established on September 9, 2020, and Liao Hanbo has served as the ** since its establishment. Since its establishment, the performance of Great Wall Growth Pioneer A C and the performance comparison benchmark are the year's Class A performance Class C performance The performance benchmark increase is respectively. 06%/16.47%/0.22%、-17.05%/-17.46%/-14.83%。
4) Great Wall Competitive Advantage Six-month Holding Period Hybrid **Investment**A C was established on July 13, 2021, and Liao Hanbo has served as the ** since its establishment. Since its establishment, the performance and performance benchmark of Great Wall Competitive Advantage A C have been 641%/6.11%/-2.21%、-14.42%/-14.93%/-15.12%。
5) Great Wall Vision Growth Hybrid **Investment**A C was established on September 28, 2022, and Liao Hanbo has served in the ** since its establishment, Great Wall Vision Growth A C 20229.28-2022.12.31's Class A performance and Class C performance performance compared to the benchmark increase were -270%/-2.85%/0.54%, since its inception, Class A performance Class C performance performance benchmark increase of -1724%/-17.74%/-2.36%。
6) Data from ** periodic report, as of September 30, 2023.
Risk Warning: **There is a risk, investment must be cautious, please fully understand the risk characteristics of the **, listen to the suitability of the sales agency, according to their own risk tolerance, on the basis of reading the "* contract", "prospectus" and other information disclosure documents in detail, prudent investment. The manager undertakes to manage and use the assets in good faith, diligence and responsibility, but does not guarantee that the capital will be profitable, nor does it guarantee the minimum return. China's ** operation time is relatively short, can not reflect **, bond market development of all stages, ** past performance and net value does not predict its future performance, ** manager management of other ** performance does not constitute a guarantee of the performance of the **. After making an investment decision, the investment risk caused by the change in the operating conditions and the net value shall be borne by the investor. When investing, investors should strictly abide by the provisions of anti-money laundering laws and regulations and earnestly fulfill their anti-money laundering obligations. This investment view does not constitute substantial investment advice to investors or the final investment view of Great Wall**. The Company does not intend to be liable for any investment practices made in reliance on the views expressed herein. This product is issued and managed by Great Wall ** management, and the agency does not assume the responsibility for the investment, redemption and risk management of the product. This material is for promotional purposes only and is not intended as any legal document. In addition to the general investment risks such as market fluctuation risks similar to those of domestic investments, the Company is also exposed to special investment risks faced by overseas market investments, such as exchange rate risks.
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