Value investing as you think of it is the opposite of a growth style and is often associated with long-term investing and trading time for space.
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In fact, they see value investing as an anchor with a valuation and a focus on the margin of safety.
This is more in line with the value investment philosophy of Warren Buffett, the "god of stocks", including various forms such as low volatility of dividends and deep value. Warren Buffett's value investment theory is changing day by day, and many value investors stand on the shoulders of giants, practice "buy cheap", and continue to Xi learn and follow, forming their own investment framework.
"Practice the most essential deep value".
Liu Lili, Manager of Wells Fargo Research Selection**
19 years of professional experience, more than 5 years of professional experience.
Master's degree, former industry researcher of Zhongyuan ** shares, industry researcher of Ping An ** Co., Ltd., joined Fu Quoc ** in April 2007, and is currently the manager of Fu Quoc Research Selection.
Joining Wells Fargo in April 2007, Liu Lili's low-key and mature value investment framework is still quite effective in the weak market in the first half of 2023Wells Fargo Research Picks A bucked the trend and achieved 1707% positive returns, the performance of the same period compared with the benchmark rate of return is only 052%。*The data of the third quarter report shows thatIts net growth rate over the past year is 1811%, the benchmark rate of return for the same period was -058%, ranking 9th in the past year as of December 5, 2023 out of 273**, accounting for about the top 3%.
Data**: Wells Fargo Research Select A's performance in the first half of the year and the performance comparison benchmark rate of return data are from **Interim Report, as of 20230630,;The performance, performance benchmark rate of return, and excess return are all from ** regular report, as of 20230930;The same ranking data comes from Morningstar, and the same kind refers to China's open-ended-active-balanced, as of 20231205;
Note: Wells Fargo Research Select Flexible Allocation Mix A was established on 2014 12 12, and the performance comparison benchmark is the yield of CSI 300 Index * 65% + the yield of China Bond Composite Index * 35%. In the past 5 full years (2018-2022), the growth rate of ** share net value (and the benchmark rate of return for the same period) is -2774%(-14.51%)，33.54%(24.65%)，60.48%(18.86%)，0.78%(-1.34%)，10.05%(-13.27%), data from ** periodic report, as of 2022 12 31. During the period, ** manager changes: Li Xiaoming (2015 02 06-2019 04 19), Wang Menghai (2017 12 12-2021 01 26), Liu Lili (2019 02 01 to present). *Past performance does not constitute a guarantee of future results.
Talking about why she can achieve better positive returns in a relatively weak market, Liu Lili believes that firstly, her investment goal is biased towards absolute returns, and secondly, not to lose money in places that she is not good at, and it is equally important to make money in places that she is good at. Choosing the right ** and avoiding stepping on thunder have combined to achieve this year's earnings results.
So how do you achieve "deep value"?From the perspective of industry configuration and selection, Liu Lili gave the answer.
In terms of industry allocation, Liu Lili believes that the competitive pattern of the industry is far more important than the prosperity of the industry, and tends to be an industry with a stable pattern.
On the left side of stock selection, pay attention to the improvement of company barriers and concentration. Lily believes in mean reversion, and she believes that the vast majority of earnings come from the company's long-term growthThe second is to look for varieties of cyclical resonance, if you can find the target at the bottom of the cycle superimposed on the bottom position of the company when selecting stocks, the company is likely to achieve "Davis double-click" in the next few years.
"No matter how good things are, they are too expensive to buy;No matter how bad something is, there is always value".
Wells Fargo Insight Value proposed manager Bai Bingyang
14 years of experience, 9 years of investment management experience.
He used to be an auditor of Ernst & Young Huaming Certified Public Accountants and a senior auditor of Deloitte Touche Tohmatsu Certified Public Accountants
In 2009, he switched to the capital market, and successively served as a consumer researcher at the Shanghai Research Department of Taiwan Qunyi, a consumer researcher and manager of Bank of China International
Joined Wells Fargo** in June 2023.
Bai Bingyang's strength is also obvious to the market, and the performance of the products it manages in the past is steady and steady, which verifies the effectiveness of its deep value.
According to the ** periodic report,The four products managed by Bai Bingyang in the past have had positive returns in each full fiscal year;And in the longest historical interval disclosed in each ** periodic report, the cumulative rate of return is significantly higher than the benchmark rate of return for the same periodTop ranking in the same category.
Data**: Net value growth rate and benchmark rate of return are from each ** periodic report, as of December 31, 2022.
Data**: Haitong**, as of December 31, 2022.
Note: (1) ZYZQ Jurui A is Bank of China ** Jurui A, established on November 29, 2017, the net value growth rate from 2018 to 2022 and the benchmark for the performance of the same period (China Bond Composite Full Price Index Yield * 70% + CSI 800 Index Yield * 25% + Bank Demand Deposit Interest Rate (after tax) * 5% in the same period) The yield is respectively. 96%（-5.11%), the similar products are hybrid-active hybrid-open-partial debt hybrid, and Bai Bingyang is in charge from January 13, 2018 to February 22, 2023;(2) ZYZQ Value Select is a BOC**Value Select Flexible Allocation Hybrid**, the contract officially came into effect on May 10, 2019, and the net value growth rate from 2020 to 2022 and the performance benchmark for the same period (CSI 300 Index Yield * 60% + China Bond Total Index Yield * 40%) are respectively. 08%（-13.11%), similar products are hybrid-active hybrid-open-flexible strategy hybrid, and Bai Bingyang is in charge from September 8, 2020 to February 22, 2023;(3) ZYZQ Health Industry is a hybrid type of flexible allocation of Bank of China's ** health industry**, established on September 7, 2016, and the net value growth rate in 2021 and 2022 and the benchmark for performance comparison in the same period (CSI Medical and Health Index yield * 50% + CSI Total Bond Index yield * 50%) yields are respectively. 70%（-9.53%), similar products are hybrid-active hybrid-open-flexible strategy hybrid, and Bai Bingyang is in charge from January 18, 2021 to February 22, 2023;(4) ZYZQ Advantage Manufacturing A is the best manufacturing type of Bank of China, which was established on July 8, 2021, and the net value growth rate in 2021 and 2022 and the performance comparison benchmark for the same period (Shenyin Wanguo Manufacturing Index yield * 85% + China Bond Composite Full Price Index yield * 15%) The yield is respectively. 26%（-23.38%), similar products are hybrid-active hybrid open-active**open, and Bai Bingyang will be in charge from July 8, 2021 to February 22, 2023. The above data is from each ** periodic report as of December 31, 2022. (5) The BOC ** Xiangrui Blend and the Bank of China ** Value Select Blend managed by Bai Bingyang in the past were resigned on August 21, 2019 and July 25, 2017 respectively, which are not for reference and are not listed. **There are risks and investment should be cautious. Past performance is not indicative of future earnings, and past performance of other managers does not constitute a guarantee of performance.
Therefore, Bai Bingyang has attracted a lot of attention after joining the rich country** in June 2023. She is good at grasping left-hand investment opportunities and contrarian layout, and it is precisely because of Bai Bingyang's adherence to the deep value strategy that she has achieved remarkable results.
To sum up Bai Bingyang's deep value investment philosophy in one sentence:"Xi the value strategy, stick to low valuations and margins of safety, and emphasize the low valuations of dynamic valuations. ”At the same time, Bai Bingyang said without hesitation that no matter how good an asset is, as long as it is expensive, it will not be matched, that is, there is no fate. And no matter how bad things are, there is value, and she will choose to be below the reasonable range of fundamentals and valuations, which can achieve Davis's double-click, that is, all analysis is based on fundamentals and valuations.
The so-called profit and loss are the same source, Bai Bingyang also calmly said that there may be great and good companies in expensive assets, but the core of her deep value investment strategy is conservative, and the margin of safety is very important, so she will avoid thinking that it is a good target.
Subdividing into stock selection, she will combine top-down and bottom-up to establish a frame of reference, cross-validation, and dynamic adjustment. Among them, at the industry level, it is observed from financial and financial indicators;** level, it will examine the earnings growth rate and sustainability of a single company compared to the overall level of the industryAt the same time, it is necessary to make multi-dimensional comparisons, not only vertically with history, but also horizontally to look at competitors in the same industry and the upstream and downstream of the industrial chain.
Seeing this, were you infected by the script of the big heroine?Liu Lili and Bai Bingyang are using their strength to write the persistence of the value faction.
Good news!"Value Group" and then "new":
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Wells Fargo Insight Value Type
In circulation.
Continue the in-depth value strategy and write a value legend for women!
Investment is risky, ** investment should be cautious.
Before investing, investors are requested to carefully read the "** Contract", "Prospectus" and other legal documents. **Equity may be lower than the initial face value and losses may occur. The Manager undertakes to manage and use the assets in a manner of honesty and trustworthiness, diligence and responsibility, but does not guarantee a certain profit or a minimum return. Past performance and its net worth are not indicative of future performance. The performance of other ** does not constitute a guarantee of the performance of this **.
The above information is for reference only, if you need to purchase relevant products, please pay attention to the relevant regulations on investor suitability management, do a good job of risk assessment in advance, and purchase ** products with matching risk levels according to your own risk tolerance.