Recently, there has been an uproar in the domestic investment community, and the once beautiful "top stream" managers have fallen off the altar, which has aroused widespread attention and discussion in the market. Their once-glorious track record is now a thing of the past, and the sharp decline in management has left investors wondering: Is value investing in China gone?
1. From scenery to loneliness: the road to the fall of the top ** manager.
Zhang Kun: The scale has shrunk by more than 40%.
Zhang Kun, as the manager with the largest management scale of public active equity, once managed as high as 13447.8 billion yuan. However, now its management scale has shrunk by more than 40%, to only 77.6 billion yuan. This change reflects the market's skepticism about its investment strategy and wavering in its value investing philosophy.
Liu Gexiang: Heavy performance losses
Liu Gexiang is another manager who has attracted much attention, and the GF Small Cap Growth Mix (LOF) C and GF Small Cap LOF managed by him have lost as much as 59 percent since the beginning of 202272% and 5968%。Such heavy losses have left investors deeply skeptical of value investing.
Liu Yanchun, Zhou Weiwen, Gu Lan and othersIt also suffered a decline in scale and performance
In addition to Zhang Kun and Liu Gexiang, other top managers such as Liu Yanchun, Zhou Weiwen, Ge Lan and others are also facing the same dilemma, and their management scale and performance have declined to varying degrees, which undoubtedly brings a heavy blow to the concept of value investment.
2. Has value investing been wiped out in China?
In the face of the fall of these top managers, we can't help but ask: has value investing been wiped out in China? In fact, value investing is a long-term investment strategy whose core philosophy is to find undervalued by the market and hold it for the long term. However, in the domestic capital market, value investment often faces greater challenges due to the influence of various factors such as market environment and investor preferences.
On the one hand, the domestic market is relatively immature, and the speculative atmosphere is relatively strong. This has led many investors to pay more attention to short-term returns and risk control, while ignoring the importance of long-term value investing. On the other hand, the imperfection of market mechanisms such as new share issuance also affects the effectiveness of value investing. Some IPOs have been speculated afterward, resulting in distorted market valuations and causing great distress to value investors.
Although the fall of the top ** managers has made people question value investing, we cannot deny the value of value investing itself. In a mature market environment, value investing tends to bring stable returns and lower risk. Therefore, for investors, the key is to look at market fluctuations and performance changes rationally, and adhere to the concept of long-term investment and value investment.
III. Conclusions and Implications.
The fall of the top domestic managers and the dilemma faced by value investment have made us see the uncertainty and risk of the capital market. However, this does not mean that value investing has been wiped out in China. On the contrary, with the continuous maturity and improvement of the domestic market, value investment is expected to gradually be recognized and favored by more investors.
For investors, they should remain rational and patient, and adhere to the concept of long-term investment and value investment. At the same time, it is also necessary to pay attention to market changes and industry dynamics, and flexibly adjust investment strategies and risk control measures. Only in this way can we achieve steady income and long-term development in the magnificent capital market.