The Fund is a hybrid fund. Generally speaking, its long-term average risk and expected rate of return are lower than those of equity funds and higher than those of bond funds and money market funds. The Fund can invest in Hong Kong Stock Connect stocks. In addition to general investment risks such as market fluctuation risks similar to those of domestic securities investment funds, the Fund also faces special investment risks such as exchange rate risks and Hong Kong market risks.
The offering of the Fund was registered by China Securities Regulatory Commission with the document 12[2020]3765438 on February 29th, 2020. The fundraising period of this fund is from February 1 20265438 to February 5, 20265438, and it is publicly offered through the sales organization designated by the fund manager. Fund manager of the Fund: southern fund Management Co., Ltd.; Fund custodian: Industrial Bank Limited; Registered institution: southern fund Management Co., Ltd.
South Xingrun value is held for one year.
Fund code: Class A: 0 10377, Class C: 0 10378.
Fund type: partial stock mixed, with stock assets of not less than 60%. The upper limit of the fund is 654.38+0.5 billion yuan.
Fund company: southern fund, with a total scale of over 830 billion yuan. Among them, the total management scale of equity funds and hybrid funds is nearly 340 billion yuan, which is very large.
Fund Manager: The fund manager of the Fund is Mr. Shi Bo, who has 23 years of experience in securities industry and over 65,438+02 years of experience in fund manager management. At present, it manages 2 funds with a total management scale of 10 billion yuan.
Representative fund: The fund managed by Mr. Shi Bo for the longest time is Southern Excellent Growth A (202003. OF)。 From February 20 1 1 year to now, the cumulative rate of return is 247.09%, and the annualized rate of return is 13.3 1%. Excellent performance.
When reading the information, I found that this fund has another fund manager, who is also a familiar one-Luo Shuai. At the same time, we also found that Luo Shuai should be the person in charge of performance growth in the South, no matter from the dimensions of performance consistency, shareholding and quarterly review. Luo Shuai started to manage this fund at the end of 20 16 12. Combined with our annual performance, it is found that the performance before 20 16 is average, and the performance after 20 17 is better. This fund probably cannot be analyzed as Shi Bo's masterpiece.
First, the proportion of the top ten positions is currently slightly higher than 50%, but it has been in a relatively low position before.
Second, the turnover rate will nearly double in 20 18, triple in 20 19, and is expected to triple in 2020. This turnover rate is not high, but it is not low.
Third, the average holding time of the fund is only 0.6 years. Although there are only three reporting periods (1.5 years), the holding time coefficient of Southern Ruihe Three-year Fund is only 0.29, which is relatively low.
Fourthly, as we have just said, Mr. Spock will arrange the positioning time.
Fifth, in terms of style, we didn't choose the timing of positions when managing the Southern Ruihe Three-year Fund, but we didn't experience the value style market in the first half of 20 16 to 20 18, so we went to see the Southern Excellent Growth Fund again and found that we still made a very obvious style switch around 20 17.
Sixth, Mr. Shi Bo changes positions very quickly in the industry. At the end of 20 18, it mainly held public utilities and food and beverage. 20 19 mainly holds food and beverage and medical biology. At the end of 20 19, the main electronic warehouse. In 2020, the main stocks of pharmaceutical biology will be heavily stocked, and the proportion of Hong Kong stocks will be increased. The change can be said to be great.
The top three semi-annual reports in 2020 are medical biology, chemical engineering and computer. However, there are obvious changes in positions in the third and fourth quarters, and the specific positions will not be clear until the annual report comes out.
Investment concept and investment framework: To be honest, although Mr. Shi Bo is a veteran and interviewed many times, most of them are judgments about the market at that time, and none of them can fully explain his investment concept and investment framework. It's a pity to piece it together and give you a general introduction to his investment framework.
Mr. Shi Bo's investment framework focuses on the matching degree between company value and growth, combines value and growth, and pays attention to valuation, which belongs to GARP style.
Regarding the stock market of 202 1, Mr. Shi Bo thinks that 202 1 may still be a market that continues to differentiate.
On the one hand, historical performance is not particularly eye-catching; On the other hand, the frequency of changing positions is so high that we should use the medium dimension as an investment framework. However, when we watched the interview, we didn't see Mr. Shi Bo introduce himself in this way. I feel that I am doing value investment style stocks, and attach importance to the selection and valuation of individual stocks. But the actual situation is not very consistent.