Wang Yawei: Super Low-key, Safe and Legendary Three Years
Former deputy general manager of Huaxia Fund, founded a thousand joint ventures after leaving the company.
As a former "elder brother of public offering", Wang Yawei had too many auras on his head, but he kept a low profile. Since his privatization, investors can only look for clues about Wang Yawei's investment from the list of shareholders of listed companies, and the rest are just "legends".
Now, Wang Yawei will be privatized for three years. Some insiders said, "After the privatization of Wang Yawei, this is a complete mystery."
Privatization in the past three years has become a "mystery"
According to public information, there are two private equity products managed by Wang Yawei-Yunfeng Securities Investment Trust Plan and Shihe Capital Paper Crane 1 Asset Management Plan, but the income of these two products is unknown to the outside world.
According to a set of data previously disclosed by Yunfeng Private Equity Fund (PE), Yunfeng's net worth has increased by 45% in the past two years from 20 12 and 13 in February to 19 in September of 20 14, with a scale exceeding 3.5 billion yuan. Some insiders predict that 20 14 will easily exceed 80% at the end of the year since its establishment two years ago.
However, compared with other private equity products whose performance has been disclosed, this achievement is not outstanding. In 20 14, Chuangshixiang 1 won the performance championship with an annual income of 300.80%, and even the fifth Zexi 1 earned 137.44%.
In this regard, people in the industry have different opinions. Some brokers told reporters that Wang Yawei has rich experience in investment decision-making, and the market is the first factor affecting decision-making, followed by the investment portfolio. Therefore, Wang Yawei's investment strategy needs the support of a strong investment and research team. Without the strong investment and research team, its stock selection level may be affected.
However, some insiders believe that Wang Yawei's investment philosophy is still "king". "Foreign private equity operations are not pursuing short-term high returns, but pursuing long-term steady growth. Many private placements may die in the future, but private placements in Wang Yawei will not. "
Deeply influenced by Peter Lynch.
Although it is difficult to directly understand the changes in Wang Yawei's investment philosophy after privatization, we can still get a glimpse of the investment style of the private equity fund (PE) he is in charge of.
Relevant data show that at the end of 20 14, Yunfeng Trust, a foreign trade trust, plans to become the seventh largest tradable shareholder of Mingjia Technology, holding 1000 1 10,000 shares, accounting for 1.33% of the total share capital, an increase of 571.30,000 shares compared with the third quarter of last year.
In addition, in the third quarter of 20 14, Feng Yun appeared in the top ten tradable shareholders of China Resources Wandong, Sanju Environmental Protection, Beijing Urban and Rural, Tongfang, Xinhualian, Tongfang Guo Xin, Jinya Technology, Zhongneng Electric, Yinzhijie, Mingjia Technology, Xuelang Environment, Hangzhou Steel Co., Ltd. 12, which benefited in the third quarter.
After turning to private placement, Wang Yawei's investment style, which favors restructuring stocks and attaches importance to event-driven, has not changed much. Its investment path is still to look for companies with low market attention, buy them at low positions and wait for the news of reorganization and merger announced by listed companies, so as to drive the stock price higher and obtain high returns.
Fan Yonghong, former chairman and general manager of Huaxia Fund, commented in the book Evergreen Fund that Wang Yawei's operating philosophy was influenced by Peter? Lynch has a far-reaching influence, forming a flexible investment strategy and the performance characteristics of "bull market leading the rise and bear market resisting the fall".
Wang Yawei's former colleagues also commented on him. "Long-term and steady investment philosophy, only Buffett can do it in the world, 90% of them are not masters, and Wang Yawei is gradually forming this style."
Wang Ruyuan: The Tide on the Road
Liu Hong Investment was founded after the former fund manager of Baoying Fund left his post.
On the afternoon of March 10, when the reporter called Wang Ruyuan, she was on her way to the airport, and she was still whispering on the phone.
After leaving Public Offering of Fund, Wang Ruyuan didn't stop. 20 14 10, Wang Ru Yuancheng established Shanghai Liu Hong Investment Management Co., Ltd. as the chairman of private equity fund (PE) and set up a streamlined investment team. The reporter also learned that Wang Ruyuan has no plans to issue new products in the short term, but Liu Hong Investment is planning to issue a FOF product in the near future, tentatively managed by other fund managers.
The view of learning investment has not changed.
According to the information from Liu Hong, the company now has five investment and research teams, including investment decision 1, trading strategy execution 1, investment assistant and research 2, information collection and special research 1, and eight employees in the middle, back office and marketing department.
In addition to attending the exchange meetings of a few institutional investors, Wang Ruyuan often studies investment in the Shenzhen office.
Liu Hong Investment has been established for more than half a year, and Wang Ruyuan has issued four products, namely, Shifan Capital Great Wave No.0, Great Wave No.20 1 5, Penghua Assets Quality Life1and Anxin Growth No.3.
The word "big wave" was chosen by Yuan himself. She once explained to the employees of the company: "If you realize that there will be a big market in China stock market in the next five years to 10, then you should make a good layout in advance before the next wave of market, and wait for the magnificent market to arrive."
Wang Ruyuan's colleague told reporters that her market outlook has not changed since the establishment of the company.
In her letter to investors published on 2014165438+10/8, she wrote: "Strategic emerging industries are the main line of A-shares in the past five years and the future direction. 20 15 the most flexible investment opportunities are concentrated in the internet, industrial mergers and acquisitions, high-quality value growth, state-owned enterprise reform, military industry and information security, brokerage and insurance. "
Wang Ruyuan believes that the pain of China's economic transformation is reflected in the stock market, which has experienced a six-year index downturn since 2008. The new government's determination to economic transformation, anti-corruption efforts, and the transfer of assets of ordinary people are superimposed, which is expected to deduce a magnificent bubble market driven by valuation and capital. This wave of market started from July 20 14 and will remain strong in the future. Before and after the release of this letter, the A-share market is welcoming a wave of rapidly rising market driven by brokers.
Flexible system and practice school
"Private equity funds (PE) have a more flexible system than Public Offering of Fund, which can better stimulate talents' creativity and investment management ability. Some fund managers are naturally suitable for Public Offering of Fund, while others are naturally unwilling to be subject to too many institutional constraints. "Wang Ruyuan's colleague told reporters that according to the regulations of the regulatory authorities, the investment threshold of private equity funds (PE) is 6.5438+0 million yuan, and there are not a few holders who spontaneously subscribe for Wang Ruyuan.
A Public Offering of Fund manager told reporters: "Many PE managers are not investing, but doing relationships and fund brokers. There are not many real research investments." And a person who just had an investment exchange with Wang Ruyuan in early March told reporters that Wang Ruyuan is a practitioner who can put his ideas and ideas into investment.
Lu Meng: Make a clear value investment.
Former investment manager of Dacheng fund special account, founded Runfan Investment after leaving the company.
On June 20 14, Lv Meng left Dacheng Fund with a low profile, and founded Runfan Investment, a private equity company, on June 20 10 of the same year. Now, the asset management scale of the company has exceeded 2 1 100 million yuan.
The former research director and special account investment manager of Dacheng Fund was well known at the end of 20 1 1 because he stumbled in the Chongqing beer black swan incident, and has since faded out of public view.
Recently, Lv Meng accepted an exclusive interview with China Fund, revealing for the first time the profound impact of the heavy beer incident on his personal investment philosophy.
First of all, the research method of heavy beer has changed.
For Lv Meng, Chongqing beer is always an unavoidable topic. At the beginning of 2009, Lv Meng strongly recommended Chongqing beer hepatitis B vaccine research, and many funds under the company bought the stock. Since then, the share price of heavy beer has entered an upward channel, rising from 20 yuan to 82 yuan in just three years. However, the clinical trial results of the vaccine failed, which led to a sharp drop in the share price of heavy beer.
"This is a good thing for me. I spent a whole year studying this company and devoted all my energy. I thought the research was thorough, so I had confidence in holding shares, but the final result was unexpected. " The collapse of heavy beer put Lv Meng under great pressure. "Although I think I have done my homework on this stock, I know I must have done something wrong. After thinking about it, we finally found that our understanding of value is wrong. This problem is very unique, the goal is wrong, the work is done carefully, and the road is crooked. "
Now, Lv Meng believes that the value of an enterprise lies in its influence. "This kind of influence is very basic, which is manifested in whether it can recruit more workers, generate more income and seize more market share, which directly affects the pricing of enterprises." Even if the clinical study of heavy beer is successful, it will still take several years for it to go public, and the income and profit will not increase rapidly. "Now I characterized the investment in Chongqing beer as venture capital."
After a new understanding of value, Monroe's research methods have also changed. Lv Meng said that it is necessary to clearly understand the life cycle of enterprises in different industries and keep up with leading enterprises. When the input period ends and the output period begins, the risk factors have disappeared, and it is time to buy. Accordingly, when the factors affecting the company's pricing are reversed, it is the time to sell.
This new investment theoretical framework has been proved to be effective in the past few years. After the heavy beer incident, Monroe served as the investment manager of the special account, during which she invested in Mei Yingsen and Del Home, and her share price rose several times in just two or three years.
"This is the gold dug in the ordinary industry. Some companies are in older traditional industries, and there are no dazzling stories, but they can still achieve amazing benefits. " It is precisely because of this that Monroe did not follow the hot spots such as the Internet of Vehicles, the Internet of Things and the reform of state-owned enterprises that were popular in the market in the past two years. "These companies are now in the investment period, and their financial data has not yet increased. There are still great risks."
Investment is becoming more and more difficult. Future target overseas market.
In 2007, driven by the profit-making effect of the bull market, private equity funds (PE) once ushered in great development and the scale of the industry expanded rapidly. Since last year, more and more experts have joined the private equity industry, and the expansion momentum is rapid.
Lv Meng believes that today's private equity industry is facing a rare historical opportunity, and the development of this wave of private equity will far exceed the last wave for two reasons: first, the demand is expanding rapidly, and second, the investment is more difficult.
"Since last year, interest rates have fallen, resulting in a decline in the yield of a large number of rigid redemption trust products, and there are fewer and fewer outlets for large funds. In this environment, entrusted financial management can achieve great development; On the other hand, now listed companies tell stories, but with more and more listed companies, everyone's sensitivity to stories will be reduced, more and more funds will be available, and it will be more difficult to invest in stocks, which will bring opportunities for entrusted financial management. " Monroe said.
The private equity industry is now at a new starting point, and private equity companies need higher technical content if they want to seize the opportunity. Lv Meng believes that there will be fewer and fewer hot industries and fewer and fewer trend opportunities in the future. How to identify the real leader is a great test for fund managers, and private equity companies that are prepared for this will usher in a leap-forward development. He predicted that in the future, the concentration of private equity industry will be higher than before. In other words, the largest scale of private equity firms will reach 20 billion yuan in the past 10 year, and there will be hundreds of billions of private equity firms in the future 10 year.
For the future of Runfan Investment, Lv Meng hopes to gradually expand the scale. When the capital is sufficient, he will consider buying some companies to solve the problem of insufficient customer stability. The bigger goal in the future is to enter overseas markets.
Wang Weidong: 20 15a shares will fluctuate upward, and they are most optimistic about Internet energy services.
Former deputy general manager and investment director of Xinhua Fund, founded Xinhua Jiahui after leaving his post.
He won the liberal arts college entrance examination, worked as an official in the propaganda department, set up a plastic factory in Shanghai, received vocational education and went to Hainan to speculate in stocks. Later, he entered Xinhua Fund and created the myth of 1 15% annual income. In 2009, its management of Xinhua You Xuan Growth and Wang Yawei staged "Two Kings PK". He is Wang Weidong, former deputy general manager and investment director of Xinhua Fund. Now, Wang Weidong, who is nearly 50 years old, has devoted himself to private placement and founded Xinhua Jiahui.
"The reason why I came out to do private placement is not only because I am optimistic about the prospects of the China stock market, but also because I want to realize my investment ideal." Wang Weidong's plain words reveal the persistence of this old stockholder who has been immersed in the capital market for 20 years. He not only has a broad understanding of the transformation and upgrading of China's economy and the transformation of major contradictions, but also has a clear understanding of the stock market speculation and a logical grasp of long-term investment.
Wang Weidong said that the A-share market of 20 13 and 20 14 is a good time to pick fruits, but at 20 15, investors need to climb a ladder to pick fruits, and when climbing a ladder, they should pay attention to whether the ladder is safe.
20 15 A shares are dominated by structural opportunities.
In the face of the big bull market theory, Wang Weidong has always been sober. He believes that the big bull market must have at least two foundations: one is the sustained growth of corporate profits, and the other is the loose monetary policy. There is no doubt that monetary policy is loose now, but the profits of many enterprises are actually declining. From the macro-economic data, China's economy has not come to an end, but from the micro-economic indicators such as power generation, China's economy should be the worst this year.
Wang Weidong believes that in the rapid economic development of China over the past 30 years, the demand of ordinary people is very strong, but the supply is seriously insufficient, but now the demand is insufficient and the supply is seriously surplus. Judging from the relationship between supply and demand of housing, with the disappearance of China's demographic dividend, the next generation may face the problem of selling houses instead of buying them. In other words, the main contradiction of China's economy has undergone fundamental changes. Correspondingly, residents' consumption is also transforming from basic material consumption such as food and shelter to brand consumption such as leisure and entertainment and great health. However, the growth of these consumption is relatively slow, and it is impossible to stimulate demand in a simple and rude way as in the past.
"Eliminating backward production capacity is also a slow process. If the production capacity is eliminated too quickly, it will affect the security and employment of the financial system. " Wang Weidong said that although the growth rate of corporate profits showed signs of rising, the growth rate of total profits was still declining. Therefore, this year's A-share market lacks the basis for corporate profit growth, but this does not mean that it is pessimistic about the A-share market, and structural opportunities will continue to emerge one after another. The government's fiscal deficit has increased, financial input has been increased by issuing bonds, and monetary policy has been further relaxed, which has played a very good role in stabilizing market sentiment; At the same time, the economic restructuring has achieved remarkable results, the service industry output has surpassed the secondary industry, the PMI index of emerging industries is optimistic, and the elimination of backward production capacity has also achieved certain results. The structural opportunities in the A-share market will be more reflected in sub-sectors.
Wang Weidong said that there are bubbles in the valuation of some Internet stocks in the A-share market, and the reform of the registration system is likely to burst these bubbles. Therefore, the 20 15 A-share market will present a pattern of coexistence of opportunities and risks, and the overall stock index will fluctuate upward, and investment should be based on bottom-up stock selection.
Most optimistic about Internet energy services
With regard to the booming Internet stock market, Wang Weidong believes that many Internet companies that were hyped in the Internet stock market in 2000 no longer exist, so investors should pay most attention to the core competitiveness of enterprises and avoid overheating, thinking that the Internet will dominate the world, and the medical skills of doctors will always be the core. If the restaurant engages in the Internet and mobile Internet again, the food made is not delicious and consumers will not buy it. However, once some brand enterprises in traditional industries solve the problem of overcapacity, their profitability will be greatly improved and their prices will rise. Excellent investors will not miss investment opportunities.
As far as staged investment opportunities are concerned, Wang Weidong is optimistic about resource products. After the financial crisis in 2007, commodity prices continued to fall, facing the opportunity of medium-term rise. In addition, with the further easing of monetary policy, low-valued varieties concentrated in traditional industries are also facing investment opportunities.
In the long run, Wang Weidong is most optimistic about Internet energy services. He believes that after the electricity reform is really started, the activity of the electricity trading market will be greatly improved, and a large number of renewable energy sources can be truly utilized. The free competitive power market, coupled with the environmental storm and the awareness of energy saving and consumption reduction of the whole society, will bring the golden investment period of photovoltaic, wind power and other new energy sources over 10 years. At the same time, the combination of energy industry and Internet will give birth to numerous Internet energy service sub-industries, which is the next blue ocean for investment.
"Once the traditional enterprises with real core competitiveness run the Internet transformation, their profit prospects should not be underestimated, and they are also the main force of future economic development." Wang Weidong said that the Internet and mobile Internet represent the trend and direction of future economic development, and will also generate numerous investment opportunities in the A-share market. However, the concept of Internet also has some risks. On the whole, Wang Weidong's investment style is neither an overly conservative pure value investment nor a speculative concept, but a combination of value and growth.
Yu Xin: Make your own products for the rest of your life.
After the former assistant general manager of Dongfang Fund left his post, he founded Zhenxin Assets Company.
At the beginning of this year, Yu Xin, who worked in Oriental Fund for nearly 10 years, chose to join the wave of private placement. Today, the Zhenxin Assets Company he founded has been registered, but he is still in a silent period. He told the China Fund newspaper reporter that this time is precious, so you can think, relax and feel life.
Yu Xin hopes to issue products that meet his own investment characteristics and grow together with investors who agree with his investment philosophy. He said it's good to do product management in the second half of his life.
The product is small and exquisite and lasts for a long time.
Yu Xin is full of confidence in the future, because the asset management industry has formed a one-stop entrepreneurial service, and it can "borrow the east wind" everywhere.
Yu Xin believes that the system of private equity fund (PE) may have more advantages than public offering. In terms of policy, after the formal introduction of the filing system for private equity funds (PE), the recognition of the industry has gradually increased, and mature institutions provide services in sales, registration and liquidation, information disclosure and asset custody. In the research field, brokers can also provide quality services. Yu Xin said that all these provide a good opportunity for dedicated investment managers to develop rapidly. However, customer service must be done by hand. On the one hand, it is their own responsibility and obligation. On the other hand, communicating with customers is also a kind of learning.
Yu Xin also said: "This is my last career. I don't want to change it again, and I won't change it again. "
Yu Xin hopes to find investors who recognize his investment philosophy to become his customers and grow together. Therefore, the products are not big, not many, only refined, and the business cycle will be "very long, very long, very long." He said that if customers agree with their investment philosophy, communication costs can be effectively reduced, product scale will be more stable, and it will be more conducive to realizing value investment and long-term investment. Now, they plan to manage it for at least 20 years, that is, until they are over 60 years old, and if possible, manage it for 10 years.
Some A-share eggs are more expensive than chicken.
Yu Xin's investment philosophy is very simple. He explained that even the best things have a price. Nothing is worth buying. Buy high-quality companies at reasonable or undervalued prices, hold them for a long time, and wait for the benefits to be realized. This is the core of value investment. "Use today's money to buy more money at a discount tomorrow. This is my understanding of investment. " In actual investment, Yuxin loves companies with low valuation and certain growth, and obtains satisfactory returns through long-term investment. At the same time, he dislikes high-value stocks and rejects "story meetings" and irrational bubbles. "For most secondary market investors, these stocks are destroying wealth and capital markets."
Yu Xin believes that in some areas of the A-share market, eggs are more expensive than chickens. If there are a few companies with a price-earnings ratio of 80 times, it is understandable, but there are thousands of companies with more than 80 times, which is worthy of vigilance. If there are so many high-growth companies, China's GDP growth rate will not continue to decline, and the transformation will not be so urgent.
"What is certain is that most of those high-value companies are not worth the money now. The price-earnings ratio of hundreds of stocks is more than 70 times, indicating that the bubble has formed and it is only a matter of time before it bursts. " Yu Xin said that in fact, the opportunities brought by the Internet to traditional industries are more worthy of attention.
Yu Xin said that leading enterprises in traditional industries have a greater chance of making their enterprises bigger with the help of the Internet than new enterprises have a greater chance of success. They are very strong in resource guarantee, brand, personnel quality and financial strength, and have more experience in risk control. They can quickly absorb new technologies to become bigger and stronger, and their growth is more certain.
Fan: The former old boys is now a private equity investor.
The former director of stock investment in cathay pacific fund founded Zhao Tian Investment after leaving his post.
"It takes a lot of energy to do one thing, and many things are not taken for granted." Although he has not been away from Public Offering of Fund for a long time, Fan has already felt that it is not easy to start a business. In February this year, he founded Shanghai Zhao Tian Investment Management Co., Ltd. According to him, the company is still preparing products.
Looking for the essence of investment
From the beginning of 20 13 to the beginning of 20 14, the market fell by about 10%, and many partial stock funds in cathay pacific fund performed well. The heroes behind the scenes are five fund managers who call themselves "old boys", and Fan is one of them. However, Fan is not a frustrated old boys. Engaged in the securities market for more than 15 years. Before leaving his job, he managed the social security fund and three Public Offering of Fund.
"I will feel tired after working in public offering for a long time, especially if my long-term performance is not bad. You are always in a' comfortable' state, and the lack of motivation to move forward creates a sense of crisis. Moreover, Public Offering of Fund pursues relative ranking, which I think may not be the essence of investment. " Talking about the original intention of creating investment, Fan said so.
Fan said that last year, a large brokerage company wanted to cooperate with cathay pacific fund to issue a customized fund managed by Fan. "When the roadshow was warmed up, the enthusiasm and professionalism of the brokerage account manager deeply infected me. The greater their expectations, the greater my psychological pressure, because I already have the idea of leaving. " He said that without any planning and preparation for the future, he confessed to the leaders that he might have other ideas.
Fan worked in Cathay Pacific for 10 years. When he left the fund manager, he was naturally very nostalgic and reluctant. "Cathay Pacific has a good platform. All my A-share investment experience is accumulated here, and I miss the atmosphere of Public Offering of Fund, so I can simply invest. "
Pay attention to the beginning and the result and process.
Everything is difficult at the beginning, and Fan has a deep understanding of it.
"Private placement is a more competitive Red Sea. There is no entry threshold, but ultimately it depends on performance. The market may only give one chance. If the performance of the first product is not done well within one year, there may be no chance to issue the product in the future, and it is impossible to prove your investment ability. This is cruel. " Fan believes that the process of private placement is as important as the result. If customers quit halfway, even the best investment idea is empty talk.
Fan believes that after the product is established, how to do a good job is the biggest challenge. "Although I am in awe of the market, I still have confidence in my investment ability."
Private equity funds (PE) pursue absolute returns, and Fan understands the challenges. "It is very important to switch positions, and the risk of stepping on the wrong is far greater than the risk of stepping on the air. Therefore, how to combine bottom-up stock selection with top-down position control in the future is a great challenge. "
Fan is optimistic about the future capital market. "There is no need to dwell on the specific economic situation or the growth rate of corporate profits. Since the second half of last year, there have been fewer and fewer high-yield fixed-income products, and a large number of assets stored in them need to be reconfigured. This will not change with the fundamental changes of enterprises. From this point of view, the stock market will not be too bad in the next few years. "
Fan believes that there is little opportunity for a simple cyclical industry, and the future must be dominated by the Internet. However, traditional fields such as finance, commerce, home appliances and automobiles will have great flexibility if they are combined with the Internet.