The recent list of CSI Golden Bull Award winners has attracted market attention. Behind the Golden Bull Fund, there are some high-quality investors who are also talked about by investors as "achievable".
For example, Xinhua Pan-Resources Advantage Flexible Allocation Hybrid won the "Open Hybrid Seven-Year Continuously Excellent Golden Bull Fund" award (the Golden Bull Award was selected by the China Securities Journal, and the results were announced on August 29, 2022). The previous fund managers are: Wang Weidong, 2009.07.13-2010.10.13; Cui Jianbo, 2010.03.24-2014.01.02; Gui Yueqiang, 2011.06.27-2015.08.07; Luan Jiangwei, 2015.08.03-2018.05.28; Luan Chao ( 2018.05.17 to present), behind this heavy seven-year Golden Bull Award, Luan Jiangwei’s performance in the past three years is indispensable.
Since June 2018, Luan Jiangwei has joined CITIC Construction Investment Fund as the administrative head of the Equity Investment Department. There are currently 4 products under management, with a total scale of only 1.5 billion yuan (as of June 30, 2022). Investors who have studied multiple funds believe that Luan Jiangwei is a "small but beautiful" high-quality fund manager who is likely to be underestimated.
A balanced general with a medical background
Luan Jiangwei's investment labels are - growth-oriented, good at rotation, and balanced allocation. We found that he has no obvious track label, so it is difficult for everyone to think that Luan Jiangwei is actually a top medical student and a graduate of Peking Union Medical College (Union). Master of Pharmaceutical Analysis (formerly Union Medical College of China).
Since 2008, Luan Jiangwei joined Xinhua Fund and began a six-year industry research career. During this period, he was responsible for research in medicine, light industry, transportation, non-ferrous metals, chemical industry, national defense industry, textile and clothing and other industries;
At the end of 2014, Luan Jiangwei shifted from industry research to macro strategy research and served as a macro strategy analyst for one year;
During the stock market crash in July 2015, Luan Jiangwei began to serve as a fund manager. He joined CITIC Construction Investment Fund as a fund manager in June 2018 and has nearly 7 years of experience in public fund investment.
Luan Jiangwei entered the market during the bear market and began his investment career. In the past seven years, he has withstood the bull market and the bear market. Coupled with his solid industry research and macro strategy analysis background, as well as his balanced allocation style, the products he manages have experienced both bull and bear markets and are favored by many investors. "Treasure" fund manager.
Product performance significantly outperforms baseline
Currently, Luan Jiangwei manages a total of 4 products, namely CITIC Construction Industry Rotation, CITIC Value Select, CITIC Strategy Select, and CITIC Quality Select One-Year Holding (established on March 28, 2022).
Among them, since its establishment on January 17, 2019, CITIC Industrial Rotation A has a net value growth rate of 155.38% and an excess return rate of 121.93% (the performance comparison benchmark for the same period is 33.45%). The product’s yield rate in the past year ranked 73/321, its yield rate in the past two years ranked 27/251, and its yield rate in the past three years ranked 21/173. Obtained a three-year five-star rating from Haitong Securities. (Data source: Haitong Securities Fund Data Monthly Report, the calculation deadline is July 29, 2022, and the performance has passed the custody review; similar funds are divided into hybrid - active hybrid open - partial stock hybrid)
“All-rounder” investment ability
Luan Jiangwei's investment capabilities are relatively comprehensive, with highlights in timing, industry allocation, and stock selection.
1. Good at seizing the opportunity
At the asset allocation level, Luan Jiangwei is good at grasping the market rhythm and choosing the right positions at the right time.
From the 2020 annual report to the first quarter report of 2022, CITIC Construction Investment’s industry rotation stocks dropped from 86.67% to 72.09%; CITIC Construction Investment’s value selection position dropped from 90.88% to 72%.
The data comes from the fund's regular reports, which include position changes in the last eight reporting periods for CITIC Industrial Rotation and CITIC Value Select. Market risk, the investment need to be cautious.
Luan Jiangwei himself is also quite modest. He said in the latest road show, “In the past three years (2019 to 2021), the track has been the king of the market, and timing has not contributed much to profitability; starting from this year, I think the timing will be when the market rises this year. A few stocks rise sharply, and when they fall, they generally fall. When I think there is risk in the market, I will choose the opportunity."
2. Balanced and decentralized industrial structure
At the industry allocation level, Luan Jiangwei insists on top-down industry screening, focusing on buying industries with rising prosperity, but at the same time, he will also moderately participate in the structural market conditions of popular sectors through flexible and decisive operations.
It can be seen from the changes in industry allocation of CITIC Construction Investment that he pursues a moderately balanced industry allocation in investment portfolio management, has no special preference for industries, and will not impulsively focus on the track. Single logic. At the same time, Luan Jiangwei's investment logic also includes a high degree of sensitivity to the market.
The screenshot is from wind, which represents the industry configuration changes of CITIC Construction Investment's industry rotation from the end of 2019 to the end of 2021. According to the shareholding disclosed during the product reporting period, it is classified by wind and is a first-level industry in Shenwan.
Taking CITIC Construction Investment Rotating Mix A as an example, Luan Jiangwei focuses on industry, materials, information technology and other sectors. What is particularly striking is that in the first quarter of 2021, Luan Jiangwei tried his best to avoid stocks with high valuations and previous cumulative gains, and his positions were mainly low-valuation stocks and some growth stocks with high valuations and matching performance; in the second quarter of 2021, he occupied Photovoltaics, lithium batteries and other high-prosperity tracks; in the second quarter of this year, he gave priority to stocks in the consumer electronics sector. Luan Jiangwei's industrial configuration capabilities have enabled his products to achieve relatively good results.
3. Stock selection level: discover industry leaders in subdivided industries
In terms of stock selection, Luan Jiangwei, on the one hand, attaches great importance to the prosperity of the industry in which individual stocks are located; on the other hand, he conducts in-depth research on the fundamentals of individual stocks and selects industry leaders with good tracks, strong competitiveness, and excellent management from the bottom up.
In addition, we pay full attention to the liquidity and long-term logic of individual stocks, and strictly control the moat and core competitiveness of individual stocks.
The data comes from the fund's regular reports. Only the top ten holdings of CITIC Industrial Rotation Portfolio A since the end of 2020 are displayed, which does not represent individual stock recommendations. Market risk, the investment need to be cautious.
From the perspective of stock holding style, Luan Jiangwei does not deliberately limit himself to a certain style when selecting stocks, but will make judgments and adjustments based on market conditions and trends.
Seize the segment leaders with excellent fundamentals
The market has had its ups and downs this year. What opportunities lie ahead? Luan Jiangwei conducted market research and judgment in the fund’s interim report:
"Various economic stimulus policies were frequently introduced in the first half of the year, and the short-term economic recovery is expected to be weak in the second half of the year... In the medium and long term, the index will not fluctuate. The structural differentiation is still very obvious, and market opportunities are still concentrated in a few sectors and individual stocks.
Screenshot of the 2022 Fund Interim Report
Luan Jiangwei said that he will focus on allocating leading stocks in sub-sectors with rising prosperity, and increase allocations in leading stocks in sub-sectors with good fundamentals and low valuations.
On August 25, CITIC Construction Investment Fund announced that it planned to hire Luan Jiangwei as the fund manager of CITIC Construction Investment Trend Leading Two-Year Holding (Class A) Fund.
Funds with a holding period of two years can, to a certain extent, control investors' mentality of chasing ups and downs, trading time for space, and striving to allow holders to obtain compound interest value; on the other hand, it can alleviate frequent subscriptions to a certain extent Case. Faced with the liquidity pressure caused by redemptions, fund managers can give full play to their advantages, focus on the mid- and long-term performance of the fund, and strive to obtain higher returns for investors.
In a volatile market environment, funds with more flexible operations are worth paying attention to! Under the market style of industry involution and frequent switching between high and low sizes, it is suitable for balanced configuration!
CITIC Construction Investment, helmed by balance rotation master Luan Jiangwei, launched a two-year holding (A-class) confidence issuance. Investors who want a balanced allocation and strive for stable returns should not miss it!
Zhang Tingting S74, A259
Risk warning: This article does not represent the views of CITIC Securities. It is merely a discussion of fund investment strategies and does not constitute investment advice. The research content of this report will be compiled later. There is no guarantee that the content will be completely consistent with the original research text. In addition, the fund manager's views may change. ;The information in this article comes from public information that the Company believes to be credible, but the Company and its authors do not guarantee the accuracy and completeness of the information, nor guarantee that the information and recommendations contained will not change under any circumstances. Method; We strive to be objective and fair in terms of content, but the opinions, conclusions and suggestions in the article are for reference only. The specific funds, stocks and other securities mentioned are examples only and do not constitute any investment, legal, accounting or tax advice to investors. Final operational advice; Historical performance does not represent the future, nor does it serve as a guarantee for the future income levels of other products of the same manager/fund manager/investment strategy. Any investment decision made by anyone based on this information has nothing to do with CITIC Securities and the author. For details of fund products, please read the fund legal documents and be bound by them. Fund investment involves risks and decisions must be made with caution. The content contained in this article may not be copied or reproduced for commercial purposes by third parties. If you need to copy or reprint, you should apply for authorization and indicate the source. Any citation, deletion, or modification of the content that violates the original intention is prohibited.
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