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福彩专家预测推荐:Weaken the concept of growth and value The fund digs into the "moat"

时间:2018/3/30 18:40:19  作者:  来源:  浏览:0  评论:0
内容摘要: This year, fund managers' investment views began to change. Increasingly, the criteria for selecting individual stocks by fund managers is ...

This year, fund managers' investment views began to change. Increasingly, the criteria for selecting individual stocks by fund managers is not limited to the concept of “growth” or “value”, but rather emphasizes “moat”. But for different fund managers, the definition of "moat" seems a bit different.

Weakened definition of growth/value

The A-share market has no shortage of concepts that define certain types of stocks, such as “Leading Baima”, “Value Shares”, “Blue Chips” and “Growth Shares”. There are many investors, including fund managers, who describe themselves as investing more often than not. . They also advertise that they love “value stocks” or “growth stocks” more. Many research institutions also classify fund managers as value or Growth type.

The reporter found that more and more fund managers began to have a new understanding of these concepts. Some fund managers believe that the definition of growth stocks and value stocks is not consistent. For example, a fund manager in South China believes that from the perspective of the growth of listed companies, or from the point of view of performance growth, according to the annual report data, (600519) Kweichow Moutai's net profit increased by 61.97% year-on-year. It is a growth stock. “Everyone has a different definition of ‘growth’. It may not be right to simply define GEM as ‘growth’. For example, household appliances industry has a rapid growth rate and it is also growing.” The fund manager said.

Another part of the fund manager began to weaken the concepts of “growth” and “value” when he mentioned his own stock selection criteria. A Beijing public investment director directly stated that many investors separate value stocks and growth stocks. This is actually unreasonable. He believes that the essence of investment is to look for good companies and look at long-term returns from the perspective of shareholders. If you choose companies in such a framework, there will be no value or growth.

“Moat” as the key to stock selection

In the past year or two, the market style has placed more emphasis on obtaining excess returns through research, and investment climate has returned to the nature of investment. The reporter found that the fund managers also began to no longer simply deliberately distinguish between growth stocks and value stocks. They were not limited to this definition at the time of stock picking, but returned to the listed companies themselves, and they found out their favorite products based on qualitative or quantitative indicators. At this time, the company, at this time, whether the concept of a certain “moat” has been mentioned by more and more people.

A fund manager in Beijing stated that at the level of stock selection, we must look at both quantitative and qualitative aspects. The mid- and long-term qualitative factors are increasingly important. That is, we must analyze the entire business model, such as how the company’s “moat” and brand power are. and many more.

“The profitability of investors in the stock market, on the one hand, derives from the creation of corporate value, so try not to do or cut down on “cut vegetables” and the game, and spend more time and energy on the issue of corporate value creation. It depends on the growth of a company's earnings and the degree of match between profit growth and valuation." A South China blue-chip fund manager said that from the perspective of stock picking, judging whether a company has sustained earnings growth, you need to look at this. Does the company have a "moat"?

Changsheng Fund Executive Director, Equity Investment Department, Changsheng Electronic information Industry fund manager Zhao Nan believes that a good company needs to have four conditions: First, there is a good business model, which means that the company has a very good The profitability, from a financial point of view, should have a high rate of and an interest rate of . Second, there must be a “moat” that can maintain a very high level of interest rate of at a rate of for a long time, and remain stable; Third, the management is motivated to work hard to realize the company's own value; Fourth, a reasonable price.

Chen Ping, HSBC Technology Pioneer Fund Manager, said that starting from the sub-industry, identify those industries that continue to grow, and then select quality companies. In the process of stock selection, they generally value space, growth, barriers/moats, and core competitiveness. "Relatively speaking, we value the fundamentals (including future fundamentals) more, the valuation tolerance is higher, and we rarely participate in the pure concept hype."

The leading company or more "moat"

For the fund manager, owning "Moat" means that listed companies have a competitive advantage. How to judge a company's "moat" has also become the key. Du Kejun, a partner at Beijing Grey Assets, said that first, "intangible assets" can be considered as a real business moat. Firms with intangible assets can sell products or services that competitors cannot emulate. Second, "customer switching costs" can also be seen as a commercial moat. When a customer converts a product or service, it has to bear a great price or even a risk, and the company has the advantage of converting the cost of the customer. In addition, “network effect” is a very important factor for Internet companies to establish “moat”. The most important thing for an Internet company to develop today is not traffic, but connections—connecting people, connecting people and services, and connecting services and services to form an “internet.” "And build an unbreakable "moat." In addition, "cost advantage" is equally important for building a "moat." The so-called cost advantage is based on the geographical location, business scale, business processes and other advantages formed by the business.

Looking into the future, Pu Yansheng, manager of Pu Yin Ansheng's fund selection, said that the theme of Qiangzhongzhongqiang will not change, because horizontal and vertical comparisons will reveal that the leading company’s “moat” is widening and its profitability is better.

In fact, the accumulation of industry leaders continues. Lin Peng, Managing Director of Dongxuan Asset Management stated that from the perspective of the company or the industry, different macro environments have different effects on micro-enterprises. In a tight macro environment, a good company can expand its competitive advantage. If the macro environment is very good or the industry is in a good state of development, it is actually not conducive to the continuous improvement of the competitiveness of the best companies. In the context of de-leveraging this year, funds may be relatively tight, but the leading cash and financial status of most A-share market players is very good.


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