Source: Snowball APP, Author: Smart Investor, (
Bao is "the pearl of dust" in the bull market.
If you pull the data, it is difficult for you to pull him out, because in 2019 and 2020 in the market, he is really not eye -catching.Representative products, the annual income is only 14.81%and 14.08%, while in the past two years, the average yields of partial stock hybrid funds are 45.02%and 55.91%, respectively.
But it is such a fund manager who has not showed his performance and does not show the mountains. Representing the products on behalf of the products have achieved an annual positive income.
Especially in the extreme changes in 2023, Bao’s unparalleled products carried all its products to the last quarter of the plunge, all of which have obtained more than 13%of the income (except for the state -owned enterprise value of Jingshun Great Wall with less than one year of management time AHe and Jingshun Great Wall value discovery A1).
In fact, for Bao, it is not allowed, and in 2023, it is considered a "new answer". The only problem -solving idea is still to adhere to value investment, think independently, refuse to obey, and insist on their style without drift.
Today (January 22), Bao Wudi products released the 2023 four quarterly reports.
From the perspective of holdings, the top ten heavy stocks have not changed much. The top ten stocks of the top ten heavy positions have "old friends" and "new faces". The overall heavy positions are still mainly resource products.Mumbai Stock Exchange
The four seasons have fewer narratives of resource products, but in an interview before last year, Bao could not tell the reason why he was optimistic about resource products:
"We are optimistic about energy -related resources, resources cannot be copied, and resources are promoted by global demand. The global economy is upward. Most countries outside India are inflation. This year, the Indian economy is not bad.
Specifically, India and Southeast Asia have a population of 2 billion, and the consumption of resource products is very large, which is the same as India 20 years ago."
In the report, Bao was still optimistic about the future income of stock assets.
"We believe that from a long -term perspective of more than ten years, stocks will be the best performance and can obtain positive assets. At the moment when the overall market valuation is not high, we should also actively look at the investment opportunities in the market."
Under the detailed disassembly of Bao Fuqi, we will be dismantled in detail: the scale reached a new high, and the positions have decreased
Under the blessing of performance, the total scale of Bao’s unable to manage has doubled in 2023.
From 8.971 billion at the end of 2022 to 20.850 billion at the end of 2023, 1.301 billion compared with the third quarter (19549 billion).
It is worth mentioning that the company restricts the size of its multiple products.
The Xinfa Fund is not available in the closed period. The three -year closed product is suspended to purchase. There are also three funds, including the largest large -scale suspension of large -scale purchase. Instead, the restrictions on large subscriptions will not be canceled on January 9 this year.
In a recent exchanges, Bao Fu couldn’t talk about scale issues that his strategic capacity may be more than 20 billion, so some were closed, and the smaller the scale, the better.
Data source: Wind, as of January 19, 2024
Bao Wudi’s products were positive on the board in 2023 (except the two new funds issued in 2023), and the 5 funds of five funds were more than 15%.
The opening of the closed funds released in the second half of 2020 is among the best, and it is also the best product performed in 2023, with a profit of 16.58%.
After stretching to three years, its product revenue was higher than 20%(only the products with statistics only three years of performance).
In terms of stock positions, Bao Mo could still maintain the operation of mid -to -high positions in the fourth quarter. Among them, the stock positions were relatively decreased, and the end of the quarter was 77.59%.
In the quarterly report, Bao Mu could explain that "because some stocks have fulfilled profits, the fund positions have declined." (Of course, some of the incremental funds have diluted some positions.)"
Use Bao to describe our positions: "At present, the fund’s positions are in line with our investment concept, have a better business model and strong business barriers, and the current valuation is also in a reasonable and low range."
Generally speaking, the top ten heavy warehouses of Bao’s eight funds have changed in the fourth quarter, and there are "old friends" and "new faces".
For the first time in the fourth quarter of the first top ten "new faces", both stocks were related to coal.
The relatively complete coal -electrified aluminum industry chain has been formed, while focusing on raw coal mining, coal washing, and coal -coking smelting; the development and utilization of clean coal technology; coal seam gas development; comprehensive utilization of coal; comprehensive utilization of coal, and geological exploration.
It is obvious among the "old friends" that Bao has not increased its holdings significantly.In the second quarter of 2023, Jiu Li specially appeared in the top ten heavy warehouse stocks. In the fourth quarter, the top ten heavy warehouse stocks were newly selected for Shanghai and Hong Kong, the two -year holding period of values, and the margin of value.Lucknow Wealth Management
In addition, there are many increases. The increase of these two stocks is mainly from the new Fund Fund in October 2023.
On the whole, it is more reduced, and coal stocks are mainly adjusted by individual stocks.
Data source: Wind as of December 31, 2023.
Note: The above form only selects the two representative products with the longest time to manage Bao (A,)
Specifically, the largest scale, the top three heavy positions were 494 million yuan, 418 million yuan, and 349 million yuan, respectively.
The top ten heavy stocks of the new.
It is the only stock that increases its holdings, with an increase of 11.13%, and the market value of the position is 193 million yuan; it has been greatly reduced and reduced.
The secondary Shanghai -Hong Kong Shenzhen selection only increased its holdings, and ,,,,,,,,,,, and.
Among the two -year holding of Value, the top ten heavy stocks in the top ten, which has increased significantly, has been greatly reduced, and it has been greatly reduced.
During the three years, the top ten heavy stocks in the newly added, and still, Shaanxi Coal Industry and Shanmei International have been reduced.
In the margin of value, only Guangxin shares have been increased, and Zijin Mining and Sichuan Investment Energy have not moved, and the remaining seven stocks have been reduced.
Among the one year of value -driven, the top ten heavy stocks of Xunan Environment can be increased. Guangxin shares have been increased.Petroleum is reduced.
The value of state -owned enterprises established in May 2023, the overall holdings of heavy positions increased their holdings, and value discovery is in the period of construction.
On the whole, there are almost no major changes in the industry, but it has been adjusted on some stocks. It has reduced its holdings of high -dividend Chinese special shares, but the reasons are not mentioned in the quarterly report.Bao’s unparalleled "do something and do nothing"
From the perspective of the positions of over the years, Bao is not a typical low -valued style fund manager. The average price -earnings ratio and net net ratio of heavy stock stocks are lower than the average market.Guoabong Stock
According to the latest disclosed statistics, his representative product Jingshun Great Wall’s energy infrastructure average price -earnings ratio was 10.94, with an average of 31.14; the average market ratio was 2.03, and the average of 4.12 was 4.12.
In the past two years, the concentration of unavailable shares in Bao has increased, but the layout of the overall industry is still relatively balanced, involving many industries such as medical care, media, nonsense, public undertakings, and energy.Pune Investment
In 2019 and 2020, when the market was in the core assets of the market, Bao’s unparalleled heavy positions include both energy companies such as Sinopec and Sichuan Investment Energy, as well as consumer companies such as Yili and Mumbai Airport.
It is also because of the balanced distribution of his heavy warehouse stock industry, and there is no extreme holding of core assets, which led Bao Fu to the bull market in those two years. Although it was a positive income, he did not win the market average.Some hot star products.
Judging from the years of performance trend, in addition to low valuation and relatively balanced shareholding, Bao Mu Mu Mu Mu’s control of retracement is very good.For example, in 2016, Jingshun Great Wall Energy Infrastructure fell 1.38%, while the partial stock hybrid funds fell 13.03%as a whole.
The good retracement control stems from Bao Mang’s control of the fund position.
Before the first and two quarters of 2015, the stock position of Jingshun Great Wall Infrastructure was nearly 90%, but in the context of the market plunge in the third quarter of 2015, the stock positions have been greatly reduced. Since then, the low position operation has been maintained.Only 50%.
Bao Fuqi once said in the roadshow, "Control the retracement, and strive to make investors make money steadily and get excess returns. This is the fund manager I think is reassuring."
This prudent investment style once attracted someone in the market to accuse him of lack of offensiveness.
However, in October 2022, the market was bottomed out, and Bao couldn’t seize the opportunity to raise the stock position to about 85%in one fell swoop. In the first quarter of 2023, the configuration of the bonds was greatly reduced, which also explained his sharp performance that year.
Bao’s ability to evaluate himself is "more distinctive value investment", and in his opinion, the most important thing for value investment is the safe margin.
The margin of security is mainly in two points: the first is that the barriers must be high, and the second is that the valuation must not be too expensive. Once it is too expensive, the risk of implied is greater and must be cautious.
He said in an interview last year, "One of the important conclusions about the stock selection is that high barriers are more important than low valuations. High -quality companies often give you a very cheap priceSimla Wealth Management. In the face of barriers and valuations,In the past, I chose the valuation and like to find the target of the cheap money. Later, I still felt that I should invest in assets with high barriers.If you don’t look at the barriers, you will lose your company. "
In the case of Bao Mo, the A -share market is an effective market, but at the same time, there will also be pricing errors, including local pricing errors, even overall pricing errors in some periods, and then reconstruct the market value.
This process actually gives room for value investment.
Bao Qiqi also stated very soberly that the concept of value investment is not effective every year. I believe that even if he has strong ability, the yield in 2019 and 2020 will not be particularly high, but long -term (value investment) will be absolutely effective.
He also bluntly, "For me, the track market is invalid in the long run."I will still insist on the bottom -up stock selection on the way to value investment.
"I feel that I must have a clear understanding of my ability. I know that when I face the entire market, I have nothing to do.
Agra Investment
