Three-year return of over 40%!
Ruiyuan Balanced Value Three-Year Holding Mix, which opened for redemptions on Feb. 21, will adjust the limit on subscriptions and regular fixed investments from $300,000 to $10,000 starting Feb. 27th. And on the previous February 23, the fund's subscription limit was just raised from 100,000 yuan to 300,000 yuan. The following is a three-year return of more than 40%, I hope you like it.
Subscription limit reduced to 10,000 yuan
February 23, Ruiyuan Fund issued a notice that, in order to protect the interests of fund shareholders, since February 27, by the company's managing director, fund manager Zhao Feng as the Ruiyuan balanced value three-year holding mix, limit subscription and regular fixed investment amount from 300,000 yuan adjusted to 10,000 yuan. million yuan.
According to the information, Ruiyuan balanced value three-year holding mix was established on February 21, 2020, for each share of the fund set a three-year lock-up holding period, the lock-up holding period expires into the open holding period, each share of the fund from the first day of the open holding period can only be handled by the redemption and conversion out of the business. The fund has just opened for daily redemptions since February 21st.
As the second fund issued since Chen Guangming, former chairman of Dongfang Hong Asset Management, founded Ruiyuan Fund, Ruiyuan Balanced Value Three-Year Holding Mix has been attracting a lot of attention from the market. According to the information, the fund's offering period was only one day on Feb. 18, 2020, and the amount of effective subscription applications exceeded the 6 billion yuan subscription limit on that day. In the end, the fund's effective subscription confirmation ratio was 4.90%, the total number of effective subscriptions for the fundraising was 376,800 households, and the net subscription amount during the fundraising period was 5.965 billion yuan.
Subsequently, the fund was opened for daily subscription and regular fixed investment business from May 20, 2020, and limited the large subscription amount to $1,000.
After 2022, the fund's subscription limit began to gradually pick up.
The fund's subscription limit was raised to $10,000 and $100,000 in January and March 2022, respectively. The fund raised its subscription limit to $300,000 effective February 23, following the opening of daily redemption operations this year. And after this adjustment, the fund's subscription limit will fall back to 10,000 yuan again from Feb. 27 onward.
The fund's latest size was 16.279 billion yuan as of Feb. 1, according to the results of Ruiyuan Balanced Value Three-Year Holding Mix's previous participation in the non-public offering of shares of Taihe New Material. In terms of performance, as of Feb. 23, the fund's A share had a total return of 40.49 percent since inception; thanks to the strong rally in Hong Kong stocks at the end of last year, the fund's return since November 2022 was 25.09 percent.
Stay cautiously optimistic in the short to medium term
From the 2022 quarterly report, the top 10 long positions of the Ruiyuan Balanced Value Three-Year Holding Mix are China Mobile, BG Services, Sanuo Biologicals, Meituan-W, Wanhua Chemical, Ningde Times, Dongfang Rainbow, Siyuan Electric, China Resources Brewery, and Weigao Shares, according to the Wind Industry Classification, the long positions are mainly in a variety of industries, including telecom services, real estate, healthcare, consumer discretionary, materials, and industrials.
"We have been using a balanced allocation, bottom-up approach to structure the portfolio in the operation of the fund, and will consider industry growth, corporate competitiveness, valuation and other aspects of the selection of individual stocks, and the industry allocation will be more diversified." Zhao Feng introduced, in the selection of individual stocks, the company's texture and cost-effective is the most important stock selection criteria. Among them, the company's texture includes values, governance structure, competitive barriers, research and development and innovation capabilities and other factors, while the cost-effectiveness is the long-term investment return implied by the difference between the current price of the stock and the future value of the company.
For this year's market performance, in Zhao Feng's view, after the previous market rebound, the current valuation level has been repaired, but is still in a relatively reasonable range, he is cautiously optimistic about the market in the short and medium term.
Zhao Feng believes that there are two main factors affecting the future performance of the market: First, the magnitude and pace of the fundamental improvement. The market valuation level has returned to a more reasonable range, valuation repair has been basically completed, the basic drive to become the main driving force of the follow-up. Second, the strength and rhythm of the policy side. The market has a certain expectation of the policy, more clear economic growth policy to be clear, this year may still face policy and fundamentals of the game.
From the valuation and historical points of view, Zhao Feng believes that the financial and real estate sectors are still undervalued. Financial aspects, the brokerage industry this year, the fundamental trend may be good, valuation is also in a relatively reasonable low level; Banks currently have a better level of profitability, spreads are also relatively good, but can maintain high profitability, their own operating conditions will not be affected by the macro-economic impact, there are still variables. Real estate, the future development of the business model may change, corporate profitability may also be adjusted or changed, how to go to revaluation is more difficult.
Grab the continuous stop stock
Midline stock selection skills, to do the layout of the medium and long term, you have to look at the current situation of the market, you can refer to the broader index of the annual line (250 antenna) and half a year (120 antenna), if the trend of the annual line and half a year above the line, that shows that the current is not a bear market. In front of the national policy, in the case of the stock market market fell across the board, the stockholders do not exist to grab a rebound or choose to buy people, should follow the trend to clear the position and wait and see. If the stock market rises, it is necessary to follow the trend into the medium-term holdings.
Medium-term stock selection should be comprehensively analyzed from six aspects: K-line pattern, technical indicators, relative price, company fundamentals, the direction of the general market, the stock theme. Should give up some of the price-earnings ratio is very high, the price is much higher than the intrinsic value of the stock.
As for how to catch the continuous stop stock? Starting stock price increase of more than 6%; must be "released"; the greater the increase represents the stronger the trend, the more favorable. Stop the key conditions, the opening high open between 2 and 3 points, low open no more than 2 points for the best; down the process can not be released, the release of the volume is suspected of shipping; closing price closed near yesterday's closing price, not to form a gap for the best.