Luo Shifeng, Zhejiang University graduate, has six years of IT-related work experience. 2006 into Tsinghua University for MBA, graduated from the immediate after joining the Nordea Fund, served as a researcher, assistant fund manager, etc., in 2014, served as a fund manager, now . Research Director at Nordea. He has been a fund manager for more than 6 years, began his career at Nordea, and has not changed his home until now, which is very stable.
Nordic Fund is backed by Tsinghua Holdings, China's first fund company with a famous university background. Currently the management scale 26.097 billion yuan, 36 funds, 17 fund managers. Whether from the management scale, or visibility, the fund company is very backward, in view of last year's performance of Luo Shifeng's personal performance perhaps Nordic Fund will be in a period of time into the field of vision, the follow-up to be able to go far, but also to look at the persistent and stable profitability, to make money for the investor we will buy accounts.
At present, Luo Shifeng only manages two funds, a total size of 4.748 billion yuan. Nordic Value Advantage Mixed 3.559 billion yuan, Nordic Cyclical Strategy Mixed 1.189 billion yuan, in the entire market are relatively small. Among them, Nordic Cyclical Strategy Mix won the 2019 Five-Year Solid Return Fund Product of the Year, and Nordic Value Advantage Mix won the 2017 One-Year Active Mixed Star Fund Award.
Luo Shifeng currently manages two funds, Nordic Cyclical Strategy Blend and Nordic Value Advantage Blend, both of which have achieved more than 1.5x performance, which is phenomenal to achieve in 1 year.
Nordic Value Advantage:
Nordic Cyclical Strategy:
In terms of style, Luo Shifeng is a "strong" practitioner of value investing. Warren Buffett once said, "Value investing doesn't guarantee that we'll make a profit, but it provides us with the only shortcut to true success."
As far as the investment framework is concerned, he uses the theory of national competitive advantage to identify high-quality "tracks" from the top down, and adopts the "moat" model to select individual stocks from the bottom up.
What is the theory of national competitive advantage?
Michael Porter published a book called National Competitive Advantage. The book focuses on the theory of HO, Michael Porter believes that the competitiveness of a country in a certain industry is determined by the following factors: factors of production such as human and natural resources, the demand in the home market, and firms' strategy, structure and peer competition. Most countries have a comparative advantage, and the United States has an advantage because it has a technological innovation capability that is unmatched by any other country in the world, which has led to the formation of a large number of globally expanding, high-tech, leading companies, such as Amazon, Apple, and Google.
China's strengths lie in consumer goods and pharmaceuticals, but also in photovoltaics, new energy, and high-end manufacturing. And the theory of national competitive advantage, applied to fund management mainly three.
One is Zhang Kun of Efonda, representing the fund: Efonda Blue Chip Select Mix (white wine + medicine + Hong Kong stocks).
One is Qu Yang of Qianhai Open Source, representing the fund: Qianhai Open Source National Comparative Advantage Mix (white wine + medicine + photovoltaic + new energy).
The third one is Luo Shifeng from Nordea, representing the fund: Nordea Value Advantage (electrical, pharmaceutical, food).
Many people say that Zhang Kun is a white wine player, but this is not his nature. Personally, I think Zhang Kun is based on China's national advantages, choose the head company, long-term holding approach.
In Zhang Kun's holdings, there are two distinctive features, one class is not changed by the times of the company , such as Guizhou Maotai, Wuliangye, Luzhou Laojiao, etc.; the other class is to change the times of the company , such as the U.S. group, Tencent, etc., Zhang Kun's style is to select the company, concentrated Zhang Kun's style is to select companies, focus on the shares, long-term investment.
When the economic growth rate slows down, the competitive landscape of the industry usually improves, and excellent companies usually gain a greater competitive advantage. Especially in the era of mobile Internet, information is transmitted faster and faster, and the time (faster), speed and strength of the head enterprises to gain a competitive advantage compared to the past is stronger. In this era, it is expected to witness a number of outstanding enterprises in various industries continue to grow.
"Look for good companies in sunrise industries and grow with quality companies***." This is how Qu Yang summarizes his investment philosophy. In Qu Yang's view, "sunrise industry" refers to the industry that is in line with the general direction of social development and can maintain rapid growth in the long term.
Lou Shifeng's investment logic, from a top-down perspective, is to stand in the national competitive advantage perspective, selecting those industries with global competitiveness.
Luo Shifeng is looking for industries that have large market demand space, excellent allocation of resource elements, good interaction and synergy of the industrial chain, and the formation of a high industrial cluster effect.
Luo Shifeng said, based on the national competitive advantage, optimistic about the A-share catering industry chain, spices, white wine, white power, medical services, consumer electronics, 5G, new energy and so on, most of which have a global competitive advantage in the industry, especially the latter few biotechnology and manufacturing enterprises.
After selecting a high-quality "track", it's time to select individual stocks from the bottom up. In the selection of individual stocks using the "moat" model , in the face of strong growth certainty, competitive advantage of the company, give a certain valuation premium .
Always adhering to the concept of value investment, Luo Shifeng in the fourth quarter of last year to continue the growth value investment investment framework, focusing on the allocation of the food and beverage, pharmaceuticals, home appliances and other industries in the value of low valuation of the stock, while in the clean energy, advanced manufacturing and consumer electronics growth prospects are more certain .
His positions include spices, the restaurant chain, medical services, photovoltaics, and consumer electronics.
Luo Shifeng's top ten positions are simply categorized by industry as follows:
Electrical equipment: Longyi, Sunny Power;
Pharmaceuticals and biotechnology: OPCV, Changchun High-tech, Myriad Healthcare;
Food and beverage: Taste of Heaven, Luzhou Laojiao, Guizhou Maotai;
Agriculture, forestry, animal husbandry and fisheries: Haida Group;
He has managed five funds in one **** and is still managing only two. In those three years, he's bought a total of ***only 37 stocks
Changes in Nordic Value Advantage Mix (570001) positions are as follows (from Q1 2017):
12 consecutive quarterly holdings include LONGI;
11 consecutive quarterly holdings include. OpusCare;
Tianmei Foods and Haida Group;
Luzhou Laojiao;
Moutai of Guizhou and Sunshine;
Luzhou Laojiao;
Mao Tai of Guizhou and Sunshine; and
Mao Tai of Guizhou and Sunshine. Power Supply.
New stocks added in 4Q2020 are Sanhua Intelligent Control, Changchun High-Tech, and Myriad Medical.
Overall, Luo Shifeng's position concentration is relatively high and the turnover rate is relatively low.
Longyi Stock This 2020 bull stock has been held for 12 consecutive quarters since the first quarter of 2018. From $20 in 2018 , it rose all the way to 92 at the end of 2020, a full 360%. As of February 10 of this year, it's up to 121.
The same goes for Opconvision.
This stock has been in a long position since the second quarter of 2018. It was under $13 in 2018 , and by the end of 2020 it had risen to $81. More than a six-fold turnaround. OpusCare is now at 125 as well.
It can also be seen Luo Shifeng's excellent stock selection ability, as well as his investment philosophy: Long-term investment, after selecting a stock, he will hold it for a long time.
Nordic Value Advantage Mixed and Nordic Cyclical Strategy Mixed positions are both consumer-based, supplemented by new energy and medical, basically in line with the aesthetic standards of A shares. Nordic Value Advantage Mixed compared to Efonda's small and medium-cap mix of positions, more new energy, so the last 1 year since the substantial outperformance of the small and medium-cap. The turnover rate is higher than Zhang Kun, but still not high overall. The rhythm of the last year has been spot on, stepping into key sectors at key times. Nordic value and cycle is not too large, the boat is small is also one of the advantages.
1, with Michael Porter's theory of national competitive advantage to lock the top-down high-quality track, and then use the "moat" model to select individual stocks from the bottom up. In the industry with national competitive advantage, we can find good companies with world-class development space.
2, value investing refers to the use of value analysis of various methodologies to find companies with good growth, and ultimately allows me not to care too much about the short-term valuation of individual stocks high and low. In the face of stronger growth certainty and competitive advantage of the company, we are also willing to give a certain valuation premium. (Style for growth value)
3, to absolute return as the goal, adhere to the long-term investment. Stick to the beginning, insist on doing the right thing, in the long run, in order to continue to create value for the holder in the fierce market competition.
4, dilute the timing, heavy holding. Focusing on long-term value, so we usually don't make too many adjustments based on short-term fluctuations. We focus more on continuous tracking and research on long-term investment logic, such as business model, competition pattern and growth space, and ultimately screen out worthy investment targets in industries with good future growth prospects from a long-term perspective.
5, in the asset allocation level, we will still take the medium and long-term perspective as the main consideration. In the actual operation process, will maintain the food and beverage, health care, home appliances and other consumer industries as the leading plate, to consumer electronics, photovoltaic, new energy automobile technology and high-end manufacturing industry as the auxiliary plate.