Category: Money tips Release Date: 2007-04-22
- Visit to an equity fund manager at Manulife Hisashi China
Golden Bull Award winner as the two funds, domestic mutual funds, management experience, the longest of the fund managers, Hua Manulife equity fund managers to invest Shangzhi China has a deeper understanding than others. He admits: "do fund managers tired, only with great effort, be possible to obtain a better investment performance than others. But also a very good attitude, to respond to market fluctuations and their bitterness behind the honor."
Just normal to insist on value investing
Hisashi China began as early as in 1999, the fund manager's career, in charge of the fund Anshun, when the net growth rate of 6.83% Anshun; in 2000, the net increase of 58.9% Anshun, far more than the average market returns. In September 2001, Hisashi China in charge of China's first turn only open-end fund --- Hua innovation, the fund that year net up 1.2% over the same period in Shanghai and Shenzhen Composite Index fell 9%. In 2003, he provoked the Anshun job, and the following year for more than two billion of the fund in the size of closed-end funds ranked second; in 2005, the net growth rate of 12.64% once again ranked first similar funds, all closed-end funds in the second.
Summing up past experience, Hisashi China said that an investment is often subject to many temptations, and daily number of shares up, but for most investors, these increases are not only opportunities, but may be risky because you do not understand the real reason behind the rise. Hisashi China previously encountered restructuring, mergers and acquisitions opportunities, but because the process and results of the uncertainty, comprehensive consideration gave up. He said that after the reorganization, if there are substantial changes in fundamentals, the market will tend to stabilize in the program provide adequate opportunities for intervention. Of the Fund's investments, the market there are many can not or difficult to grasp the opportunity, he hoped that the success rate of more investment, rather than the probability of success. In his view, can really bring benefits to investors or the value of investments. Hua has always insisted on doing is basic research, if insistence on value analysis, the long-term view can beat the market.
Confidence, patience, determination
Hisashi people have learned is that need the confidence to buy stocks; holdings need to be patient; sell shares need determination. He said that buying stocks in particular, need the confidence. Confidence come from? From the study of the fundamentals. If you blindly buy a stock, it is not up today, and tomorrow is not up, did not rise this week, next week, not any inflation, the situation persists, then the ranking under pressure from fund managers can easily collapse.
Value investor holdings to be patient. Bought a stock and can not send hope very soon to get the benefit because the market will take time to respond. Hisashi China admitted in 1999, his investment in a stock over the past year did not rise, then a week rose by 30%. Of course, the patient must in order to in-depth study as a precondition.
Want to be the successful completion of value investing, but also need to sell successfully. Also need the courage to sell stocks than buy stocks, sell stocks could be more difficult, the key to overcome the psychology of greed. Hisashi China had managed funds are relatively large, often two or three days to buy the stock is complete, selling the stock you need a week or two. He said that the fund sold shares, and the efficiency of the portfolio, the fund managers of large funds for the city judge and related to the individual pursuit at the highest point of sale not the same, the fund sold shares asked to consider efficiency and cost.
