Category: Money tips Release Date: 2007-04-15
Quotes of the stock reform, including the Fund, including the mainstream investment institutions once their mother tongue, it should be noted that some have begun to fund the Fund's current investment in in-depth reflection that the strategy over the past few years, Bao Tuan mainstream institutions are no longer effective, in order to achieve good performance, must be able to view the birth of a super proceeds to invest in a "super stock", new technologies or new business model will become the Fund's investments in this breakthrough opportunity.
Variety of reasons to abandon the mainstream
In the third quarter, the Fund's investments has been a demonstration of "small but beautiful" tendency to begin to abandon some of the port, high-speed, etc. The mainstream investment products, which in the past by the Fund, as a "gold, silver." In addition to its main reason for its rise is too large, the valuation is too high, it also comes from the value of the Fund's investments, after reflection, began to re-examine the stock in these industries.
In this reflection, the large cap fund that now holds the industry leader may not be the best investment in the future of A-share market the company, its profit growth because of pre-concentrated in the upstream cycle, large cap, the industry leader, but with the 2003 annual economic growth slowed, the overall profits of listed companies unilateral upward trend has changed, simply select the broader market, the industry leader is no longer obtain the excess proceeds, the most effective way to control risk. In addition, once the issue of new shares to resume, there will be a number of broad market of blue-chip market, which are likely to current large cap stocks, the industry leader to form an alternative. In fact, today's large-cap stocks, the industry leader shares of its intrinsic value inferior to Mainland enterprises listed in Hong Kong, which is why some of Hong Kong researchers said that Hong Kong is China's stock motherboard.
At the same time, the fund that, while large cap stocks are now held by the Fund, the industry leading share of the entire A-share market value of the most important part of the pillars of the national economy, but from an investment perspective, not simply a result equivalent to the best future investment companies, the future of A-share market investment is the best from the general competitive industries a competitive advantage in setting up the business.
Ports, highways, airports has long been favored by many agencies that will create stability and its monopoly profits by the Fund, as a ballast treasure. But now the fund has begun to have another idea that the simple monopoly is not equivalent to steady growth, there is no guarantee for stability and growth, airports, ports, highways growth is not a monopoly, but in passenger traffic, logistics and the tremendous growth.
A "super" elements only "super" stock
In the next phase of the Fund's investments, there may be a multi-pattern. One of them is the Fund will select those stocks cheap enough. Some fund managers to reflect on the way, "After several years of bear market, the market over the past few years, attention has been gathered in a small number of 'gold and silver', ignoring a number of 'copper' has fallen 'iron' the price of the opportunity."
They also proposed, the lack of additional funds in the market, the market will generate a large number of mis-pricing opportunities, there must be a lot of the stock is undervalued. In the disk appear more selling time, there will be a considerable number of very cheap stocks. This may attract the active involvement of the fund, because the risk has been substantially released.
However, the more worthy of attention is the vast number of investors, the Fund will choose which "super shares" their portfolios ahead of the 2005 asset allocation layout, a "super" element then what is it? According to the analysis of Peng Hua Foundation, which is a listed company continued to receive high returns, which is a fundamental source of the excess returns, in other words, the relative capital investment, return on capital employed and long-term growth rate is the fundamental drivers of corporate value. Penghua Fund made a statistics, in January 1, 2003 to 2005 period from September 14 to consider refinancing costs and dividend income, adopt buy and hold strategy, stock investment returns, net of shares and re - is significantly higher than the valuation of companies, a total of 75 companies of the average annual rate of return of more than 10%, a common feature of these companies over the past nearly three years, the average ROE goes far beyond the market average, and the average annual rate of return and the average ROE has a more obvious correlation between the.
However, the analysis of past, these super stocks, we find that they have a certain stage, whether in the consumer goods field, the field of infrastructure or services. For example, in the consumer area, in the pattern of supply exceeding demand, under the brand pricing power became the only means to maintain selling margins, but higher sales and net profit margin in itself, as well as to maintain the relative scarcity of long production cycle, etc. have some relevance, this and selling of scalability are contradictory, this type of long-term ability to obtain excess returns will be subject to market capacity constraints.
The fund industry say the next "super stock" or to be returned to the changes in economic development to look for. According to the experience of overseas markets, "super stock" is usually produced in a vast area of the competitive market capacity, due to the gradual social and economic structure and stability, new technology or new business model will be a breakthrough opportunity. In specific investment, to pay attention to those areas are likely to form a breakthrough technology company, some of these companies are expected to get away from the shackles of capital explosive growth, such as integrated circuits, identification technology, solar energy, information technology, excellence in corporate .
While another said the fund industry in the domestic high-speed economic growth and transformation against the backdrop of the huge demand in China, under the impetus of the best investment in the future of A-share market companies is the ability to establish from the ordinary competitive industry a competitive advantage from the consumer and manufacturing enterprises, and technological innovation-driven enterprises to innovate, of course, is to develop leading edge business growth on the one hand, but the Fund is more willing to look for in a given constraint, through the mode of innovation and demand for competitive advantage, positioning, open up the market segment or regional businesses.
