China Europe Ruibo Wu Weizhi: the undervaluation strategy may gradually reach a climax in the first half of the year, and invest in growth stocks with the mentality of buying the company
The biggest advantage of modeling and quantification is that it can improve your decision-making efficiency and winning rate.
The biggest difference between us and other private and public offerings is that none of our fund managers will manage a product independently.
For the whole company culture and investment philosophy, there should be a concept of division of labor and cooperation. Every employee in our team, including me, has the same concept.
This multi strategy model of industry fund manager system can cope with different market environments and carry a larger amount of funds.
If we judge that the systemic opportunity is coming, we should take the position at the first time. If there is no satisfactory stock, you should at least buy an ETF to fill the position and guarantee 60 points. You don’t win or lose the general trend.
In 52022, we felt that the opportunity of undervaluation may slowly become a new form. When undervaluation becomes a consensus and takes action, the valuation of undervalued stocks may not be low.
If you are lucky, the undervaluation strategy may last until the end of the year, and the cycle is getting shorter. It is not ruled out that this strategy will reach a climax in the first half of the year.
New energy vehicles used to be summer. The peak at the end of 2021 and the beginning of 2022 may be its autumn peak, and then it will begin to “winter”.
Now there are six industries in the coldest spring day: Petroleum and petrochemical, non bank financial institutions, media, real estate and banking.
Some innovative drug companies in Hong Kong stocks have entered the undervalued zone.
This stage of power coal must not be the bottom or underestimated area, because it has the characteristics of some utilities. Maybe the coal price will have a stable period. We visually think this position is at least the middle section.
The inflection point of the whole real estate policy has been seen, and the stock price fluctuates in the bottom range, but there are huge differences among companies. Many companies may go bankrupt, and those with high quality may have relative returns this year.
There are opportunities for the long-term perspective of the new energy vehicle industry chain, but there may be pressure this year. This year’s new energy vehicle industry chain is a little like last year’s photovoltaic industry chain.
The pattern of electric vehicles in the future will be similar to that of fuel vehicles in history. Many companies may have a smaller market value in 10 years. It will be safer to invest in the field of complete vehicles with the mentality of trend investment.
This is the view of Wu Weizhi in a telephone interview between smart investors and China Europe Ruibo on March 1.
The background of this interview coincides with the sharp correction of a shares since the beginning of the year, the pressure of the Federal Reserve to shrink its watch, and the sudden Russian Ukrainian war
The interview was postponed from the beginning to March 1.
But this is exactly the most rare time to pay attention to the time point when the investment manager has a particularly good mentality, thinking and Countermeasures at the extreme moment.
Wu Weizhi not only introduced in depth the Multi Strategy Investment Framework of China Europe Ruibo industry fund manager system and the contribution of the quantitative team built since 2017 to active research, but also talked about a lot of research and judgment on the current market and Thoughts on the Russian Ukrainian war.
As of February 18, 2022, the data of China Europe ribo phase 1, which was established by China Europe ribo in December 2008, has increased more than five times since its establishment, with a decrease of % this year. The returns in 2020 and 2021 reached % and % respectively. The maximum annual pullback of this product in recent three years is controlled at about %. (click here to view the certification)
The “spring, summer, autumn and winter” four seasons investment model known by China Europe Ruibo has formed a multi strategy investment framework based on the principle of selecting corresponding investment strategies to deal with different styles of markets.
The fundamental reason why the multi strategy investment idea can be realized is that Wu Weizhi firmly established the concept of division of labor and cooperation when he founded China Europe Ruibo, and the “investment research sharing mechanism” is in the company’s gene.
The investment research team of more than 20 people covers four industries, including cycle, medical treatment, consumption and science and technology.
Under the same product strategy, no fund manager will independently manage a product, but requires everyone to focus on research in their respective fields, and actively share the investment decisions of how many positions, what to buy and how much to buy in the investment research meeting.
For this year, China EU Ruibo focuses on two strategies. One is to explore opportunities in the field of undervalued value, but this strategy may only be effective in the first half of the year;
The other is to invest in growth stocks with the mentality of buying companies. Due to the internal differentiation of growth stocks, the strategy of only choosing the theme of growth track in the past will probably fail.
Wu Weizhi believes that opportunities have emerged in the innovative drug industry, and under the inflection point of real estate policy, high-quality real estate companies will run out of relative income this year.
Investment opportunities for Internet companies in the Hong Kong stock market are also approaching.
See the following interview for other details.
Similar to qiaoshui to quantify the efficiency and success rate of active investment
Q: in the past two or three years, what do you think are the major improvements in organizational form and investment methodology?
Wu Weizhi did not make much changes in the organizational form.
The team of our fundamental team is strengthening. Compared with the past, what has changed greatly is that we established a quantitative team in 2017. After several years of accumulation, we launched quantitative products about last year, and the company is running these quantitative products with one or two hundred million.
The establishment of our quantitative team has played a lot of help in our active research. We calculate and check some of our investment ideas, go back to history, and refine some specious and fuzzy problems involved in active investment.
On the one hand, according to our idea of strategy adaptation, our quantitative team now has two quantitative products in operation. For example, China euribo’s all-weather products will carry out strategy adaptation.
On the other hand, if the market enters the economic cycle, CTA strategy will be more effective. We also launched CTA products in operation this year.
The initiative is still in normal operation. Our investment research initiative research team continues to strengthen consumption, medicine, science and technology and cycle, and recruit some experienced and excellent personnel with investment philosophy from the society to join.
We have strengthened the recruitment, training, internship and selection of interns, mainly because our theoretical framework is basically stable, so we strengthen the cultivation of Kung Fu. There are some small changes, which are not huge.
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