Skills of judging the investment style of fund managers

It is not easy to judge what kind of investment style a fund manager belongs to, and there is no standard index in the market to define "what styles a fund manager has". What kind of investment style the fund sales platform we see or the fund managers introduced by media giants belong to is limited to our own judgment after studying and analyzing the fund managers. Perhaps each family has its own standards, which are not universal in the whole market.

However, we can at least look at a fund manager comprehensively from the following dimensions. Knowing the fund manager, you can roughly know what kind of investment logic he is and what kind of market he is suitable for.

1, depending on the employment situation of fund managers.

For example, fund managers, from researchers and assistant fund managers to fund managers, who have also experienced the bull-bear market cycle, may be more accurate in controlling and judging the market.

It can be compared with the A-share market according to the working years of fund managers. Fund managers who have experienced many rounds of bulls and bears are scarce resources in the market.

2. Look at the background of the fund manager.

The background here refers to the major at school and the research field after employment. For example, our company Glenn is a doctor of medicine and has a natural advantage in the research of the pharmaceutical industry; Another example is Zhou Yingbo, who worked as a product manager in Tencent and won the robot contest championship, which will also affect the investment logic of fund managers.

Generally, fund managers who manage industry theme funds come from many classes. Of course, the longer a fund manager spends, the more he will expand his ability circle (industry research field, etc.). ).

3. Look at the past performance of managed funds.

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See if the past performance continues to be good! For example, the annual performance is compared with the benchmark and compared with the market; The performance of bull market, bear market and shock market under different market conditions; Risk control (how the maximum retracement compares with the index); It depends on the performance of each fund they manage in the above dimensions.

If the selected fund manager has excellent performance in managing products, but is in a bull market, then there must be judgment. Perhaps the performance is brought by the market rather than the active management of the fund manager. This is why there is a "champion curse".

4. Read public reports (such as quarterly reports).

Look at the top ten awkward stocks in the quarterly report and compare them before and after the quarterly report; It is often difficult to judge whether the fund manager relies on the profits brought by long-term holding of the selected enterprises or the fluctuating profits earned by short-term operation by looking at the industries holding stocks.

It also depends on the "strategic analysis and prospect" of fund managers, which is their self-evaluation, their summary of the past and their judgment of the future.

5. Look at the publicity of the fund company and the exclusive interview of the fund manager.

In the product publicity materials, the introduction of fund managers by fund companies is relatively accurate, and each company will give different fund managers "qualitative", such as value category, growth category, industry theme and so on. It is more accurate than ordinary investors' own research and analysis.

Media interviews with fund managers are informative, and media questions will be relatively professional and accurate. It will be of great help to understand fund managers.

6. You can also participate in online question-and-answer activities of fund managers. Closer contact, deeper understanding, and sometimes even face-to-face opportunities.