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澳门银河游戏网址:The best investment logic: the pursuit of quantitative and fundamental resonance

时间:2017/12/18 12:42:14  作者:  来源:  浏览:0  评论:0
内容摘要: Talk to Wang Chaowei, the fund manager of the League of Nations, for three consecutive hours. People who are familiar with him say so: he l...

Talk to Wang Chaowei, the fund manager of the League of Nations, for three consecutive hours. People who are familiar with him say so: he loves A shares of "mathematical geeks", the best eloquent fund manager.

Wang Chaowei's investment approach is quite different, he hopes to combine quantitative investment and fundamental selection. In its view, the best investment logic is the combination of quantitative and fundamental, which may be the trend of the next 10 years.

for investment next year, he is more optimistic about the investment opportunities in the first half, particularly promising pharmaceutical, food and beverage , Insurance and bank stocks investment opportunities. When combined with the optional

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Wang Chaowei graduated from Zhejiang University with a Bachelor of Applied Mathematics and statistics master's degree, he worked as an investment manager in Guotai Junan Securities. In the pursuit of relative returns in the field of public funds, both good timing and good stock selection fund managers can be described as rare. The two skills are well integrated, it is the pursuit of Wang Chao Wei.

Because of the experience of 10-year brokerage business, Wang Chao-Wei admitted that his sense of risk control is particularly strong. In its view, the capital market than who live for a long time. Although we often say these words, but as we grow older and the market temper, for the realization of this sentence is not the same.

Wang Chaowei said that to make quantitative investment must be combined with the fundamentals. In his investment system, through the quantification of a large level of timing, the allocation of individual stocks through the fundamentals to choose high-quality stocks, and then through quantitative indicators capture the "tipping point" of individual stocks, looking for the best stocks Buy some.

It is generally accepted in the industry that timing is more difficult than picking stocks. And Wang Chaowei believes that if the management of the fund products to join the "timing" dimension, then investors can be more confident long-term investment. Different from ordinary timing judgment on the market, in the investment course of nearly ten years, Wang Chaowei used the big data of market transaction to sum up the quantitative timing model. In the opinion of Wang Chaowei, the timing of the short cycle is random. In the long cycle, it is the winning way to "grasp the correct high probability." It is reported that its quantitative timing model captured in advance of the market many rounds of major adjustments.

Specific to their stock selection logic, Wang Chaowei summarized as four must: First, the industry must be high boom, investment needs to find market "outlet." Second, companies can not tell stories and must focus on performance growth. Third, we must choose a company with ample room for growth so as to achieve double performance and valuation. Fourth, the turnover is low, you must be patient and hold stocks, and closely track the company, with the company's growth.

Optimistic about the four investment opportunities

For the 2018 investment opportunities, Wang Chaowei more optimistic about the "first half." In terms of investment style, he believes that the style next year is similar to this year. The overall valuation of small and medium-sized boards and gem stocks is still too expensive, and there will only be a rebound in the market. The future is still the leading white stock. In terms of investment profile, he said frankly he will focus on four major investment opportunities, namely pharmaceuticals, food and beverage, insurance and banking stocks.

Despite the overall mediocre performance of the pharmaceutical sector this year, there are still some structural opportunities in the sector. For example, some innovative drug-related industries have relatively good performance in the leading sectors, and some pharmaceutical companies that possess certain core attributes and certain consumer attributes have also performed well. Wang Chaowei especially optimistic about the future development of anti-cancer drugs and traditional Chinese medicine space.

For the food and beverage sector, Wang Chaowei believes that in the medium and long term, consumer upgrades are the most determined and key investment masters. Logically speaking, as long as the average per capita GDP continues to improve, the consumption upgrade will continue. China was born during the "Baby Boomer" 80, 90, one after another onto the job, and the accumulation of wealth, has entered a concentrated release of spending power, and the generation of consumer attitudes more open and positive. Wang Chaowei believes that this one of the opportunities worthy of a good grasp. For investment opportunities in insurance and banking stocks, Wang Chaowei said that while the financial industry in China is in a stage of great development with asset quality of banks getting better and bad debt ratio declining gradually, the performance of banks will likely be promising next year.


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