After the end of 2019, the equity funds shined brightly. After the "lost 2018", the stock funds successfully recovered the city and brought rich returns to investors. The Tianhong Culture Emerging Industry, a subsidiary of the Tianhong Fund, delivered a good third place in the industry with a total return of 87.84%.
According to Wind statistics, Tianhong's emerging industries have a total return of 87.84% throughout the year, ranking third among 345 ordinary stock funds of comparable type. Looking back on this year's trend, the fund has consistently outperformed the market with relatively accurate results and the broader market. It has consistently achieved excess returns and demonstrated excellent profitability.
From the point of view of holding positions, the emerging industries of Tianhong Culture have a heavy storage of medicine and consumption. By classifying and summarizing the industries of all types of shareholdings disclosed in the Fund's annual report, it can be found that the fund's heavy storage industries are medicine, food and beverage, home appliances, and light industry, among which the allocation of medicine to more than 40% of stock positions is firmly grasped Lived this year's leading sector.
In fact, many funds have made decent excess returns, and many have attributed these to "betting the right industry", but behind the steady and steady returns, it is not so simple.
China Merchants Securities once attributed the industry of Tianhong Culture's emerging industries. The model results show that the pharmaceutical industry has the biggest impact on the revenue of this product. In 2019, the proportion of food and beverage, catering, agriculture and home appliances increased, but after removing the industry's influencing factors, The fund still maintains a positive Alpha for a long time. At the same time, by analyzing the timing and stock selection of the emerging industries of Tianhong Culture, the model results show that the fund's stock selection ability in 2019 is significant.
How can we not be affected by the market environment and continuously obtain excess returns under the rotation of the industry sector? Tian Junwei, Manager of Tianhong Cultural Emerging Industry Fund, once analyzed: "To obtain excess returns is nothing more than the following: one is that the positions are well selected, and the other is The industry is well selected, and the third is that the stocks are well selected. For me, selecting stocks is the main investment method. "
How to select individual stocks? Tian Junwei explained: "First of all, a good company must be selected, but the criteria for a good company are diverse, or the company's industry is developing rapidly, or the company has a strong competitive advantage and excellent management. I will give the company the competitive advantage of this indicator with the largest weight. Taking the consumer industry as an example, I prefer companies with competitive advantages and barriers. For example, leading consumer goods companies have difficult-to-break scale barriers, and leading companies have pricing power. High barriers mean that the profitability of the company is endogenous and sustainable. "
As a cutting-edge fund manager, Tian Junwei can achieve the top three of his kind in the complex environment and fierce competition in 2019. In addition to his personal talents and hard work, he cannot do without the support of his team. Since November 2018, the Tianhong Fund's stock investment research team has implemented an investment-research integration reform, dividing the investment research staff into four groups of TMT, medicine, consumption and cycle manufacturing, clarifying the investment research scope of each fund, so that investment research The team is more focused on stock selection, and fund products are more clear-cut.
Take a look at the product performance of Tianhong Fund in 2019. Tianhong Fund has turned its investment and research strength into tangible investment performance. The annual revenue of many products including Tianhong Cultural Emerging Industry, Tianhong Internet, and Tianhong Medical & Health exceeded 50%. The holders have created huge profits.