129823520537343750_37Public offering at the end of the myth
"Wang yawei resigned.
"Early morning of April 29, China asset management company (hereinafter referred to as the Chinese Fund) confirmed General Manager and Party Secretary Fan Yonghong Wang yawei star Fund Manager resigns.
This is user comments for "base of the King". "The Fund 's" Wang yawei "dominance", first of all in the performance. He is the industry's first, and only, break the excellentPerformance unsustainable, a "Championship curse" of fund managers. Since 2006, whether the bull or bear market, compared with other public funds, gains ahead.
As of December 31, 2005 management since the Chinese market, its cumulative rate of return as high as 1174.84%, only 106.47% per cent cumulative rate of return over the same period. IndustryPerformance 10 times in the index, so that people outside the inner circle, prefer to call it the "viagra".
But criticism moments associated with it, due to betting hits beyond the ordinary understanding of the restructuring unit, was questioned on insider trading, because with his disciples of the Chinese products have a reverse operation of the Fund and its management, others question China AMC's other products to Wang yawei "carry a sedan chair". But Wang yaweiRecord of how is it done? Perhaps this is a mystery that can never be solved. But it cannot be denied that, purely from a performance point of view, Wang yawei Huaxia Fund 14 forged a legend of others that are difficult to copy.
"Viagra" left aside China fund industry Wang yawei era is over, but other times, is far from being opened. Rookie is aGun battle in 1989, Wang yawei to Ma On Shan people of Anhui Province science champion, admitted to Tsinghua University. College, Wang yawei began to research investments, "I remember senior year began to buy the China Securities journal, that was in 1993, the newspaper has just started, only two periods a week, I also bought consolidated Newsroom". After graduation, Wang entered China CITICCooperation company. A year later in 1995, Wang yawei isn't in at the country's largest business Department of China Securities Research Manager of the Business Department of Beijing Dong SI.
His predecessor, was held in 2000 in the Shanghai Securities News "wins the North and grind" monthly grind medal competitions, creating first for 10 consecutive months, the cumulative rate of return 2050% miracle of Zhao Xiaoyun. "At that timeWe did not simply stay in stock, it is attempting to business fundamentals to mining investment opportunities.
"Wang yawei recalled.
And now General Manager of China AMC Fan Yonghong, Huaxia East is the General Manager of the sales department. After 3 years of Business Department of China East to bide our, Wang yawei was founded in April 1998 following Fan Yonghong Huaxia Fund
Diablo 3 Gold, andBegan serving as Schmidt Assistant Fund Manager of the Fund. Do not know is the Fund Manager or Wang yawei idea, in 1998, they started lurking Internet stocks, appeared to predict in advance the swept through the global network of the technology bubble two years later. Schmidt top holdings of the Fund held Shanghai Mei Lin (600,073), the market value of more than $ 100 million, is the body of the unit is the only shareholder. Other closed-end baseGold is in a limited number of holding in several blue-chip stocks.
Since then, Wang yawei probably aware of lurking on your network shares some early
SWTOR Credits, after in 1999, he took over as Manager, Shanghai maling was a quarter empty, missing the unit 60% the 5.19 per cent in the second quarter. But selling was found wrong, to join near Wang yawei immediately admit defeat, four in 1999Merlin quarter reflexive kill back to Shanghai, have managed to capture the unit in a single month in January 2000 Internet stocks gain main wave of the 200%. Wang yawei was only 28 years old, World War I fame.
The end of the year, the Fund's earnings amounted to 33.17%. The second quarter 2000, Wang yawei warehouse network technology began to adjust, and iron and steel, petroleum, electric powerRepresenting shares in State-owned enterprises performance surged in anticipation of replacing the network backbone unit to be promoting the steady climb in the index. But Wang yawei adjustment bin is not timely, which also affected Schmidt that year's ranking of the Fund. "At this stage, XING Hua Fund failed to properly grasp the hot spot investment opportunities arising from the conversion of the market, partly due to the network share and the tech adjusted for amplitude and time-spanLack of awareness, because the flexible implementation of large cash dividends on portfolio adjustments caused some difficulties.
"Wang yawei admits. Under this influence, Schmidt in 2000 does not outperform the indices of the Fund, but in the great bull market, profit still 49.32%. Shanghai and Shenzhen stock markets of the year in a very liberal policy, funding and with the macro-environment, out of the run through the whole yearBull, Shanghai Stock Exchange and Shenzhen Stock Exchange composite index rose and 51.73% respectively for the year. When other people crazy when Wang yawei sees risks in its annual report, said: "it should be noted that as the stock continue to rise, accumulation of risks in the market is also growing
SWTOR Credits, need to pay attention to. While growth lagged the performance of shares of listed companiesRose, on the other hand increasing violations of shake the Foundation for the healthy development of the market. "As has been sentenced to a market risk, at the beginning of 2001, Wang yawei greatly reducing technology, began to diversify, increase the liquidity of a combination. Finally, in 2001 by the cattle go bears, Shanghai and Shenzhen composite stock market index fell by an average of 22.88% per cent of cases, the baseJin Xinghua only slight losses 3.84%, ranks first in 33 closed-end funds.
Rookie Wang yawei, in charge of Fund Schmidt two years later, yipaodaxiang. Three-year downturn live.MPEG Wang yawei, in 2002, took over as the growth of the Chinese fund managers, but the magic is no longer. Over the next three years, he produced a photograph of the unsatisfactoryTranscript: 2002: loss of earnings -3.09%,2003 year 13.09%, 2004 earnings of 3.91%.
After 2002 loss, at the beginning of 2003, Wang yawei developed the following investment strategies: increase equity positions, increase the stock concentration, attention to the configuration. It should be said that this policy is a forward-looking, but securitiesActual high fluctuations in the market, especially the price rate of structural adjustment was not expect Wang yawei. "Especially during the raging SARS epidemic in the second quarter, avoiding short term risk taking into account the decision to reduce equity positions, market environment can be achieved in the short term a lot at that time only sold blue-chip benchmark, so jiancang we sold during the late roseHigh quality large stocks of large, leaving some illiquid non-mainstream sector and bought some medicine unit.
"Wang yawei recalled. With the rise of blue chip, value investing ideas start hearts, differentiation of serious market trend. 2003 share price performance of a-shares the secondary market and industry changes and performance of listed companies has a significant positive correlation between, roseMany industries are petrochemical, power, steel, automobiles, and high boom industry.
In addition to sell blue-chip stocks, Wang yawei also made a continuous error-unable to forgive himself-2003 four quarters, losing more than empty 30% moutai (600,519). When you are just as China growth Fund Manager, Wang yawei listed only six months of Guizhou Tall FescueAs their first large holdings. Maotai, Guizhou in the 2002 annual report, holds 2 million shares of Chinese growth, as the first large circulation shareholders.
Guizhou maotai has not been showing high growth at that time. But stick to Guizhou moutai nearly two years later, still losing more than 30%, Wang yawei lose patience. He was unexpected, after cleaning it, Guizhou moutaiSlow cow for up to 10 years, stock prices from more than 20 Yuan, above all the way up to $ 1000 now (compound exercise price).
Since then, hundreds of public offering, private equity have been involved, and Wang yawei always does not have the courage to buy again. By the end of 2003, a small profit for the whole year of Wang yawei to Guangzhou investment strategy report for ChinaPrediction of Unicom's annual performance of up to $ 1 per share, so the listener in an uproar.
And he also did the unity, top holdings, China Unicom. He also claimed that, at the stage of economic takeoff, airline like printing presses.
Because he was from Taiwan visits back, Taiwan China Airlines executives to his portrayal of the airline of the year brilliant history. Under the arrangements of the company, heMore cities across the country issued a strong bullish market. In addition to the firm to see how long, 2004 is not in accordance with his vision of the market running routes, instead of falling.
Nevertheless, the Chinese growth still made profits of 3.91%, outperform the index. Management of Chinese growth for three years, performance remains weak Wang yawei start lightOut of the public eye.
In 2005, he stepped down after the fund managers, participated in the training course of the Securities Association of China to the United States. After returning, he went to Guangzhou, but big changes. According to one veteran Fund reporter recalls: "ask him any questions, no more talk, no more long-winded, deadpan answer briefly, all the questionsUsually there are no more than 3 words in response. "Recall Wang yawei 3 years can be found in charge of Chinese growth, he often can be bought in advance and later Daniel unit, but not often stay up and sell too early. Just like most retail, Wang yawei just sold, starting immediately these cattle unit, set off spectacular large market.
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