Fidelity Fund Co., Ltd. letter Prudential Fine Extract Growth fund manager Liu two quarter to catch blue chips

"Investment, first of all, to analyze the macroeconomic and policy trends, determine the general direction, to grasp the big probability event." "A few days ago, the letter prudential Extract Growth fund manager Liu in the" Huaxia Times "reporter interview, said," The hot spot of the stock market, fund managers can not follow the hot spot, but should walk in front of the hot spots. " "Since this year, stock market each plate bright spot, at this critical moment, the letter sincerity fine Extract Growth fund manager Liu through to the macroscopic policy surface accurate analysis, adjusts the position structure in time, the decisive increase storehouse new energy stock and the strong cycle stock, has better grasped this round rebound market the income.　　He was at the helm of the Fidelity and Investment Growth Fund, which grew at a rate of over 40% per cent, topped the list of more than 200 equity funds. As the fund manager, which owns nearly 50,000 households, Liu has the heavy expectation of managing the funds for these ordinary investors and, under the premise of controlling the risks, maximizing the excess returns.　　And to live up to the expectations of investors, not only need to do a lot of in-depth research, and more need to master the right way and path. Investing is like running a marathon. "For fund management, I believe that the pursuit of safety margin is the primary basis for the pursuit of growth and operational flexibility on the basis."　　"Liu said. In the highly competitive fund management industry, Liu's work is arranged very full every day.　　Read the news, attend the morning meeting of the Investment Research Department, read the study report, discuss with the researcher, and make the trading strategy. In addition to desk research, Liu also attaches great importance to the company's in-depth research. Every month, he will travel three or four times, some of the joint investigation of securities organizations, some of their own or by the researcher to contact the listed companies, for independent research.　　When conducting independent research, it is more nuanced than taking part in joint research, which takes two or three or four days for a company. Liu not only works hard, but also has a wide range of hobbies in life. He likes reading, the hunting is widespread, each profession, each category book will look. Moreover, it is not limited to investment books, he is interested in history, calligraphy, art and so on. "There is not only investment in life, but the focus on Chinese traditional culture can inspire thinking." Investment is a long-term process, such as running a marathon, so do not worry about short-term gains and losses, but to continuously expand their horizons, increase their knowledge.　　"Liu said.　　Grasp the opportunity to earn a lot of opportunities according to Prudential Fund Management company quarterly disclosure of data, in the Liu held a stock, Goldwind, Huarui cast steel, such as a huge increase in the fund has brought excess income, and they are the new energy industry representatives.　　For fund managers, in the thousands of listed companies in time to find such companies, the first need for the right way. Liu said: "After the subprime crisis, all countries are in the introduction of economic stimulus policies to delay the pace of economic decline." To get the economy back to normal growth trajectory, we need to find new economic growth point, environmental protection, new energy industry and other countries to be the focus of support and encourage the development of the target world.　　”Under the guidance of this kind of thinking, Liu began to look for the listed companies worthy of investment. First, he worked with industry researchers to sift through a wide range of companies planning to participate in new energy development, selecting better companies, and then conducting in-depth research on key companies, including analysis of financial statements, field visits, and building valuation models. "Through research, we find that these companies have ample orders and good prospects, which confirms our previous judgments and reinforces the confidence to invest more in this direction," he said.　　"Liu said. After completing the field research, the fund manager also establishes the valuation model.　　On the one hand, determine the security margin of the stock, on the other hand assess the investment value. Facing structural adjustment in the second quarter Liu said that in the first quarter of this year a-share market showed huge structural differences, first small and medium-sized plates soared, then the new energy stocks and strong cyclical shares rise, but blue-chip growth than the school outlook two quarter market trend, he believed that because of the health of blue chip valuation,　　There will be a new round of structural changes. "Those without performance support will have a sharp contraction in valuations," he said. Liu said positively. While the valuation is higher, but has the performance support, and through the growth of performance to verify the high valuation rationality of the company, its callback space is more than the school he analyzed, the first quarter of the stock market is mainly based on macroeconomic expectations, the two-quarter to wait for confirmation from the real economic data. "If the economy does recover, then there will be a marked rise in valuations, and if the economy does not have the expected recovery or even worsen, watch the government's further economic stimulus." "Under the guidance of this macroscopic analysis, recently, Liu reduced the proportion of the offensive stock varieties, and returned to a relatively balanced state." He predicts that the next stage, mainstream funds to the blue chip return is the general trend, banking stocks, medical units will become the focus of the allocation of the industry. and a quarterly bulletin also shows that in the letter prudential Extract Growth Fund of the top ten stocks, financial stocks up to 6, including 4 banks, brokerage shares 1, insurance stocks 1.