Chapter 372: Junshi Value Investment, Steady as an Old Dog
For two consecutive trading days, Gu Junhao's imaginative operating ideas have begun to conquer the three new traders.
It doesn’t matter if you don’t understand. Just follow your boss’ instructions and maintain a stable return. As the fund grows bigger, you will naturally have a bright future .
At 9:30 in the evening, when the net value of today was updated, investors who were paying attention to the net value of Junshi Price Investment once again clicked on the fund selection, and the number that came into view was: 1.0327.
Today, the Shanghai and Shenzhen stock markets experienced a V-shaped reversal, and Junshi Value Investment also unsurprisingly maintained a stable upward trend once again. In the two trading days since the resumption of trading, the overall scale has increased by 3.27%.
It is still the same style as before, with little fluctuation during the accumulation period, but the overall profitable model can be maintained.
"Brother T is so steady. I don't know what stocks he bought. I hope his holdings will be announced sooner."
"Sure, sure. I bought it yesterday when the net value was 1. It's up more than 3 points in two days. I made much more than I made by trading stocks myself."
"Brother T finally gave his fans some benefits by launching a public fund. I hope he can make more money!"
The comment section is as lively as ever; strictly speaking, these active commentators are not real investors, as most people are still accustomed to stock speculation.
Because most of them are fans of Gu Junhao, these people are used to operating on their own. Although their purpose of buying Junshi value investment is to make money, most of them just want to join in the fun and do not invest much.
Currently, Junshi Value Investment's holders can be roughly divided into four categories, one of which is the network of contacts that Gu Junhao had established when he was running a private equity fund.
Most of these people are big investors, and their number is naturally not as large as Gu Junhao's fan base, but it is undeniable that the main funds for yesterday's subscription came from this group.
This part of funds comes in a wave, and those who intend to subscribe will basically do so in the first two trading days. Although the amount of funds is large, most of the capacity has been exhausted.
Unless Junshi Price Investment demonstrates its strong and good ability to make money in the future, these people will consider increasing their holdings.
For big investors, the requirements are not very high. If a fund can have a stable return of more than 10% a year, it is already very worth participating in.
Although the profits of Junshi No. 1 and Junshi No. 2 are so huge, for big investors, they are well aware that this is basically impossible to replicate.
It is just a specific product under specific circumstances. It does not require too much capital. Even if you only have 1 million yuan in cash, you can have a fixed income of 100,000 yuan a year, which is worth being thankful for in the long run.
This is also the reason why the investors of Junshi No. 1 are envied by others. Most of these people are local small bosses and second-generation rich people.
They have no chance of getting high-standard investments at all. The cash flow they have is either used for business, or put in the bank to earn fixed deposit interest, or to buy some miscellaneous financial products. At worst, they just spend it on wine and women.
When they bought Junshi No. 1 for various reasons, they never thought that they could get such a high return. The most they thought in their hearts was that they could get a return higher than the bank interest.
Therefore, even though the net asset value ratio of Junshi No. 2 is significantly lower than that of Junshi No. 1, it is actually very positive in the eyes of most investors and is considered to be relatively satisfactory.
Even when the net asset value of Junshi No. 2 fell to near its ex-rights level at the end of February when Gu Junhao stepped down, it did not change their views.
Despite the sharp decline in January and February, Junshi No. 2 was able to maintain no losses for two months, and this was despite the heavy holdings in February. This already shows its success.
The other part is naturally Gu Junhao's fan group. This part of investors does not have a large amount of capital, but they have the advantage of strength in numbers. Even if calculated based on 10% of the current number of Gu Junhao's fans on the entire network, it is still a considerable number.
These two groups of investors cannot be considered true fund investors. Many of them are even dealing with public funds for the first time and don’t even know what management fees are.
As for the remaining two groups of people, they are real funds. One part of them is the fund investors attracted by the advertising this time. They invested with a try-it attitude because of the attractiveness of the advertisement and Gu Junhao's experience after popular science.
The last group is the holding group of the original fund. After the continuous decline and facing the liquidation crisis, these investors did not redeem. I guess they either just let it go or forgot about it.
Don’t think there is nothing strange about forgetting. Many investors are like this. They may have bought the stocks on a whim, and it is very normal to forget due to changes in the environment and work.
Let’s not talk about funds, let’s just talk about stocks. Many investors forget about their investments after buying them, especially in the era when the Internet was not well developed and mobile phone APPs were not popular. Many people bought and sold stocks through business halls, which was also quite inconvenient.
For two consecutive days, Junshi Price Investment has achieved good , which has also made some fans eager to try. Although today's market finally closed in a V shape, the overall trend is still quite scary.
After the test of the stock market crash, even investors who have not been in the market for a long time can feel the pressure of 3,000 points from various analyses. The market with insufficient upward momentum will eventually usher in an adjustment.
Instead of being harvested in the stock market, it is better to hand over part of the funds to Brother T to manage. In the eyes of fans, Brother T's overall view and stock selection ability are definitely better than their own.
Just like that, tonight, Junshi Price Investment ushered in a small peak in subscriptions when the backend originally showed that the subscription amount had stabilized.
On Wednesday, March 9, the subscription amount from the previous trading day arrived, and Junshi Price Investment once again earned 100 million yuan, and the overall scale rose to more than 300 million yuan.
With the subscription amount exceeding 100 million yuan for two consecutive days, Junshi Value Investment has attracted considerable attention in the public fund and even private fund circles.
In today's market, after being devastated, most investors are mentally calm, whether the market rises or falls sharply.
If I had to use one word to describe the current investment environment, it would be confusion.
After the stock market crash, investors had no specific investment direction. Most people did not dare to take large positions, or even to do medium- and long-term investments. The investment atmosphere in the market was very strong.
If the price goes up, I will sell. If the price goes down too much, I will buy at the bottom to see if there is a rebound. The average daily trading volume of the Shanghai Composite Index has remained below 300 billion yuan, and investors are not very enthusiastic about participating in transactions.
This is the current market environment. Yesterday's deep V was also a reflection of a bottom-fishing rebound. After all, the ChiNext Index has fallen by more than 4%, and there is still money that dares to bottom-fish.
Of course, if the environment changes today, the situation will be different for this part of funds; in short, funds repeatedly switch between short and long positions, and this is the market environment.
Affected by the sharp drop in the commodity market, the call auction ended at 9:25, and resource stocks opened sharply lower. Coupled with the sluggishness of the external stock markets, the market sentiment fluctuated again today.
The Shanghai Composite Index opened sharply lower at 2839.41 points, down 2.18%. The ChiNext Index also opened more than 2% lower at 1947.05 points.
"We are pretty lucky. When we built our positions, the market opened significantly lower every day. Haha." Gu Junhao said to Liu Tingting with a smile.
Today's opening was even lower than yesterday, and the 100 million yuan of funds can once again be easily added to the position.
"How do you arrange the positions today?" Liu Tingting did not respond to Gu Junhao's words. There was another 100 million yuan to be added to the positions. As an assistant, she also had to understand the boss's operational ideas.
Since becoming Gu Junhao's assistant, Liu Tingting's work attitude has become much more serious than when she was a trader. Obviously, she also realizes that this is a rare opportunity for her.
Although lying flat is comfortable, if there is an opportunity to move up a level, who wouldn’t want to seize it?
"Today's amount is 100 million, and the base position is relatively large, so the operation is much easier. Zhaoshang Bank, Yongcheng Bank, and Zhongguo Ping An will increase their positions to a market value of more than 30 million yuan."
"In addition, Wan'an Technology and Dingtai New Materials can also increase their positions to the maximum level, with each adding 15 million yuan. The trading volume and market cap of these two stocks can accommodate them."
"The remaining amount will be evenly distributed among the other eight new stocks. It's up to you to decide how to distribute it. If there are any stocks you want to buy, you can discuss it with me later."
On the third day, Gu Junhao began to give Liu Tingting appropriate authority, and began to train her slowly while the scale was still small.
Yesterday, the market value of Wan'an Technology and Dingtai New Materials after increasing their holdings was about 12 million yuan each. Today, they increased their holdings by another 15 million yuan. The two stocks consumed a total of 30 million yuan in cash flow.
Together with the additional holdings of three heavyweight stocks totaling 30 million yuan, the five holdings will consume a total of 60 million yuan in cash.
The current account balance of Junshi Price Investment is around 7 million yuan, and the actual position has exceeded 95%. There is no way. The opportunity was good yesterday, and I bought it up during the big drop.
We can no longer do this today. A scale of 300 million yuan requires reserving about 15 million yuan in cash, which means that the remaining amount to be increased is only 32 million yuan.
The 32 million yuan was allocated to 8 new stocks, with an average purchase volume of 4 million yuan, which is fully capable of handling the current trading volume.
After the increase in holdings, the market value of these 8 newly listed stocks will reach about 16 million yuan. For newly listed stocks, Gu Junhao expects the position to be no more than 20 million yuan, which is equivalent to the amount of a hot money investment.
In this way, subsequent shipments will be more convenient. If there are more, it will be a bit troublesome and may even trigger a chain reaction, affecting its trend.
Today's market trend is still somewhat similar to yesterday's. After a low opening in the morning, the market continued to fall. Then the ChiNext Index and the small and medium-sized innovation concept sectors rebounded ahead of the broader market.
Following closely, the banking and insurance and financial sectors other than the securities sector once again pulled the market index forward, and the trend was the same.
However, the Shanghai and Shenzhen stock markets clearly felt the pressure today and did not close with a deep V trend like yesterday. Both markets eventually turned green and only closed with a false positive line.
The Shanghai Composite Index fell below 2,900 points and the ChiNext Index fell below 2,000 points. In addition, tomorrow is the Thursday effect, so long funds have obviously become much more cautious.
Junshi Price Investment, which increased its holdings again today to buy the bottom, still performed well. The new stock sector showed a relatively smooth trend, while banks and insurance companies, which played a role in supporting the market, all closed in the red again with a deep V.
The net value of Junshi Price Investment announced on the evening of March 9 was fixed at 1.0393, which was a smaller increase than the previous trading day, but still remained in the green.
On Thursday, March 10, the Shanghai and Shenzhen stock markets, which were already below the pressure level, were hit by negative news again. The CPI for February announced today rose 2.3% year-on-year, compared with the previous value of 1.8% and the expected value of 1.8%, while the PPI fell 4.9% year-on-year.
CPI recorded the highest monthly increase since March 2008, and there is still no substantial relief in inflation and deflation pressures.
Both the macroeconomic and technical aspects showed certain pressure. Coupled with the Thursday effect, the three major indexes unsurprisingly showed a synchronized downward trend.
Among them, the Shanghai Composite Index fell the most, by 2.02%. The index barely held the 2,800 point level, closing at 2,804.73 points.
Since March 1, the Shanghai Composite Index has seen seven consecutive positive days in seven trading days, including yesterday's false positive line, thus ending its trend.
Today, the amount of subscription received by Junshi Price Investment continued to exceed 100 million yuan, breaking 100 million yuan for three consecutive days. In the current sluggish market, this is already a very good result.
The overall scale has exceeded 400 million yuan. As long as Gu Junhao does not spend recklessly and does not encounter any black swan events, Junshi Value Investment can rest assured.
Even in a bad environment, Gu Junhao can still cover the management expenses for several years with the scale of 400 million yuan. It can be said that the investment in the acquisition of Junshi Price Investment's predecessor has paid off today!
There were almost no bright spots in the market today, with all major sectors in the two cities falling to varying degrees. Among the stocks held, Zhongguo Ping An and Zhaoshang Bank, which were responsible for maintaining stability, fell by more than 2% respectively, and Yongcheng Bank fell slightly by 0.38%.
However, the new sector performed well today. Five of the eight holdings rose today, and two of them rose by more than 4%, showing signs of a start.
As of today, these eight positions have been officially established, with the purchase amount of each stock reaching 20 million yuan. The total holding cost is 160 million yuan, accounting for 40% of Junshi Price Investment's position.
Apart from the one of the eight newly listed stocks, the remaining amount was naturally allocated to the other five stocks in proportion. And just today, Gu Junhao bought a new bank target: "China Construction Bank!"
70,000 lots of China Construction Bank, with an average transaction price of 4.77 yuan, closed at 4.76 yuan, a small loss of one cent, but it is not important. With such a stable trend of China Construction Bank, you can do T in it at will in the future.
Don't think that large funds don't do T and will not move after buying. It is very normal for institutions to do T during trading. Otherwise, what else can they do with the 5% of funds reserved except to deal with redemptions.
For a stock like China Construction Bank that is as steady as an old dog, although its daily fluctuations are not large, it is very stable, which is very useful for large funds to do T.
The overall increase in the eight new stocks was enough to offset the 2% decline in Zhaoshang Bank and Zhongguo Ping An due to their overly high positions.
On Thursday, March 10, Junshi's price-to-net-value ratio closed at 1.0395. Not only was it not affected by the decline of the broader market, but it continued to maintain its positive trend since the resumption of trading with an extremely slight advantage in the red market.
On Friday, March 11, the Shanghai and Shenzhen stock markets rebounded slightly, with the Shanghai Composite Index holding the 2,800 point mark, and all three major indexes turned positive.
Junjiang Price Investment's net value today is 1.0427. Today's subscription funds finally fell below 100 million yuan, but it is still as much as 80 million yuan, and is still popular in the market.
In the five trading days after the resumption of trading one week ago, Junshi Price Investment's shares were all in the green. With the increase, the overall scale has exceeded 500 million yuan.
In five trading days, Junshi Price Investment's overall scale increased from less than 70 million yuan before the resumption of trading to more than 500 million yuan. The A-share market felt Gu Junhao's ability to attract money.
The net value has been rising for five consecutive days. Such a stunning start has also reduced the market's doubts about whether Gu Junhao is capable of managing public funds.
A weekly return of 4.27% would certainly not be considered excellent in a bull market, but considering the market trends this week, it is definitely excellent.
It should be noted that the Shanghai Composite Index's weekly fluctuation this week was only 4.85%, and it closed down 2.22% for the week.
What does this mean? Judging from the performance of the Shanghai Composite Index, this shows that Gu Junhao almost caught the low opening position every day this week while building a position, and was able to select the right sector stocks.
Of course, compared with the original public funds, Gu Junhao has the advantage of capital from small to large, so there is no need to worry about the plummeting of the stocks held. Anyway, I will buy them when the price drops, and there is unlimited replenishment flow.
However, this cannot conceal Gu Junhao's excellent market sense and judgment of the sectors.
The trading team of Junjia Price Investment has the deepest understanding of Gu Junhao's market sense and sector judgment. In five days, the market first rose and then fell, wiping out the gains in the index.
The three traders just thought that Mr. Gu was amazing, his stock selection ideas were imaginative, and his timing of buying was also very good, but they did not think too much about it.
Liu Tingting had a deeper level of thinking. She cleverly chose the relatively active new stock sector and bought different stocks through the operation of split warehouses.
Among these stocks, the growth rates vary when the market conditions are good, but basically there is a general upward trend.
When the market is not good, since it has entered the bottoming stage, the seemingly risky secondary new stocks are actually the most resistant to declines and the most stable among all major sectors, and the decline rarely exceeds 2 points.
The choice of the banking and insurance sectors is even more brilliant. Every time the market fell this week, it was almost always these two financial sectors that pulled it up, and this is also the case today.
Don't panic when it falls, perform well when it rises, and when stability is needed, it is equivalent to following the stabilization funds to drink soup, which can be said to be quite clever .
Today, Liu Tingting truly understands the boss's operating ideas. Although the main purpose is to use the time difference in announcing positions to confuse opponents, the boss's stock selection ideas are not random.
A qualified assistant must be able to keep up with the leader's thinking.
At 9:30 in the evening, after Junshi Price Investment refreshed its net value, it once again sparked heated discussions in the comment section. Investors who bought at a net value of 1 on the first trading day were unexpectedly happy.
"Brother T is as steady as an old dog. He can make money in this kind of market. Haha, I made the right choice!" Li Ze said happily while looking at his holding fund Junshi Value Mixed Growth (125700).
As a self-proclaimed die-hard fan of Gu Junhao, how could he be missing when 125700 was launched? This was also the first time that Li Ze bought into the fund.
