Vice President of Huaxia Fund Management Company, Chairman of Investment Decision Committee, and Fund Manager of Huaxia Market Select Fund.
Date of birth:
197 1 September 1 1 day
The most respected investment guru:
Peter Lynch
Hobbies:
Football, music, photography
He has served as business manager of CITIC International Cooperation Company and research manager of Beijing Dongsi Business Department of Huaxia Securities Co., Ltd. ..
65438-0998 joined Huaxia Fund Management Co., Ltd., engaged in fund investment, and served as assistant fund manager and fund manager of Xinghua Fund. Now he is the manager of Huaxia Growth Fund and the investment director of the company. 9 years experience in securities industry.
If a person doesn't have considerable concentration and cultivation, he can't be a fund manager by his intelligence alone, let alone have been in this position for 9 years. Great pressure, ever-present temptation, accidental satisfaction, frequent frustration, short applause and eternal regret are the challenges that an emerging market fund manager must face. Although after nine years of development, fund managers in China still mean that they are a group with frequent mobility and lack of representativeness. However, Wang Yawei, vice president of Huaxia Fund Management Company, chairman of the investment decision-making committee and manager of China's large-cap fund selection, is an exception. He has worked in Huaxia Fund for 9 years and has never left the position of fund manager. From Xinghua Fund to Huaxia Growth Fund, and then to Huaxia Market Select Fund, he and Huaxia Fund witnessed the ups and downs of China stock market and mutual fund industry, which became stronger and stronger with the passage of time.
Wang Yawei, 36, is gentle and humble, quiet and honest. If we use the hottest beverage plate in the stock market since last year to describe it, it is not as fierce as Maotai, nor as elegant as Changyu. It is a realm of "this river runs through the world, where there are both mountains and mountains", more like a glass of water, because it is ordinary, so it is not ordinary. Wang Yawei told reporters that a good fund manager should cultivate "not to rejoice in things, not to grieve for himself" and keep inner peace. Only by building the triple doors of "character", "taste" and "thought" to a certain height can he resist the fatal temptation of investment and life.
Personality determines success or failure.
Any success is not accidental. Wang Yawei never talks about his success in investment. In the communication with reporters, he didn't even want to give a successful case. On the contrary, he mostly sums up his own mistakes, because whether he succeeds or not is evaluated by others, and the lessons of failure can only be summed up by himself.
However, Wang Yawei's success in investment is obvious to all. The three funds he managed all played an important role in Huaxia Fund and stood the test of time. Last year, the total return rate of Huaxia large-cap fund he is currently managing reached 150%. As of 10/8, the net growth rate has reached 2 1.5% for more than half a month this year. Now he is also the vice president of Huaxia Fund and the chairman of the investment committee. Although his main focus is on investment, the executive position of vice president is also the embodiment of the company's recognition of his investment results.
Wang Yawei analyzed his advantages in investment, and besides methods, he also emphasized personality. Steady, firm, kind, and not afraid of difficulties are more influenced by family. Wang Yawei, who comes from an intellectual family, thinks that his father is the person who has the greatest influence on him. His father's example laid a good knowledge foundation for Wang Yawei.
Once the direction is established, you can stand the test and go on resolutely even after twists and turns. Wang Yawei said that his character was deeply influenced by his father. In the year when he graduated from college, his father was diagnosed with gastric cancer, but with firm belief and active treatment, he overcame the disease and is still in good health. This incident convinced Wang Yawei that there was no hard threshold and he would not give up and change his goals easily. This character has also been reflected in investment. In the first three quarters of last year, the net growth rate of Wang Yawei's China large-cap fund was far ahead of all equity funds. However, due to his different views on the high valuation of bank real estate stocks caused by RMB appreciation, although considering the possibility of market hotspots rotating, he still failed to follow up the market hotspots in the fourth quarter in time to cover the bank real estate stocks, and finally the Huaxia Market Select Fund failed to continue its champion position in the first half of the year. Wang Yawei has no regrets. At present, he still insists on his own view that asset bubbles should be avoided in a bull market, and he should firmly pursue his "income above the safety margin".
When it comes to future career planning and life goals, Wang Yawei admits that his interest is still in investment. "Being a fund manager may get better and better, and the pursuit of positions may soon rise to positions that are not suitable for you."
Grade determines value.
The more truth, the more universal it is, and the deeper it is, the simpler it becomes.
If you ask Wang Yawei what his investment secret is, he will tell you to "pursue low-risk and high-yield investment". That doesn't sound like much.
What's the difference between fund managers? Wang Yawei thinks this is mainly a matter of taste. "Risk preference is the taste of fund managers. Different candidates put forward different things, and ultimately their performance in the market is different. " Wang Yawei said that his investment taste and secret is "pursuing low-risk and high-yield investment".
The word risk is easy to say, but everyone in the market has a different understanding of risk. What is risk? When the risk is the lowest, the judgment of fund managers in the market may be completely different. When the market generally pursues liquidity premium, Wang Yawei is still striving for its growth premium because of its own risk concept. From this perspective, Wang Yawei is a staunch supporter of growth investment and a stubborn opponent of high-risk investment. "We can't lower the standard of stock selection because of liquidity premium and bull market", which shows that Wang Yawei is still a lofty "taster". This may be considered conservative, but it turns out that for a professional investor with long-term planning, it is better to be conservative than radical.
There is a famous "herd effect" in the stock market. When the stock price establishes an upward general psychological expectation, more enterprises and shareholders who have invested or have not invested in the stock market will join the stock market. Enterprises and shareholders who have invested in the stock market may also transfer more funds through loans, so the stock price will rise faster, just like a flock of sheep running forward, and some sheep that don't conform to the crowd may be trampled, so even if you know that going forward may be a disaster, you should follow the crowd until the stock market bubble bursts.
"I think the' herd effect' does exist among investors, but I may choose stocks that lose time without losing money. If you buy it in a short time, you may buy a higher price, but the company's texture is good and the future growth can be sustained, so I can make money and pursue long-term security after a period of time. "
Risk education can only be recognized by people in the market cycle. 1999 is a big bull market in China. Almost all stocks are on the rise. Everyone is crazy to enter the market and build positions on a large scale. The whole stock market is hot. By 2000, when the market was at its peak and almost everyone was optimistic about the stock market, Wang Yawei realized the hidden crisis and decided to reduce his position significantly. In this way, when the stock market began to fall at the end of 2000, Xinghua, the fund he managed, successfully avoided the risk of stock market decline. Since 200 1, the China stock market has entered a bear market that lasted for four years, and Xinghua Fund finally brought investors a dividend of1900 million yuan.
While deepening the understanding of risks, Wang Yawei's thinking on growth-oriented investment supported by performance growth is also deepening year by year, paying more and more attention to the stability and sustainability of growth itself. Wang Yawei disagrees with the evaluation that he is an old hand in investment. Because even old hunters now face a completely different market from the past. There are the background of RMB appreciation, system reform, full circulation, demographic dividend, and so on. There are too many differences with the familiar China stock market. Faced with so many new problems, the old hunter is also a pupil.
Ideological decision
If you are a person without independent thinking ability, you will eventually be eliminated in the stock market. When the reporter asked Wang Yawei how to survive better in the stock market, he emphasized the ability of independent thinking.
"It is still necessary to form a set of mature investment methods that can reflect their own style and suit their own use. The focus of your investment must be your own understanding and grasp of the market itself, rather than following others and losing your mind. You should always consider the risks and opportunities in the market. Then, according to your own judgment and your own methods, you will always look at the problem from the perspective of investment. "
Nine years' career as a "cow expert" has made Wang Yawei deeply realize the importance of independent thinking. "If you want to find the future bull stock, you must calm down and think independently from the various voices that are currently flooding the market. This is an era of information flooding. There is not too little information, but too much. You must have keen insight and filtering ability to grasp the key to the matter, otherwise you will be at a loss and lose your way. " Wang Yawei said, "As a fund manager, investors give you money to think for him. If you go with the flow and lack the spirit of independent thinking, you have not fulfilled your responsibilities. "
We want to hear Wang Yawei's views on the A-share market. After a year of soaring, the A-share market continues to soar. We know that he is a man who doesn't want to talk much. Everything he says has to be carefully thought out, so he doesn't speak fast, so you can have plenty of time to understand. What such people say is often more weighty.
Wang Yawei believes that although the market is generally healthy at present, there are signs of local bubbles under the impetus of abundant funds. The rise of share prices of some companies has overdrawn the growth of operating performance, which means that there is a bubble from a rational point of view. The bull market in emerging markets has become more intense than that in mature markets, so we need to be alert to the lessons of Taiwan Province stock market. The bull market may last for more than ten years in a stable way, or it may turn into a bubble or evolve in the form of large fluctuations within a year or two.
Wang Yawei is obviously a truthful person, which is even more valuable in an enthusiastic capital market. In terms of how to manage large funds, he is outspoken: "I think the successful operation of large funds requires large market capacity and good investment varieties. There are not so many investment varieties, and it is not easy for big funds to manage well. "
"Calm down and guide yourself with your own ideas" is Wang Yawei's advice as a professional investor.