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315%换手率炼出196%收益!陈颖基金购买指南:你能抗住50%的回撤吗?丨基金人物志(五十)
市值风云·2025-07-08 10:03

Core Viewpoint - The public fund industry has shifted from a "scale-oriented" approach to one that emphasizes "performance," with investors now favoring fund managers who can deliver consistent and stable returns [2] Group 1: Fund Performance - Chen Ying's three main funds have shown varying performance, with the "Jin Ying Core Resource Mixed A" fund achieving a total return of 196.8% over 6 years, translating to an annualized return of 18.4% [4][5] - In 2023, the "Jin Ying Core Resource Mixed A" fund generated a return of 37.25%, significantly outperforming the CSI 300 index, which fell by 11.38% [8][6] - The "Jin Ying Dividend Value Mixed A" fund performed better during the bear market in 2022, with a loss of only 5.24%, outperforming the CSI 300 index by nearly 16 percentage points [9][10] Group 2: Manager Background and Strategy - Chen Ying has a background in technology and finance, having worked in various roles before joining Jin Ying Fund in 2012, where he has been for over a decade [11][12] - His investment strategy has focused heavily on technology sectors, particularly electronics, computing, and media, with these sectors comprising over 60% of his portfolio in recent years [22][24] - Chen Ying has shown a tendency to frequently adjust his holdings, with an average turnover rate of 315% over his tenure, indicating a dynamic trading approach [27][28] Group 3: Market Recognition and Fund Management - Chen Ying's funds have seen increasing institutional ownership, particularly the "Jin Ying Technology Innovation Stock A," which reached nearly 50% institutional ownership by the end of 2023 [17] - The overall management scale of Jin Ying Fund is relatively small compared to competitors, ranking 74th among public funds, with only 10 fund managers managing over 2 billion yuan [19][21] - The fund's performance and the manager's reputation are closely tied, with investor retention largely dependent on recent performance [15][14] Group 4: Risk and Diversification - Chen Ying's concentrated holdings in technology stocks can lead to significant volatility, with potential drawdowns of up to 50% during extreme market conditions [24][49] - In response to market fluctuations, Chen Ying has begun diversifying his portfolio by including defensive sectors such as non-bank financials and utilities to mitigate risks [24][42] - The "Jin Ying Dividend Value Mixed A" fund has demonstrated better risk control, maintaining drawdowns below 30% since Chen Ying's tenure began [46]