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东证融汇魏江:三维量化选股增强,做长周期下的成长+Alpha
Report Industry Investment Rating No relevant content provided. Core View of the Report The report focuses on Dongzheng Ronghui's fund manager Wei Jiang, who has rich quantitative investment research experience and manages the Dongzheng Ronghui Growth Preferred Fund. The fund uses a multi - dimensional quantitative approach to select stocks and enhance returns, achieving excellent performance in terms of return - risk characteristics and investment style, and has the potential to capture long - term growth and alpha returns [1][6]. Summary by Directory 1. Dongzheng Ronghui Wei Jiang: Three - Dimensional Quantitative Stock Selection Enhancement for Growth + Alpha in the Long Run - **1.1 Fund Manager's Basic Information: A Veteran with Over 7 Years of Quantitative Investment Experience** - Wei Jiang, a master of financial engineering from Shanghai University of Finance and Economics, has 9 years of quantitative investment research experience, including 7 years of quantitative investment experience. He currently manages the Dongzheng Ronghui Growth Preferred Fund with a total managed scale of 160 million yuan. Since taking over the product, the cumulative return is 21.36%, the annualized return is 5.98%, and the maximum drawdown is - 31.34%, outperforming the CSI 1000 Index [1][6]. - **1.2 Fund Manager's Investment Framework: Multi - Dimensional Quantification to Create a SmartBeta Product Focused on Growth Alpha** - The Dongzheng Ronghui Growth Preferred is an index - enhanced product benchmarked against the CSI 1000. Based on the SmartBeta strategy, it focuses on the growth of companies, selects high - growth potential and high - quality stocks, and conducts quantitative stock selection and enhancement from long - term, medium - term, and short - term dimensions [10][11]. 2. Return - Risk Characteristics: A Rare Quantitative Fund with Four - Year Outstanding Performance, Outstanding in High - Growth Elasticity Periods - **2.1 Basic Return - Risk Characteristics: A Rare Quantitative Fund with Four - Year Outstanding Performance** - Among active equity products, only 25 products have maintained performance in the top 20% of their peers for four consecutive years, and there are only 2 quantitative fund managers achieving long - term excellent performance, including Wei Jiang [13]. - **2.2 Fund's Environmental Adaptability: Balancing Growth Elasticity and Alpha Enhancement Effect** - In periods when growth significantly dominates, the performance of Dongzheng Ronghui Growth Preferred is generally in the top 10% of active equity funds. In periods when growth is generally at a disadvantage, its performance can also be in the top 25% of active equity funds [16]. - **2.3 Profitability: Outstanding in Holding Excess Return and Winning Rate Compared to the CSI 1000 Index** - As the holding period lengthens, the winning rate and excess return of Dongzheng Ronghui Growth Preferred compared to the CSI 1000 Index increase. After holding for three consecutive years, the winning rate reaches 100%, with an average holding - period return of 26.48% and a holding - period excess return of 39.20% [23]. 3. Investment Style: Industry Rotation + High - Frequency Stock Selection Enhancement, Achieving Growth + Alpha with Attention to Industry Deviation - **3.1 Asset Allocation: Downplaying Position Allocation and Seeking Alpha with High Positions** - Dongzheng Ronghui Growth Preferred maintains a long - term stable position, with an average stock position of 89.71%, and allocates cash and bonds as liquidity assets [24]. - **3.2 Industry Allocation Characteristics: Dynamic Industry Rotation and Emphasis on Deviation** - The fund has a dynamic industry rotation characteristic. Except for a relatively stable allocation in the advanced manufacturing sector, it conducts moderate rotation in other industries. It also emphasizes industry deviation and can obtain long - term excess returns through industry under - over - allocation and rotation [28][37]. - **3.3 Stock - Holding Characteristics and Investment Style: High - Frequency Trading, Focus on Small - Cap Stocks, and Outstanding Stock - Selection Excess Contribution** - The fund has a highly diversified stock - holding structure with a high annual turnover rate. Its top ten heavy - holding stocks change frequently but can create long - term excess returns compared to the CSI 1000. It mainly focuses on small - and medium - cap stocks, with a long - term high proportion of small - cap stocks [40][46][52]. - **3.4 Expertise in Industry Analysis: Relatively Balanced Industry Distribution, Jointly Providing Absolute/Relative Returns for the Fund** - Industries such as power equipment, communication, and basic chemicals can contribute both high absolute and relative returns, providing stable excess returns in the long run [57].