Some people "start classes", some people laugh at themselves, and fund managers "play" differently in their regular reports.

The "Fund Investment Strategy and Operation Analysis" section of the fund's regular report has been attracting much attention from the industry and the public as a channel for fund managers to demonstrate their professional standards and share investment ideas.

In the fund's 2024 annual report disclosure season, which has just kicked off, the two active equity funds of Jiutai Jiuyi Mixed and Jiutai Tianfu Reform Mixed under Jiutai Fund did not roughly sort out the investment strategy from a more macro perspective in accordance with the "convention", but rarely listed the reasons for buying and holding individual stocks during the reporting period, and handed over two unusual investment "small essays".

More than 10 stocks, the company's valuation is discounted when buying?

The 2024 annual report shows that Jiutai Jiuyi Mix is jointly managed by Liu Kaiyun and Zhao Wanlong, and Jiutai Tianfu Reform is managed by Huo Xiao. Among them, Zhao Wanlong and Huo Xiao both started to manage products last year, and Liu Kaiyun is a veteran who has been in the industry for 10 years, and also serves as the deputy general manager, chief investment officer, director of research and development department and director of equity investment department of Jiutai Fund.

But all three fund managers are "newbies" to both products: they only started managing them in November last year. But this did not affect their major changes to the top 10 heavy stocks after taking over the product.

Jiutai Jiuyi Mixed only continuously repositioned Lixun Precision (002475. SZ), Pengding Holdings (002938. SZ) 2 stocks, and the remaining 8 stocks with new heavy positions are Weichai Power (000338. SZ), China Automotive Research Institute (601965. SH), NAURA (002371. SZ), CATL (300750. SZ), Hikvision (002415. SZ), Emma Technology (603529. SH), Zijin Mining (601899. SH) and Transsion Holdings (688036.SH).

Jiutai Tianfu reform only increased the position of Lixun Precision, and the remaining 9 heavy stocks are all new stocks, namely North Huachuang (002371. SZ), GigaDevice (603986. SH), China Mobile (600941. SH), SMIC (688981. SH), Haiguang Information (688041. SH), Transsion Holdings (688036. SH), Montage Technology (688008. SH), Hikvision (002415. SZ) and Kingsoft Office (688111.SH).

As for the reasons for the "big change", the fund manager mainly sorted out in detail in the "important buying and selling" part in accordance with the basic framework of "the company's core competitiveness + future development potential + calculation and valuation + reason analysis".

For example, when analyzing the reasons for buying Kingsoft Office, Huo Xiao said: "Kingsoft Office is a leading enterprise in the field of office software in China. The company has a large user base, with more than 600 million monthly active devices, and has obvious network effects and product performance advantages. In the future, with the help of AI models, the core competitiveness of the company's products is expected to continue to improve. According to our valuation model, there is a discount to the company's valuation at the time of purchase, which comes from the market's pessimistic expectation of higher payment rates for office software. ”

It is worth noting that whether it is the analysis of new stocks or stocks with continuous heavy positions during the reporting period, the three fund managers all said: "According to our valuation (research) model, there is a discount in the company's valuation at the time of purchase", and the reason for the discount is the market's pessimistic expectations for factors such as policy, industry or international relations.

So how have these two products performed over the past year?

Judging from the annual report data, the 2024 annual report shows that the net growth rate of fund shares of Jiutai Jiuyi Mixed A and Jiutai Tianfu Reform Mixed A in 2024 will be 11.89% and 15.30% respectively, and the excess return will be -1.39% and 2.59% respectively.

Among them, Jiutai Tianfu Reform A, which reported that it was mainly in the "investment opportunities related to the theme of selecting new power reforms within the scope of the 50 constituent stocks of the Science and Technology Innovation 50 and the Growth Enterprise Market", had a net share growth rate of only 4.22% in the fourth quarter of last year. Flush iFinD data shows that from January 1 to March 20, 2025, the product yielded only 4.46%.

Judging from these two performance data, Huo Xiao, the fund manager who talks eloquently when analyzing the investment logic, does not seem to have been able to find high-quality investment opportunities in these two markets where the technology theme shines.

As the only veteran, Flush iFinD shows that Liu Kaiyun's longest-running and highest total return on Jiutai Ruizhi Event-Driven Hybrid (LOF) has a total return of 97.14%. According to the fund's quarterly report, the net value growth rate of Jiutai Ruizhi Event-Driven Hybrid (LOF) in the fourth quarter of last year was only -2.11%, failing to outperform the performance benchmark.

Hidden compliance risk?

In most fund periodic reports, fund managers tend to analyze investment strategies from a macro perspective, and direct comments on individual stocks are rare.

A fund manager told Silver Persimmon Finance that he prefers to use a macro perspective for analysis, "Many people in the industry have a high turnover rate, and there is no forward-looking effect if they talk about it in detail." ”

In addition, the fund manager said that such direct comments on individual stocks could hide the risk of violating compliance requirements. "Generally, large fund companies should not have such content."

So do the people "buy" this different annual report? Silver Persimmon Finance flipped through a number of third-party platforms and found that perhaps due to factors such as the small scale of the product and the low popularity of the fund manager, almost no people discussed the content of the annual report.

How can periodic reports be "played"?

Before the appearance of this annual report that reviews individual stocks, fund managers have actually "played" a lot of tricks on regular reports.

For example, Zhang Kun, a well-known fund manager of E Fund, once set up a "Zhang Kun Classroom" in the third quarterly report of the fund in 2023 to teach fundamental investors how to choose high-quality companies: "Fundamental investors often spend a lot of energy to analyze and judge the future net profit level of the company, but net profit is not the ultimate return, and the return to shareholders still lacks two steps, one is net profit to free cash flow, and the other is free cash flow to shareholders' pockets." ”

Jiao Wei of Yinhua Fund and Xu Yan of Dacheng Fund are the "philosophers" among fund managers.

In the second quarterly report of the fund in 2024, Xu Yan once wrote: "In the stock market, there is one world, but there are two worlds. In a world, it's easy to earn; In a world, it's easy to lose. In a world, it's easy to be right; In a world, it's easy to get wrong. In one world, it's hard to understand another. ”

In the market downturn in 2023, Xu Yan also laughed at himself in the second quarter report: "The net value of the portfolio has risen in the second quarter, but it is only contributed by a very small number of individual stocks, I want to remind you that this is a bit abnormal." The portfolio I managed was subscribed significantly in the second quarter, and I sincerely thank you for your trust and support, but I would like to remind you that this is no less anomalous".

In the second quarter report of 2024, Jiao Wei expressed his expectations for the liquor industry in poetic language: "The manager believes that the great rivers nurtured by the unique tertiary landform are nature's gift and compensation to the Chinese nation, and these trickles of water can not only make fine wine with the characteristics of Chinese culture, but also convert it into electricity driven by water turbines, and the monopoly of these natural resources will still be the focus of our investment." However, at that time, the products he was managing "kicked out" many liquor stocks from the top ten heavy stocks.

In contrast, Ye Yong, the manager of Wanjia Fund, and Qiu Dongrong, a famous general of Zhonggeng Fund who has left, are absolute "pragmatists".

Ye Yong, who pays attention to bulk assets, will hand over a 1,000-word "small essay" in almost every regular report, which will analyze the investment logic of the fund, especially the reasons for the changes in the commodity market and the future trend in detail. During his tenure, Yau will disclose in detail the specific requirements for the selection of individual stocks and the direction of investment in regular reports. In the 2023 quarterly report, in the face of the continued recession, Qiu Dongrong also sighed: "This is not the first time this has been the case, and even every bottom is equally depressing." ”

Zhou Haidong, the fund manager of China Commercial Fund, who just announced his resignation, is a representative of "cherishing words like gold". For example, in the 2024 quarterly report of the Chinese businessmen's advantageous industry mix, Zhou Haidong only used one sentence in the investment strategy after analyzing the changes in domestic policies and the international situation in the fourth quarter: "The fund will still maintain a relatively balanced allocation, and the main holding industries include non-ferrous metals, electronics, transportation, machinery, power equipment, computers, etc." "The MACD golden cross signal is formed, and these stocks are rising!