Chapter 536 [Changes in the holdings of Tiansheng Enchantress]
As for Lao Yang's strength, Brother 8000 and others in the group will not question him just because he was bored once at Renzixing. He is so firmly optimistic about the market outlook, so naturally he is excited.
Group friend: "So, what are you doing when the bull market comes?"
Group friend: "Of course I work as a broker. Is it a bull market if there are no brokers as the standard bearers of the bull market?"
Group friend: "Lao Yang, what are the characteristics of the market start?"
After a while, Lao Yang said in an orderly manner: "Didn't you tell me, brokers, we will be brokers when the market starts? We will take a look step by step at that time to decide which brokerage stocks to buy. When the market starts, there is a target that needs to be focused on.
That is our price vote for Tiansheng Holdings. The stock king has been oscillating back and forth in the 2.5% amplitude range for a long time and can break through new highs at any time."
"Pay close attention to Tiansheng Holdings. If this stock has a big positive line and breaks through the current platform, and the volume breaks through, that is, when the daily turnover returns to the tens of billions level again, it will most likely be a clear signal for the market to start. Stock King
After all, he is the king of stocks. If the king of stocks does not show his attitude, funds will not dare to raise other securities companies' stocks, and even if they do, it will not be on a large scale."
"So, once a stock hits a record high, no matter whether it is a real breakthrough or a false breakthrough, or whether it is a signal for the market to start, it is absolutely not possible to wait and see with a short position. You must at least open a three-tiered position to occupy a position.
"
The members of the group are all gearing up, waiting for Lao Yang's command at that time, and then rush in in a big way.
In fact, many knowledgeable people now agree that the current stock market has reached a historical bottom, but the bottom does not mean that it will rise. When to start the market is another matter.
It is safe to enter the market at this position, but there is also a time cost that funds must consider. If you enter now and end up lying at the bottom for a year or more, the time cost is also a very expensive sunk cost.
…
In the afternoon, Tiansheng Capital’s new headquarters, president’s office.
Li Mingyang is in Lu Ming's office at the moment, and he is reading a piece of material given to him by Lu Ming.
"Tiansheng Value Growth Mix will adjust positions and exchange shares according to the above, and the changes in the top ten holdings will be publicly disclosed early next year." Lu Ming said with his legs crossed.
Li Mingyang, who was sitting next to him, was roughly reading through the materials. The actual manager of this star-level public equity fund is now Li Mingyang. Lu Ming is basically the manager. Only such major changes in positions will he make.
Intervention is also a decision-making, rather than actual execution. In the second half of this year, I didn't even enter the trading room a few times.
It is worth mentioning that so far this year, the cumulative net value growth of Tiansheng Value Growth Hybrid Fund after today’s close is +36.26%. This is already a very impressive result, although there are many hybrid funds in the market that have outperformed
Tiansheng Value Growth Mix.
But insiders, including some stock investors and senior citizens, don’t think “Tiansheng Enchantress” is bad, nor do they think Lu Ming’s level is no longer good.
The reason is very simple. This year's general environment is like this. The bearish sentiment has been prevalent for almost the whole year. A lot of funds have been cut in half. The current performance of "Tiansheng Enchantress" is still better than that of most of its peers.
At the forefront.
The most important thing is that the size of this fund is too exaggerated. At its peak, it once reached more than 200 billion. This is a number that extremely tests the skill of fund managers.
Christians believe that if the scale is reduced ten times, Brother Yi will probably go crazy again.
What does it mean to be too large? It means that anything you buy can easily reach the daily limit. The problem is that it feels great when you buy it, but can it be sold? Who in the market can handle such a large amount of goods?
Therefore, the result of being too large is that the investment scope is greatly reduced. We know that some targets are very good, but we have to give up because the market is too small. For example, it is definitely impossible to do the monster stocks. Even if we invest tens of millions, we will double them. It is also unable to bring significant growth to the overall net worth of the fund, and there is a management problem when buying too many tickets, and the market changes very quickly, which limits the scope of stock selection.
For a very large fund such as Tiansheng Value Growth Hybrid Fund, the market can only accommodate more than a hundred asset targets, which are blue-chip butt-weighted funds that can only be invested in value.
And what is the market situation of big butts this year? In the words of retail investors, it is enough to ignore it. Cuts in half are everywhere. This further requires the "Tiansheng Enchantress" to further select among the big butts that can withstand the decline or even It can also go against the weight of the market. Well, just having a big butt is not enough, it also needs to be raised.
It can be seen from this that this fund is so powerful that it can achieve a net value growth of +33.26% in this year's market.
Compared with other public funds, Tiansheng Value Growth Mix has a greater difficulty, that is, when it comes to the top ten holdings, it is fine, but if it is to reduce its holdings, it will be in big trouble, because it is Tiansheng Capital Among the people acting in concert, the holding scale of the 150 highest-quality asset targets in the two cities of Big A has reached above the standard line for raising placards.
Although the individual stocks held by Tiansheng Value Growth Hybrid Fund do not exceed 5% of the total share capital of the stock, since they are acting in concert with Tiansheng Capital, if they want to reduce their holdings, they must make an announcement in advance, and the stock price will definitely plummet.
This is a headache that only belongs to "Tiansheng Enchantress". Other funds do not need to consider this matter at all, and just reduce their holdings, because it is impossible to reach the standard line for raising cards.
With Lu Ming's current status and influence, he certainly cannot blatantly do anything illegal.
However, the issue of the need to announce the reduction can still be perfectly circumvented.
Tiansheng Value Growth Hybrid Fund is the face of Tiansheng Capital, and it is also the closest link between Tiansheng Capital and the public.
Lu Ming demanded that "Tiansheng Enchantress" must maintain a forever upward trend, as strong as the U.S. stock market, and a supplement to "common prosperity" that achieves redistribution through the financial market.
Because the absolute majority of this fund is ordinary people, and its scale has reached millions.
There is such a rigid requirement, so the retracement must be controlled. In order to avoid the decline, the company's solution is to achieve it through internal transfers.
That is to say, instead of reducing holdings through the secondary market, the left hand is transferred to the right hand. If Tiansheng Enchantress wants to reduce the holding of a certain stock, the reduced part will be directly transferred to other management departments within Tiansheng Capital at the current market price.
To put it bluntly, it is to let the company's internal LP institutions take over the orders. These LP members must be unhappy because they have not shared in the increase in asset prices, but they are resisting risks and losses.
If they don't want to, they can't help it, because after handing over the money to Tiansheng Capital, the LP has no right to interfere with the GP's decision-making during the period.
However, the profits Lu Ming made for LP were huge enough, so he did not let one LP member take over, but shared them evenly, so everyone resisted together, and with the calculation of the general ledger, the overall profit was still huge, but it would not be too big.
Big emotions.
And having said that, if Tiansheng’s LP members don’t have this level of awareness, they all have a pattern, otherwise they wouldn’t be able to become Tiansheng’s LP members.
At the end, Li Mingyang looked at Lu Ming and said: "Chairman, half of the top ten holdings after the adjustment are non-bank finance. If the annual report is disclosed and the latest quarterly holdings are released, I guess the market will definitely cause a huge reaction."
As soon as the latest quarterly position report of Tiansheng Value Growth Hybrid Fund came out, half of the top ten stocks were non-bank financials. The market will definitely speculate that Lu Ming is judging that the market outlook is about to start an index market.
For the index to have market trends, that is, if the bear market turns bullish, the three financial fools of banks, securities, and insurance need to work together to achieve index market trends.
Lu Ming smiled and said calmly: "This is what we want. The disclosure of the quarterly position report of the fund you manage is to warm up the market at the beginning of next year."
