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Original title: Outstanding companies are the source of income. The future of the pharmaceutical industry will be “big fish and more fish” -Interview with Sun Lin, the proposed fund manager of Shenwanlingxin Pharmaceutical Pioneer Source: Shanghai Securities News
In a sense, investing is a game of probability and percentage of profit. But for Sun Lin, who has a clear investment style, he not only achieved a high rate of return, but the odds are also very impressive: he digs and maintains many years of growth stocks, blooming in a “rose of time”, As the holding company grows, she The net worth of the managed fund continues to ride with the wind and waves.
How are growing cattle hunters made? Recently, Sun Lin, Shen Wanlingxin Pharmaceutical Pioneer’s proposed fund manager, told reporters about her investment approach.
The way of strategy: the long term based on value
Judging from Sun Lin’s past investment experience, since joining the industry in 2005, initially engaged in industry cyclical research, joined the Shenwanlingxin Fund in 2009, worked as a fund management assistant at the sophomore year and acted formally as a fund manager in 2014. After two rounds of bullish and bearish, long-term performance is striking.
From the Shenwanling Xinshengli Select Fund managed by Sun Lin, although the stock position is only 75% at the highest level, which is more than 10% lower than similar funds, the performance is also eye-catching. In the last four years since Sun Lin took over, the total return has been close to 140% and the annualized return has exceeded 25%.
Over the past 4 years, the market has been volatile and has been able to achieve such an eye-catching return, which stems from Sun Lin’s bottom-up investment system with a high selection of winning stocks. The fundamentals-based investment in growth stocks enabled it to establish star growth companies in the fields of pharmaceutical research and development, advanced manufacturing, material application upgrades, and consumer upgrades, and sustain them for a long time, achieving significant over-performance.
Sun Lin summarized his investment strategy as: “From start to finish, we invest in growth stocks based on fundamentals and select stocks from the bottom up. Transactions are based on company fundamentals rather than style or market sentiment. All transactions are based on the fundamentals of the company. On the face. “
In his view, investing in growth stocks is also the money for corporate profit growth, which is the source of value. “If it’s just about making money from valuation and market sentiment, it’s not a true investment in growth stocks.”
In investment, Sun Lin stressed that it is necessary to “see long-term growth”, because the realization of value requires accumulation of time. Only from the medium to long-term perspective of the industry, can we judge the changing trend of the future competition pattern and the level of profitability. Carry out an assessment of the current competitive situation of the company. “This is a long term based on value. In the bottom-up stock selection process, it is necessary to understand what the industry depends on to grow, what it must gain for the company, if the medium and long term strategy is correct. and how strong is the competitiveness. Judgment on the profit forecast “.
The source of income: working with prominent companies
Inamori Kazuo’s “Way of Life” is implemented in the capital market. Sun Lin’s perception is that “kindness comes first, wisdom is the way”, that is, through improving the efficiency of resource allocation, supporting the development of excellent enterprises, growing together with excellent enterprises and generate business Long-term growth income is the source of investment income and the mission of investors.
In Sun Lin’s view, the performance of the equity portfolio is actually a reflection of the fund manager’s choice of the company’s growth and future performance. As a fund manager, you must have enough patience and confidence to accompany prominent companies to grow together and share the dividends of corporate growth with shareholders.
Regarding the timing of the design of growth actions, Sun Lin will refer to the life cycle of the company and choose the company’s competitive advantage to initially appear, the penetration rate of a new product or new technology is increasing rapidly and there is still greater room for growth in the future to intervene. “This is a stage where the slope is good and the company’s growth and investment prospects can be relatively balanced.”
Most of the companies that Sun Lin has featured in recent years have obtained clues of the changes in the upstream and downstream of the industrial chain, and then confirmed them through systematic research and in-depth monitoring, and conducted a comprehensive survey of the management team and the company’s business strategy, and finally made the design. .
In the selection of individual stocks, Sun Lin attaches great importance to the quality of the company’s growth, preferring good companies with high profitability and focused on R&D and innovation. “These companies often have the characteristics of financial stability, good business quality and high return on capital.”
After years of experience in the market, Sun Lin has more investment knowledge. In his opinion, to invest in this profession, the main threshold is professional knowledge, the intermediate threshold is practice and common sense, and the highest threshold is knowledge and control of oneself and human nature. It is not easy to choose a good company and grow with the company. Fund managers need to keep summarizing, self-examine, keep learning, and strive to expand the circle of skills to maintain a higher rate of profit. Once in the methodology If there are flaws, it is easy to fail the long-term test.
Disposition: fish in a place where there are many fish
Charlie Munger once said, “There are two principles to investing. Principle one: Choose to fish where there are many fish; Principle two: Never forget principle one.” The main lines of the market in recent years have revolved mainly around medicine, improvements in consumption and advanced technologies. The development of manufacturing and other fields is also the focus of Sun Lin’s design.
At the present time, which areas will have the most fish next? Sun Lin is particularly optimistic about investment opportunities in the pharmaceutical industry. In his view, medicine is the field of “super big water and super fish” in the future. This is also the direction that you will strive for in the future of the Shenwanlingxin Pharmaceutical Pioneer Fund to be issued as one of the trustees.
Over the past year, the pharmaceutical sector has performed well, but Sun Lin believes that under the long-term trend of incremental investment, explosive demand and driven by innovation, the true explosive phase of the pharmaceutical industry has not yet arrived. From an industry performance perspective, since the reform of the health insurance system in 2018, the entire pharmaceutical industry has embarked on a path of steady and healthy growth. Whether from the perspective of corporate profitability or capital market performance, the pharmaceutical industry has a sustained and stable investible value.
He explained that from the perspective of the drivers of the pharmaceutical sector, the short term may be the cause of changes in health insurance policies and the prevention and control of the epidemic, but the fundamental cause comes from technological innovation. New drugs, new devices, new therapies and new immunization methods are innovations in the pharmaceutical industry. .
“In the not too distant future, Chinese companies will appear as world leaders in subdivisions. They are bullish on innovative drugs, vaccines, high-end API, CXO and medical services. This is also the direction that our fund is engaged in the future. “
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