Sohu's online interview to satisfy the majority of users

 Director of venture capital investments in the Post interview Pengxu Record
open-end funds in a closed period dividend it! Open-end fund closed-end fund dividends and dividend by the majority of users the same concern. User that the open-end funds generally rose after the dividend is the net returns to investors, and the general fund company open-end funds that money is divided investors do not pay dividends, dividend is just a form. in the Post company's first venture capital fund products: the Post Fund is the first core optimization of participating in a closed fund, but also the fastest since the establishment of the Fund after the dividends of the Fund. Sohu Post Fund invests in financial invited Mr. Peng Xu, director of guest fund world community, and talk about common problems open-end fund dividend.
Topic: How to become the fastest growing fund dividend Date: November 15, 2006 1:30-2:30
PM Interview Venue: Sohu - Fund Chief Investment Officer
world
Pengxu over 10 Master of Economics years of experience in investment banking and asset management. has in Hainan Securities Co., Ltd. Hong Kong and Macao Investment Banking Department, Investment Department; Huaxia Securities Co., Ltd. Asset Management and other agencies serving.
Moderator: users Hello everyone, Welcome to the Sohu chat room guests. The world is invited Sohu Fund Venture Fund Management Co., Ltd. China Post Chief Investment Officer Mr. Peng Xu guests, please ask the majority of users.
users: the new company and very familiar with the new funds for investors, can be introduced about the company, and then tell us about fund products.
Peng Xu: full name of our company called the China Post Venture Fund Management Co., Ltd. is pioneered by the State Post Bureau and the organization of securities initiated by the two shareholders of the fund management company, we, as a large postal Shareholders of the company concerned, the reform of postal savings and so can be said with some special meaning, while China has the largest postal channels for its distribution channel management to more than thirty thousand outlets, many commercial bank branches as outlets Post more. from the future development of the company, the Post will be on this channel is better support for Chinese funds, which is a little bit special. On the issue of shares of our product is called the Post core products preferred funds, see what are the characteristics it is not, nor do more innovation, but because we actually more optimistic about future market trends, so we invested in the choice of investment products, including diverse ideas will replace operation, we do not want to invest in their own species, the direction of investments tied to do too much, so before choosing the core optimization, I preferred industry, optimization trends, preferred stock, we are like a stock fund.
Moderator: The fund investment is the extent ?
Peng Xu: Equity Funds bottom line is 60%, capped at 95%.
User: Will the number of shares issued?
User: ABC and the Post Office have issued very tired.
User: issued in the postal savings fund is to select more than one economy is relatively developed cities, such as capital cities and municipalities. Where can I buy the Post Fund?
Peng Xu: Because we are a new fund management company, the bank is managed, the Post is our shareholders, so we chose the Post and ABC as the primary sales channel is normal, one shareholder relations, one is a managed relationship. trends of reform in the postal industry, postal savings funds in the beginning of sales when there are certain difficulties, including familiarity with its business, we also help our postal system is the first consignment of the product, we belong to the third, made a monetary front, back, made a mixture of stock, we are ranked third The. as the postal service to become familiar with on this process, I believe we go after the Post bought the securities will not feel tired. ABC fund sales in recent years done a good job, it should be said that the channel is quite smooth, no problems . The first consideration only to the original foundation of this business, postal familiarity, this is only open 2,600 outlets nationwide, and limit the focus of more than 20 provincial-level city, more and more familiar with the business of the Post piece, and gradually enlarge the scope of the Fund's sales, these we have only identified the key cities of more than 20 provincial capitals. Many securities companies can buy our funds.
Moderator: Our fund size at 16 million, for at that time eighty-nine What issue is the concept of the month? is what level?
Peng Xu: A new fund as first fund product, I think 16 million should be sent to that better than some worse than, as the new fund with our own expectations about their own, because we do not, after all, past performance, we do not understand the operation of the team. in August or September issue of the funds that we are moderate, in August or September issue of the fund's past performance with reference to a performance fund, with the old fund compared to our entire sales is actually quite a decent .16 billion in line with current market environment and industry conditions in which the company now, it should be said is quite consistent.
Moderator: 1.6 billion for the company is quite satisfied of?
Peng Xu: I hope the money the better, just because the new fund, we hope to speak through performance, to see the future, if investors agree to obtain, I hope better. Moderator: Post created two first, one is the shortest dividends only 48 days, the second is the first of a dividend in a closed fund. You see how the two first is that? Peng Xu: On the dividend problem is also the company leadership meeting, in line with the Post Fund's investment philosophy, to create maximum benefit for investors, in fact, have a core of our philosophy, to maximize the interests of fund holders. Strictly speaking, after the real action is in the National Day , not the entire National Day holiday, adding a national day of class. Day after a more accurate grasp of our interpretation of the direction of the market, and achieved good returns. If we want to have a return, at this time we want to be able to present Some holders of fund shares, give us a relative dividend, in line with our company philosophy, but also want the dividends so that more investors have confidence in our company, our ability to fund management, including our future performance can have confidence in the market but also to be the highlight of everyone's attention, hoping to achieve this goal.
users: the Post Fund within 48 days how to do such a good performance? how to do it?
Peng Xu: one in the Post Fund has experienced in the preparation period of the investment research team more than a year of running with the preparatory work, though we are a new fund management company, but we operate throughout the investment research team prior to the preparatory work done quite well, basically we issued, I was joking, when we made when we can go into the marketplace. Why? because we did a very early stage of the main full, what the future has a deep investment in judgments and research. This is the first relatively full respect for the work done. Second, the investment in terms of concept, we take relatively accurate. to the end of the investment strategy for the second half of this year has been a clear trend of market transformation to make the judgments, Now the market is basically in line with our judgments. was forecast in the 7-9 month, 7-September issue of the Fund's investment direction is, when we have a clear judgments. the short term to obtain the results is not surprising, it should be said that our was more accurate judgments. I prefer to judge an investment, prefer to study the market after three months, or of the market a year later, not everyone is like what I told everyone said. my investment habits is this. User: The end of the year to see how the stock market? Peng Xu: look at how this relates to the trend of China's bull market direction this aside, I think the direction is to look first. I, like many fund investors are unanimous This call unstoppable bull market. at the end of November, December to see how market as fund managers are not concerned with such a microscopic, it is possible that some funds in December a year down the good harvest, but also dividend requirements. Second, by the end of the financial side We think that would be a little tight. But we should also see the recently released to the November, December dozen funds to be released there, it will not raise the scale is small, should be said that the market will adjust, but this adjustment of an adjustment is not strong, so long as the direction of investment, including the right investment philosophy, investment risk is not to avoid any problems.
users: your funds and what are the advantages compared to other funds?
Peng Xu: from me, all the fund management companies have their own advantages, have their own strengths, we also mention other fund management companies with what are the advantages of the problem. Perhaps there are strong Always the Winner, but also volatility large funds. from itself, we emphasize the rigor of investment with the investment stability. As for advantages, I can not arrogantly What are the advantages, we in the industry with so many colleagues, face the same market, It should be said only that we look at problems a different point of view.
Moderator: closure of the dividend in the fund industry which is very rare, everyone in the Post more interested in the operation of the Fund, in addition there is no investment ideas?
Peng Xu: The bull market of the composition is two parts, the growth guide, values followed, the so-called bull market growth companies are often very good performance in a bull market which is quite excellent. But the value of the type of company will bring the market's overall trend valuation of the change. Strictly speaking, the major investment program after the National Day is around the value of the direction of investment to investment, growth is not that we deny the judge is not worth investing in the stock, but said at this stage, I think next year introduction of stock index futures before and after the blue chips on the market value of larger, the value of this stage is to follow the terms of the stock market. so investment in this direction may be a year's time, the efficiency is the highest, as the valuation of that when it is gradually becoming the rationalization, the growth stocks will still perform a good story, nothing more than how effective this transformation between the two.
Moderator: Peng has been mentioned earlier valuation of the word, many users is the base people are not professional investors, to explain to you what the meaning of valuation, for fund investments, what kind of meaning?
Peng Xu: valuation that the word a lot of talk about the past two years, the valuation is very complex. valuation which includes the actual value of the enterprise, of course, there are many metrics, as well as prevailing market conditions, as well as institutional investor psychology, which is constituted by a very wide range of factors. I always joke with them, two years ago as the company's stock may have only four dollars, you feel a bit expensive, we think that after two years of very cheap 15 dollars. The value of the enterprise on the one hand, the market environment + investors have in mind is big change. as a good in terms of institutional investors, on the one hand to accurately measure the value of the business with the risk, the second must also consider the different market environment, the different market timing, investors can accept the standard of value is different. This is the same and get along with others, we deal with both the first time, you can say some basic understanding, a long time, you may think I am the person particularly well, likely you will hate the person I am , this is possible. different time, different market environments and different experiences have different things may change in the valuation may be many years later, we feel that 15 cheap things, to the time they think it is very expensive, This is possible. there is no absolute valuation, we all like to use a fixed quantitative criteria to measure, in fact, it makes no sense. quantified evaluation can only say what I think the risk, but its value is difficult to locate .
users: You closed the company's launch of the dividend is an unconventional view of how the operation?
Peng Xu: After all, this one appears better market performance in the year 2006 is relatively good, many funds issued last year, including many funds issued the previous year, due to difficult market conditions at that time to create a better yield during this period the rate of return that is difficult to have a lot of dividends on the Fund issued .06 conditions, the market efficiency of investment relatively high, might consider these questions are no longer not for long. closure of the dividend which is our company's own actions are in line with industry practice, should be said that will happen later.
Moderator: Our main services for investors, we make money hh Peng Xu: We mainly make fast, if the words make slow things are they will not consider this, and we are the first products were new funds, more importantly, to our share holders confidence, greater support for the future, this is our company's standpoint.
users: your company, and other more widely distributed, what are the advantages for your customers to trust you, then buy your funds ? a popular trend in the industry, the Fund dividends, and investors, the money placed in his left hand, so do you think?
Peng Xu: Fund Investment Management is a professional, who can not say that advantage, in fact, what kind of performance is a comprehensive reflection of the level of investment and research staff a comprehensive reflection of, among other factors, should be said that the results reflect the differences. talked about the strength of investment research, I believe that all fund management companies are very strong, professional and are strong . results may reflect the difference is that a certain stage in the decision-making, a judge of a starting point, or a judge on some major decisions. We can only say that the current situation in terms of the new company, I do not think there are other aspects of What advantage can only say that through the future achievements, we summarize its advantages lie, we can only say that our performance is getting better, which we are confident that our results speak only.
User: Peng buy the fund if the individual, now redeem it? CSRC fund managers can not buy the fund, assuming you are a fund investor, then, for now, more than 1,900 points higher than the market will choose to redeem, or choose to continue hold?
Peng Xu: In fact, fund investors to buy, I do also more wonder, like the redemption of fund investor, went to buy a new fund, this behavior is not much sense. Why? only no reason to increase your costs. If you are a fund management company is very confident, the best strategy is long-term holding, but also from the future market trends, I believe the next few years, the fund management company will give investors a more well at least relatively satisfied with the returns. such frequent play the stock market and jump into stocks just as individuals are the same, so many years looking down from the growth of really good companies regardless of form or value, since the market has been rising, share price is getting higher and higher, ever found in which to convert the final as long-term holding. a lot of long-term holders of the stock as long as there several times in recent years the return on investment, individual investors in recent years have been a few times return? buy the fund to buy stocks with a consistent internal logic, I suggest hold strategy is better than the frequency conversion.
Moderator: There are many funds buying patterns, one-time purchase or buy a combination of many funds regularly buy, online in a different fund of funds which frequent conversion products, you generally recommend users to use what funds investment?
Peng Xu: I hope that the majority of investors to the Fund as a financial product, as the original, like deposits, bonds, like their own personal future as the usual financial products, in addition to deposit a portion of a part of idle funds, in addition to consumption, in addition to other bonds, the rest used to buy funds, hedge value-added financial products to do treatment. with Regular savings deposits, like the Chinese people to buy the fund industry is the same token, should have the choice of long-term holding. consumers the ability to take risks is limited, after all, the volatility of the market, the proposed portfolio. as in terms of personal finance , part of the deposit, part of the purchase funds, when the proposed purchase of the Fund's portfolio investments, in part to buy hybrid, part of the bond to buy, some buy a stock, so stability is more suitable for you is a combination of strong financial management, after all, affordability of personal risk is limited, I tend to make portfolio investment, which is the Fund is concerned, the choice can be done when funds diversified portfolio.
Moderator: Fund Portfolio is not only invest in stocks, but also investment in other, more decentralized.
Peng Xu: not just the stock market, you can buy a bond, and in accordance with the terms of the risk benefit ratio, the lowest risk money funds, bonds, followed by another of the stock, the stock which can be divided into high risk equity funds, medium risk stock funds, individual investors can do a course I recommend.
Moderator: Once the Fund dividends after the NAV will fall, the company is less emphasis on rankings?
Peng Xu : Ranking very strange, I always felt very confused position, very seriously any of an investment to get a good deal in return, the industry is concerned with the different companies as an industry, if your benefits are very good, you high rate of return, you will not be bad in the industry, of course, but if you do a ranking of your energy to study the spread position, to compare the ranking, this is purely nonsense, no meaning. from me, I concern us now 16 million, in the end how much annual return to investors, I am concerned about this. I believe that if
rate of return has been very good, I also need them to look out of position adjustment it? do not. Some people say you guys the first few rows, I say that make sense? me anyway, the ranking for the fund industry do not quite understand, I believe investors will increasingly focus on the future rate of return rather than the day pondering ranking, because the market is volatile, after all, may routed to the back of this month I next month I'm standing in the front, my interest or the actual rate of return.
Moderator: Funds in which there are three funds, Bank of China International CPA, Jinpeng. in the Post Fund's attention better than Cathay Pacific Jinpeng, but the company did not do much when the issue of publicity. State if the dividend is to the actual cash dividend, dividends, then certainly you want to sell out part of the stock, since the long-term bullish on the market, then sell the stock if it will impact on future operations?
Pengxu: a good understanding of this issue, we give investors the return on investment of two cents, in the short term to give him a rate of return on deposit interest rates, short term we have to pay three thousand million, a portion of our cash receipts, but we hope through this more than thirty million in return be able to attract three million or 30 million more investors to buy our funds. I believe that this sale is cost-effective, it should be said that our goal is to hope that this dividend will allow us to share holders holding more firmly to our funds, while his friends and family, employees of the same system Ye Hao, able to go out of our performance information, and we hope that this bonus can bring us more of fund investors. I believe that from our part, we do not because they do not optimistic about the market or how, from the we are concerned, more is to give the market confidence, give investors confidence.
Moderator: Now the results?
Peng Xu: continuous sales of our terms has not been fully rolled out recently to do just Start now to start buying our fund, and now look at the situation is still very good, recently added a multi-billion, but also build on we have not started marketing the fund to further the propaganda continued.
Moderator: which fund managers, fund industry is still very high liquidity, so will inevitably result in a high NAV fund performance or the impact of your investment in the company how to manage the team? how decision-making fund investments?
Peng Xu: We have a Mr. Wang Wenbo, vice president in charge, he has emphasized strict the management. is the Wu Fujia head of research, fund manager Xu Wei. our company plans to implement each step of Office is very strict and meticulous routine work. I passed with fund managers communication, including communication with the researchers, we explore each other, and finally the formation of a judge a conclusion. who may be based on the mobility of many factors, some may be based on the distribution of income, I might go to another company because the driver before income go. The second aspect may be due to the integration of the working environment or the team is not enough, he may choose to leave. From our part, the flow of talent is quite normal. In particular, although China's fund industry has years of history , but still an emerging industry, such talent is scarce, the new fund management company has established the existence of this phase of the normal flow of talent. With the more uniform, will gradually strengthen the stability of personnel. We also want to be able to integration of effective communication within the team to achieve the stability of personnel.
friends: I am a paycheck to paycheck, there are basically deposits on hand has been pretty good, how best to finance?
Peng Xu: The so-called financial management, increasing the value of this block is to meet basic living expenses after increasing the value of idle funds. first consider the food, clothing or basic survival problem, I think not consider financial need. when you think you have limited financial resources must be in daily expenses to meet the situation, so increasing the value of this piece of idle funds, hopes to achieve this goal. even if only a thousand dollars of idle funds can consider increasing the value of, can do a combination, do not care much or how little, just like the original deposit , two hundred dollars can go to save money, this is not how much money is a habit. in a foreign country to buy the fund is a habit, I have a lot of students to the United States after graduation, they in the United States to a certain proportion of annual income Buy Fund, as a habit, which is equivalent to the original deposit as you go, it becomes quite used to the behavior.
Moderator: Yesterday, a news, national savings, which for the first time began to decline five years, that everyone gradually increase the awareness of financial management, said how much money flowed into the fund, how much money flowed into the stock market, but also an incentive for the fund, the fund industry in the development of the future will get better.
Peng Xu: We're In When starting the fund, has been speaking with our listeners this question, I give them so many years of China's deposit structure, including future economic trends, we analyzed the economic behavior of people in recent years of the early .90, we bought the major consumer is the color TV, refrigerator, this is like dressing, eating-related. color TV, refrigerator is the first consumer upgrades to a second round of spending since 2000 to upgrade the line is live, cars with the housing, it is with every round of economic growth to the consumer to upgrade. basic necessities of life are the four basic elements of human existence, when the four basic elements and gradually satisfied, remain idle capital, more than ten million billion of deposits are still there, the next step is not considered a basic consumption, has been consider how to increase the value of the remaining capital, I believe the future will be increasingly strong desire to finance, why do more and sell the Fund? financial needs in the future for a long period of time, 10, 20, 30, will be appear more and more strong demand, and now dare to be to buy funds. roadshow when I was playing a metaphor, dare to eat the crab, and now more and more people aware of the problem, and now
funds to buy it, should be said that one of the biggest beneficiaries of the future. Many people do not understand the postal system funds, I give them the definition, which dare to eat crabs. I believe the future this trend will become increasingly clear that many investors, I believe the future will be increasingly more aware of this.
User: breakthrough 1900 tape, and many stocks rising rate of return of funds, the new issue of the fund industry in the face of so many products, an investor how to choose?
Peng Xu: re- more than the stock funds are also small, we were investing in stocks are thousands of listed companies, and now how many funds it? If you go to investment funds, the focus is to understand the fund's past performance as well, the future is there for you reference to meaning. Second, the research team stability, style. Third, the direction of the fund investments shrink, which does not have to pick from more than a hundred, from medium and small, old and the new pick out, the old big fund management companies, such as the South Fund for a better selection of its investment fund, a relatively satisfied with the new challenges, or just lock ten to reduce the choice of surface, the difference is not particularly large, the performance will be long term widen the gap, but the difference will depend on the short term, but really look at the vitality of a fund is to see a decade or two. After years of holding this fund is how products like the rate of return, while holding other Fund rate of return is. investors often focus on short-term view, this much money, many fund companies to recommend as a bright spot, this is premature.
Moderator: The company will release second fund it? < br> Peng Xu: will launch early next year, the stock type.
Moderator: Do you seriously optimistic about China's market economy?
Peng Xu: The future of the market with our judgments are consistent, as the fund financial products concerned, within quite a long time in the future, China's stock-based foundation is faced with unprecedented opportunities for development, the next three to five years, the size of equity funds in China the rate of expansion would exceed everyone's expectations. Because the size of its equity funds more to the larger aspirations of increasingly strong demand for financial management, coupled with healthy growth of China's economy will increasingly drive the rise in China's stock market. With the continuous rise, we are also cautious of the risk prevention. < br> Moderator: Warren Buffett also appears that a fund manager?
Peng Xu: Warren Buffett, after all is a miracle, a miracle that not everyone can create, are the learning objectives as the fund manager. As many foreign fund managers have four or five years old, very old, no matter from Chief Investment Officer of China to the fund managers are a very young age early 30s, everyone, including me, need to exercise, we may be years in the industry , two years, must have experience with a long experience in the market only after the venture to assert in this industry which can not be a good or a high-profile fund managers, this requires the test of time.
users: Funds released so hot, and created two first, the number of shares now?
Peng Xu: come in with more than a million new, there are more than 17 million. Our share has been increasing.
User: Application in the Post Fund has a requirement for the cap?
Peng Xu: There are minimum, a thousand dollars, there is no upper limit.
users: When launched online trading?
Peng Xu: March and April next year.
users: public financial management is a good choice, I have been concerned about the various funds and fund products, of course, is also optimistic about the Post Fund, so it bought part. the effect of making money out quickly, haha!
Peng Xu: Thank you.
friends: The future of investment style is not the will as they are now?
Peng Xu: I was willing to dividends. Maybe next year we go to points, of course, we will fully respect the desire to fund shareholders, if they want to point that there is no adequate rate of return, we still respect the fund holders. We asked the institutional investors, we do not care about your bonus, we concluded that the fund you, we are ready long-term holding, you'll be buying our points back.
Moderator: dividend re-investment is the best thing for investors, one is compound interest, and can reduce costs.
friends: good performance, market 1900 points from the period of adjustment after the dividend can continue to live performance?
Peng Xu: We are participating today, and today's net and hit a recent high, has exceeded nine cents. This is what us relationship between dividend does not have much time, including even have to adjust our broader market fluctuations, but our high net worth basically remained the trend of a week.
Moderator: Yesterday, net 7 points, 9 points today, up two cents in one day Fund which is rare.
Peng Xu: Not necessarily, if the investment is more correct direction, then, according to the current market is difficult. iron and steel stocks, including assembly of the manufacturing sector performed well, we hold as steel and finance in this category The stock performance is quite good, also in our judgments, so it makes sense. the first two days when the market value or volatility, we are very easy to be optimistic that this is only the net increase is in the process of an episode only, not will affect the pace of our progress.
Moderator: What are optimistic about the industry?
Peng Xu: long-term market confidence in the future, from the value of the investment, in terms of fundamental value, the valuation of the steel is still a great potential potential, financial and real estate appreciation of the RMB is still some space, I prefer to buy steel, pure value terms, the steel space very well. the future, I am optimistic about China's space aviation industry, in line with national strategy development strategic thing, followed by the consumer, retail, good company, I am more optimistic front in terms of national defense, military, aerospace technology, aircraft manufacturing, according to growth, these represent the future of manufacturing.
Moderator: Finally Pengxu say a few words to a community of users.
Peng Xu: Thank you so much friends in the Post Fund's concern for our support and also thank our first products were in the active participation of the Fund's share holders We are very grateful. from the perspective of the Chief Investment Officer, I am here to thank us in the Financial Post Sohu fund such a platform with the surfers, and we hope to provide more opportunities for individuals, including the future of fund managers is also very willing to accept this opportunity to Sohu Finance as a platform with the majority of the share holders of the exchange. As the Post Fund's investment director, I am also confident that our in the Post Fund's products to manage, give us a satisfactory return on investment. Thank you .
users: the Post Fund created the industry's fastest recording dividends, the fund's investment style is located in the frequent or long-term investment dividends, in the end pay attention to what areas?
Peng Xu: We must focus on the performance of long-term growth I always emphasize that we are the dividend because we are a new fund management company, when we are more familiar to us, we do not necessarily have to be so. But we share more in accordance with the fund holders Our desire of investors to do, and now the holder of many customers or the postal system, they are quite familiar with the fund, and we do the bonus is based on differences in customer groups do. the future, as investors in our funds become more confident, dare to continue to hold our funds, we will not exist this problem, we say we want to dividends, then we score, which is no problem.
Moderator: friends, Because of the time, today's interview is over, Sohu will continue to monitor financial developments in the Post Fund, wait in the Post Fund will be invited to the Sohu Fund Q & A special post for the world top friends, thank you friends, thank Peng.
Peng Xu: Thank you!