This is a hard test. Since this year, field of A stock market goes low to come many a little bit 2000 all the way from 5000 dotty perch, this course is right the stock that stock fund establishs since this year especially fund is a final examination.

In the time with past much half an year, fund manager people grasp thinking of what kind of investment holding? How should they steep fall to field of A stock market brought tremendous test? For this, the reporter visited Xu Jie of manager of fund of dynamic of the advantage that establish a letter.

Reporter: Whether talk about you to be in the administrative thinking that a few months believed advantage motivation fund to building in the past, be known according to me, this fund is this year stock fund obtains the first fund after approving brake, its build storehouse period to experiencing the process that market unilateral drops since this year all the time.

Xu Jie: This year on March 19, fund of motivation of the advantage that establish a letter builds a warehouse initiative, at that time on card index is in 3762 a little bit, the market already dropped from apogee nearly 50 ％ . Through be opposite economic growth and company profit foreground undertake meticulous evaluate, we formed radical point of view: Although be in the economic environment of high inflation, still what enterprise of quite a few behaved height answer ability; And the system capacity of Chinese economy and depth, the basic trend that the concussion that decided single event won't develop to economy causes conclusive effect.

Already appeared in the market especially gigantic an adjustment foundation on, we think current appraise worth level is cashing for a long time year of accrual of ％ of 8 ％ ~12. This earnings level can be in long-term in conquer inflation and interest rate, consequently, we are faced with the estimate that has appeal to be worth; Accordingly, in the storehouse on the choice, we are stemmed from value long-term earnings and participate in investment, is not attempt and accomplish nothing.

In the meantime, on the rich play chess of chief short-term risk, we chose strategy of ” of “ active defence, ground of ” of from bottom to top of side overweight “ chooses to have the company that determinism outstanding achievement grows, the breed that build a warehouse basically is centered in drink of coal, trade, food, medicine and capital construction kind etc have fight apparently inflation and aperiodic kind breed, and as far as possible low matched the business with periodic prominent attribute. We believe, this is the train of thought that can experience time trial and perspective.

Reporter: But, in 6 months in the past field of A stock market is in all the time drop situation, in this for a short while the stock that Duan Licheng establishs fund includes power of the advantage that establish a letter inside, expression of its outstanding achievement all was not like person meaning. You how look upon this one phenomenon.
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