Ten times return is a goal that many investors strive for. To paraphrase Peter Lynch's famous saying, if you have ever held a 10x fund, you know how attractive a 10x return on investment is.

According to Wind data, as of September 23, there were 39 funds with a return rate of more than 1,000% since the establishment of the market, including some with "fifteen times the base" and "twenty times the base." base". (This does not include funds that reached ten times the rate of return midway, but fell back.)

"Those who triple in one year are many, and those who double in three years are few." There are many geniuses in the capital market, and it is not uncommon for investors to gain high returns in the short term despite the turbulent waves. But when the wave recedes, what is even more valuable are those investors who can keep up with the steady flow and grow with time.

Ten times the basic fund is a rarity in the world, and fund managers with ten times the fund are also hard to find. Those who can afford ten times the fund must be one in a million. In fact, the 2018 survey results of China’s fund industry show that only 0.9% of fund investors have earned more than 100% since investing in funds. Based on this inference, it is probably not an exaggeration to pick one out of ten thousand with ten times the base.

Thinking that the person who made ten times the money by buying a fund might just be the ordinary Lao Wang next door, Xiaojing couldn't help but feel "lemon essence" - could it be that he just forgot his password and it was just a coincidence?

Is "ten times the fund" very hot? Why can't you hold it?

If you have bought a fund, you may have a similar experience. Once you have the idea of ??selling, this fund Maybe it won’t be possible to hold it for a long time. “Why do I always pass by Tenfold Base?” Xiao Jing concluded that the main reasons why Christians can’t hold on to “Tenfold Base” are as follows:

01 A vague understanding of risks

When we buy funds, we often see a sentence - "Fund investment is risky". Do you really understand the meaning behind these seven words?

When you buy a fund, you all hope to gain income, but income also has a twin brother - risk. Therefore, investing in a fund may make you make money, or it may make you lose money, and these twin brothers also have a certain "symmetry", that is, Products with lower risks may have lower overall returns; products with higher overall returns generally have higher risks.

A-shares fluctuate greatly, and it is normal for the net value of equity funds to rise and fall with the stock market. However, these "ten-fold foundations" that are currently at their peak have also experienced many troughs. If investors cannot bear the suffering of the trough and choose to redeem, they will eventually make a mistake with these ten-fold foundations.

Therefore, it is more important to recognize risks than to obtain returns. Theoretically, short-term declines will lead to floating losses on the books, but through excellent active management, as the market changes, you can expect the fund's net value to reach new highs. Of course, the premise is that you are right. Have a full understanding of such fluctuations and be able to withstand the fluctuations

02 Lack of long-term patience and determination to make big money

“Be afraid of rising and falling, and you will be safe if you are small. "This may be a fundamental problem for many investors.

The A-share market is highly volatile, and many investors are easily shaken and "get off the bus." Either they stop profits too early, and it will be difficult for the fund to recover its capital. If you make a profit of 20 or 30 points, you have to sell it. If it doubles, you will be restless. Or stop the loss as soon as it falls. The countless twists and turns on the road of ten times are enough to make you get off. It is said that enduring such market fluctuations is a test of human nature.

As shown in the figure below, the number of Invesco Great Wall holders reached a maximum of nearly 200,000 in mid-2014, and then the market in the second half of 2015. During the shock adjustment, many holders liquidated and redeemed their positions. However, after experiencing a slight retracement during the market adjustment, the net value curve of the Invesco Great Wall Domestic Demand Growth Hybrid Fund continued to reach new highs and grew to a "ten times base". /p>

The so-called long-term investment depends on the annual trend. The peaks and troughs in the short-term trend look scary, but when viewed on a long-term scale, they are actually just bumps in the road. < /p>

03 Unreasonable income expectations and too short-term evaluation of funds

Another by-product of huge market volatility is that investors may have unrealistic expectations for income every day. Only a 10% increase can satisfy the picky appetite of some investors.

In good market conditions, annual returns of more than 50% are common. If investors use this as an "anchor", they hope for 50%. The annualized return is unrealistic, and it is easy for hopes to be "failed" when the market ebbs, and the fund cannot be held.

Many Christians pay too much attention to the short-term ranking in the process of holding funds. If the ranking of the fund they hold drops and the income lags slightly behind, they will immediately switch to other popular funds.

“ According to statistics from the "White Paper on Individual Investors in Equity Funds" released by Invesco Great Wall Fund, among the reasons why investors redeem funds, the highest proportion is because the performance is not as good as that of other funds. (51.80%), followed by the return that has reached expectations (45.30%).”

However, if you study these ten-fold bases carefully, you will find that their annualized returns may not be as you imagined. Outstanding, approximately between 14% and 25%. But you must know that during the legendary investment career of stock god Buffett, the annualized rate of return was just over 20%.

Looking back now, the short-term ranking of "ten times base" is not high, but they can keep up with the market rise in the bull market, control the retracement in the bear market, and have a small accumulation. Victory is a big victory, and you finally win in the long-distance investment race.

In fact, the equity market is highly volatile, and ultra-high returns in a certain year are accidental to a certain extent and are not the norm in the market. These "ten-fold bases" have also been accumulated over time, and under the action of compound interest, they have obtained very considerable long-term returns.

How can we hold on to the "ten times base"?

It must be admitted that holding the tenfold base is a very difficult task in itself. We cannot falsely assert that "doing this will help us hold the tenfold base." But by summarizing the effectiveness of these outstanding ten-fold funds, it may be a meaningful thing to increase the possibility of selecting and holding good funds in the future.

Unveiling the "genetic code" of the ten-fold fund, holders can also start from these aspects to select and hold the ten-fold fund:

01 Face the risks in fund investment : Set investment goals reasonably

Clearly understand the risks and fluctuations of equity funds, and have reasonable expectations for the income of such funds. 50% is too exaggerated, and don’t expect to double it. It may be more appropriate to focus on long-term and more stable yields.

02 Choose a good fund: Look at the investment research team, fund managers, and mid- to long-term performance

It takes a long time to build a "ten-fold fund", which requires fund management We have an investment research team with strong strength and the ability to pass on investment concepts. In this way, in the baptism of time, every successive fund manager of the product can continue to have excellent active management capabilities and lead the fund's net value curve to continue upward. Looking at the ten-fold funds on the market, they are basically active equity funds. To buy an active fund is to buy a fund manager. You need to choose a fund manager with excellent active management capabilities and a stable investment style. Excellent fund managers have the ability to continuously earn excess returns and achieve outstanding mid- to long-term performance. Therefore, choosing a fund depends on its performance over three years, five years or even longer.

03 Have a good attitude and have a long-term perspective: look at fund rankings correctly

After choosing the right fund manager and fund manager, you need to maintain a good attitude, have a long-term perspective and be patient , do not let the temporary ups and downs interfere with your judgment, and be loyal to the good funds you have selected; give managers sufficient time to implement their investment concepts and strategies, and slowly pour out the "ten times the basis".

The password of "Ten Times Base"

The above is the secret of how to hold the "Ten Times Base" summarized by Xiao Jing. Next, we will grandly introduce the three Ten Times Base of Xiao Jing's family. Let's take a look at the "genes" of "Tenfold Foundation"

Xiaojingjia owns three tenfold foundations: Invesco Great Wall Domestic Demand Growth, Invesco Great Wall Dingyi, and Invesco Great Wall Select. How was it created?

01 A "long-term fund" that has been in operation for more than 15 years and has gone through ups and downs

Nearly all the above three funds were established before 2006 - Invesco Great Wall Select was established in October 2003, Invesco Great Wall Domestic Demand Growth was established in June 2004, and Invesco Great Wall Dingyi was established in March 2005 - operating for more than 15 years and experiencing the bull market feasts of 2007 and 2015; At the same time, in the volatile and downward market conditions, the three products have better control over the retracement, and can continue to reach new highs through active management after the net value retracement, laying a solid foundation for "ten-fold returns"

02 Strong active investment capabilities and significant excess returns

Invesco Great Wall Domestic Demand Growth, Invesco Great Wall Dingyi, and Invesco Great Wall Select are all actively managed funds. In the long run, they have The net value curve has escaped the "market gravity" and formed an independent upward curve, with significant excess returns. As of August 31, the net values ??of Invesco Great Wall Domestic Demand Growth, Invesco Great Wall Dingyi, and Invesco Great Wall Preferred have exceeded the benchmark rate of return since their establishment. 1937.56%, 1729.25%, 1350.22%

03 Excellent fund managers emerge in large numbers

Invesco Great Wall’s domestic demand growth, Invesco Great Wall Dingyi, and Invesco Great Wall Optimization have been operating for more than 10 years. The joint efforts of many outstanding fund managers have created today's "ten-fold foundation"

For example, Invesco Great Wall's domestic demand growth has served as many star fund managers such as Li Xuewen and Wang Penghui. At the peak of the bull market (2015.6.12), it has grown into a "tenfold base". Current fund manager Liu Yanchun is a representative of Invesco Great Wall's new generation of star fund managers. He is committed to finding long-term investments in outstanding companies with high investment capital output and high growth potential. Since taking over the management of Invesco Great Wall Domestic Demand Growth on February 10, 2018, Liu Yanchun’s return on office has been 142.14%, and the performance comparison benchmark growth rate for the same period has been 21.68%. Invesco Great Wall Domestic Demand Growth has achieved a higher net worth after the last round of bull market. Building, it has grown into a "twenty-fold fund" (data source: Galaxy Securities, Wind, as of August 31, 2020)

Another example is Yang Ruiwen, the current fund manager of Invesco Great Wall, who is well-known. As a "growth stock hunter", Yang Ruiwen examines investment objects from the perspective of "venture capital", and by deducing industry development trends, he invests in companies that are in line with industry development trends, continue to grow rapidly, or are in an accelerating stage, and hope that Share the period of growth where the company's investment is the most cost-effective.

Since Yang Ruiwen took charge of Invesco Great Wall Select on October 25, 2014, his return on employment has been 212.64%, and the benchmark growth rate for the same period has been 62.08%. Under Yang Ruiwen's management, Invesco Great Wall Select has further grown into a "15-fold base". (Data source from Galaxy Securities, as of August 31, 2020)

Xiaojingjia has brought together many high-quality fund managers. Under the investment philosophy of "it is better to take advantage of the long-lasting water than to break the shore", they are Strive to create better long-term returns for investors. Here, Xiaojing also hopes that fellow holders will stick to long-term investment and run long-term with good funds!

1. Invesco Great Wall Dingyi LOF Fund was established on March 16, 2005. The returns from 2010 to 2019 and the first half of 2020 were: -10.85%, -21.66%, 6.69%, 23.31%, 10.46%, 37.97%, -5.06%, 55.52%, -16.77%, 69.04%, 19.38%; the performance comparison benchmarks during the same period are -10.21%, -19.47%, 7.82%, -6.91%, 38.10%, 2.21%, -9.18%, 19.43%, -20.42%, 28.52%, 1.61%. The Morningstar risk rating of this fund is medium to high risk and is suitable for aggressive and active investors.

2. Invesco Great Wall Selected Hybrid Fund was established on October 24, 2003. The yield rates and performance comparison benchmarks for the same period from 2010 to 2019 and the first half of 2020 are -1.09%, 7.70%, -19.82%, -18.76%, 14.29%, 3.07%, 39.69%, -1.04%, 9.40%, 39.95 respectively. %, 61.02%, 20.58%, -8.28%, -9.90%, 27.72%, 6.43%, -19.64, -20.85%, 47.03%, 27.66%, 21.96%, 3.95%. The fund's Morningstar risk rating is medium to high risk, making it suitable for aggressive and active investors.

3. Invesco Great Wall Domestic Demand Growth Fund was established on June 25, 2004. The yields from 2010 to 2019 and the first half of 2020 were 11.42%, -19.21%, 2.65%, 70.41%, respectively. 7.07%, 14.50%, -16.29%, 18.04%, -22.60%, 74.31%, 18.7%; the performance comparison benchmarks during the same period are -7.69%, -18.76%, 3.07%, -1.04%, 39.95%, 20.58%, -9.9%, 6.53%, -20.85%, 26.87%, 3.95%. The Morningstar risk rating of this fund is medium to high risk and is suitable for aggressive and active investors.

4. Liu Yanchun took over the Invesco Great Wall Emerging Growth Hybrid Fund on April 9, 2015. The fund's returns and performance comparison benchmark increases from 2010 to 2019 and the first half of 2020 were -1.70%, -1.41%, -32.56%, -24.01%, -6.47%, 4.44%, 20.10%, -0.31%, 1.74%, respectively. 19.78%, 33.42%, 15.40%, -8.12%, -16.33%, 56.28%, 15.29%, -15.81%, -25.64%, 72.18%, 37.45%, 19.48%, 9.13%. The Fund's Morningstar Risk Rating is medium-high risk, making it suitable for aggressive and active investors.

5. Liu Yanchun took over Invesco Great Wall Dingyi Hybrid Fund on July 10, 2015. The fund's returns and performance comparison benchmark increases from 2010 to 2019 and the first half of 2020 were -10.85%, -10.21%, -21.66%, -19.47%, 6.69%, 7.82%, 23.31%, -6.91%, 10.46%, 38.10 respectively. %, 37.97%, 2.21%, -5.06%, -9.18%, 55.52%, 19.43%, -16.77%, -20.42%, 69.04%, 28.52%, 19.38%, 1.61%. The Fund's Morningstar Risk Rating is medium-high risk, making it suitable for aggressive and active investors.

6. Liu Yanchun took over the Invesco Great Wall Domestic Demand Growth Hybrid Fund on February 10, 2018. The fund's returns and performance comparison benchmark increases from 2010 to 2019 and the first half of 2020 were 11.42%, -7.69%, -19.21%, -18.76%, 2.65%, 3.07%, 70.41%, -1.04%, 7.07%, and 39.95% respectively. , 14.50%, 20.58%, -16.29%, -9.90%, 18.04%, 6.53%, -22.60%, -20.85%, 74.31%, 27.66%, 18.70%, 3.95%. The Fund's Morningstar Risk Rating is medium to high risk, making it suitable for aggressive and active investors.

7. Liu Yanchun took over Invesco Great Wall Domestic Demand Growth No. 2 Hybrid Fund on February 10, 2018.

The fund's returns and performance comparison benchmark increases from 2010 to 2019 and the first half of 2020 were 10.84%, -7.69%, -19.47%, -18.76%, 1.24%, 3.07%, 69.14%, -1.04%, 7.44%, and 39.95% respectively. , 13.01%, 20.58%, -16.31%, -9.90%, 17.17%, 6.53%, -24.83%, -20.85%, 75.45%, 27.66%, 18.34%, 3.95%. The Fund's Morningstar Risk Rating is medium to high risk, making it suitable for aggressive and active investors.

8. Invesco Great Wall Jiying Growth Hybrid Fund’s 2019.4.16-2019.12.31 and first half of 2020 return and performance comparison benchmark increases were 12.14%, 1.54%, 21.87%, and 0.58% respectively. The Fund's Morningstar Risk Rating is medium risk and is suitable for aggressive, proactive, and conservative investors.

9. Invesco Great Wall Performance Growth Hybrid Fund’s 2019.7.2-2019.12.31 and first half of 2020 return and performance comparison benchmark increases were 7.11%, 6.17%, 28.24%, and 9.13% respectively. The Fund's Morningstar Risk Rating is medium risk and is suitable for aggressive, proactive, and conservative investors.

10. Yang Ruiwen began to manage Invesco Great Wall Select Hybrid Fund on October 25, 2014. The fund’s return rate/performance comparison benchmark for the same period from 2010 to 2019 and the first half of 2020 was -1.09% respectively. ,7.70%, -19.82%, -18.76%, 14.29%, 3.07%, 39.69%, -1.04%, 9.40%, 39.95%, 61.02%, 20.58%, -8.28%, -9.90%, 27.72%, 6.43% , -19.64%, -20.85%, 47.03%, 27.66%, 21.96%, 3.95%. The Fund's Morningstar Risk Rating is medium to high risk, making it suitable for aggressive and active investors.

11. Invesco Great Wall Corporate Governance Fund was established on October 22, 2008. Yang Ruiwen began to manage the fund on July 25, 2020. The fund’s return rate from 2010 to 2019 and the first half of 2020 /Performance comparison benchmarks for the same period are 14.25%, -9.15%, -30.09%, -19.39%, -5.64%, 7.08%, 22.41%, -6.02%, 18.50%, 42.85%, 18.86%, 7.52%, -15.82 %, -8.42%, 31.20%, 17.08%, -14.93%, -19.17%, 33.37%, 29.59%, 8.63%, 2.06%. The Morningstar risk rating of this fund is medium to high risk and is suitable for aggressive and active investors.

12. Invesco Great Wall Environmental Protection Advantage Fund was established on March 15, 2016. Yang Ruiwen began to manage the fund from the date of establishment. The fund is from 2016.3.15 to 2016.12.31, 2017-2019, 2020 The yield rate in the first half of the year/the benchmark yield rate for performance comparison in the same period were 19.00%, 8.59%, 33.45%, 7.97%, -20.97%, -25.33%, 56.97%, 23.34%, 26.50%, 4.29% respectively. The Morningstar risk rating of this fund is medium to high risk and is suitable for aggressive and active investors.

13. Yang Ruiwen has been managing Invesco Great Wall Innovation Growth Fund since October 17, 2019. From 2019.10.17 to 2019.12.31, the fund’s return rate in the first half of 2020/performance comparison benchmark return rate in the same period is 6.98%, 3.76%, 24.13%, 0.19%. The Morningstar risk rating of this fund is medium risk and is suitable for conservative, radical and active investors.

14. The complete historical performance of each of the above funds is taken from the fund’s regular reports as of June 30, 2020. Invesco Great Wall Growth Pilot Fund, managed by Yang Ruiwen, was established on May 28, 2020, less than half a year ago. According to regulatory requirements, performance will not be displayed. The Invesco Great Wall Electronic Information Industry Fund managed by Yang Ruiwen was established on September 9, 2020. It was less than half a year old. According to regulatory requirements, performance will not be displayed.

Risk reminder: Fund investment is risky. Investors are advised to fully understand the risk characteristics of this fund, listen to the suitability opinions of the sales agency, and read the "Fund Contract" and "Recruitment" in detail based on their own risk tolerance. Invest prudently on the basis of legal documents such as "Prospectus" and "Summary of Fund Product Information". The fund manager promises to manage and use the fund assets in accordance with the principles of good faith, diligence and responsibility, but does not guarantee that the fund will be profitable, nor does it guarantee a minimum return. When an investor redeems, the proceeds may be more or less than the amount previously paid by the investor. When investing, investors should strictly abide by the relevant anti-money laundering regulations and effectively fulfill their anti-money laundering obligations. This investment view does not constitute substantive investment advice to individual investors or Invesco Great Wall’s final investment view.

The operation time of my country's funds is short and cannot reflect all stages of the development of the stock market and bond market. The past performance of the fund does not predict its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance.