As the yield on the US 10-year Treasury bond briefly broke 4, the RMB against the US dollar also briefly broke 7.25, and the US dollar index stood at a high of 110. The Federal Reserve raises interest rates In the short term, it will drag the capital market into the era of high interest rates. With the high financing costs of enterprises and the surge in foreign debt, it is obviously more difficult to obtain a high rate of return in the capital market.
This year, both funds and stocks, performed poorly, and major star fund managers were shockingly overturned. There were rumors of medical goddess Ge Lan resigning, and later, a top fund manager named Cai was "lost contact". Although they were all denied in the end, it also reflected that fund managers had a difficult life.
Before the Spring Festival last year, we took stock of Ge Lan and Zhang Kun representative works for investors respectively. The conclusion is that Lanlan lost 7.7 billion yuan between 2019 and 2021, Kun Kun made 16.7 billion yuan in small and medium-sized markets, and blue chip selected, and 6.49 billion yuan in 2018-2021. Now let’s take stock of the performance of major star fund managers since this year.
①
First of all, Cai Songsong, who was rumored to have lost contact some time ago, was actually on vacation. In early 2019, he served as the fund manager of Nuoan Growth Mixed . In the past two years, he made a big profit because he bet on the chip semiconductor track, so he was nicknamed "Mr. Cai". However, with the industry's valuation pullback, the managed Nuoan Growth Mixed showed a sharp pullback, and "Mr. Cai" also became a "vegetable dog".
This year, the Noan Growth Mixed Rate of Return was -38.05%, down nearly 40%. Although it is a mixed fund, from the perspective of asset allocation, the stock allocation ratio has reached 94%, and the industry concentration is very high, and the allocation ratio to the technology industry exceeds 92%, which means that the wind rises sharply and the wind falls sharply.
In terms of scale share, the fund size is 26.636 billion, about 800 million less than the end of last year. This is due to the decline in the net value of the fund. The fund shares have always been increasing. Retail investors holds accounting for 97%. It can be seen that everyone is buying more and more as they fall, and keeps replenishing their positions.
According to the 2022 interim report, the fund's profit was -6.689 billion yuan. From June 30, 2022 to the present, the fund continued to fall by 19%, and based on the scale of 26.636 billion yuan, a loss of 5.061 billion yuan. has a total loss of 11.75 billion yuan this year.
②
Next is the rumored resignation of the pharmaceutical company. The pharmaceutical stocks began to fall sharply last year, and the institutional reduction of holdings retail investors continued to enter the market, pushing Lanlan's management scale to the 100 billion mark, managing hundreds of billions of dollars, and managing hundreds of billions of dollars every year. The management fee alone is over 100 million, so Lanlan cannot resign for this.
Gulan analyzed it in the previous "How much money did you earn for investors", so I won't go into details here. Now look at the performance of China-Europe Medical Healthcare under its management. This year, the yield of Class A funds is -28.56% and Class C -28.99%.
In terms of scale share, the total scale of A/C class is 71.081 billion, a decrease of about 6.5 billion from the end of last year. It is also caused by a decline in net value. Fund shares are also increasing, and retail investors' holdings account for 99.35%.
According to the 2022 interim report, the profit of Class A funds is -3.402 billion yuan, and the profit of Class C funds is -4.838 billion yuan. From June 30, 2022 to the present, Class A continued to fall by 20.84%, with a scale of 32.586 billion yuan and a loss of 6.791 billion yuan; Class C continued to fall by 21.03%, with a scale of 38.496 billion yuan and a loss of 8.096 billion yuan. has a total loss of 23.127 billion yuan this year.
③
Look at Zhang Kun, the top stream of 100 billion yuan, and he has also done a detailed analysis before. Its representative work, E Fund Blue Chip Select, has a yield of -20.44% this year, with a scale of 62.779 billion, a decrease of about 5 billion from the end of last year, and its share has increased slightly.
From the 2022 interim report, the fund's profit was -4.839 billion yuan. From June 30, 2022 to the present, the fund continued to fall 14.27%, and based on the scale of 62.779 billion, the loss was 8.959 billion yuan. has a total loss of 13.798 billion yuan this year.
Zhang Kun's other representative work, E Fund High Quality Selected Mixed (formerly E Fund Small and Medium Cap), fell 18.99% this year. Although it has also fallen a lot, this yield is still among the top among similar categories, and its share of scale has not changed much compared with the beginning of the year.
From the 2022 interim report, the fund's profit was -1.043 billion yuan. From June 30, 2022 to the present, the fund continued to fall 13.92%, and based on the scale of 19.9 billion yuan, the loss was 2.77 billion yuan. has a total loss of 3.813 billion yuan this year.
④
Liu Yanchun, who is also a consumer track, is the second top fund manager with a 100 billion yuan after Zhang Kun. The two have similar holding styles and both prefer liquor. Its representative work is Invesco Great Wall Emerging Growth Mixed, with a yield of -16.66% this year, with a scale of 45.214 billion, a decrease of about 6.4 billion from the end of last year, and its share has also decreased by more than 1 billion. From the perspective of the holder structure, most of the people who have reduced their holdings are institutional holders, and the proportion of individual investors has increased.
From the 2022 interim report, the fund's profit was -3.747 billion yuan. From June 30, 2022 to the present, the fund continued to fall 10.66%, and based on the scale of 45.214 billion yuan, the loss was 4.82 billion yuan. has a total loss of 8.567 billion yuan this year.
⑤
Look at veteran Zhu Shaoxing . In the past 17 years of his career, he has only managed one fund - Fuguo Tianhui Growth, which is very rare among celebrity fund managers, but it also cannot escape the overall environment this year, with the fund yield record -23.84%.
has obvious style preferences from other fund managers. Zhu Shaoxing has a wide range of industries, pays attention to diversified investment and balanced allocation. Judging from the current holdings, it involves multiple industries such as consumption, technology, new energy, and pharmaceuticals. In terms of fund size, the scale of 34.368 billion was reduced by more than 3 billion from the end of last year, and the total share increased slightly, with institutional share declining and retail share increasing.
From the 2022 interim report, the fund's profit was -4.472 billion yuan. From June 30, 2022 to the present, the fund continued to fall 13.36%, and based on the scale of 34.368 billion, the loss was 4.59 billion yuan. has a total loss of 9.062 billion yuan this year.
⑥
Xingquan Xie Zhiyu, who is also a balanced and stable player, also prefers to diversify investment and diversify risks. However, in the general environment, dispersion cannot avoid a significant pullback. His representative work is Xingquan Herun Mixed, with a yield of -29.17% this year.
From the perspective of its holdings, the top ten heavy positions only account for 39%, and the holding industry is also balanced configurations such as technology, consumption, new energy, and cycles. The fund size decreased compared with the end of the previous year, with increased shares, including decreased institutional shares and increased retail investors’ shares.
From the 2022 interim report, the fund's profit was -5.498 billion yuan. From June 30, 2022 to the present, the fund continued to fall 15.3%, and based on the scale of 29.814 billion yuan, the loss was 4.562 billion yuan. has a total loss of 10.06 billion yuan this year.
or more star fund managers. Judging from the decline, the funds managed by Cai Songsong recorded the largest decline with 38.05%. In terms of the amount of money loss, Gelan's China-Europe Healthcare has the most 23.127 billion yuan.
The proportion of retail investors in the above-mentioned fund size shares generally increased. Some of them entered the market to buy at the bottom, and some of them made up for to make up for the losses , but they were trapped without exception. Many times, don’t be superstitious and mythical. Fund managers are essentially limited in their abilities. Most people are often only good at one or two investment strategies, and the market is cyclical. In a market with completely opposite expected styles, the possibility of losing money will greatly increase. Therefore, the most important thing in investing is to learn to think independently and not blindly follow the trend. Choosing the timing is often more important than choosing a person.
