Original title: The King of Soha, strong gambling, 1 "lan" = 126 "cool"! China-Europe Fund is powerful in creating gods, and the goddess of medicine, Ge Lan collapses the house | Fund character ambition.

Original title: The king of stutter, strong gambling, 1 "lan" = 126 "satisfactory"! China-Europe Fund powerfully creates a god, the goddess of medicine Gelan collapses the house 丨 Fund character story (IV)

China-Europe Fund Gelan, Nuoan Fund Cai Songsong, two iconic figures of "Suha type fund manager" in today's A-share .

Author | Zifeng

Edit | Xiaobai

Fengyunjun did not plan to study Gelan.

When studying Zhu Shaoxing in the first phase, Fengyunjun clearly stated that a fund that cannot give investors reasonable returns in the long term is equivalent to a listed company that cannot create actual returns for all shareholders. It can basically pass directly and does not need to continue to analyze it.

(Look at the fund ranking, come to Market value storm APP)

. Gelan's representative works China Europe Medical Health Hybrid A (003095.OF) and China Europe Medical Health Hybrid C (003096.OF) (referred to as "China Europe Medical") are only ranked 2562 in the market value storm "My Stock" fund rating . The best performing 2018 was only 1613, and it is in the middle and lower reaches of all active mixed funds.

The fund operated from September 29, 2016 to H1 in 2022, and the total profit of is -6.51 billion.

is mainly due to the loss of 7.22 billion in 2021, surpassing 2021 in the first half of this year, with a huge loss of 8.24 billion.

Including the other four funds under Ge Lan's management, the total loss was 8.9 billion in 2021, and the total loss in the first half of this year was 11.25 billion. In just one and a half years, Sister Ge lost 20.15 billion!

Yes, you guys are right, Sister Ge just lost so much money to the investors!

The unit of measurement that was popular at the time was equal to 160 million yuan, so "Yi Lan" is about 126 "Yi Shuang"!

If compared with the net profit attributable to shareholders of listed companies during the same period, then "Yilan" is approximately equal to Huatai Securities, Daqin Railway , Xinhua Insurance , Tongwei Co., Ltd. , Haier Smart Home , Hikvision , CATL ...

The above 100 billion or even trillion-dollar giants worked hard for a year and a half, and the net profit created was barely filled in the pit dug by Sister Ge at the same time.

Dear readers, can you intuitively and objectively feel how lethal the "No. 1 Sister" Ge Lan is?

Fengyunjun must have no favoritism for a fund manager who has generated negative cumulative profits for investors.

Is money to buy some supplements for parents and some tutoring books for their children. Isn’t it okay to wash your feet or massage them in the club? No matter how bad it is, it would be better to be a member of the market value VIP than to give the money to an irrelevant woman to lose money, right?

Many investors have said that no woman has ever made me spend so much money.

Moreover, Fengyunjun found Ge Lan among the 221st in the awesome market value Fengyun "My Stock" fund rating 2.0 version.

In other words, there are 220 fund managers with better returns than her.

(Check the fund manager and go to the market value Fengyun APP)

However, there are too many friends who can't stand being trapped by her fund. Fengyunjun had tea and chatted with friends during the National Day holiday. When talking about funds, he would probably talk about "Aunt Ge" for a loss. They gritted their teeth and felt the more impulsive they bought at the beginning, and now they felt uncomfortable.

Fengyunjun realized that her fund group was unexpectedly huge.

As of the end of June 2022, the total number of China Europe Medical Holders reached 7.266 million . According to public information, the estimated equity fund investors in my country are 185 million, that is: on average, 1 per 25 investors buy China Europe Medical.

advertising is really good.

Where Ge Lan is stronger than Cai Songsong: It really outperforms the industry index

(I) Ge Lan in the rookie period: big ups and downs

Even if she put aside her "100 billion" halo, her experience itself is very interesting.

According to public information, Ge Lan obtained a doctorate in biomedical engineering from of Northwestern University in the United States. He has served as a researcher at the Guojin Securities Institute and a researcher at the Minsheng Jiayin Fund.

In October 2014, Gelan joined China Europe Fund and served as the fund manager of the newly issued fund China Europe Mingrui New Starting Point Mixed Fund (001000.OF, referred to as "China Europe Mingrui") in January 2015. Obviously, this time I changed jobs to be a fund manager.

If the fund company was not busy issuing new funds at that time, there were not enough fund managers, and how could the new recruits become fund managers when they came to the new company?

So, as one of the fund managers who took the opportunity to "take the field" in that crazy bull market, Glen began her "magic" journey.

From February 2015 to April 2016, under the management of Gelan, China-Europe Mingrui achieved a yield of 81.6%, but during the period, it was ups and downs, and investors were like riding a roller coaster.

Due to the poor stock market conditions and the big ups and downs of China Europe Mingrui's net value, the experience of investors is poor. China Europe Mingrui's scale has dropped from 9.86 billion in Q1 2015 to 4.7 billion in Q1 2016, almost halfway.

In addition, for some reason, since March 2015, Ge Lan has successively managed three mixed funds of China Europe Jinquan, Jinyuan and Jinhe Flexible Allocation, mainly allocating bonds and no outstanding performance.

Then Gulan stepped down as all the above four funds in April 2016.

(II) History of China-Europe Medical Growth

After 5 months of rest, China-Europe Fund quietly issued China-Europe Medical, and Ge Lan returned to the "river world". At the end of 2016, the management scale was only 160 million yuan. However, the growth rate is extremely fast, especially the month-on-month growth rate of H2-2018 from H2 to H1 from 2019 to H1 from 2020 both doubled.

At the end of June 2022, the total management scale of of China-Europe Medical A and C, the two -level funds, , reached a total of 71 billion yuan, making it the largest equity public fund in A-shares, significantly higher than the second place Zhang Kun E Fund Blue Chip Selected Mixed (62.7 billion).

The two leap-forward surges in management scale are inseparable from the assists of beautiful yields.

For example, the yield of H1 in 2018 was 23.7%, outperforming the Shanghai-Shenzhen 300 Index 6.6%;

H1 yield in 2020 was 67.6%, outperforming the SCSI 300 Index 66%, and performing very well.

However, the last year is definitely the "darkest" time since China-Europe Medical Operation: the net value fell by 47.1% from early July 2021 to October 10 this year, almost halfway; from the trend, all investors who bought China-Europe Medical after May 2020 suffered losses.

(Source: iFinD)

According to Fengyunjun's conservative statistics, the loss-making investors are likely to exceed 75% of the number of holders.

However, China Europe Medical's significant losses in the past year have a lot to do with the overall sharp drop in the pharmaceutical and medical industries. This actually also reminds investors who like to invest in industry funds. There is no industry that will rise forever, only one cycle after another.

Investing in a sharp decline in industry is undoubtedly a great test for the fund manager's ability. An important reference to whether this type of fund manager is playing a role is whether funds can outperform the industry index.

The performance benchmark of China-Europe Medical is the CSI Medical and Health Index. We will use the Huitianfu CSI Medical and Health ETF (159929.SZ) that tracks the index as a reference. The fund has been in operation for 9 years and has outperformed the performance benchmark by 9.6%. Since its establishment (October 10), the cumulative yield of China Europe Medical A is 137.3%, and the annualized yield is 15.4%, while the cumulative yield of pharmaceutical ETFs during the same period was only 1.7%, which obviously outperformed significantly.

(Follow the market price trend APP dark night mode)

From the half-year yield, it can be seen that China Europe Medical basically outperformed the pharmaceutical ETF when making profits: H1 in 2019 and H1 in 2020 significantly outperformed more than 20 percentage points.

But when it fell, China-Europe Medical all slightly underperformed the pharmaceutical ETF. Among them, H2 performed the worst in 2021, underperforming 4.2 percentage points, and fell 22.5% in the past three months, underperforming 2.8 percentage points.

Objectively speaking, based on historical data analysis, if investors are unswervingly optimistic about the future of the pharmaceutical and medical industries, China Europe Medical is indeed a good choice, but they need to be mentally prepared for underperforming the index when the industry index falls.

Although Ge Lan and Cai Songsong have had poor yields in recent times, at least in terms of being able to outperform the industry index, Ge Lan is stronger than Cai Songsong.

(Look at the fund ranking, come to the market value Fengyun APP)

(III) Other funds under management are also relatively low

In addition, interestingly, in addition to China-Europe Medical, Gelan also manages China-Europe Medical Innovation Stock A (006228.OF), China-Europe Medical Innovation Stock C (006229.OF), China-Europe Alpha Mixed A (009776.OF), China-Europe Alpha Mixed C (009777.OF, referred to as "China-Europe Alpha"), China-Europe Research Selected Mixed A (011435.OF), China-Europe Research Selected Mixed C (011436.OF) and China-Europe Mingrui.

China Europe Medical Innovation Stock A/C, is undoubtedly the China Europe Fund uses Gelan's reputation to earn management fees . Thanks to the lucky catch up with the bull market, the yield rate shows that it is not bad, but it is at the last level in the ranking of "My Stock" stock fund , showing its true level.

China-Europe Alpha and China-Europe Research Selected Mixed A/C, two non-pharmaceutical funds, performed relatively in a normal manner. They were still losing money after running for so long, which was close to the decline of the Shanghai and Shenzhen 300 Index during the same period. Among them, China-Europe Alpha's "my stock" ranking is also very low.

. In July 2018, Gelan once again managed China Europe Mingrui, operating for more than 4 years to create a yield of 81.6%. During the same period, the Shanghai and Shenzhen 300 Index rose 9.2%, significantly outperforming the performance benchmark. But compared with other funds, China Europe Mingrui's "my stock" ranking is lower than China Europe Medical.

(Look at the fund ranking, come to the market value Fengyun APP)

From the quarterly yield, China Europe Mingrui can outperform the Shanghai and Shenzhen 300 index most of the time, but its performance in the past year is close to China Europe Medical, and there have been continuous losses.

To sum up, the historical yields of the four funds reflect that Ge Lan can obtain excess returns in the bull market, but his performance is unstable in the bear market. For example, China-Europe Mingrui's retracement in the second half of 2018 was as high as 30.5%, significantly underperforming the Shanghai and Shenzhen 300 Index.

And interestingly, the yield rate of performance of China Europe Mingrui and China Europe Medical seems to indicate that Gelan's performance has nothing to do with the industry he invested in. Even if Gelan manages funds with more flexible investment directions such as China Europe Mingrui and China Europe Alpha, they are still failing in the past year.

(IV) Purchase restriction? Then how can you make a living!

Fengyunjun believes that judging from Ge Lan's investment performance, China Europe Fund should be the first to be a "public fund".

China-Europe Fund was established in 2006. In the same year, there are funds such as China Post , Xinda Aobank, Nord and Jinyuan Shun'an, but now the only ones in the first echelon of public offering are China-Europe Fund.

Original title: The king of stutter, strong gambling, 1 "lan" = 126 "satisfactory"! China-Europe Fund powerfully creates a god, the goddess of medicine Gelan collapses the house 丨 Fund character story (IV)

China-Europe Fund Gelan, Nuoan Fund Cai Songsong, two iconic figures of "Suha type fund manager" in today's A-share .

Author | Zifeng

Edit | Xiaobai

Fengyunjun did not plan to study Gelan.

When studying Zhu Shaoxing in the first phase, Fengyunjun clearly stated that a fund that cannot give investors reasonable returns in the long term is equivalent to a listed company that cannot create actual returns for all shareholders. It can basically pass directly and does not need to continue to analyze it.

(Look at the fund ranking, come to Market value storm APP)

. Gelan's representative works China Europe Medical Health Hybrid A (003095.OF) and China Europe Medical Health Hybrid C (003096.OF) (referred to as "China Europe Medical") are only ranked 2562 in the market value storm "My Stock" fund rating . The best performing 2018 was only 1613, and it is in the middle and lower reaches of all active mixed funds.

The fund operated from September 29, 2016 to H1 in 2022, and the total profit of is -6.51 billion.

is mainly due to the loss of 7.22 billion in 2021, surpassing 2021 in the first half of this year, with a huge loss of 8.24 billion.

Including the other four funds under Ge Lan's management, the total loss was 8.9 billion in 2021, and the total loss in the first half of this year was 11.25 billion. In just one and a half years, Sister Ge lost 20.15 billion!

Yes, you guys are right, Sister Ge just lost so much money to the investors!

The unit of measurement that was popular at the time was equal to 160 million yuan, so "Yi Lan" is about 126 "Yi Shuang"!

If compared with the net profit attributable to shareholders of listed companies during the same period, then "Yilan" is approximately equal to Huatai Securities, Daqin Railway , Xinhua Insurance , Tongwei Co., Ltd. , Haier Smart Home , Hikvision , CATL ...

The above 100 billion or even trillion-dollar giants worked hard for a year and a half, and the net profit created was barely filled in the pit dug by Sister Ge at the same time.

Dear readers, can you intuitively and objectively feel how lethal the "No. 1 Sister" Ge Lan is?

Fengyunjun must have no favoritism for a fund manager who has generated negative cumulative profits for investors.

Is money to buy some supplements for parents and some tutoring books for their children. Isn’t it okay to wash your feet or massage them in the club? No matter how bad it is, it would be better to be a member of the market value VIP than to give the money to an irrelevant woman to lose money, right?

Many investors have said that no woman has ever made me spend so much money.

Moreover, Fengyunjun found Ge Lan among the 221st in the awesome market value Fengyun "My Stock" fund rating 2.0 version.

In other words, there are 220 fund managers with better returns than her.

(Check the fund manager and go to the market value Fengyun APP)

However, there are too many friends who can't stand being trapped by her fund. Fengyunjun had tea and chatted with friends during the National Day holiday. When talking about funds, he would probably talk about "Aunt Ge" for a loss. They gritted their teeth and felt the more impulsive they bought at the beginning, and now they felt uncomfortable.

Fengyunjun realized that her fund group was unexpectedly huge.

As of the end of June 2022, the total number of China Europe Medical Holders reached 7.266 million . According to public information, the estimated equity fund investors in my country are 185 million, that is: on average, 1 per 25 investors buy China Europe Medical.

advertising is really good.

Where Ge Lan is stronger than Cai Songsong: It really outperforms the industry index

(I) Ge Lan in the rookie period: big ups and downs

Even if she put aside her "100 billion" halo, her experience itself is very interesting.

According to public information, Ge Lan obtained a doctorate in biomedical engineering from of Northwestern University in the United States. He has served as a researcher at the Guojin Securities Institute and a researcher at the Minsheng Jiayin Fund.

In October 2014, Gelan joined China Europe Fund and served as the fund manager of the newly issued fund China Europe Mingrui New Starting Point Mixed Fund (001000.OF, referred to as "China Europe Mingrui") in January 2015. Obviously, this time I changed jobs to be a fund manager.

If the fund company was not busy issuing new funds at that time, there were not enough fund managers, and how could the new recruits become fund managers when they came to the new company?

So, as one of the fund managers who took the opportunity to "take the field" in that crazy bull market, Glen began her "magic" journey.

From February 2015 to April 2016, under the management of Gelan, China-Europe Mingrui achieved a yield of 81.6%, but during the period, it was ups and downs, and investors were like riding a roller coaster.

Due to the poor stock market conditions and the big ups and downs of China Europe Mingrui's net value, the experience of investors is poor. China Europe Mingrui's scale has dropped from 9.86 billion in Q1 2015 to 4.7 billion in Q1 2016, almost halfway.

In addition, for some reason, since March 2015, Ge Lan has successively managed three mixed funds of China Europe Jinquan, Jinyuan and Jinhe Flexible Allocation, mainly allocating bonds and no outstanding performance.

Then Gulan stepped down as all the above four funds in April 2016.

(II) History of China-Europe Medical Growth

After 5 months of rest, China-Europe Fund quietly issued China-Europe Medical, and Ge Lan returned to the "river world". At the end of 2016, the management scale was only 160 million yuan. However, the growth rate is extremely fast, especially the month-on-month growth rate of H2-2018 from H2 to H1 from 2019 to H1 from 2020 both doubled.

At the end of June 2022, the total management scale of of China-Europe Medical A and C, the two -level funds, , reached a total of 71 billion yuan, making it the largest equity public fund in A-shares, significantly higher than the second place Zhang Kun E Fund Blue Chip Selected Mixed (62.7 billion).

The two leap-forward surges in management scale are inseparable from the assists of beautiful yields.

For example, the yield of H1 in 2018 was 23.7%, outperforming the Shanghai-Shenzhen 300 Index 6.6%;

H1 yield in 2020 was 67.6%, outperforming the SCSI 300 Index 66%, and performing very well.

However, the last year is definitely the "darkest" time since China-Europe Medical Operation: the net value fell by 47.1% from early July 2021 to October 10 this year, almost halfway; from the trend, all investors who bought China-Europe Medical after May 2020 suffered losses.

(Source: iFinD)

According to Fengyunjun's conservative statistics, the loss-making investors are likely to exceed 75% of the number of holders.

However, China Europe Medical's significant losses in the past year have a lot to do with the overall sharp drop in the pharmaceutical and medical industries. This actually also reminds investors who like to invest in industry funds. There is no industry that will rise forever, only one cycle after another.

Investing in a sharp decline in industry is undoubtedly a great test for the fund manager's ability. An important reference to whether this type of fund manager is playing a role is whether funds can outperform the industry index.

The performance benchmark of China-Europe Medical is the CSI Medical and Health Index. We will use the Huitianfu CSI Medical and Health ETF (159929.SZ) that tracks the index as a reference. The fund has been in operation for 9 years and has outperformed the performance benchmark by 9.6%. Since its establishment (October 10), the cumulative yield of China Europe Medical A is 137.3%, and the annualized yield is 15.4%, while the cumulative yield of pharmaceutical ETFs during the same period was only 1.7%, which obviously outperformed significantly.

(Follow the market price trend APP dark night mode)

From the half-year yield, it can be seen that China Europe Medical basically outperformed the pharmaceutical ETF when making profits: H1 in 2019 and H1 in 2020 significantly outperformed more than 20 percentage points.

But when it fell, China-Europe Medical all slightly underperformed the pharmaceutical ETF. Among them, H2 performed the worst in 2021, underperforming 4.2 percentage points, and fell 22.5% in the past three months, underperforming 2.8 percentage points.

Objectively speaking, based on historical data analysis, if investors are unswervingly optimistic about the future of the pharmaceutical and medical industries, China Europe Medical is indeed a good choice, but they need to be mentally prepared for underperforming the index when the industry index falls.

Although Ge Lan and Cai Songsong have had poor yields in recent times, at least in terms of being able to outperform the industry index, Ge Lan is stronger than Cai Songsong.

(Look at the fund ranking, come to the market value Fengyun APP)

(III) Other funds under management are also relatively low

In addition, interestingly, in addition to China-Europe Medical, Gelan also manages China-Europe Medical Innovation Stock A (006228.OF), China-Europe Medical Innovation Stock C (006229.OF), China-Europe Alpha Mixed A (009776.OF), China-Europe Alpha Mixed C (009777.OF, referred to as "China-Europe Alpha"), China-Europe Research Selected Mixed A (011435.OF), China-Europe Research Selected Mixed C (011436.OF) and China-Europe Mingrui.

China Europe Medical Innovation Stock A/C, is undoubtedly the China Europe Fund uses Gelan's reputation to earn management fees . Thanks to the lucky catch up with the bull market, the yield rate shows that it is not bad, but it is at the last level in the ranking of "My Stock" stock fund , showing its true level.

China-Europe Alpha and China-Europe Research Selected Mixed A/C, two non-pharmaceutical funds, performed relatively in a normal manner. They were still losing money after running for so long, which was close to the decline of the Shanghai and Shenzhen 300 Index during the same period. Among them, China-Europe Alpha's "my stock" ranking is also very low.

. In July 2018, Gelan once again managed China Europe Mingrui, operating for more than 4 years to create a yield of 81.6%. During the same period, the Shanghai and Shenzhen 300 Index rose 9.2%, significantly outperforming the performance benchmark. But compared with other funds, China Europe Mingrui's "my stock" ranking is lower than China Europe Medical.

(Look at the fund ranking, come to the market value Fengyun APP)

From the quarterly yield, China Europe Mingrui can outperform the Shanghai and Shenzhen 300 index most of the time, but its performance in the past year is close to China Europe Medical, and there have been continuous losses.

To sum up, the historical yields of the four funds reflect that Ge Lan can obtain excess returns in the bull market, but his performance is unstable in the bear market. For example, China-Europe Mingrui's retracement in the second half of 2018 was as high as 30.5%, significantly underperforming the Shanghai and Shenzhen 300 Index.

And interestingly, the yield rate of performance of China Europe Mingrui and China Europe Medical seems to indicate that Gelan's performance has nothing to do with the industry he invested in. Even if Gelan manages funds with more flexible investment directions such as China Europe Mingrui and China Europe Alpha, they are still failing in the past year.

(IV) Purchase restriction? Then how can you make a living!

Fengyunjun believes that judging from Ge Lan's investment performance, China Europe Fund should be the first to be a "public fund".

China-Europe Fund was established in 2006. In the same year, there are funds such as China Post , Xinda Aobank, Nord and Jinyuan Shun'an, but now the only ones in the first echelon of public offering are China-Europe Fund.

(Source: Choice data, the end of 2022 is 6.30)

In 2013, Dou Yuming became the chairman of China Europe Fund. He took over a Xiaoxiami with a management scale of only 11.5 billion.

With Dou Yuming carrying out equity incentives and internal reforms, with the help of the two bull markets, the managed assets of China-Europe Fund have rapidly expanded to 570.9 billion yuan in 2021.

China-Europe Fund is very good at playing the star fund manager card, and uses similar techniques to create stars in the entertainment industry to create a "fan fan circle". Whether it is TV, elevator, or subway, its advertising seems to be everywhere.

(China Europe’s large-scale advertisements on the subway)

Gulan is the star who has invested the most resources in China and Europe funds. After

became famous, China-Europe Fund expanded wildly. According to Fengyunjun statistics, there are only two companies whose equity fund management scale increased by more than 100 billion in 2021, China Europe Fund (134 billion) and GF Fund (109.1 billion).

Among them, the management scale of China-Europe Medical increased by 54.26 billion in 2021, accounting for 40% of the new scale of China-Europe Fund, and Gelan will issue a new fund by the end of March 2021.

And Zhang Kun, Lu Bin, Xie Zhiyu and other "top stars" began to remind people of risks, purchase restrictions as early as the end of 2020, and actively restricted their scale.

The aggressive expansion of scale has made China-Europe Fund's fund management fees make a lot of money, but its funds have also suffered large losses in the huge fluctuations in A-shares this year, ranking among the top in the losses.

As of H1 in 2022, the non-monetary funds scale of China-Europe Fund was 402.87 billion yuan, but the loss was as high as 42.07 billion yuan , ranking fourth, higher than the significantly higher non-monetary funds scale of Huitianfu Fund , Fuguo Fund and Southern Fund.

(Source: Choice data and public information on the Internet)

It is understandable to think about it, but can investors not lose so much?

Gulan's biggest feature: Soha

Gulan's investment philosophy is actually very simple: to put it nicely, it is to focus on one to two industries and hold heavily.

To put it bluntly, it is just a stunning one.

Of course, Ge Lan is a fund manager. Even if she loses, she will be a fund investor going to work. Her management fees are collected steadily and comfortably. No matter what, she is a winner, and China Europe Fund is even more victorious.

The concept of heavy holdings in a sector has run through Gelan's career.

China Europe Medical focuses on the pharmaceutical and medical industries. This is Ge Lan's old career. As a rare doctor of medicine among fund managers, her research on the industry should be relatively deep. It is understandable that she set up a fund dedicated to investing in medical stocks out of her long-term optimism for her future.

But the negative effects have also appeared in the past two years, that is, when the industry has systemic risks, investing in the medical industry only makes the funds not likely to switch to other industries to reduce risks, and can only pull more than 7 million shareholders into the pit together.

So, would it be better to replace funds like China Europe Mingrui and China Europe Alpha that do not restrict investment direction?

It turns out that it is not at all!

Granai Soha is also fully reflected in China-Europe Mingrui, a fund with relatively flexible investment direction.

Although China Ou Mingrui is not large, it was only 3.19 billion yuan at the end of June this year, because Gelan's management time is long, it adds up to nearly 6 years, which can better reflect Gelan's investment style.

First of all, the above mentioned that China Europe Mingrui's net value fluctuated greatly in 2015. The main reason was that when Gelan first came on the market, the bought all the popular Internet sectors at that time, completely separated from the medical field she was most familiar with.

(Source: Choice Data)

These heavily held stocks made Zhongou Mingrui make 114% from February to May 2015, but it also suffered heavy losses in the subsequent stock market crash, with the maximum drawdown reaching 63.8%, and the net value directly hit 0.75.I won’t say much about Fengyunjun’s stocks in

. I have long-term attention to Fengyunjun knows what kind of stocks are all about.

Or, Mr. Ge, please ask, please install a market value APP, search before buying stocks, and reduce the number of mistakes by 99%.

Perhaps it was discovered that Gelan's problem. In May 2015, China Europe Fund also sent Liu Mingyue, a veteran who was poached from GF Fund, as another fund manager of Zhongou Mingrui. The latter is currently the investment director and head of the business department of China Europe Fund. Perhaps Director Liu personally led the newcomer Gelan.

Therefore, China Europe Mingrui no longer had all Internet stocks on the list of heavily held stocks in Q3 2015, and the industry allocation was much more scattered.

(Source: Choice Data)

If Ge Lan was still a novice in 2015, then Ge Lan, who re-sponsored the Central European Mingrui in 2018, has been struggling in the market for more than three years and should have his own set of investment logic.

However, Fengyunjun picked up the list of heavy holdings and looked at it. found that Ge Lan was still "strong in gambling", and her bet was not based on independent research and discovering market opportunities, but she bets whatever the market speculated.

The following table is the top ten heavily held stocks in China Europe Mingrui in Q1 2020, 6 of which are only electronic foundry and semiconductor sectors.

(Source: Choice Data)

Like Huiding Technology , Lexin Technology is the newly listed stock in this quarter, basically buying at a high level, indicating that Ge Lan is a typical right-hand trader. After the individual stocks have seen a large increase in , he still dares to increase his position by large, obviously not paying attention to valuation, nor does the industry have a diversified allocation to reduce the systemic risks of a single industry that may occur.

(Follow the market trend, use the dark night mode of the market value Fengyun APP)

So, some investors who lost money criticized China Europe Medical for adding positions in popular stocks at a high level, and the takeover is a strong sense, and it is inevitable that there will be suspicion of protecting shareholders to reduce their holdings.

Fengyunjun thinks that the possibility is not high.

On the one hand, there are actually many fund managers who are trapped by buying high prices; on the other hand, Ge Lan is the number one public offering, the goddess of medicine, with a halo of "100 billion" on his head. All transactions will be observed by the market with a magnifying glass, and probably don't have the courage.

More importantly, since he started working, Ge Nuxia has been accustomed to entering the market at a high level, with a strong gambling spirit, and his style is as always, and has never changed.

The cruel historical facts have repeatedly proved that the brainless style of the Full Stove Saoha is easy to make a big profit in a bull market, but it is easy to fail in a bear market.

Subsequently, since Q2 2021, after new energy sector had been hyped for nearly a year, Gelan started to start a large-scale Soha power equipment sector. Until Q2 2022, all the heavily held stocks were new energy -related stocks, and the top ten heavily held stocks accounted for nearly 60%, which was in a highly concentrated state.

(Source: Choice Data)

. Compared with China-Europe Alpha, which has a management scale of nearly 12 billion, it has 3 liquor stocks and pharmaceutical stocks, but it is still mainly power equipment stocks.

(Source: Choice data)

The losses of the two funds this year are also very close, with China-Europe Alpha and China-Europe Mingrui losing 26% and 24.9% respectively so far this year. This shows that although the former has entered stocks in two industries, it obviously has not had the effect of diversifying risks.

Objectively speaking, it cannot be said that the first and two industries of Soha cannot be said to be bad. If the fund manager is skilled and brave, he can hold a heavy position in an industry at a low level and obtain a rate of return that convinces everyone, then investors will naturally be convinced.

However, high-level studs and low-level studs are completely different. Once the market style changes, it is easy to see a sharp pullback. Fund investors lose money but are reluctant to cut their losses, so they can only exude fragrance online.

For example, after China Europe Mingrui held a heavy position in the new energy sector in Q2 2021, the yield has been negative.

Gulan is a typical track stock investment philosophy. If you are optimistic about which industry is in a high prosperity, you will put a big push and do not value valuation.

China-Europe Medical has developed to its current scale, and can only hold large-cap stocks in the pharmaceutical and medical sectors, and there is not much room for maneuver. There may be some reasons for the sharp decline in excess returns relative to pharmaceutical ETFs in the past year.

And the practice of Zhongou Mingrui's full-stock power equipment stocks is closely tied to the new energy track, and is no different from Cai Songsong's approach to sticking to semiconductor stocks. Both are iconic figures of "Suha type fund managers" in today's A-share market.

But Ge Lan at least outperformed the performance benchmark, and investors can only use this to masturbate.

Disclaimer: This report (article) is an independent third-party research based on the public company attributes of listed companies and the information disclosed by listed companies based on their legal obligations (including but not limited to temporary announcements, periodic reports and official interactive platforms, etc.); Market value ​​wind strives to ensure that the content and views contained in the report (article) are objective and fair, but do not guarantee their accuracy, completeness, timeliness, etc.; the information in this report (article) or the opinions expressed do not constitute any investment advice, and Market value ​wind shall not bear any responsibility for any actions taken by using this report.

The above content is the original market value Fengyun APP

is not authorized. Reprinting will be prosecuted.I won’t say much about Fengyunjun’s stocks in

. I have long-term attention to Fengyunjun knows what kind of stocks are all about.

Or, Mr. Ge, please ask, please install a market value APP, search before buying stocks, and reduce the number of mistakes by 99%.

Perhaps it was discovered that Gelan's problem. In May 2015, China Europe Fund also sent Liu Mingyue, a veteran who was poached from GF Fund, as another fund manager of Zhongou Mingrui. The latter is currently the investment director and head of the business department of China Europe Fund. Perhaps Director Liu personally led the newcomer Gelan.

Therefore, China Europe Mingrui no longer had all Internet stocks on the list of heavily held stocks in Q3 2015, and the industry allocation was much more scattered.

(Source: Choice Data)

If Ge Lan was still a novice in 2015, then Ge Lan, who re-sponsored the Central European Mingrui in 2018, has been struggling in the market for more than three years and should have his own set of investment logic.

However, Fengyunjun picked up the list of heavy holdings and looked at it. found that Ge Lan was still "strong in gambling", and her bet was not based on independent research and discovering market opportunities, but she bets whatever the market speculated.

The following table is the top ten heavily held stocks in China Europe Mingrui in Q1 2020, 6 of which are only electronic foundry and semiconductor sectors.

(Source: Choice Data)

Like Huiding Technology , Lexin Technology is the newly listed stock in this quarter, basically buying at a high level, indicating that Ge Lan is a typical right-hand trader. After the individual stocks have seen a large increase in , he still dares to increase his position by large, obviously not paying attention to valuation, nor does the industry have a diversified allocation to reduce the systemic risks of a single industry that may occur.

(Follow the market trend, use the dark night mode of the market value Fengyun APP)

So, some investors who lost money criticized China Europe Medical for adding positions in popular stocks at a high level, and the takeover is a strong sense, and it is inevitable that there will be suspicion of protecting shareholders to reduce their holdings.

Fengyunjun thinks that the possibility is not high.

On the one hand, there are actually many fund managers who are trapped by buying high prices; on the other hand, Ge Lan is the number one public offering, the goddess of medicine, with a halo of "100 billion" on his head. All transactions will be observed by the market with a magnifying glass, and probably don't have the courage.

More importantly, since he started working, Ge Nuxia has been accustomed to entering the market at a high level, with a strong gambling spirit, and his style is as always, and has never changed.

The cruel historical facts have repeatedly proved that the brainless style of the Full Stove Saoha is easy to make a big profit in a bull market, but it is easy to fail in a bear market.

Subsequently, since Q2 2021, after new energy sector had been hyped for nearly a year, Gelan started to start a large-scale Soha power equipment sector. Until Q2 2022, all the heavily held stocks were new energy -related stocks, and the top ten heavily held stocks accounted for nearly 60%, which was in a highly concentrated state.

(Source: Choice Data)

. Compared with China-Europe Alpha, which has a management scale of nearly 12 billion, it has 3 liquor stocks and pharmaceutical stocks, but it is still mainly power equipment stocks.

(Source: Choice data)

The losses of the two funds this year are also very close, with China-Europe Alpha and China-Europe Mingrui losing 26% and 24.9% respectively so far this year. This shows that although the former has entered stocks in two industries, it obviously has not had the effect of diversifying risks.

Objectively speaking, it cannot be said that the first and two industries of Soha cannot be said to be bad. If the fund manager is skilled and brave, he can hold a heavy position in an industry at a low level and obtain a rate of return that convinces everyone, then investors will naturally be convinced.

However, high-level studs and low-level studs are completely different. Once the market style changes, it is easy to see a sharp pullback. Fund investors lose money but are reluctant to cut their losses, so they can only exude fragrance online.

For example, after China Europe Mingrui held a heavy position in the new energy sector in Q2 2021, the yield has been negative.

Gulan is a typical track stock investment philosophy. If you are optimistic about which industry is in a high prosperity, you will put a big push and do not value valuation.

China-Europe Medical has developed to its current scale, and can only hold large-cap stocks in the pharmaceutical and medical sectors, and there is not much room for maneuver. There may be some reasons for the sharp decline in excess returns relative to pharmaceutical ETFs in the past year.

And the practice of Zhongou Mingrui's full-stock power equipment stocks is closely tied to the new energy track, and is no different from Cai Songsong's approach to sticking to semiconductor stocks. Both are iconic figures of "Suha type fund managers" in today's A-share market.

But Ge Lan at least outperformed the performance benchmark, and investors can only use this to masturbate.

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