Text: Tianfeng
Source: Fortune Unicorn
"There is no shortcut to investment, only hard work." and "capture the alpha of the booming industry, and strive to make money for the development of the industry and the growth of the company's performance." This is a sentence that Tan Xiaobing of the Great Wall Fund often hangs on his lips. She believes that the trend opportunity of industrial prosperity is often accompanied by a double rise in valuation and performance, which is more likely to bring about the Davis double-click effect.
These statements look extremely lofty, and most people will think that Manager Tan must be a senior fund manager who combines knowledge and action, after all, fund investment needs to continuously improve industry awareness through a lot of research and communication with industry experts and listed companies; Through in-depth fundamental research, we find listed companies that can continue to improve the quality of earnings; Buy at a relatively reasonable valuation and wait for the long-term value discovery of the market.
Manager Tan is also one of the few female fund managers in the pharmaceutical industry in the industry, during the study stage, Tan Xiaobing systematically studied pharmaceutical engineering and accounting, and after graduation, he first worked in the federal pharmaceutical industry for 1 year, and then turned to the securities industry, starting from an industry researcher, and growing into a fund manager step by step. However, the author's recent review of the performance of Manager Tan's funds is a different picture.
01
Heavy bets on Kyushu Pharmaceutical caused the fund to lose money
According to the daily fund website, Tan Xiaobingnu worked for Federal Pharmaceutical (Chengdu) Co., Ltd. (July 2004 to July 2005), Dongguan Securities Co., Ltd. (February 2008 to October 2010), and Cinda Australia Bank Fund Management Co., Ltd. (October 2010 to February 2014). He joined Great Wall Fund Management Co., Ltd. in February 2014 and is currently the deputy general manager of the equity investment department, fund manager and investment manager, and has served as an industry researcher and assistant fund manager of the "Great Wall Peace of Mind Return Hybrid Securities Investment Fund".
(Data from Tiantian Fund Network as of May 14)
Since February 2016, he has served as the fund manager of the Great Wall Healthcare Hybrid Securities Investment Fund, and has served for 8 years and 104 days, with a total fund size of 2.782 billion yuan under management, and the best fund return of 109.98% during his tenure. At present, Tan Xiaobing is managing 6 fund products, but the performance of these 6 funds has not been satisfactory in recent years. In addition to the positive return of its funds in the past 3 months, there have been significant losses in other cycles, of which 6 funds have fallen by about 20% in the past 2 years, and some funds have fallen by 30%.
(Data from Tiantian Fund Network as of May 14)
Let's first take a look at the Great Wall Pharmaceutical Technology Six-Month Holding Mixed A Fund, which was established on June 9, 2021, with a fund size of 417 million yuan. As of May 14, the net unit value of the fund was 0.5938, and the fund has returned -40.62% since its inception, -10.14% this year, 4.43% over the past 1 month, -10.28% over the past 6 months, -14.03% over the past 1 year, and -22.22% over the past 2 years.
(Data from Tiantian Fund Network as of May 14)
The author also found that the six-month mixed A fund of Great Wall Pharmaceutical Technology has always been managed by Tan Xiaobing, and Tan Xiaobing managed it for 151 days in the early days of the fund, with a return of -6.93%; After that, it was jointly managed by Tan Xiaobing and Chen Weifeng, and the return on tenure was negative again, at -22.67%; From October 28, 2022 to the present, it has become Tan Xiaobing's sole management, and his return on tenure is -18.23%.
(Data from Tiantian Fund Network as of May 14)
Fund performance loss, some people once posted on December 28, 2023 that I really don't understand, today's market rose sharply, there was a long-lost single-day yang line, all stocks fought back, the daily bottom was successful, almost all funds rose and the strength is still great, how can you fall? I would like to ask the Great Wall Fund Company: The fund you manage does not need to be responsible for giving false publicity to investors from the banks you once cooperated with, and using the banking platform to deceive customers, so as to achieve the goal of defrauding money.
Doesn't the bank have a classic saying: investment is risky, and you need to be cautious when buying. But the banks also forgot that in order to complete their task, the bank is responsible for collecting the intermediate profit commission, and the rest is left alone. After holding it for so many years, do you really not feel any pain in your heart for the customers who provide you with food, clothing, housing and transportation?
(Data from Tiantian Fund Network as of May 14)
The fund has been losing money, and some people have posted to ask, how much has everyone lost? Some people replied below their posts, losing more than 50,000! There is a base people to let it hold on, and the base people replied, if you don't insist, is there any better way? Some people even said that they bought it as soon as it was issued, which really supported the development of the pharmaceutical industry, and they have lost 30% of their holdings until now.
In order to find out the reason for the fund's losses, the author also looked at the position details of each quarter and found that the fund held 1,110,500 shares of Jiuzhou Pharmaceutical in the third quarter of 2021 and 959,100 shares in the fourth quarter of 2021 (the first in the top ten). In the first quarter of 2022, it held 1,043,600 shares (the first in the top ten), 796,600 shares in the second quarter of 2022, 753,600 shares in the third quarter of 2022, and 681,000 shares in the fourth quarter of 2022.
In the first quarter of 2023, it held 1,112,800 shares (the first in the top ten), in the second quarter of 2023 it held 1,149,000 shares (the first in the top ten), and in the third quarter of 2023, it held 614,100 shares. However, during the holding period, Jiuzhou Pharmaceutical fluctuated violently, and the stock price of Jiuzhou Pharmaceutical fell by 50% from July 1, 2021 to December 30, 2023.
The author also found that the fund held 333,300 shares of WuXi AppTec in the third quarter of 2021 and 227,600 shares in the fourth quarter of 2021. It held 239,600 shares in the first quarter of 2022, 315,900 shares in the second quarter of 2022, 312,200 shares in the third quarter of 2022, and 135,300 shares in the fourth quarter of 2022.
The author found that from the number of positions held in each quarter, the third quarter of 2021 was the highest, and at this time, the stock price of WuXi AppTec was in a high position, from July 1, 2021 to March 30, 2023, the stock price of WuXi AppTec fell by 50%, which is almost halved.
The author even found that the fund has held Tigermed several times, and Tigermed, which held 289,400 shares in the third quarter of 2021, lost its position in the fourth quarter of 2021. It may be that the stock price of Tigermed plummeted, and the fund chose to close the stock in the fourth quarter of 2021, during which the stock price fell by 33.89% (from July 1, 2021 to December 30, 2021).
However, the fund bought 385,600 shares of Tigermed again in the second quarter of 2022, 329,400 shares in the third quarter of 2022, 422,600 shares in the fourth quarter of 2022 (the top 10), and again lost its position in the first quarter of 2023. However, during the fund's holding period, the Tigermed stock price fell by 11% from April 1, 2022 to March 31, 2023.
It is worth noting that the author found that the fund held 566,300 shares of Aier Ophthalmology in the third quarter of 2021, and by the fourth quarter of 2021, it no longer held Aier Ophthalmology, and Aier Ophthalmology fell by 40% during the fund's holding. Aier Ophthalmology, which held 1,042,300 shares in the second quarter of 2022 (the top ten), held 1,246,300 shares in the third quarter of 2022, and 621,300 shares in the fourth quarter of 2022, and had no position again in the first quarter of 2023. However, the author found that the stock price of Aier Ophthalmology fell by 1.52% between April 1, 2022 and March 31, 2023, which was smaller than the decline during the previous holding period.
The author also found that the fund held 131,100 shares of Zhifei Biotech in the third quarter of 2021 and 32,100 shares in the fourth quarter of 2021. In the first quarter of 2022, it held 313,300 shares, in the second quarter of 2022, 350,500 shares, and in the third quarter of 2022, it held 268,400 shares, and in the fourth quarter of 2022, it had no position, and during the holding period, the author found that from July 1, 2021 to December 30, 2022, Zhifei Biotech fell by 52.96%.
(Data from Tiantian Fund Network as of May 14)
The performance of the fund is at a loss, and some funds will also redeem their shares. According to the daily fund network, the fund was established with 1.021 billion yuan at the beginning. However, since its establishment, the fund has had its shares redeemed every quarter, with 46 million shares redeemed in the fourth quarter of 2021 and 72 million shares redeemed in the first quarter of 2022. As of March 31, 2024, Great Wall Pharmaceutical Technology held hybrid A for six months, with net assets of 417 million yuan at the end of the period, a decrease of 14.60% from the previous period.
02
"A model of high-level shareholding"
Tan Xiaobing's fund turnover rate has reached 1127%
The net loss of heavy stock Jingce Electronics in the first quarter was 15.93 million yuan
Great Wall Healthy Life Mixed A Fund has lost 48% since its inception
(Data from Tiantian Fund Network as of May 14)
The author also found that the performance of the Great Wall Healthy Life Mixed A Fund is also not satisfactory, the fund was established on August 14, 2020, and currently manages 371 million yuan, the fund has been managed by Tan Xiaobing alone, which has been managed for 3 years and 275 days, and the return on tenure is -48.64%. As of May 14, the net unit value of the fund was 0.5137, and the fund has returned -48.64% since its inception, -11.60% this year, 1.58% over the past 1 month, -13.55% over the past 6 months, -18.11% over the past 1 year, -33.97% over the past 2 years, and -52.06% over the past 3 years.
The author found that the fund held 307,700 shares of Meihao Medical in the fourth quarter of 2022 (Meihao Medical has just been listed, and the fund holds a high share. In the first quarter of 2023, there is no position, and there is still a 12% income on the holding during this period. In the fourth quarter of 2023, it bought another 792,400 shares of Meimei Medical, and continued to increase its position to 901,000 shares in the first quarter of 2024.
However, the second time it held MyHome Medical, its stock price trend was not satisfactory, and the stock price fell by 27% from October 9, 2023 to May 14, 2024. On the evening of April 17, Meimei Medical (SZ301363, share price 22.79 yuan, market value 9.268 billion yuan) disclosed its 2023 annual report, the company will achieve revenue of 1.338 billion yuan in 2023, a year-on-year decrease of 5.49%, and the net profit attributable to the parent company will be 313 million yuan, a year-on-year decrease of 22.08%. The company intends to distribute a cash dividend of 1.6 yuan (tax included) to all shareholders for every 10 shares.
The author noted that this is the first time that the performance of Meihao Medical has declined in the past five years, and Meihao Medical released a first-quarter performance announcement on the evening of April 17, saying that the revenue in the first quarter of 2024 will be about 282 million yuan, a year-on-year decrease of 23.34%; net profit attributable to shareholders of listed companies was about 58.04 million yuan, a year-on-year decrease of 46.46%; Basic earnings per share was 0.14 yuan, a year-on-year decrease of 48.15%.
The author also found that the fund held 2,775,600 shares of Jiuzhou Pharmaceutical in the fourth quarter of 2020, 1,963,800 shares in the first quarter of 2021, 1,281,400 shares in the second quarter of 2021, 610,500 shares in the third quarter of 2021, and 579,400 shares in the fourth quarter of 2021. It held 656,100 shares in the first quarter of 2022, 476,700 shares in the second quarter of 2022, 517,200 shares in the third quarter of 2022, and 388,000 shares in the fourth quarter of 2022.
In the first quarter of 2023, it held 699,700 shares, and in the second quarter of 2023, it held 498,000 shares, and by the third quarter of 2023, it had lost its position. However, during the holding period, although the stock price of Kyushu Pharmaceutical Co., Ltd. rose sharply in the middle, it fell in 2023, and the stock price fell by 9% from October 8, 2020 to September 28, 2023.
The author found that the fund held 979,500 shares of Zhifei Biotech in the fourth quarter of 2020, 582,500 shares in the first quarter of 2021, and 32,900 shares in the second quarter of 2021, and had no position in the third quarter of 2021, during which Zhifei Biotech rose by 14%. In the first quarter of 2022, another 84,300 shares were bought, 152,000 shares were held in the second quarter of 2022, 173,400 shares were held in the third quarter of 2022, and there were no positions in the fourth quarter of 2022, and the stock price of Zhifei Biotech fell by 29% from January 4, 2022 to December 30, 2022.
The author even found that the fund held 1,110,500 shares of Zitian Technology in the fourth quarter of 2020, 1,110,500 shares in the first quarter of 2021, and 960,000 shares in the second quarter of 2021, and in the third quarter of 2021, it had lost its position in Zitian Technology. However, the stock price of Zitian Technology fell significantly during the fund's holding of Zitian Technology, which fell by 45.84% from October 9, 2020 to September 30, 2021.
The author also found that the fund held 441,200 shares of WuXi AppTec in the fourth quarter of 2020, 479,600 shares in the first quarter of 2021, 427,600 shares in the second quarter of 2021, 334,300 shares in the third quarter of 2021, and 160,200 shares in the fourth quarter of 2021. By the first quarter of 2022, WuXi AppTec's holdings were gone, and during the holding period, the price of WuXi AppTec's stock increased by 10% from October 8, 2020 to March 30, 2022. The fund has a good grasp of WuXi AppTec's buying and selling points, and has also made some gains.
(Data from Tiantian Fund Network as of May 14)
The performance of the fund is at a loss, and some people show their earnings, but they don't know if they don't see it, and they are shocked when they see it, and the income is -51%. There are also people who sigh that they have been deceived by beauty, and it seems that beauty is inversely proportional to wisdom. Some people even said that they strongly demanded a change of manager, and I hope that everyone in the fund will act as soon as possible to get rid of this Tan xx manager. Some people said that this fund is hopeless, and they lost half of it when they bought 5W.
(Data from Tiantian Fund Network as of May 14)
In addition to the poor performance of the Great Wall Healthy Life Mixed A Fund, the author found that the performance of the Great Wall Innovation-Driven Mixed A Fund, which was established on June 23, 2020, with a fund size of 513 million yuan, was also not good. As of May 14, the net value of the fund unit was 0.5628, with a return of -43.72% since the establishment of the fund, a return of -19.53% this year, a return of 3.08% over the past 3 months, a return of -22.82% over the past 6 months, a return of -17.44% over the past 1 year, a return of -21.29% over the past 2 years, and a return of -48.72% over the past 3 years.
The author found that the fund held 3,849,800 shares of Guanggang Gas in the third quarter of 2023 and 4,514,500 shares in the fourth quarter of 2023. In the first quarter of 2024, it held 3,740,600 shares, however, the stock price of Guangzhou Iron and Steel Gas fluctuated more violently, and the stock price fell by 41.29% from July 1, 2023 to May 14, 2024.
Although the net profit of Guanggang Gases in 2023 was 319 million yuan, a year-on-year increase of 35.68%, the author found that the performance report of Guanggang Gases in the first quarter of 2024 has changed, the company achieved operating income of 461 million yuan, a year-on-year increase of 11.33%, the net profit attributable to the parent company was 67.15 million yuan, a year-on-year decrease of 10.18%, the net cash flow generated by operating activities was 87.53 million yuan, a year-on-year decrease of 6.05%, and the asset-liability ratio was 21.48%. a year-on-year decrease of 15.74 percentage points. The company's gross sales margin was 30.74%, down 10.95 percentage points year-on-year, basic earnings per share was 0.05 yuan, down 37.50% year-on-year, and diluted return on equity was 1.16%, down 1.94 percentage points year-on-year.
The author also found that the fund also held 465,200 shares of Jingce Electronics in the fourth quarter of 2023 and 380,600 shares in the first quarter of 2024. However, during the holding period, the stock price of Jingce Electronics has fallen by 37% from October 8, 2023 to May 15, 2024. The author found that Jingce Electronics is not only declining in stock prices, but also in terms of operating income and net profit.
On April 23, 2024, Jingce Electronics (300567.SZ) released its performance report for the first quarter of 2024. The company achieved operating income of 418 million yuan, a year-on-year decrease of 30.50%, a net profit attributable to the parent company of -16 million yuan, a year-on-year change from profit to loss, and a net cash flow generated by operating activities of -84 million yuan, a year-on-year improvement, and an asset-liability ratio of 54.69%, a year-on-year decrease of 1.22 percentage points. The company's gross sales margin was 47.01%, an increase of 1.66 percentage points year-on-year, and the basic earnings per share was -0.06 yuan, which turned negative year-on-year, and the diluted return on equity was -0.44%, which turned negative year-on-year.
Moreover, what is puzzling is that Manager Tan doesn't look at the previous year's performance when selecting stocks? According to the 2023 annual report released by Jingce Electronics (300567.SZ), the company's operating income was 2.429 billion yuan, a year-on-year decrease of 11.03%; net profit attributable to shareholders of listed companies was 150 million yuan, down 44.79% year-on-year; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 32.879 million yuan, a year-on-year decrease of 72.83%; Basic earnings per share was 0.54 yuan/share. It is proposed to distribute a cash dividend of 2 yuan (tax included) to all shareholders for every 10 shares. Poor performance, why do you still hold heavy positions? Don't fund managers look at earnings reports when investing?
In addition to Jingce Electronics, the author also found that it was also in the same cycle, and although the position was only held for 3 quarters, the decline in its stock price was also amazing. The fund also holds Tuojing Technology, holding 173,600 shares of Tuojing Technology in the third quarter of 2023, 209,100 shares in the fourth quarter of 2023, and 155,100 shares in the first quarter of 2024, however, in just three quarters, from July 1, 2023 to May 15, 2024, Tuojing Technology's decline is 59%. After reading the stock price, let's come back to see the performance of Tuojing Technology.
Tuojing Technology (SH 688072, closing price: 192.88 yuan) released its annual performance report on the evening of April 29, saying that its operating income in 2023 will be about 2.705 billion yuan, an increase of 58.6% year-on-year; net profit attributable to shareholders of listed companies was about 663 million yuan, an increase of 79.82% year-on-year; Basic earnings per share was 3.54 yuan, an increase of 64.65% year-on-year. Judging from the performance in 2023, Tuojing Technology's performance is very good.
However, the author found that Tuojing Technology (688072.SH) disclosed the first quarter report of 2024, and the company achieved operating income of 472 million yuan in the reporting period, a year-on-year increase of 17.25%. net profit attributable to shareholders of listed companies was 10.4717 million yuan, down 80.51% year-on-year. The net loss attributable to shareholders of the listed company after deducting non-recurring gains and losses was 44.2093 million yuan. Basic earnings per share was 0.06 yuan/share. Although the results of the first quarter were not representative, it is surprising that the net profit fell by 80%. If the stock price of Tuojing Technology continues to fall, it will also affect the net value of the fund in the later stage.
(Data from Tiantian Fund Network as of May 14)
The author also found that in the list of fund managers, the fund was managed by Tan Xiaobing alone at the beginning of its establishment, with a yield of 7.39%; During the co-management period of Tan Xiaobing and Chen Weifeng, the return on tenure was -30.80%; Later, starting on December 16, 2022, it became Tan Xiaobing and Yang Weiwei to jointly manage the fund, serving for 1 year and 151 days, with a return of -21.58%.
After several adjustments, the fund manager still suffered a loss of 43%, which made the people miserable. The author also found that the turnover rate of the fund is very high, and it is normal for the turnover rate of the general fund to be less than 100%, but the fund is higher than this standard. It was even as high as 1127.49% in the second quarter of 2022, and as high as 846.895 in the fourth quarter of 2022. In the second quarter of 2023 and the fourth quarter of 2023, it will also be as high as 461.66% and 416.72% respectively. The high turnover rate of the fund is not compliant, and in the context of the high turnover rate, it has not been converted back to high returns.