Is Gülen the goddess of medicine? Or the god of gamblers on the cusp?
With the performance of the CEIBS Healthcare Fund in 2019 and 2020, Gülen, who relies on hundreds of billions of fund managers, can be said to be a god in the first world war! But is this record a real skill component or a luck component? Is it really the goddess of medicine or the god of gambling on the wind?
From the above chart, it can be seen that the performance of the goddess does not have much advantage over the corresponding index, because the goddess has a high concentration of shareholding, so the fluctuation is greater than the index. In fact, there is already a problem of fund style drift! As a hybrid fund, the shareholding ratio has long been on par with equity funds and even higher than that of equity funds! A bit of a sheep's head to sell dog meat! Although the performance in the past is good, it cannot be denied that the problem of this style drift exists! Since you can convert a fund into an equity fund with such a heavy position, it is not better to live up to the name! Even if it is called the Central European heavy warehouse medical industry fund industry is no problem!
In addition, maybe it is not the problem of the goddess, maybe the problem of the goddess and Central Europe together, that is, a little greedy! No awareness or meaning to control the size of the fund! As long as someone subscribes, I will receive it all! That momentum is that I am Han Xin the more the merrier! My management skills have no boundaries! But there is a limit to the number of good stocks in the market, and you have a double ten agreement on the proportion of each stock! Five percent of the 100 billion is 5 billion! No more than 10% of the market value of the listed company means that the market value of the listed company must be more than 50 billion. Ten percent, that requires a market value of more than 100 billion, basically do not need to study fundamental research companies, according to the goddess's heavy position habits, it is almost only possible to choose companies according to the market value!
Some people say that the goddess's long-term heavy position is based on her professional background in biology doctorate, based on the confidence brought by the in-depth understanding of the pharmaceutical industry! But is this really the case? Or is it the gambling nature that is unique to the goddess's genes?
The goddess invested in LeTV in 2015, and invested in Storm Video and Audio, which was the same as the two later big thunder stocks, liked to reposition! Is it also based on the confidence of knowing both companies? The advantage of the goddess is that it doesn't matter if the bet is lost, change the fund to continue to gamble, the bet wins that is the god of gambling, and you can also remove the gambling word and add the female word to become a goddess! This kind of gambling with investors' money, while not delaying the risk of charging high management fees, small and huge returns, if there is no certain professional ethics and institutional constraints, it is easy to gamble!
This kind of fund manager in the world is hot for two years, short-lived things are very common, betting on a few stocks can be a battle, after all, so many fund managers always have a few good luck, but most of this situation will not last long, for investors to chase the star is just a lonely chase! For the fund manager, the two-year management fee bonus is enough for her to wash her hands. Besides, people don't plan to wash their hands!
It is not easy to really produce a god, which is why Buffett is so rare in the world!