Gülen's CEIBS healthcare mix finally released its four-quarter report, and Angkor was surprised to find that the size of the fund was not reduced by poor performance, but increased by more than 10 billion, which also made Gülen's total size of the fund reach 77.505 billion, up 14.065 billion from the end of the previous quarter.
The total fund size managed by Gülen also reached 110.339 billion, successfully promoted to the 100 billion fund manager industry, becoming the real top stream!
In stark contrast, Zhang Kun's E Fangda Blue Chip Select Mix, the total scale of the four seasons report has shrunk from the original 69.847 billion to 67.623 billion, while the total scale of China Merchants CSI Liquor managed by Hou Hao, who is the leading scale, is 776.24, and Gülen has almost completed the surpass!
However, Hou Hao's total management scale is 103.400 billion, which is several billion less than Gülen, and Zhang Kun's management scale has also retreated to 101.935 billion, looking at the public offering industry, Gülen's management scale should be called the first!
However, the question also comes, whether it is the long-term and medium-term performance of the Sino-European medical and health hybrid is not good, what is the reason for everyone to respect the CEIBS medical and health hybrid and Gülen so much?
Glenchi people
Truth be told, Gülen was a fund manager that Angkor used to love quite a bit. And the Cesso medical and health mix is also Angkor at the end of 2020 to build a position, in just over a month, there is close to 30% of the income or quite a surprise, there are some fluctuations after the Spring Festival, but the pharmaceutical sector rose again, but also let Angkor smoothly out, so Angkor on the road to invest in CEIBS medical health, is still smooth and full of retreat.
Therefore, Gülen himself, Angkor also made more understanding. I have also written several articles to introduce. Known as the goddess of medicine, she not only looks outstanding, but also has a good background, and her past performance is still very good.
Friends who have studied and worked in Gülen must also know that they studied in the Department of Engineering Physics of Tsinghua University as an undergraduate, and obtained a doctorate degree in biomedical engineering at Northwestern University in the United States. From these two categories, medicine plus technology is its core ability.
During this period, I interned at Infineon, one of europe's top semiconductor companies, for about a year. After graduation, her first job in China was also to do research on new energy for power equipment, and her team won the first and second places in the new fortune in those two years. This also made her circle of ability appear two forks, one is the pharmaceutical sector, and the other is the technology sector.
Therefore, from the above experience, the title of the goddess of medicine to call Gülen should be a bit one-sided. However, across the two fields of medicine and technology, not everyone can be so handy.
But what makes Gülen famous is the China-Europe Medical and Health Mix fund!
Funds and performance managed by Gülen
Take a look at Gülen's award record: Gülen has won 1 Golden Bull Award, 2 Star Fund Awards, and ranked 86th in the three-year weighted performance ranking, with a performance of 188.96%.
Working time: 6 years and 200 days, it is also considered to be the mesozoic generation of fund managers! During this period, the maximum profit was 403.18%, the maximum drawdown was as high as 64.71%, and the annualized return reached 24.39%, which is actually very powerful. Because the statistical interval is more than 6 years, through the bull-bear cycle.
Gülen currently has 9 funds under management, and if you merge Class A, Class C, it is actually 5:
1. Sino-European Mingrui new starting point mixing
The return in the past year is -7.46%; the income in the past 5 years is 130.04%; the fund size is 3.623 billion, which is a hybrid fund with new energy as the main superimposed medicine and semiconductor.
2. Central European alpha blend
The return in the past year is -18.44%; since its inception, the income is 0.20%; the fund size is 12.811 billion, which is a mixed industry fund mainly based on new energy, but with liquor and medicine.
3. Sino-European medical and health mix
The return in the past year is -24.87%; the income in the past 5 years is 222.66%, the fund size is 77.505 billion, and the fund mainly in medical and pharmaceutical is also the most well-known fund of Gülen.
4. CEIBS Medical Innovation Stock
The income in the past year is -26.18%; the income in the past 2 years is 45.85%, and the size of the fund is 13.094 billion, mainly medical and pharmaceutical.
5. Selected mixes of Central European studies
This is a new fund, established on March 24, 2021, since its inception - 12.64%, the size of the fund is 3.306 billion, this fund is jointly managed by Gülen and Lu Chunqing, it is not excluded that Gülen is just a name booster.
From the above data, we can draw some conclusions:
1, Gülen managed the number of funds slightly more, the key is that the size of each fund is not small, so her energy is scattered;
2, Gülen management of the fund in addition to the pharmaceutical health, there are technology, and even consumer industries, although science and technology and medical care is its core circle of competence, but the consumer class should not be, that is to say, distracted by multiple industries, will inevitably be imprecise.
3. Excluding a newly established fund, the four funds have all had positive returns since their inception, especially the China-Europe Medical and Health Mix, which has been established for more than five years, and still has gained more than 200% growth.
4, most of the fund drawdown control is relatively poor, from the perspective of Gülen's position characteristics, mainly from the bottom up to select stocks, and in the way of heavy positions to hold shares, holding shares is high. The drawdown control is relatively large.
From the perspective of Angkor's own experience of originally holding CEIBS medical health, the large fluctuation of net worth is a major feature, so Angkor feels that it is still good to choose Category C for high throwing and low suction.
5, the scale is really not a good thing for performance?!
Angkor also found that although the recent performance is not good, but the performance of the three-year five-year period is still ranked high, plus there has been a very large drawdown before, so everyone also feels that the current drawdown is only a temporary phenomenon, so for Gülen's fame, background, past performance, everyone is still a more inclusive mentality.
Focus on the analysis of Sino-European health care
The opening paragraph also said that the current size of this fund has not decreased but increased, and it seems that it has been recognized by everyone. On the one hand, this is due to the aura of Gülen itself, in addition, a treasure gold selection is also a big plus, after all, when Angkor chose the big health fund, it was the identity of the gold selection fund and chose it.
In addition, judging from the sales list and fixed investment list on the recent daily fund, the popularity of this fund remains high, and it seems that everyone regards this fund as an important target for long-term fixed investment.
1. Recent performance of Sino-European medical health
Judging from the above figure, in addition to the three-year five-year period that can be called excellent, especially the performance of various periods in the past year, it is not good. However, it is no wonder that the overall performance of the medical sector has not been good recently, even larger than the adjustment of new energy, and in addition to the traditional Chinese medicine in the subdivision of the field, whether it is biomedicine, CXO or medical devices, it has been affected by multiple factors and continues to decline.
The main factors are nothing more than: the sanctions imposed by the United States on companies like mine, the impact of collection, medical emergencies, yi love reasons, and so on. It can be said that in the past six months, this industry has never been calm.
2. Featured data
Large drawdown is an inevitable problem of this fund, due to the performance and drawdown problems, so the sharp ratio of this fund is negative, which also shows that the current risk of investing in this fund is still relatively large.
3. Comparison with other similar funds
Many people will compare Gülen with Zhao Bei, because they are both female fund managers, and they are both professional and engaged in the management of big health funds. However, Gülen's fame was much greater than Zhao Bei's. But in terms of performance, Angkor came to show you the performance comparison between Gülen's CEIBS medical care and Zhao Bei's cutting-edge medical treatment, and everyone will have a good idea!
From the perspective of various time periods, ICBC Frontier Medical Care has surpassed CEIBS Medical Health.
From the perspective of volatility, Sharpe ratio and maximum drawdown, ICBC Frontier Medical is significantly better than CEIBS Medical Health.
Therefore, from Angkor's own point of view, if the two funds are in front of them, they will not hesitate to choose ICBC Frontier Medical.
4. Changes in the four quarters of the Sino-European medical and health mix
In addition to the significant increase in the share, there are several notable features:
A. The proportion of stocks has become less, with 90.31% in the third quarter and 83.90% in the fourth quarter;
B. The proportion of heavy stocks has become smaller, accounting for 65.70% of the top ten heavy stocks in the third quarter, and 56.68% in the fourth quarter;
C. The Chinese medicine stock of Tablets zai zhen has been added;
D. Replace two of the top ten positions, and the overall change of hands is still low, and the proportion of the top ten heavy stocks has decreased slightly;
E. Still with head enterprises and high-priced pharmaceutical stocks as the main holding objects, 6 of the top ten heavy positions are more than 100 yuan of large tickets.
Fourth, what Gülen said in the Four Seasons
Compared with Zhang Kun's 700-word essay, Gülen did not waste much ink in the quarterly report, and the excerpt is as follows:
We have generally maintained the operation of high positions, and have focused on the layout in the direction of the long-term optimistic innovative drug industry chain, medical services, and leading enterprises of high-quality generic drugs.
From the perspective of future configuration direction, the innovative drug industry chain is still the direction that we are most optimistic about for a long time, from the top-level design to the innovation accumulation of domestic enterprises in recent years, which makes the domestic innovative drug industry chain maintain a high-prosperity state for a long time. In addition, with the improvement of the consumption capacity of domestic residents and the improvement of knowledge structure and cognitive level, the penetration rate of products and services and the payment ability of residents are continuously improving, and leading enterprises in related industries also have long-term growth space.
From the above, several important keywords can be extracted: high-position operation, innovative drug industry chain, leading enterprises, optimistic about future growth space!
This view, Angkor also basically agrees. After all, the current development of the innovative drug industry chain has become an important part of the world and will continue to develop; and with people's attention to health and the improvement of living standards, the proportion of medical-related services will become higher and higher.
Therefore, Angkor also believes that there will be a lot of pressure on this industry in the short term, but the prospects are still very bright, and we should lay out and hold it in years.
5. Investment advice
From the above analysis, Angkor believes that although Gülen has no problems in terms of long-term performance, including no problems in the track of great health, and great health is also one of the few choices that Angkor believes can cross the bulls and bears, Angkor still believes that in the track of great health, the Sino-European medical and health mix is not the best choice.
In the short and medium term, Gülen's style is relatively rigid, or her style is originally high position and low turnover, and her ability to deal with short-term risks is not outstanding, and the drawdown control ability is weak, and the sense of holding experience is slightly worse.
Compared with ICBC Frontier Medical, Zhao Bei's fund has won in all time periods and most indicators. Not to mention that Angkor had previously recommended an excellent fund such as Anxin Pharmaceutical and Health.
This may also be related to the fact that Gülen currently manages too many funds and different styles, (Zhao Bei is obviously more focused), currently distracted by big health and technology mixed enterprises, unable to concentrate on it, in addition, the scale continues to grow, obviously there is not much benefit.
But we should also see that although Gülen's fund has large fluctuations and drawdowns, in the long run, I can always get a good return, that is, ignoring short-term fluctuations, Gülen's fund can still get a return on long-term holding. This may also be the reason why the friends who have held Gülen's fund are full of confidence in her?!
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