The consumer fund has fallen for a whole year, and you are still okay with the 20-year high subscription of Chen Yuan's Huaan Emerging Consumer Fund? Whether a fund manager does a good job or not depends not only on whether she can make a profit when the market is good, but also on whether she can control the drawdown of the fund when the market is not good. Below we understand through the six dimensions of Chen Yuan is still worth our investment?
Image data source: Baidu
I. Introduction of the fund manager
Chen Yuan, with 14 years of experience and 4 years of experience as a fund manager, joined Huaan Fund after graduating from Shanghai Jiao Tong University, successively serving as a researcher and assistant fund manager, and has been the fund manager of Huaan Ecological Priority Hybrid since February 26, 2018. At present, it manages 4 funds with a total management fund size of 10.092 billion yuan. Good at pan-consumer investment, the consumption surge in 2020, with the structural market and consumption outlet since 2018, together with Wang Yuanyuan, was praised by the basic people as a "consumption goddess".
Picture data source: Daily Fund Network
Two. Representative work: Hua'an ecological priority mixing
Image data source: Jingchuan Software
1. Return on appointment.
Chen Yuan took over the Huaan Ecological Preferred Hybrid Fund from 2018, achieving a total return of 107.16%, an annualized 19.45%, and the highest annualized return of up to 30% in the 4 years of tenure, far exceeding the consumption of The Four Heavenly Kings Zhang Kun, Xiao Nan, Wang Zonghe, Liu Yanchun and Wang Yuanyuan, who are also consumer goddesses. The reason why Chen Yuan has achieved such good results is that when she took over the fund, the market was just at a low level of emotion, and it just so happened that the direction of investment in the consumption track in the next 3 years was correct, so the yield was relatively high. Due to its relatively short management time, it is impossible to judge its true level with annualized rates of return. Later, if you are interested in Chen Yuan, you can pay more attention to the trend of the fund he manages later.
Picture data source: Daily Fund Network
In addition, Chen Yuan's achievements in such a good way are also related to her like to dig out unique bull stocks, such as Antarctic e-commerce, Shuanghui Development, One Network One Creation, etc. Compared with other consumer fund managers who are heavily positioned in liquor, she prefers the partial pan-consumption direction of stocks, and the continuous rise in the stock price of such stocks also proves the uniqueness of Chen Yuan's vision.
2. Maximum round removal rate.
Since Chen Yuan took over as Huaan Ecological Preferred Hybrid Fund, she has experienced two rounds of relatively large drawdowns, the first being the largest drawdown of 22% during 2018 and the second being 39% during 2021. Chen Yuan in 2018 when the market unilaterally fell, in the control of drawdown is very good, after all, the first time as a fund manager, or to be cautious, from Chen Yuan's fund position in 2018 can be seen, the holding is more dispersed and does not reposition any stock. With the arrival of the "structural bull" market and the consumption outlet, her ability to control the drawdown has increased, but the ability to control the drawdown has been reduced more severely, and the stock position is highly concentrated, so when the market is not good, the performance of the fund she manages is not satisfactory.
Image data source: Jingchuan Software
3. Investment style
Chen Yuan's investment style is biased towards the large-cap balanced type and the large-cap value type, and sometimes biased towards the mid-cap balanced fund, that is, in her view, the stock market value is not a measure of the quality of a stock, but pays more attention to the price-earnings ratio and price-to-book ratio, and pays attention to the high returns brought by the company's future growth, and Chen Yuan's fund is also a small number of low- and medium-risk consumer funds.
Picture data source: Daily Fund Network
Chen Yuan's investment style and Wang Yuanyuan's investment style are generally very similar, they like to dig out unique bull stocks, and do not like to hold too much of a single position in the same sector of stocks, such as liquor and beer. Compared with other consumer fund managers, the position is also sufficiently dispersed, which is also one of the unique characteristics of female fund managers.
4. Analyze from the top ten heavy stocks:
As an independent woman in Kochi, Chen Yuan also gives full play to her unique investment style of female fund managers - hedonism. In the stocks she holds, we can often see cosmetics medical beauty consumption and tourism and catering consumption frequently on the list, and attach great importance to the development of women's economy. But in terms of personal mentality, chen yuan is not doing well now, we can see that after a sharp retracement of the fund manager managed by Chen Yuan during 2021, the mentality is a bit "collapsed", and it can't stand the pressure to take over the new energy vehicle at a high level, in a sector that has been on fire for 2 years, and the market environment is obviously pulling back, Chen Yuan's approach is worth our deep thinking, the psychological quality of "broken jars and broken", whether she can still help her trusted people to continue to make profits.
Picture data source: Daily Fund Network
5. From the perspective of fund turnover rate:
Since Chen Yuan managed the fund, she has maintained a relatively high turnover rate, especially when the market is not good, the turnover rate often reaches 300% or even more than 400%, and the turnover rate is generally low when the market is good. So it is clear that this is a fund manager who "can keep the prosperity, but can't stand the loneliness". Because a best fund manager is not chasing hot spots, but sticking to his unique investment philosophy for a long time and accompanying a great company to grow.
Picture data source: Daily Fund Network
6. Analysis from the perspective of holder structure:
From the proportion of holders, we can intuitively see that the proportion of institutional investors has been decreasing, and even in 2021, the proportion of institutional investors has directly dropped to less than 20%, while the proportion of individual investors has been increasing, and the internal positions of fund companies have not changed much. Institutional investors continue to lose confidence in a fund manager, and retail investors take care of it like a baby, the typical "institutional sell and retail customers take over", how can this performance be good?
Picture data source: Daily Fund Network
In general, the fund managed by Chen Yuan has no way to compare with consumer bigwigs such as Zhang Kun and Liu Yanchun, and the rise is not enough when the market is good, and Wang Yuanyuan, who is also a consumer goddess (already mentioned in the previous period), is insufficient in controlling the ability to retrace when the market is not good. Therefore, if you like female fund managers, you can focus on the funds managed by Wang Yuanyuan, rather than Chen Yuan's funds, if you like to drink liquor, then it will be better to run with Zhang Kun and Hu Xinwei.