Text | Yang Wanli
Buffett once set a "ten-year bet" that the S&P 500 index fund would return more than hedge funds in ten years. A hedge fund manager jumped in and was optimistic that he could outperform the S&P 500, and Buffett won.
In the unpredictable stock market, whether retail or professional fund managers, their carefully constructed portfolios don't necessarily beat market indices.
For example, Fang Wei, fund manager of Huatai Berry Fund, has 8 years and 92 days of investment experience, and the total asset size of the current fund is 3.235 billion yuan, and the best fund return during his tenure is 261.47%. As a veteran, Fang Wei's management performance this year was weak, and the four funds under management not only underperformed the Shanghai Index, but also recorded negative returns.
Specifically, as of June 15, Huatai Berry Quality Leading Hybrid C, Huatai Berry Quality Leading Hybrid A, Huatai Berry Value Growth Hybrid A, and Huatai Berry Value Growth Hybrid C fell by 7.21%, 6.87%, 5.97% and 6.31% during the year. During the same period, the Shanghai Composite Index rose by 5.3%.
From the performance of heavy stocks in the first quarter, 8 of the top ten heavy stocks of Huatai Berry Value Growth Hybrid (A/C) and Huatai Berry Quality Leading Hybrid (A/C) overlapped. In terms of gains and losses, Huatai Berry Quality Leading Hybrid Fund had 8 heavy stocks decline during the year, and only 2 heavy stocks rose. Huatai Berry Value Growth Mix had 8 heavy stocks fall during the year and only 2 heavy stocks rose.
The above fund mentioned in the first quarter report that "from the valuation point of view, A-shares are still in a relatively low range in history, and the long-term investment value is obvious, and the fund will adhere to the investment strategy of selecting individual stocks and strive to obtain better investment returns for holders".
Embarrassingly, most of Fangwei's selected heavy stocks fell. What makes the people even more uncomfortable is that Huatai Berry Quality Leading Hybrid C, Huatai Berry Quality Leading Hybrid A, Huatai Berry Value Growth Hybrid A, and Huatai Berry Value Growth Hybrid C have fallen by 52.36%, 51.59%, 42.27% and 43.19% in the past two years.
That is, if the base buys at the previous high, the floating loss will exceed 42%.
It is worth noting that in 2022, Fangwei's funds have frequently adjusted their positions, and the fund still has a large decline.
Let's first look at the Huatai Berry Quality Leading Hybrid Fund, which in the first quarter of 2022, the fund was heavily invested in coal, real estate, liquor, and pharmaceutical-related stocks; heavy positions in Internet, liquor and new energy related stocks in the second quarter; In the third and fourth quarters, heavy positions in new energy, small and medium-sized market capitalization growth stocks.
For the whole year of 2022, Huatai Berry Quality Lead Hybrid A and C decreased by 40.61% and 41.08% respectively.
Looking at the Huatai Berry Value Growth Hybrid Fund, in the first quarter of 2022, it was heavily invested in pharmaceutical, real estate, and coal-related stocks; heavy positions in liquor, new energy, military, pharmaceutical, and coal-related stocks in the second quarter; Heavy positions in food, home appliances, auto parts related stocks in the third quarter; In the fourth quarter, heavy positions in new energy, small and medium-sized market capitalization growth stocks.
For the whole year of 2022, Huatai Berry Value Growth Hybrid A and C decreased by 33.93% and 34.45% respectively.
In the Fund's 2022 annual report, it is mentioned that "excellent companies bring confidence to our investments... The Fund will adhere to the concept of value investment and strive to create sustainable and replicable performance for investors. ”
Fang Wei is optimistic, and the yield of its fund is not necessarily satisfactory to investors. How he will boost his performance in the future, we will continue to keep an eye on it!