Text: Wu Ideal
Source: Fortune Unicorn
In recent years, the lack of systematic opportunities in the mainland stock market, the rapid rotation of hot spots has made it very difficult for public funds to obtain excess returns, and the overall profitability of the industry has been declining.
Chu Leyan, fund manager of Guolianan Fund, is a member of this group of people, the fund manager who has been in office for less than 300 days and manages three products in the company, but since 2024, the drawdown of the two hybrid funds with partial stocks has exceeded 10%, and the total size of the three funds is less than 350 million yuan.
Judging from his investment, the author found that this inexperienced young man does not seem to have formed his own distinctive investment style, which is reflected in the intelligent manufacturing fund he manages, and the style drifted to the mainland and Hong Kong stocks at the end of last year, but the results are very bleak.
01
The cross-border medicine of the intelligent manufacturing theme fund has caused controversy
According to the daily fund website, he used to be the product manager of Shanghai eBao, a researcher and investment manager of Industrial Securities. In January 2023, he joined Guolianan Fund Management Co., Ltd. On July 19, 2023, he served as the fund manager of Guolianan Intelligent Manufacturing Hybrid Securities Investment Fund, Guolianan Core Advantage Hybrid Securities Investment Fund, and Guolian Andesheng Stable Securities Investment Fund.
For a rookie of public fund managers, it is likely that there will be two brushes to be able to manage three products at once, but at least so far, he seems to have not been able to prove himself. Taking Guolianan Intelligent Manufacturing, the smallest of the three products at the end of the year, as an example, he took over the management of the former star fund manager Liu Bin, and the return on his tenure left by Liu when he left office was 53.13%. But the current return on the reserve is already -16.34%.
From 2024 to the present, the fund's latest net value growth rate is about -11.03%, and it ranks 3407th out of 4178 similar funds. Judging from the recently disclosed annual report of the fund, the fund has a very clear trace of style drift, among the top ten heavy and invisible heavy stocks, the companies that can be classified into the field of medicine and biology include Xinhua Medical, Hygeia Medical, Gushengtang, WuXi Biologics, Hao Oubo, Xinmai Medical, etc., which is extremely spectacular in terms of quantity.
However, perhaps because Chu Leyan is not from a medical class, this has also attracted criticism for him in the income portfolio of some companies with obvious flaws, such as Hao Oubo, whose main business is in vitro diagnostics, as a biomedical company that is keen on financial management and has weak performance growth, the company not only shows "D" in the 2022-2023 annual information disclosure evaluation results recently disclosed by the Shanghai and Shenzhen Stock Exchanges In November 2022, it also received a notice from the China Securities Regulatory Commission (CSRC) for Chen Tao, one of the actual controllers, to be involved in the occupation of non-operating funds.
In the fund's annual report, he explained his style drift: "The fund adheres to value investment, considering both the company's fundamentals, growth, and whether the stock price is suitable, so there is no significant drawdown in the context of careful stock selection." The Fund underwent a significant rebalancing in the middle of the year, shifting from its previous large allocation to real estate chain-related companies to equilibrium. In the second half of the year, the Fund focused on a series of industries and companies such as pharmaceuticals, real estate chains, precious metals, consumer electronics, and machinery manufacturing. ”
However, such comprehensive coverage does not seem to be in line with the agreement in the fund contract, which requires investment in intelligent manufacturing theme securities to be no less than 80% of the fund's non-cash assets. Usually, for changes on the edge of the contract, investors uphold the spirit that no matter whether the black cat or the white cat catches the mouse, it is a good cat, but unfortunately at least so far, the result may not be as good as his squatting in intelligent manufacturing.
At the same time, due to poor performance, investors choose to vote with their feet, and the fund's quarterly report has a word that reminds of the risk of liquidation: "During the reporting period, the net asset value of the fund was less than 50 million. It is planned to expand the scale of fund assets through continuous marketing activities. ”
02
Guolianan ESG Fund becomes a veteran Pan Ming's "nightmare"
As a fund company with strong long-term debt and weak stocks, equity funds have not been Guolianan's strong point; fortunately, there is also a former rich country star Zhang Yuyuan on the passive index fund side, but the active equity side is the veteran Pan Ming who carries the banner alone. But for this famous player who has been in office for more than 10 years and is currently managing five funds, the fatal wound may be that none of the products have doubled the return on his tenure.
If the earliest management of Guolianan industry selection is barely satisfactory, his latest management of Guolianan Climate Change Responsible Investment Fund (commonly known as ESG fund) is a failure, from the latest net value and cumulative net value of the product, the current class A share is less than 5 cents.
The fund was established on September 28, 2022, and from the perspective of annual performance, the product suffered a setback in the first full year, and the net value of the whole year of 2023 fell by about 43.77%, ranking sixth from the bottom among similar funds. So far this year, the fund has also ranked in the middle and lower reaches of similar products.
From the perspective of the objective of the fund covenant, it mainly seeks to increase the value of the fund's assets by investing in listed companies that benefit from their efforts to adapt to or limit the impact of global climate change. However, from the perspective of the actual combat in the secondary market, Pan Ming is basically a targeted heavy position layout in the new energy industry chain, and unfortunately the new energy is mainly abandoned due to the change in the supply and demand pattern.
Judging from the top ten heavy stocks on December 31, not only have all fallen so far in 2024, but all three companies, including Yuneng Technology, have fallen by more than 25%, even if it is Li Auto, which has increased its position to the first heavy stock in the fourth quarter, the decline in the same time period has reached 14.34%.
In the recently disclosed annual report of the fund, he did not shy away from making reflections: "The main reason why the fund underperformed Shenwan power equipment is the poor performance of micro-inverters, energy storage, photovoltaic cells, inverters and photovoltaic equipment, etc., while there is basically no configuration for electricity meters and main network equipment that perform well but are more defensive." The Fund underestimates the volatility of offensive segments and varieties in climate change themes in a weak market environment. The CSI 300 Carbon Neutrality Index, which includes white horse stocks such as liquor, financials and home appliances, was even more difficult to outperform last year. ”
In addition to this fund, the other four funds he manages have performed well so far this year, and only Ingenuity Technology has barely achieved a positive return of 1 point. In addition, Wei Dong, the company's current investment director, has served for more than 19 and a half years, but the total size of the three funds under management is less than 1.5 billion yuan.