Huatai Berry New Economy Shanghai, Hong Kong and Shenzhen performance counts down, and only one of He Qi's 10 funds has a positive return

Text: Wu Ideal

Source: Fortune Unicorn

As a leading public fund, the index team of Huatai Berry Fund has attracted attention because of the existence of the famous Tian Hanqing, and she has also lived up to expectations to achieve the scale of the index fund to more than 200 billion;

The data shows that the fund manager, who has served for more than 6 and a half years, is currently managing 10 fund products, including partial stock hybrid, index stocks, index QDII and other types, which are rich in form;

Judging from the net value growth rate from this year to the present, the author found that the Huatai Barry New Economy Shanghai-Hong Kong-Shenzhen Mixed Economy, which he first managed, was the worst performing product this year, and the net value of the two types of shares has fallen by more than 23% so far, ranking relatively low in similar funds, what is the reason?

01

Huatai Pineapple New Economy Shanghai, Hong Kong and Shenzhen

It has fallen for three consecutive years and is less than nine cents

As an old fund established in 2016, Huatai Berry New Economy Shanghai-Hong Kong-Shenzhen has experienced great joy and great sorrow in recent years: from 2019 to 2021, the portfolio has achieved a year-end increase, but from 2022 to 2024, the net value has fallen, and at the same time, it has fallen by more than 20% every year since 2022. As a result, the latest size of the fund was only 100 million yuan at the end of last year.

At present, the first quarterly report of the fund has not been disclosed, and we can only find the reason from the quarterly report of 2023. Judging from the top ten heavy stocks, fund managers chose all Hong Kong stock targets, and in terms of the performance of the year to April 17, only Meituan-W has risen during the year, and among the remaining 9 companies that have fallen, Weimob Group has fallen by more than 53% to rank first.

At the same time, fund managers continue to be bullish on a number of heavy stocks, such as Greentown China, the largest heavy stock in the fourth quarter, fund managers continued to hold heavy positions in the four quarters of last year, but real estate listed companies have lost their glory in both the mainland and Hong Kong, and the stock has fallen by more than 30% so far in 2024.

From the perspective of the attributes of the industry, He Qi seems to prefer the bull market flag bearer brokerage stocks. On December 31 last year, his heavy stocks included four companies, including China Galaxy, CICC, GF Securities, and CITIC Securities, but they have all fallen so far this year without exception, especially CITIC Securities, one of the leading companies, has fallen by more than 30%. Perhaps the reason behind it is not difficult to understand, after all, whether it is A-shares or Hong Kong stocks, the long-awaited bull market has not yet arrived.

It should be pointed out that the fund manager's ability to rebalance positions and swap shares also seems to need to be improved, such as Weimob Group, a new heavy stock in the Four Seasons Update, which shows that the company is a leading provider of cloud business and marketing solutions for small and medium-sized enterprises in China, and is also a leading precision marketing service provider for SMEs on Tencent's social networking service platform in China. Unfortunately, investors don't seem to be buying such a cutting-edge technology company, which has fallen by more than 50% in Hong Kong stocks since 2024, making it the worst-performing company among the top 10 heavyweights.

In the annual report disclosed earlier, He Qi said frankly: "The fund's poor performance throughout the year is that the main problem is that it is too optimistic about the introduction of policies. Because we have been judging that the current demand side of the economy needs stimulus, because the weakness has lasted for a long time, and the CPI has also been negative. It is still necessary to put demand back on the normal track, and economic stability is the prerequisite for high-quality development, and the two are by no means seesaws. ”

02

Amphibious operations He Qi has a fund under management of more than 20 billion yuan, and the water is full

According to the data, there are currently eight current fund managers who have reached double digits in the company's management funds, but He Qi is the only fund manager who has not stepped down from the product, and it seems that both the company and fund investors have full recognition of his management ability, and the scale exceeded 20 billion on December 31.

But after careful study, the scale of 20 billion may be full of water. Looking carefully at the scale of a single fund by product, QDII-ETF Huatai Pineapple CSOP Hang Seng Technology accounted for about three-quarters, reaching 15.374 billion yuan. In addition, the scale of Huatai Pineapple CSI Hong Kong Stock Connect ETF managed by him has also reached 4.34 billion yuan, which means that the scale of his ten products is basically covered by these two.

However, the former's latest annualized return is -24.44%, ranking 90th among 95 funds in the same category, and the fund is co-managed by He Qi and Liu Jun, another fund manager of the company, and looking at the latter's data, the product has continued to have negative returns since 2021, and the latest annualized return is about -10.63%, ranking 678th among 875 funds in the same category. Similarly, the fund is managed by He Qi in collaboration with another fund manager.

In addition to the three funds mentioned above, the other seven funds he manages have a number of pocket-sized and even mini products, such as Huatai Pineapple Hong Kong Stock Connect Era Opportunity Mix, which currently has the lowest return. This fund was established in May 2021, and He Qi has been managing it as the first fund manager, but unfortunately it has fallen by more than 30% in the first two complete years, especially the cumulative net value of the current fund, which is only about 3 cents.

Looking at the active QDII Huatai Pinebridge Asia Enterprise he manages, as his sole managed fund, it has the third-to-last performance and the second-to-last annualized return this year. According to the above-mentioned idea of the Shanghai-Hong Kong-Shenzhen funds with heavy positions in Hong Kong stocks, it seems that all Hong Kong stocks should also be heavily invested in QDII. But on the top ten list at the end of last year, the top four companies listed in the United States can be seen: Beike, Pinduoduo, Full Bang Group, and Futu Holdings. But judging from the results, it seems that he is not good at U.S. stocks.

This is also evident from his resume, which holds a bachelor's degree in economics from Shanghai Jiao Tong University. He used to be a securities settlement engineer in the securities service department of HSBC, joined Huatai Pinebridge Fund Management Co., Ltd. in November 2008, and served as a senior trader in the trading department and an assistant fund manager in the overseas investment department.

It is also emphasized that the only fund with positive returns that he currently holds is not managed alone, and it is also the work of his collaboration with his colleague Li Qian. So, perhaps the bigger question is whether the company should keep one side of his appointment between active and passive, and let him manage the product more independently.