Perseverance
Source: Fortune Unicorn
Recently, the author has just finished analyzing the former fund manager Cai Songsong of the Nuoan Fund on Zhuo Sheng's micro position method, at that time I still think how Cai Songsong can operate like this, this time the author will look back at the way, analyze the performance of Huang Xingliang's fund of Wanjia Fund, do not analyze I don't know, through the position data, Huang Xingliang did more than Cai Songsong.
For the people, what is it to buy a fund map? Isn't it a stable picture, and you can make some money by piggybacking, which is better than saving in the bank. However, as everyone knows, if this fund manager's operating style is unusually strong, often holding shares at high prices, and full of stud's aggressive style, will you still buy such a fund? The author found that Huang Xingliang's high purchase of Pony test led to a large loss of the fund, and the holding of SRP also suffered a large loss.
01
Huang Xingliang has an obsession with Zhuo Shengwei
Wanjia Fund has no risk control system?
Huang Xingliang bought Pony test at a high level and suffered a big loss
The recent arrest of Cai Songsong has attracted the attention of public opinion, among which Cai Songsong's shareholding in Zhuo Shengwei has also attracted the attention of regulators. The author found that Huang Xingliang's fund has also been holding Zhuo Sheng Wei. According to the daily fund network, Huang Xingliang graduated from the Department of Electrical Engineering and Automation of Tsinghua University in 2002, and obtained a doctorate degree in computer application technology from the Department of Computer Science of Tsinghua University in 2007. From August 2007 to May 2011, he worked as a researcher in the investment research department of Bank of Communications Schroder Fund Management Co., Ltd.; From June 2011 to October 2018, he worked at Everbright Prudential Fund Management Co., Ltd., successively serving as a researcher and fund manager in the investment department.
In November 2018, he joined Wanjia Fund Management Co., Ltd. He is currently the fund manager of Wanjia Industry Preferred Hybrid Securities Investment Fund (LOF), Wanjia Economic New Momentum Hybrid Securities Investment Fund, and Wanjia Science and Technology Innovation Hybrid Securities Investment Fund. Since February 10, 2020, he has been the fund manager of Wanjia Independent Innovation Hybrid Securities Investment Fund. On August 14, 2020, he served as the fund manager of Wanjia ChiNext 2-year regular open hybrid securities investment fund. Since February 8, 2024, he has served as the fund manager of Wanjia Science and Technology Innovation Board for 2 years and regularly opened hybrid securities investment funds.
(Data from Tiantian Fund Network as of April 19)
The author randomly selected a fund under Huang Xingliang - Wanjia GEM 2-year regular open mixed A fund, which was established on August 14, 2020, and the current scale of the fund is 590 million yuan. As of April 19, the net unit value of the fund is 0.5842, and the fund has been managed by Huang Xingliang alone, with a return of -41.58% since its inception, a return of -19.25% this year, a return of -12.02% in the past 1 month, a return of -23.28% in the past 6 months, a return of -40.34% in the past 1 year, a return of -29.63% in the past 2 years, and a return of -43.64% in the past 3 years.
The recent arrest of Cai Songsong has attracted attention from the outside world, among which Cai Songsong's shareholding in Zhuo Shengwei has also attracted the attention of regulators. The author found that Huang Xingliang's fund also held 148,800 shares of the stock in the fourth quarter of 2020, 166,600 shares in the first quarter of 2021, and 266,600 shares in the second quarter of 2021.
In the fourth quarter of 2021, it held 299,900 shares, and in the first quarter of 2022, there was no position, during which Zhuosheng Micro fell by 37% from October 8, 2021 to March 30, 2022. In the second quarter of 2022, another 500,000 shares were held, and in the third quarter of 2022, the position was closed again, during which the stock price fell by 56% from April 1, 2022 to September 29, 2022.
In the fourth quarter of 2022, another 499,900 shares were bought, 566,600 shares were held in the first quarter of 2023, 666,600 shares were held in the second quarter of 2023, 666,600 shares were held in the third quarter of 2023, 499,900 shares were held in the fourth quarter of 2023, and 600,000 shares were held in the first quarter of 2024. However, despite the -1.09% increase and decrease in the stock price of Zhuosheng Micro from October 10, 2022 to April 19, 2024, the loss during this cycle is not large.
However, Huang Xingliang's shareholding rhythm has almost fallen from the highest point to 100 yuan per share, and the stock price has fallen all the way, especially in the decline cycle in 2021 and 2022, but he bought and sold every other quarter, without even stopping losses, resulting in further losses in the net value of the fund. What puzzles the author is why Lao Huang eats corn Zhuo Shengwei.
It is reported that in the first half of 2022, Zhuosheng Micro's performance has declined, operating income and net profit attributable to the parent company fell by 5.27% and 25.86% year-on-year, the net profit attributable to the parent company in the first three quarters of the year decreased by 35.5% year-on-year, and the revenue and net profit in the fourth quarter fell by 30.48% and 86.13% year-on-year, and the profitability fell off a cliff, and the annual revenue and net profit decreased by 20.63% and 49.92% year-on-year respectively. It is also in the process of declining performance that Cai Songsong will still "raise" Zhuo Shengwei in 2022, which is the focus of questions from the outside world, this time Huang Xingliang also increased his holdings by 600,000 shares, does this mean that he can buy the bottom when he reaches the bottom?
In addition to Zhuo Sheng Wei, the author also found that the fund had a high shareholding problem when holding the Pony test, the fund held 960,200 shares in the fourth quarter of 2020 (about 130 yuan per share), and in the first quarter of 2021, it held 1,166,700 shares (the stock price plummeted, and the fund chose to increase its position. ), in the second quarter of 2021, it increased its holdings to 2.10 million shares (in a downward trend, the fund doubled its holdings. ), held 2,666,600 shares in the third quarter of 2021 (continued to increase positions), and held 2,499,900 shares in the fourth quarter of 2021.
In the first quarter of 2022, it held 2,266,600 shares (the first in the top ten), and in the second quarter of 2022, it held 3,400,000 shares (continue to increase its position in the downward trend, and it is a heavy position, does Manager Huang have no sense of risk control? ), in the third quarter of 2022, it reduced its position to 2 million shares, and held 2 million shares in the fourth quarter of 2022.
It holds 2,000,000 shares in the first quarter of 2023, 2,000,000 shares in the second quarter of 2023, 2,000,000 shares in the third quarter of 2023 (the top 10), and 2,000,000 shares in the fourth quarter of 2023. Holding 5.00 million shares in the first quarter of 2024, I didn't expect to buy 5 million shares in an instant in 2024, and then look at the stock price of Pony test, the stock price fell to 6.68 yuan on February 6, 2024, is this a rush to buy the bottom?
From 130 yuan per share to 6.68 yuan per share now, such a bottom-buying idea is indeed devastating. The author found that the fund fell by 88.42% from September 16, 2020 to April 19, 2024. On January 31, Pony Testing (300887) disclosed its 2023 annual performance forecast, which is expected to achieve a net profit of 96.24 million yuan to 128 million yuan in 2023, a year-on-year decrease of 60.00%-70.00%. The net profit after deducting non-recurring gains and losses was 72.37-104.45 million yuan, a decrease of 62.00%-74.00% over the same period last year.
The author also found that Huang Xingliang has also held CTI for a long time, and his shares have also been cut in half since the day he bought them. The fund held 5,500,000 shares in the fourth quarter of 2020 (the stock price was bought at the $26 position), 5,333,300 shares in the first quarter of 2021, 5,666,600 shares in the second quarter of 2021, and 6,666,600 shares in the third quarter of 2021 (the fund chose to increase its position when the stock price fell. ), holding 6,666,600 shares in the fourth quarter of 2021.
7,099,900 shares in the first quarter of 2022, 5,666,600 shares in the second quarter of 2022, 3,666,600 shares in the third quarter of 2022, and 3,999,900 shares in the fourth quarter of 2022. It holds 3,999,900 shares in the first quarter of 2023, 4,499,900 shares in the second quarter of 2023, 3,999,900 shares in the third quarter of 2023, 4,399,900 shares in the fourth quarter of 2023, and 5,000,000 shares in the first quarter of 2024. Looking back at the fund's shareholding cycle in CTI, from October 8, 2020 to April 19, 2024, the stock price of CTI has fallen by 51%, which is equivalent to a decline from a high of 25 yuan per share to about 10 yuan per share now
On April 19, 2024, CTI (300012.SZ) released its performance report for the first quarter of 2024. The company achieved operating income of 1.192 billion yuan, a year-on-year increase of 6.70%, net profit attributable to the parent company of 133 million yuan, a year-on-year decrease of 8.12%, net cash flow from operating activities of -170 million yuan, a year-on-year deterioration, and an asset-liability ratio of 22.22%, a year-on-year decrease of 1.97 percentage points.
The gross profit margin of the company's sales was 45.28%, down 1.86 percentage points year-on-year, the basic earnings per share was 0.08 yuan, down 8.24% year-on-year, and the return on diluted net assets was 2.10%, down 0.48 percentage points year-on-year. If CTI's performance fails to improve in 2024, it is estimated that it will put pressure on the stock price, which will naturally affect the performance of the fund.
(Data from Tiantian Fund Network as of April 19)
The stocks held by the fund continue to experience large losses, and the size of the fund will naturally decline. The author found that the fund raised 1.523 billion yuan at the beginning of its establishment, and rose to 1.872 billion yuan in the closed period, but 591 million shares were redeemed in the third quarter of 2022, and the fund instantly only had 730 million yuan left, and after 6 quarters of operation, as of March 31, 2024, Wanjia GEM has been regularly open for 2 years, with net assets of 590 million yuan at the end of the period, a decrease of 12.58% from the previous period This is equivalent to 1.523 billion yuan at the beginning of the fund's establishment, and the fund size has decreased by more than 1 billion yuan in more than three years.
02
Huang Xingliang's fund lost 59%
Huang Xingliang bets that the stock price of SRP plummeted by 80%
(Data from Tiantian Fund Network as of April 19)
In addition to the 2-year regular opening of the Wanjia GEM Mixed A Fund, the author found that the performance of the Wanjia Global Growth One-Year Holding Period Hybrid (QDII) A Fund is not satisfactory, the fund was established on September 22, 2021, and the current fund size has dropped to 568 million yuan, compared with 700 million yuan in the fourth quarter of last year. As of April 18, the net unit value of the fund was 0.4075, and the fund has returned -59.25% since its inception, -23.59% this year, -12.16% in the past 3 months, -17.24% in the past 6 months, -39.33% in the last 1 year, and -39.17% in the last 2 years.
The author found that the fund held 3,000,100 shares of Yonyou Network in the fourth quarter of 2021, 3,000,100 shares in the first quarter of 2022, 3,000,100 shares in the second quarter of 2022, 5,000,000 shares in the third quarter of 2022, and 4,000,000 shares in the fourth quarter of 2022. It holds 4.00 million shares in the first quarter of 2023, 3.3333 million shares in the second quarter of 2023, 4.00 million shares in the third quarter of 2023, and 4.00 million shares in the fourth quarter of 2023.
As of the first quarter of 2024, the latest position is 5 million shares, however, when the fund bought into the UFIDA network, the stock price of the UFIDA network was in a falling stage, and in the third quarter of 2022, the fund may think that the UFIDA network has bottomed out, and suddenly increased its holdings to 5 million shares. As a result, after rising to a high of 29 yuan per share, Yonyou Network started to decline again after the first quarter of 2023, and still holds 4 million shares as of the fourth quarter of 2023. The author found that during the fund's holding period, from October 8, 2021 to April 19, 2024, Yonyou Network fell by 67.19%, and the stock price also fell from 40 yuan per share to about 10 yuan per share now.
Looking at the performance of Yonyou Network, due to the low growth rate of revenue and the rapid growth of costs, Yonyou Network, an enterprise service provider, expects its net profit to turn from profit to loss in 2023. On January 26, Yonyou Network Technology Co., Ltd. (Yonyou Network, 600588) released its 2023 performance forecast, which is expected to be a net loss attributable to the owners of the parent company of 880 million yuan to 980 million yuan in 2023, and a net profit of 220 million yuan in the same period last year, and a net loss of 1.1 billion yuan to 1.2 billion yuan after deducting non-recurring gains and losses attributable to the owners of the parent company in 2023, and a non-net profit attributable to the parent company of 150 million yuan in the same period last year.
For this performance loss, Yonyou Network gave two reasons. First, the company's revenue growth rate is not high. During the reporting period, the company expects to achieve operating income of 9.725 billion yuan to 9.82 billion yuan, a year-on-year increase of 5% to 6%, and the company's operating income in the first half of 2023 decreased by 4.7% year-on-year, and operating income in the second half of 2023 increased by 11% to 12.7% year-on-year. In terms of business, revenue from corporate customers increased by 7% to 8% year-on-year, while revenue from government and other public organization customers decreased by 12% to 14% year-on-year.
Yonyou's performance declined, but the fund did not make a stop-loss move. In addition to owning Yonyou Network, the fund also held 800,000 shares of Sangfor in the fourth quarter of 2021, 800,000 shares in the first quarter of 2022, and increased its position to 1,000,000 shares in the second quarter of 2022 (which is obviously a downward trend, but the fund chose to increase its position during this period). ), holding 1,000,000 shares in the third quarter of 2022 and 1,000,000 shares in the fourth quarter of 2022. It holds 800,000 shares in the first quarter of 2023, 800,000 shares in the second quarter of 2023, 800,000 shares in the third quarter of 2023, and 80,000 shares in the fourth quarter of 2023. It holds 900,000 shares in the first quarter of 2024. However, the author found that the stock price of the fund fell during the holding period, and the stock price of Sangfor fell by 77.23% from October 8, 2021 to April 19, 2024.
On April 10, 2024, Sangfor (300454.SZ) released its 2023 annual performance report. The company achieved operating income of 7.662 billion yuan, a year-on-year increase of 3.36%, and a net profit attributable to the parent company of 198 million yuan, a year-on-year increase of 1.89%. Among them, the largest business, network security, achieved revenue of 3.892 billion yuan, a year-on-year decrease of 0.14%, and a gross profit margin of 81.24%, a year-on-year increase of 0.74%.
From 2018 to 2022, the revenue growth rate of its network security business (known as information security business before 2020) was 24.55%, 44.94%, 17.76%, 10.15% and 5.66% respectively. Sangfor explained in the financial report that the network security business failed to achieve growth, mainly due to the unsatisfactory new orders for mature product lines such as network-wide behavior management AC, mobile security, and application delivery AD, while the strategic business, including XDR and security managed services (MSS), is still in the market exploration and education stage, although it has maintained rapid growth, the revenue scale is still small, and the driving effect on the overall growth of the security business is not obvious.
In addition to Sangfor and Yonyou Network, the author found that the fund Wanjia Global Growth One-Year Holding Period Hybrid (QDII) A has also been holding a heavy position in SRP, holding 200,000 shares in the fourth quarter of 2021, 200,000 shares in the first quarter of 2022, 20,000 shares in the second quarter of 2022, 30,000 shares in the third quarter of 2022, and 300,000 shares in the fourth quarter of 2022. It holds 300,000 shares in the first quarter of 2023, 30,000 shares in the second quarter of 2023, 300,000 shares in the third quarter of 2023, and 300,000 shares in the fourth quarter of 2023.
It also increased its position to 400,000 shares in Q1 2024, however, the fund's stock price fell by 84% during its holding of SRP. If the stock price continues to fall in the later period, it will have an impact on the net value of the fund. The performance of the fund is at a loss, and some people said, Manager Huang, the fund you manage is about to start with 0.4 words, you continue to work hard, bravely create the first, and bring more than 60 profits to the people.
Some people also said that Wanjia executives, take a look at the Wanjia Global fund managed by Manager Huang, which has not grown since its issuance, and has been hitting a new low. Manager Huang is worthy of the title of Taurus Manager. I hope that the senior officials of Wanjia will ask and replace Manager Huang to give the people a good investment environment. Some people even said that they replaced Manager Huang of Wanjia Global Growth, and it has not been too bad since its release, so how did Manager Huang choose the five-star manager.
(Data from Tiantian Fund Network as of April 19)
The performance of the fund is lost, and some people are angry and reprimanded, Huang is a big rat, harming people a lot, they are all newly bought at a high level, and the standard receiver can be checked, so that everyone loses a lot, but they don't know that harming others will harm themselves.... Some people also said that they don't know how Manager Huang's five-star manager is evaluated, and he has not seen the advantages of Manager Huang's operation for more than two years after holding Wanjia Global, and the only thing that remains unchanged is that he has been innovating. Manager Huang, don't sleep anymore, wake up, you are losing all your hard-earned money, you have to be responsible for the people, and you have to be your five-star manager in charge.
(Data from Tiantian Fund Network as of April 19)
The total size of the fund in the fourth quarter of 2023 is still 700 million, and the position adjustment and stock swap are constantly shrinking, and ten points cannot go up, and the scale is less than 200 million in this quarter. The author also found that the fund had 1.743 billion yuan at the beginning of its establishment, but after 86 million redemptions from the third quarter of 2022, 92 million redemptions occurred in the fourth quarter of 2022, and another 105 million redemptions occurred in the first quarter of 2023. As of March 31, 2024, Wanjia Global Growth One-Year Holding Period Hybrid (QDII) A, with net assets at the end of the period of 568 million yuan, a decrease of 18.88% from the previous period.
In addition to the poor performance of fund manager Huang Xingliang's fund, the overall situation of Wanjia Fund is not very good, Wanjia Fund has a management scale of 400 billion, 60% of which is held by Zhongtai Securities, with a loss of 8% in the past 1 year and a loss of 4% in the past two years. According to the author's incomplete statistics, the equity scale of Wanjia Fund in 2023 will be about 65 billion, and it will earn 636 million after deducting channel management fees, but it will lose 7.95 billion to the people.