Huatai Berry Fund famous general Zhang Huiyi dragged more losses or burden reductions, the representative product scenery is no longer concurrently in administrative positions Management of 5 funds Zhang Hui homogenization operation shock market encountered obstacles Lv Huijian New Base fundraising results are flat Shen Xuefeng or for the equity team to rely on?

Author: Qi Xiangyang

Producer: Global Finance

Recently, Huatai Berry Prosperity Preferred (009636. Of) issued an announcement that the fund has added a new fund manager, Dong Chen, who is jointly managed with the original fund manager Zhang Hui.

According to the data, the fund was established in mid-June 2020, as a sub-new fund, the annual net value growth rate in 2021 is still negative, ranking in the bottom position of the same kind, while the product size was about 1.757 billion yuan at the end of the first quarter.

Due to the poor performance since its establishment, the scale of products has also gone down quarter by quarter, from 4.37 billion yuan at the end of the third quarter of 2020 to only 3.12 billion yuan at the end of the fourth quarter, and then to the near-waist cut at the end of the first quarter of this year.

As a veteran who has been a fund manager for nearly 8 years, the new fund managed by Zhang Hui can be said to be a failure, so what are the reasons behind it?

Investors familiar with Huatai Berry Fund know that Zhang Huihe, who has jumped to Wells Fargo Fund, is a veteran of the company's long-term fame.

Zhang Hui's representative work is Huatai Berry Innovation and Upgrading Hybrid (000566. Of), from May 2014 to the present, he has managed the fund with a return of 370.47%; huatai berry innovation power hybrid (000967. of), the return on service to date is about 198.77%.

At the same time, Zhang Hui's administrative positions in the company are also getting higher and higher, from assistant director of the investment department to deputy director of the investment department to deputy director of the investment research department, the role is becoming heavier and heavier, and the funds under management have also grown to 5.

However, he obviously cannot be compared with Zhu Shaoxing of the Wells Fargo Fund, who on the one hand serves as an executive of the company and on the other hand concentrates on the management of a fund product.

Perhaps it is precisely because of the lack of skills, the current performance of Zhang Hui's management fund has slipped significantly.

Looking at the results of 2021, as of the latest close, the returns of the fund he managed during the year were all negative, and the worst performance was his masterpiece Huatai Berry Innovation and Upgrading Mix, with a loss of 3.01% in the C share of the product and a loss of 2.64% in the year for the product's Class A share. The relatively best performer of his managed products is the Innovation Power Hybrid, which has just turned a loss this year and yielded 0.30%.

Taking Huatai Berry's innovative and upgraded mix as an example, Global Finance Theory found that Zhang Hui has been a heavy core asset for many consecutive quarters. For the track, it is to closely embrace the liquor, medicine, new energy stocks, especially for the optimistic target will be concentrated and re-allocated, especially a single target will often be allocated to seven to eight points, such as the ratio of Moutai in the 2020 four quarters report is more than 9 percentage points.

However, this year's market is obviously not a year when you can lie down and win by clinging to the core assets, the rotation between the various sectors of the secondary market is obvious, and even liquor stocks have retreated to the second line, so it is reasonable for product performance to slip.

Let's take a look at the top ten heavy stocks. The top ten heavy stocks in the first quarterly report have risen more generally during the year, and the best performance is the Ningde era, but this new energy white horse has risen by just over 30% in 2021; at the same time, the performance of Haier Zhijia and Wuliangye is reflected in the decline.

What needs more attention is that from the Perspective of Huatai Berry's innovative upgrade mix to see other products under Zhang Hui's management, the Huatai Berry prosperity of the additional fund manager is preferred, and the heavy stocks are basically the same.

In addition to Zhang Hui, there are several well-known figures in the company's management of active equity fund products, such as Li Xiaoxi, vice president of returnees, Lu Huijian, veteran general, and Shen Xuefeng, a former famous player of Huaan Fund, etc., but they have also encountered big or small problems.

First look at Li Xiaoxi, the returnee fund manager has been praised by the company for nearly two years, but the result of rapid management of multiple products is that the performance is significantly differentiated.

For example, Huatai Berry Quality Leading Blend (010608. Of), the latest net value of the fund is currently about 0.95 yuan, still hovering below the par value. From the perspective of positions, it also belongs to the tight embrace of liquor and medicine, and the ability to differentiate stock selection is relatively lacking.

The same heavy warehouse idea is also reflected in the veteran Lu Huijian, who has just completed the new base fundraising recently. According to the company's announcement, Huatai Berry industry strictly selected mixed (011111. Of) AC two types of shares raised about 585 million yuan, and the veteran who has served for more than 11 years is currently only 1.367 billion yuan in the fund under management, which is enough to show that his influence and voice in the hearts of the people are low.

In the performance analysis of 2021, Shen Xuefeng, who switched from Huaan Fund to Huatai Berry, performed the best, and the 3 funds she managed have now risen by more than 10% in the year.

The relative differentiation of stock selection from the perspective of position holdings is the key to relative leadership in the ranking war. For example, the leading stock of the medical beauty track, Aimeike, has risen by more than 80% during the year, and OPCOM Vision and Kanglong Huacheng in the pharmaceutical industry have also risen by more than 70% and more than 60% respectively, so the pharmaceutical stocks have made a huge contribution to her performance.

So it seems that Huatai Berry Fund will turn its focus to Shen Xuefeng?

In addition, the once-criticized Huatai Berry New Financial Real Estate Mix (005576. Of) has finally picked up this year, with the latest year-end nave growth rate of 5.95%. However, the fund's long-term poor performance is also intuitively reflected in the scale, at the end of the first quarter of this year, the scale of the product was only 0.59 billion yuan, so can Yang Jinghan, who currently only manages this fund, reverse the situation and create a miracle?