"Electric Eel Finance" article Gao Wei.
Entering December, it means that the public offering has reached the stage of "close hand-to-hand combat" in the performance ranking. "Electric Eel Finance" noticed that Li Bo and Zhao Longlong, who are veteran managers of JPMorgan Asset Management, have lost more than 40% of their management performance this year, and more than 60% in the past two years.
It seems that the old ** manager is not working!
In the past 2 years, it has lost more than 60%.
What kind of ** can lose more than 60% in just two years?This is to look at the study of J.P. Morgan Asset Management's J.P. Morgan Core Selection, which is managed by Li Bo and Zhao Longlong
According to data from Tiantian**.com, as of December 4, JPMorgan Core Select**A has returned -40 this year00%, far underperforming the average performance of the same category - 958%, out of 760 comparable similar animals**, the performance ranked fourth from the bottom;J.P. Morgan Core Pick**C has returned -40 year-to-date33%, which is also far below the average performance of the same kind, ranking third from the bottom among the 782 comparable similar **.
In addition, the returns of JPMorgan Core Select**A and JPMorgan Core Select**C in the past year were -4354%、-43.88%, all far worse than the same kind **-1141% average performance, ranking last in the same category**.
Fourth, the third from the bottom.
In the past 2 years and the past 3 years, the return rate of JPMorgan Core Select**A was -6434%、-46.54%, while the average performance of the same category** over the same period was -2854%、-14.79%。Among them, in the past 2 years, the performance of Morgan Core Select**A ranked first from the bottom among 629 comparables**.
In **bar, many message posts are full of anger, and some people say, "Is this what people do?".Every day** hit a new low", "I really want to cry", "I lost the confidence of all the people!".
Industry insiders believe that the reason for the large loss of Morgan's core selection is mainly the depth of Li Bo's heavy position in "power equipment".
The industry concentration of JPMorgan Core Selection** is also improving, and the proportion of power equipment has increased to 56 at the end of 202187%, and the proportion of power equipment at the end of 2022 is close to 80%!At the end of the third quarter of this year, the proportion of power equipment held by JPMorgan Core Select was close to 40%, and the overall performance of photovoltaic and new energy this year was sluggish, resulting in a large loss of products.
The veteran ** manager is not working.
Looking back on the third quarter of 2023, the market industry sectors fell more and rose less, with the main line concentrated in the coal, oil and financial sectors, and the AI sector and new energy sectors falling significantly. In terms of industries (Shenwan industry classification), the top five industries with declines are power equipment (-15.).68%), media (-15.).58%), computer (-1171%), communication (-1065%) and the defense industry (-9.).4%)。The power equipment sector was once again at the bottom, and the CSI Photovoltaic Industry Index was ** 19 in the third quarter27%, the **net worth** 2281%。This is how J.P. Morgan's Core Picks were described in this year's third quarter report.
Li Bo and Zhao Longlong said that in terms of investment strategy, Morgan's core selection has always been based on the industrial perspective, adhered to the growth-oriented investment strategy, and looked for high-quality targets in new energy (wind, solar, electricity, storage, hydrogen), advanced manufacturing and other sectors. In terms of industry allocation, the overall adjustment in the second quarter was not large, and the allocation ratio of PV and energy storage with relatively more certain global demand continued to be maintained.
According to the observation of "Electric Eel Finance", Li Bo and Zhao Longlong are both veteran managers with certain investment management experience. However, in recent years, there has indeed been a situation of "muscle weakness" in performance.
According to public information, Li Bo has won a four-star evaluation (five-star highest rating) from Tiantian**.com, with a cumulative tenure of 8 years and 340 days, and his current ** asset scale is 426.7 billion (11**) Judging from the resume, Li Bo worked as a researcher at Bank of China International from March 2009 to October 2010, responsible for research;Since November 2010, he has joined the management of China International Investment Corporation (CIFM) as an assistant manager and industry expertHe has been the ** manager since December 2014. According to the daily ** network, Li Bo's best ** return during his tenure reached 7675%。
Although Zhao Longlong has only been in office for 2 years and 225 days, he still has a three-star rating and is currently the largest asset size of 2From July 2009 to April 2016, he served as a senior analyst in the manufacturing research department of Shanghai Shenyin Wanguo Research InstituteSince May 2016, he has joined CIC Morgan **Management*** and has served as an industry expert, industry expert and research team leader, **assistant manager, and has been a **manager since April 2021.
According to industry insiders, the reasons for the continued sluggish performance of well-known ** managers may include the following points: First, the investment strategy is not suitable, and the investment strategy of ** managers may not be suitable for the current market environment, resulting in continued sluggish performance;The second is that the portfolio adjustment is not timely, and the manager may not be able to adjust the portfolio in time to adapt to market changes, resulting in sluggish performance;Third, the transaction cost is too high, and the manager's trading behavior may lead to high transaction costs, thereby reducing the growth rate of net worth;Fourth, improper risk management, the manager may fail to effectively manage the risk, resulting in a large fluctuation in the net value, which affects the performance of the company.
Electric Eel Express