Text|Wu Ideal.
*|Fortune Unicorn.
In 2024, the start of digging a big pit in the mainland surprised everyone, although the last few trading days before the Spring Festival continued to pick up, but looking back at the stock market crash in January, it is inevitable that people will have palpitations, and such a tragic ** especially makes it difficult for inexperienced ** managers and newcomers to resist.
Shanghai's Hengyue ** is such a state in the field of equity. Under the leadership Gao Nan switched to Yongying last year, the company promoted a number of researchers to be promoted to the first manager and no longer poached peers with high salaries, but this kind of thinking may allow newcomers to show their strength in the bull market, and it is obviously not conducive to fledgling people to make achievements in the bear market.
In the past, Gao Nan was in charge of **, but now it has become a training ground for novices
In January last year, Gao Nan stepped down from all the products he managed in the company at one time, of which the two with the longest management time were Hengyue Research Selection and Hengyue Core Selection, and the return on tenure as of the time of resignation was basically at 30%. Although not outstanding, for a medium-sized ** company, he still has accumulated a group of loyal fans for the company, and he was also one of the tens of billions of ** managers when he was at Cathay Pacific.
Now that about a year has passed since he stepped down at that time, what is the situation of the above-mentioned ** now? Let's take a look at Hengyue's research selection first, on January 10 last year, **managers became double**managers Wang Xiaoming and Zhao Jiong, but they failed to achieve the effect of 1+1>2. As of the pre-Spring Festival, the portfolio was about 2149%, which is the 3990th out of 4,188 in its class.
From last year's quarterly report, the author found that the manager of ** roughly continued the previous style, first of all, the proportion of a single heavy stock is relatively low, and the proportion of the first heavy stock on December 31 is only 541%；Secondly, perhaps because the performance benchmark is mainly benchmarked against the CSI 300, we can see that many value targets continue to be on the list, such as Midea Group, Jinshiyuan, Hualu Hengsheng, Xinhua Medical and other companies.
At the same time, we can also see the presence of Jingsheng Electromechanical, a gem company, Sanhuan Group and Lixin Micro, a company on the Science and Technology Innovation Board. However, judging from the performance of the top ten heavy stocks in 2024 on December 31, it can be said that the overall worry is greater than the joy: on the one hand, the top three heavy stocks (Midea, Jinshiyuan, and Farah Electronics) have all achieved a small **, but on the other hand, the remaining seven ** have all appeared**, especially the science and technology innovation board company Lixin has fallen by nearly 30%.
In the summary of the quarterly report, the manager said that in terms of operation, the core investment strategy of "bottom-up selection" and the growth value as the main investment style were moderately increased in the fourth quarter of the allocation ratio of TMT sectors such as electronics, which achieved certain results and the overall performance was decent. Looking forward to 2024, in the context of weak economic recovery, we will actively look for targets with high fundamentals, cost-effective valuations, and potential excess returns. We will continue to tap the potential to increase the overall excess return through the "growth + value" combination, and strive to bring better investment returns to investors.
But judging from the results, such an idea is debatable. Compared with the other**Hengyue core selection, on January 10 last year, it was replaced by another **manager Zhao Xiaoyan, although the performance of the time period is slightly better than that of Hengyue Research Selection, but it is basically in the middle and lower reaches of the same category.
Judging from last year's quarterly report, her style is more clearly biased towards the science and technology innovation board and the growth enterprise board. On December 31, her heavy position on the science and technology innovation board included China Micro Corporation, Tuojing Technology, Anji Technology, Huahai Qingke and other four, and the heavy position of the GEM companies included Yingjie Electric, Huazhong CNC, Xinlai Materials, but all the heavy stocks were reflected in the year before the Spring Festival, and even three companies fell by 30%.
In this regard, Zhao Xiaoyan said in the quarterly report: "This ** continues to use a bottom-up investment strategy to find ** that matches the valuation and growth space for allocation. It mainly focuses on high-end equipment and semiconductor industry chain in the direction of independent and controllable; In the field of scientific and technological innovation, it is preferable to benefit from the subdivided investment opportunities with strong certainty of global division of labor and large long-term growth space. In addition, the relatively weak aggregate demand has also brought potential opportunities for some industries to accelerate the clearing of production capacity and reverse the dilemma. ”
Active equity ** The lack of experience in a large area of managers is a hidden concern
Hengyue** current ** manager is only 9 less than double digits, the company not only lost Gao Nan last year, another ** manager Cui Ning also left the company at the end of November, the medical professional class manager only served in the post for less than two years. At present, the company's existing managers include Wu Qian, Chen Siyuan, Zhao Jiong, Wu Haining, Zhou Muhua, Zhao Xiaoyan, Yang Zao, Ye Jia, Wang Xiaoming.
Among these 9 people, except for Zhou Muhua, the rest of the ** managers have more or less relationships with the company's equity products. Among them, **Manager Ye Jia has been in office for nearly 3 and a half years, but she is a bond** manager with a fixed income background, but she has been managing the hybrid **Hengyue Advantage Selection for a long time. In April and November last year, two managers were added to the joint management, Wu Haining and Yang Zao. Despite the trio of the co-management, the latest annualized return of the ** is only -2054%, ranking only 1555th out of 1781 of its kind**.
Let's take a look at the female general Wu Haining, it can be seen from the resume published by the daily ** network that this is a beautiful ** manager, who has previously worked in more than one private equity in Shanghai, but it is the first time in the public offering that she is currently managing two products in Hengyue, but the cumulative tenure is less than a year after more than 300 days. Although Yang Zao, another ** manager, manages three products of Hengyue, but the cumulative tenure has just completed 3 months, although the previous work resume is extremely colorful, but most of them are in the sell-side as an analyst, and there is no work experience in public offering.
Careful analysis of the incumbent ** managers, Wu Qian and Chen Siyuan are currently only managing one**, the former has served for more than 2 and a half years, and is currently managing the company's only FOF** product in Hengyue; The latter has only been in office for just over 1 year, and currently manages the company's Hengyue Growth Select Blend, but the annual income of the ** both last year and this year, and the annualized income reflecting the strength of long-distance running, are at the bottom of similar products. Similar to the length of his tenure is Zhao Jiong, whose latest cumulative tenure is 1 year and 38 days, he has worked as a researcher in the Yangtze River **, and currently manages two products in Hengyue**.
Relatively speaking, perhaps the company's hopes are still pinned on Zhao Xiaoyan and Wang Xiaoming, the former's cumulative tenure is 2 years and 184 days, and the total scale of her management of three ** is only 189.4 billion yuan, but the best ** return during his tenure is a floating loss of more than 20%; The cumulative tenure of the female general Wang Xiaoming is 2 years and 158 days, but the total scale of the 4 ** she manages is only 105 billion yuan, but the best return during his tenure is only 273% only.
From this point of view, it will take a long time to test who can stand out in Hengyue**!