Gonggong Finance and Economics Bureau: Bet-type investment backlash GF**.
Betting is a double-edged sword, soaring when it rises and slumping when it falls. In the past few years, many ** managers have stood out with betting investment and become top ** managers, but as the wind has passed, betting investment has pulled these top ** managers off the "altar".
Liu Gexiang, the manager of GF**star**, is one of the representatives of betting investment. After joining GF** in 2017, Liu Gexiang's performance soared by betting on the heavy position of the photovoltaic new energy sector. In 2019, Liu Gexiang took the top three in the active equity category** yield, and the annual returns of the three **GF Shuangqing Upgrade A, GF Innovation Upgrade Hybrid, and GF Diversified Emerging ** were respectively. 58%。At the beginning of 2021, Liu Gexiang appeared on the Internet as the "90 billion revenue champion" and became a "top stream".
To this day, photovoltaic new energy is still Liu Gexiang's "favorite". The top 10 heavy stocks under its management have repeatedly appeared in Sungrow, LONGi Green Energy, EVE Lithium Energy, JA Technology, North Huachuang, Cialis, Guolian Shares, etc.
However, with the decline in the prosperity of the photovoltaic sector, the first general decline, and Liu Gexiang's performance in the management has changed its face. According to the daily ** network, Liu Gexiang 9 only in the management ** will suffer a sharp drawdown in 2023, and the yield has generally fallen by more than 30% in the past year, of which GF Innovation and Upgrading Mixed ** has the largest loss, with a yield of -4234%；The smallest loss was GF Small Cap Growth Blend (LOF) A yield of -3516%。
If the time is extended to 2 years, Liu Gexiang's performance is even more ugly, and the 9 ** in the management are all close to 50%. Among them, GF Innovation and Upgrading Mixed ** loss margin reached 5075%；The smallest loss was GF Small Cap Growth Mix A, which had a yield of -4464%。
At the end of 2023, Liu Gexiang's bet investment will "step on the thunder" again, and its heavy stock Guolian shares will be investigated by the CSRC due to inaccurate information disclosure in multiple financial reports and suspected of illegal information disclosure, Chairman Liu Quan, General Manager Qian Xiaojun, and Chief Financial Officer Tian Tao also received a warning issued by the Beijing Securities Regulatory Bureau. In the past, the big ** went from more than 100 yuan at the end of 2022 all the way to about 20 yuan at present.
According to public information, since the end of 2020, GF** has become the largest institutional holder of Guolian shares. In the past three years, Liu Gexiang's GF Technology Pioneer, GF Small Cap Growth Mix, GF Shuangqing Upgrade, GF Innovation Upgrade, and GF Industry Strict Selection Three-year Holding have all appeared in the list of major shareholders of Guolian Shares, and the proportion of holdings in 2022 once reached 1179%。
By the end of the third quarter of 2023, Liu Gexiang still has 3** holdings of Guolian shares, and is still among the top ten institutional shareholders of Guolian shares, accounting for 476%。
In fact, among the managers of GF**, Liu Gexiang is not the only one who likes to bet on investment. Zheng Chengran, a new generation of ** managers born in the 90s, is also keen on betting on the track, and has experienced ups and downs in his ** manager career of more than 3 years. In 2020, he successively cooperated with Liu Gexiang and "veteran" Sun Di to jointly manage GF Xinxiang Flexible Configuration (A C) and GF High-end Manufacturing (A C).
Zheng Chengran also chose to bet on the photovoltaic new energy sector, and most of its top ten heavy stocks are new energy concept stocks such as JA Technology, LONGi Green Energy, Sungrow, and Trina Solar.
At that time, new energy stocks were hot, Zheng Chengran stepped on the stroke, and the two ** stocks under his management achieved excellent results. GF Xinxiang Flexible Configuration Hybrid A received 109. in 2020 and 20213% and 3562% return, GF high-end manufacturing A received 13383% and 2614% return.
After Zheng Chengran became famous, he was regarded as the "future star" of GF, and its total management scale increased from 163 at the end of 20208 billion yuan soared to 482 at the end of the first quarter of 20213.5 billion yuan. However, with the decline of new energy stocks, Zheng Chengran's performance has also suffered a sharp drawdown, and the returns of GF high-end manufacturing in the past 1 year and 2 years have been -41 respectively76%，-56.05%、-46.22%。
At present, Zheng Chengran has only created 34 of the 14 ** in the management of GF Xinxiang flexible configuration hybrid AIn addition to the 10% income, most of the other products have a loss of more than 30%, among them, GF Growth Momentum has lost more than 40% since the establishment of the three-year holding mix, and GF Xingcheng Mixed C has a loss of 4823%。
Judging from the experiences of Liu Gexiang and Zheng Chengran, the bet-type investment relied on strong performance in a short period of time after betting on the right pair to make the ** manager gain fame and fortune. However, no one can always "bet right", and when there is a risk in the industry or **, the "bet" investment will make investors suffer huge drawdowns and even cause permanent losses.
Liu Gexiang and Zheng Chengran were the two "trump cards" of GF**, and the total assets under management of the two exceeded 100 billion yuan at the peak.
According to wind data, in the fourth quarter of 2023, a total of 15 public offering managers will shrink by more than 10 billion yuan in total net asset value, of which GF** will become the public offering institution with the largest shrinkage in total net asset value, with a decrease of 804 in a single quarter6 billion yuan, down 6 percent from the previous month18%。In addition, according to the "Ranking of Excess Return of Corporate Equity and Fixed Income Assets" released by Haitong**, the excess return rate of GF**'s equity assets in the past year was -1202%, ranked 150 164 among all ** companies, and ranked 12 12 among large equity companies.
On January 29, 2024, the reporter of the Gonggong Finance Bureau will continue to pay attention to the follow-up situation of "Betting Investment Backs on GF**".
url: *in: Huabo Business Review.
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