Is Ge Ge Liu’s new fund that hits the iron hot?
Author: under Peili Rui grid before Liu Sung preoccupations annual results three halo, GF Fund “build on the progress,” today released a new fund featuring the grid Liu Sung Gang – GF hybrid technological innovation.
Blue Whale Finance learned from various channels that as of the close of the afternoon, the subscription scale of Guangfa Technology Innovation and Mix has exceeded 15 billion. If calculated according to the scale limit of 1 billion, the placement ratio may be less than 6.
However, it is important to remind that the historical performance does not represent future performance and the annual ranking does not represent future ranking. Liu Gezhen’s high-light performance this year is closely related to factors such as technology stock market, high position concentration, and holding of heavy positions. However,Its investment style is relatively aggressive. In the past years, its performance conversion has made breakthroughs. The marketing strategy of fund companies based on their annual performance rankings needs to be cautious. Investors need to be cautious about the “blind chase” -type snapping behavior based on this year’s ranking expectations.
The dark horse fund manager mentioned that Liu Gezheng when he hit the iron while hot, and investors who are familiar with the performance of public fund this year will not be unfamiliar.
According to wind data statistics, as of December 19, the annual internal rate of return of the three funds including Liu Ge’s GF Shuangqing upgrade, GF innovation and upgrade, GF Diversity and Emerging were 124.
76%, one person has won the top three performance of public funds this year.
In addition, Liu Ge ‘s other GF small-cap growth year-round income also reached 96.
74%, ranking 10th in the performance list.
Four of the top ten are all their own funds, and this year is the highest year since Liu Gezhen served as the fund manager for six years.
Under the focus of the market, GF Fund also hit the iron while it was hot, and handed over the key product of the science and technology theme fund to Liu Gezhen to manage. GF Technology Innovation started selling today (December 20) after receiving approval from the beginning of the month.Passion was quickly ignited.
At 11am, 2 hours after the sale, the subscription scale of Guangfa Technology Innovation Hybrid has exceeded 60 billion; at 1pm, 4 hours after the sale, the fundraising scale has exceeded 10 billion; at the close of the afternoon, the Guangfa Technology Innovation Hybrid fundraising scale has reachedOver 15 billion, if calculated according to the 1 billion initial size limit, the placement ratio is less than 6.
”Guangfa’s technological innovation is not difficult to understand. It has expanded. Liu Gezhen, who has won the top three, has a high degree of popularity in the current market. This is a living sign for marketing. Instead, Liu Gezhen’s expertise is precisely the investment in technology growth stocks.It also coincides with the investment target of the science and technology theme fund.
“Some fund sales people said.
”Star-making” and “star-chasing” all need to be cautious, but is Liu Gezhen’s new fund really worth mad grab?
Looking back on previous years, public offerings of “One Brother” and “One Sister” changed from year to year, and the number of people who fell on the altar was countless. One side was fund companies borrowing annual rankings to make stars, and the other was investors blindly chasing stars based on historical performance and rankings””.
Take the protagonist of today’s event, Liu Gezhen, as an example. This is actually a fund manager with a relatively aggressive investment style and historical performance conversion. Like Ren Zesong, he was born in the China Post Fund, which is known for its growth stocks.Show off your skills in the bull market in the first half of 2015.
The management-leading growth of its financial facilities has reached 187 in the first five months of 2015.
50%, ranking the top ten among the industry’s active equity funds in the same period.
However, the good times did not last long. In June 2015, the end of the bull market also caused a significant retreat in Liu Gezhen’s performance. According to wind statistics, during the one-month period from June 5 to July 5, 2015, the GEM index shrank.36.
76%. In the same period, the Internet media were fused, and Rongtong led the growth. Rongtong New Regional Economy fell by 42%, 39.
When Liu Gezhen resigned from Rongtong in February 2017, only Rongtong’s leading growth position return exceeded 10%. Rongtong New Area and Rongtong Internet Media, two funds established in the bull market, decreased by 49.
Leaving Rongtong, Liu Gezhen’s third round of public offering is the GF 淡水桑拿网 Fund.
However, at the beginning, the big blue chip market in 2017 and the full-scale market decline in 2018 did not bring Liu Gezhen’s ability into full play. For example, the development of GF ‘s small cap and GF ‘s industry-leading mix. Due to the growth of heavy storage technology stocks and media stocksThe performance of these two funds since Liu Gezhen took office in June 2017 to the end of 2018 is -13.
So why is Liu Gezhen’s performance so good this year?
This is closely related to factors such as the technology stock market, high concentration of positions, and the holding of heavy stocks.
From the perspective of holding positions, Liu Gezhen still continued his style in China Post and Rongtong, with heavy positions in technology growth stocks and high concentration of positions.
Take the Guangfa Shuangqing upgrade as an example. At the end of the third quarter, the fund’s top ten heavy stocks included 7 electronic stocks, 2 computer stocks and 1 pharmaceutical stock. The top 10 positions accounted for over 60%.
And technology and medicine are just two hot spots in this year’s market. Liu Ge’s holdings of Shengbang shares, Kangtai Biotechnology, Eternal Lithium Energy, China Software and other stocks are the big bulls this year.
The similarity of Liu Gezhen’s positions is relatively high, and these large bull stocks also appear in Guangfa’s innovation and upgrading, and Guangfa’s diversified and emerging positions.
In terms of positions, Liu Gezhen has been increasing the stock positions upgraded by GF Shuangqing since the beginning of the year, from 59% in the first quarter to 73% in the second quarter, and has increased to 81% in the third quarter.
In addition, according to the proportional interim report, Liu Gezhen also mainly increased the electronics industry in the upstream of the 5G industry chain in the third quarter. Four electronic stocks including Zhaoyi Innovation, Tongfu Microelectronics, Changdian Technology, and Ziguang Guowei alternated three quarterly reports.The top ten newcomers, San’an Optoelectronics, Shengbang Co., Ltd. and other electronics industry leaders have also significantly increased their positions, which also contributed to Liu Gezhen’s eye-catching performance.
Therefore, Liu Gezhen’s performance this year is indeed outstanding, but the position, industry, and high concentration of individual stocks is a double-edged sword. Once the market is switched, it may hinder the retreat. If investors only take this year ‘s performance and rankings as their expectations,”Crazy” Guangfa’s technological innovation is likely to be greatly disappointed.