Home » Coveted Moutai, Liu Yanchun “falls” out of the 100 billion fund manager club – Economic Observer Network – Professional Financial News Website

Coveted Moutai, Liu Yanchun “falls” out of the 100 billion fund manager club – Economic Observer Network – Professional Financial News Website

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Economic Observer Network reporter Zou Yongqin Another “100 billion top-tier” fund manager stepped down from the altar.

On January 24, all six funds managed by Invesco Great Wall Fund Liu Yanchun released their 2021 fourth quarter reports. According to the statistics of Datayes!Pro, the total scale of the six funds at the end of the fourth quarter was only 97.851 billion yuan, a sharp drop of more than 5 billion yuan from the 102.915 billion yuan at the end of the third quarter, thus “falling” out of the list of 100 billion fund managers club. From the performance point of view, the performance of the six funds has all lost money, while the heavyweight stocks are all in the liquor sector such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao.

The six funds managed by Liu Yanchun are Invesco Great Wall Emerging Growth, Invesco Great Wall Dingyi Mixed, Invesco Great Wall Domestic Demand Growth Mixed, Invesco Great Wall Domestic Demand No. 2 Mixed, Invesco Great Wall Excellent Growth Mixed and Invesco Great Wall Jiying Growth Set to open. Among them, the two funds, Invesco Great Wall Emerging Growth and Invesco Great Wall Dingyi Mixed Fund, both exceed 10 billion in size, and are Liu Yanchun’s flagship products.

Specifically, the performance of Invesco Great Wall Emerging Growth in the fourth quarter of last year was -1.44%, and the annual performance was -9.94%, underperforming the benchmark yield by about 6 points. The unsatisfactory performance has led to the gradual departure of investors who had been chasing him before. Its latest scale was 51.694 billion yuan, a decrease of 2.576 billion yuan from 54.270 billion yuan at the end of the third quarter; and a significant decrease from 58.236 billion yuan at the end of the second quarter. 6.542 billion yuan.

The performance of Invesco Great Wall Dingyi Mixed in the fourth quarter of last year was -1.04%, and the annual performance was -10.01%, underperforming the benchmark yield by about 6 points; its latest scale was 21.649 billion yuan, compared with 22.651 billion yuan at the end of the third quarter. A decrease of 1.002 billion yuan, a decrease of 3.738 billion yuan from 25.387 billion yuan at the end of the second quarter.

The remaining 4 funds have all experienced the phenomenon of investor withdrawal, and Invesco Great Wall’s blue-chip growth hybrid has lost the title of 10 billion fund products. It will be 14.184 billion yuan at the end of the first quarter of 2021, and by the end of the fourth quarter. It is only 8.875 billion yuan. The shrinking of the 6 funds directly led to Liu Yanchun’s withdrawal from the ranks of 100 billion fund managers.

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This report card of Liu Yanchun, placed under the overall performance of public funds in 2021, is particularly shabby: Wind statistics show that in the fourth quarter of 2021, the profits of public funds in the fourth quarter of 2021 will be about 300 billion yuan, and the cumulative profit for the year will reach 726.5 billion yuan. The size of the fund market also picked up slightly from the previous quarter. The total fund size in the fourth quarter of 2021 was 25.50 trillion yuan, an increase of 6.42% month-on-month; star fund managers showed a strong ability to attract funds, and the scale showed sustained growth.

As Liu Yanchun, who used to be tied with Zhang Kun and other top star fund managers of hundreds of billions, why will he be left behind in the dilemma of “double killing” of performance and scale in 2021? In this regard, some market participants pointed out that this may be related to his excessive obsession with the position structure of the liquor and pharmaceutical sectors.

According to statistics from Datayes!, Invesco Great Wall Emerging Growth’s stock holding ratio at the end of the fourth quarter was 91.40%, a slight decrease from 92.36% at the end of the third quarter. Although the list of top ten heavyweight stocks has not changed from the third quarter, there has been a small change in the ranking. Kweichow Moutai (600519.SH), which ranked second before, jumped to the top, while Luzhou Laojiao (000568.SZ), which ranked first in the previous period, jumped to the top. ) is the second oldest; the rest are Mindray Medical (300760.SZ), Wuliangye (000858.SZ), China Free Shipping (601888.SH), WuXi AppTec (603259.SH), Haid Group (002311.SZ) , Gujing Tribute Wine (000596.SZ), Midea Group (000333.SZ), Hikvision (002415.SZ). Among the top ten stocks with heavy holdings, liquor stocks occupy four seats, and there are two pharmaceutical biotech stocks, which shows the weight of liquor pharmaceuticals in its investment portfolio.

Another 10 billion-plus fund managed by Liu Yanchun, Invesco Great Wall Dingyi Mixed, held 89.20% of the stock, down slightly from 90.59% at the end of the third quarter. The list of the top ten heavyweight stocks has not changed from the previous issue. They are: Kweichow Moutai, Wuliangye, Luzhou Laojiao, Mindray Medical, CDFG, WuXi AppTec, Gujing Tribute Wine, Haid Group, Hikvision and Aier Ophthalmology (300015.SZ). It is worth noting that most of these top ten heavyweight stocks overlap with the emerging growth of Invesco Great Wall. Among them, the liquor sector is still four, while the number of pharmaceuticals and biology has only increased to three.

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The top ten holding stocks of the remaining four funds are also similar to the emerging growth of Invesco Great Wall, showing a slight decrease in the proportion of holdings and a heavy holding of liquor and medicine, and the top ten shows Liu Yanchun’s love for liquor and medicine. In fact, the data shows that in recent years, liquor medicine has been the object of Liu Yanchun’s heavy storage.

The above-mentioned market sources told reporters that there is no doubt that the performance of liquor stocks before and now is still bright, but the focus of investment is the future; when the theme of sauce has been weak but lacks new outlets, it has actually indicated that the sector is entering adjustment. In addition, the consumption tax (true and false has not yet been determined) is superimposed, so the prospect of the liquor industry is relatively uncertain. The foresight has already realized the profits, but the latter is looking forward to the wonderful second half of the story, so it is inevitable to pay the bill; “As Buffett often mentioned the story of the pumpkin carriage, when you are still obsessed with the feast of the party and Ignore the coming of midnight, then don’t complain that the carriage has turned into a pumpkin.”

So, how does Liu Yanchun view this portfolio of his own positions? It is a pity that Liu Yanchun did not tell the reason why he invested heavily in liquor and medicine in 2021 in the quarterly report, but emphasized the economic difficulties of all walks of life in 2021, “In 2021, due to credit crunch, repeated epidemics, industrial policy adjustments and other factors The impact of the new crown epidemic on various industries varies significantly, the supply and demand relationship in some industrial chains is phased out, and the supply contraction caused by the superimposed energy consumption dual control policy has significantly increased the cost pressure in the middle and downstream links of the industrial chain. “

So, how does he see the investment outlook for 2022? Liu Yanchun pointed out in the quarterly report that 2022 is likely to be the beginning of the end of the new crown epidemic. From a global perspective, the investment side that lags behind the recovery of consumption is expected to gradually return to normal. In the early stage, my country took advantage of the time window for the rapid increase in export share to fully reduce the macro leverage ratio, adjust the economic structure, and digest long-term risks, laying a good foundation for sustainable economic development in the post-epidemic era. At this stage, my country’s economic growth is already below the potential growth rate. It is expected that easing credit, stabilizing growth, and boosting domestic demand will be the focus of this year’s policy.

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“From inter-cyclical to counter-cyclical, from driving external demand to boosting domestic demand, the marginal prosperity will no longer be scarce, funds will tend to be dispersed, and the market style will be rebalanced. Those excellent companies with short-term headwinds are already extremely valuable for investment,” said Liu Yanchun, Short-term economic fluctuations affect investors’ risk appetite in stages, but the impact on the company’s intrinsic value is actually minimal. What’s more, with the gradual development of counter-cyclical policies, the cyclical downturn is expected to end and usher in an upward turning point, and many industries will usher in a reversal of prosperity. Industries and companies with long-term and short-term logical resonance are expected to usher in good performance in the new year.

In the end, Liu Yanchun emphasized, “The most difficult stage of investing has passed. Be patient and the value will always return.”

For Liu Yanchun, is the most difficult stage of investment really over in 2021? According to the statistics of Datayes!Pro, since the beginning of 2022, Liu Yanchun’s six funds are still in full force, and the loss is far greater than that in the fourth quarter of 2021. As of January 24, Invesco Great Wall Emerging Growth, Invesco Great Wall Dingyi Mixed, Invesco Great Wall Domestic Demand Growth Mixed, Invesco Great Wall Domestic Demand No. 2 Mixed, Invesco Great Wall Excellent Growth Mixed and Invesco Great Wall Jiying Growth Scheduled The gains were -6.64%, -7.16%, -6.15%, -6.62%, -4.37% and -4.48%, respectively.

Ideals are plump, but reality is often more skinny. In front of Liu Yanchun, the first quarter of 2022 may be the beginning of the most difficult stage of his investment.

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