Zhitong Financial APP learned that on July 21, the "first Sister of Public offering" Glenn disclosed the second quarterly report of his products, with a management scale of more than 100 billion yuan. According to the quarterly report, by the end of the second quarter, the total size of public funds managed by China Europe Fund Glenn reached 101.751 billion yuan, an increase of 5.602 billion yuan from 96.149 billion yuan at the end of last quarter, and the total share decreased by 371 million to 48.349 billion from the end of the first quarter.
For the medical sector, GlennIt is long-term optimistic about the core innovative drugs and innovative devices, and focuses on the layout of innovative industrial chain, medical services and consumer health care.Although short-term market fluctuations are inevitable, we are still optimistic about medium-and long-term investment opportunities in the pharmaceutical and biological sector.
Looking to the future, she analyzedInnovation-related markets are far from reaching the ceiling of the domestic market, and overseas markets are gradually gaining strength.At the same time, with the rapid improvement of per capita income and cognitive level of Chinese residents, the demand for medical services and consumer health care is still growing rapidly and has not been fully met, and the future space is still huge.
In addition to the medical track, Glenn said in the CEIBS Alpha Quarterly report that he wouldChoose to continue to adhere to the high-quality long-term growth category.Play down the influence of emotion and style, dig deep into the fundamentals and focus on it. "In terms of fundamentals, we are still optimistic about the current cycle of scientific and technological innovation in the medium and long term, and profound changes will take place in various related industries in the medium to long term.From a market point of view, short-term style changes or industry rotation are difficult to predict, but from a market-wide comparisonHigh-quality growth stocks have better performance, historically low valuations, high margin of safety and high medium-and long-term spatial certainty. "。
"We divide risks into two categories: permanent losses and temporary adjustments. We believe that the core of risk control is to avoid permanent losses as far as possible, which requires us to carefully select enterprises and stick to the best quality companies." Glenn said frankly that looking back on individual stocks that have performed well for a long time in the stock market and reviewing the tests of market adjustments he has faced in the past few years, and through in-depth fundamental research, focus on core high-quality growth stocks to avoid permanent losses. is an effective strategy for long-term performance.
Combing through the quarterly report foundIn addition to taking medical care as a "feature"Glenn's investment allocation also includes:Must-have consumer goods(immune to macroeconomic and external shocks, such as medicine and some food and beverages),Scientific and technological innovation fieldIn the new energy photovoltaic industry and semiconductor industry, look for companies with international competitiveness, which can realize import substitution and even have a place in the global industrial chain.Cyclical industry(leading companies with stable industry structure and low valuation after supply-side reform), and leading companies with good industry pattern and pricing power in consumer goods and service industries.
Increase the concentration of stock positions and shareholdings, and substantially increase the position of Kanglong.
In terms of stock positions, Glenn significantly increased its stock positions in the second quarter, and its shareholding concentration also further increased.Among them, the position of the masterpiece China Europe Healthcare stock was 88.30%, up from 81.56% at the end of the first quarter, and the combined proportion of the top 10 heavy stocks was 57.28%, up 3.23 percentage points from the end of the last quarter. In addition, CEIBS Research Select increased its stock position by 13.42% in the quarter, CEIBS Healthcare Innovation and CEIBS Alpha both increased their positions by more than 1%, and CEIBS Minrui's new starting point increased by 0.58%.
In terms of changes in heavy stocks, take the largest Central European Medical and Health as an example.Traditional Chinese medicine industry century-old brand Tongrentang, CXO concept stock Jiuzhou pharmaceutical industry re-entered the top 10, Boteng shares (300363.SZ), Zhifei biology (300122.SZ) quit.
The number of shares held has also been adjusted. By the end of the second quarter, Ayre Ophthalmology has increased its holdings by 12 million shares to become the largest heavy stock, with 161 million shares, accounting for 10.11% of net worth. At the same time,The position has been greatly increased.CRO concept stockPharmaron Beijing Co., Ltd.*，Increased holdings16.1641 million shares。In addition, Wuxi Apptec, Mindray Medical and Pian Tsai Yi also increased their holdings of 1.9003 million shares, 744500 shares and 249600 shares respectively compared with the end of the last quarter. The number of shares held by Tigermed, Kailiying and Tongshi Medical remains the same.
In this regard, Glenn also explained in the quarterly report: "the short-term impact of the epidemic has led to significant adjustments in some companies, but the long-term growth drivers of excellent companies have not changed significantly and have carried out a relatively positive layout."
As of the end of the second quarterThe top 10 heavy stocks in CEIBS are as follows:Aier Ophthalmology, Wuxi Apptec, Pharmaron Beijing Co., Ltd.*, Mindray Medical, Tigermed, Kelleying, Pian Tsai Yi, Tongrentang, General Strategy Medical, Jiuzhou Pharmaceutical.
There are no "new faces" in the top 10 stocks of CEIBS medical innovation in the second quarterly report. the positions were increased by Ayre Ophthalmology, Pharmaron Beijing Co., Ltd.*, General Strategy Medical, Kyushu Pharmaceutical and Mindray Medical. Wuxi Biologics (02269) suffered a small reduction.
The top 10 stocks of CEIBS Mingrui's second quarterly report changed two targets, photovoltaic concept stocks Jinlang Technology (300763.SZ) and Lithium Battery concept stocks Pu Tai Lai (603659.SH) into the top 10, 002821.SZ (002821.SZ) and 002475.SZ (Lexus) out of the top 10. Longji Green Energy (601012.SH), Jingao Technology (002459.SZ), Yiwei Lithium Energy (300014.SZ), BYD (002594.SZ), Sunshine Power supply (300274.SZ), and Heavenly Gift Materials (002709.SZ) have been increased to varying degrees.
The playing style of CEIBS Alpha is slightly different. By the end of the second quarter, Guizhou Moutai (600519.SH), Eye Ophthalmology and BYD have appeared in the top ten heavy stocks, as well as Luzhou laojiao (000568.SZ), Ningde era, Enjie shares, Yiwei Lithium can be slightly reduced, Kelleying, Sunshine Power, Tianci Materials have withdrawn from the top ten.
As for the top ten positions in the selected mix of CEIBS research jointly managed with Lu Chunqing, Tigermed, Ganfeng Lithium, CNOOC, Fuhanwei, Northern Huachuang and Sunshine Power supply are missing. In addition to Tongwei shares, Ayre ophthalmology shares remain unchanged, increased the position of Longji Green Energy, Guizhou Moutai, Jingao Science and Technology, Oriental Wealth, Wuxi Apptec.
The change in scale is due to the increase in net worth, with 4 products showing varying degrees of net redemption.
Specific to the size of individual funds, the new starting point of CEIBS Mingrui managed by Glenn, CEIBS Healthcare, CEIBS Medical Innovation, CEIBS Alpha, and the CEIBS research selections jointly managed with Lu Chunqing, the sizes at the end of the second quarter were 3.194 billion yuan, 71.081 billion yuan, 12.687 billion yuan, 11.974 billion yuan and 2.812 billion yuan respectively. The scale of the single quarter increased by 348 million yuan, 2.714 billion yuan, 1.309 billion yuan, 1.069 billion yuan and 162 million yuan respectively.
The above changes in product size are mainly due to the increase in net worth. Judging from the performance in the second quarter, all five funds managed by Glenn outperformed the performance benchmark, with returns of more than 10 per cent on three products.
Specifically, in the second quarter, the net growth rate of CEIBS Minrui's new starting point was 14.04%, and the benchmark rate of return on performance was 5.11%. The net return on share of CEIBS Healthcare Aamp C Fund was 4.86% and 4.68%, respectively, and the benchmark rate of return on performance in the same period was 0.09%. The net return of share of CEIBS medical innovation Aamp C fund is 4.35% and 4.14% respectively, and the benchmark rate of return of performance is-0.26%. The growth rate of net share of CEIBS Alpha Aamp C fund is 13.85% and 13.70% respectively, and the benchmark rate of return of performance is 3.71%. The net share growth rate of CEIBS selected Aamp C fund is 10.40% and 10.18% respectively, and the benchmark rate of return is 4.31%.
However, in the long run, the returns of these products in the first half of the year are still far from the break-even point, with CEIBS health care and CEIBS medical innovation losing more than 10%.
With the rebound of net worth in the second quarter, four funds showed varying degrees of net redemption, of which CEIBS Alpha, which had a net growth rate of 13.85% in the second quarter, received the largest share of net redemption, with 420 million shares, followed by CEIBS Medical and Health. The fund was redeemed 205 million shares in the second quarter, while the CEIBS research selection and the new starting point of CEIBS were redeemed 129 million and 23 million respectively in the second quarter.
In addition, only one CEIBS medical innovation fund was net subscribed in the second quarter, with a total of 6.238 billion shares at the end of the second quarter, up 407 million from 5.831 billion at the end of the previous quarter. The growth rate of the fund's net worth in the second quarter was the lowest in five products, at 4.35%.