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Among the 37 fund managers mentioned in Fengyunjun's clearly defined "negative research reports", as many as 31 of them had overall performance that underperformed the Shanghai and Shenzhen 300 Index after the research reports were released.

Author | L os

Editor | Xiaobai

The Market Capitalization Storm APP is dedicated to helping you avoid risks. Anyone who is named will not be able to escape.

Recently, Fengyunjun did a major inventory and counted the performance of all fund managers covered. I dare not brag about other things, but the Market Capitalization Fengyun APP is definitely professional in avoiding risks.

Any fund manager who is stamped negatively by Fengyunjun will basically have no chance of achieving positive performance or excess returns.(Performance statistics range: from the date of issuance of the first coverage research report to July 28, 2024)

Among the 37 fund managers mentioned in Fengyunjun's "negative research reports", after the research reports were released, their comprehensive performance underperformed the Shanghai and Shenzhen 300 Index, accounting for as high as 83.8%. This shows that the negative research reports of the Market Capitalization Fengyun Fund Department have played a good role in protecting investors.

Whether it is the pillars of the fund companies Fu Pengbo, Feng Mingyuan, and Gui Kai, or the former champion fund managers Shi Cheng and Zhou Siyue, or the young players Cai Songsong and Cui Chenlong who once shone, they have all been the focus of Fengyunjun's "deep digging", and looking back in the rearview mirror, their performance has been poor.

(Source: Research report on Market Capitalization Storm APP, which is dedicated to the registration system)

With the recent semiconductor market, one can't help but think of "Nuoan Galaxy Eunuch" who once gambled heavily on this track. However, things have changed a lot. The Nuoan Lions led by Cai Songsong have been disbanded, and the Galaxy Battleship led by Zheng Weishan and the Haitong Warship led by Lu Yuechao are about to become scrapped cars due to poor performance.

In “The Poor Student”, Fengyunjun will focus on them today.

Zheng Weishan: You can’t stop gambling, either you win or you die

Zheng Weishan, the leader of Galaxy Fund's equity products, currently manages funds worth 13.5 billion yuan. The best return on the funds he manages is 63.8%. The scale has shrunk by 35% from when Feng Yunjun first covered it a year ago, and the return on his tenure has also fallen sharply.

(Source: Tiantian Fund Network, the left picture comes from the Market Capitalization Storm APP research report)

He currently manages five funds, and the only one with a positive return on his tenure is his masterpiece, Galaxy Innovation Growth Mixed A (519674.OF), with a scale of 10.4 billion. The tenure return on Galaxy Innovation Growth Mixed C, which he took over in the second half of 2021, has been halved.

(Source: Tiantian Fund Network)

As a fund manager who has made a big bet on semiconductors, if he can't outperform the market even when he has the opportunity, what else can we expect him to do?

Galaxy Innovation Growth Mixed A (519674.OF) saw its performance plummet by 35% in 2022. In 2023, its yield fell by 10.7% amid the frequent activity of the technology line, barely keeping pace with the CSI 300. Although the semiconductor market strengthened during the year, the fund fell by 6.2%, underperforming the index by 5 percentage points.

Since last year, Zheng Weishan has bet his entire fortune on the technology sector. By the end of 2023, the electronics industry will account for 94.4% of his investments, and computers will account for 5.1%, totaling nearly 100%. He will continue to gamble to the end.

With the industry so concentrated, the fund also adopts a heavy and aggressive style for single stocks. The combined market value of the top ten holdings in the second quarter of 2024 accounted for 84% of the fund's net value, with a rhythm of either winning or "dying".

(Source: Choice data)

Specifically for individual stocks, Zheng Weishan's turnover has not been high since 2023, and the changes in the top ten stocks have not been significant. The performance of his representative works this year basically depends on the performance of Changdian Technology, Shengbang Electronics, North Huachuang, Rockchip, AMEC, Hygon Information, and SMIC.

(Source: Choice data, produced by Market Capitalization App)

Among them, North Huachuang and Cambrian performed well in the first half of the year, with an increase of more than 30%, while HuaDa Empowerment and SMIC performed poorly, falling by 27% and 13% respectively.

The average increase of the 11 stocks in the first half of the year was 3.1%, while the performance of the fund during the same period was -7.45%. It seems that Zheng Weishan's ability to do T is really average, and the effect of holding on to them would be better than this.

(Source: Choice data)

With such an extreme style, not to mention the drawdown, it is commonplace for him to take more than one million investors on a roller coaster ride. In the market where the index fell sharply at the beginning of the year, Manager Zheng's drawdown easily exceeded 60%.

Taking the risk of a big gamble and using the profits from buying ETFs (Semiconductor ETF (159813.SZ) fell -7.5% this year, basically the same as Galaxy Innovation Growth Mixed A), I wonder what investors think?

Lu Yuechao: Chasing hot spots openly and shamelessly, performance was cut in half

For Haitong Securities’ Lu Yuechao, high-stakes gambling can no longer bring him happiness. Only chasing rising and falling prices and immersing oneself in market hype can make him addicted. Does it matter whether he makes money or not?

From the first coverage to July 28, Lv Yuechao's performance plummeted by nearly 50%. During the same period, the CSI 300 Index fell by 14%. He underperformed the index by 34 percentage points, becoming the bottom-ranked fund manager covered by Fengyunjun.

Currently, Lu Yuechao's management scale is only 3.29 billion, nearly halved from the highest level at the end of 2020. He manages four funds, among which Haitong Equity Mixed Fund (519005.OF) has the largest scale of 1.87 billion and a tenure return rate of 27.07%, while the tenure returns of the remaining funds all closed in the red.

Since 2018, Lu Yuechao has made big bets on the computer, electronics, and new energy industries. Although the industry allocation at the end of 2023 is more dispersed than before, he likes to take advantage of hot spots more and more.

(Source: Choice data)

The top ten holdings are changed every quarter. Since all new energy stocks were removed in the first quarter of 2023, he has been involved in the hype of the technology line. He has been trading stocks related to computing power, media, servers, optical modules, large models, and semiconductors. He follows whichever concept is popular.

(Source: Choice data, green marks are the top ten newcomers in this period)

For example, Sora was very popular in the first quarter, and Shanghai Film, Ciwen Media, and Chinese Online were on the list. In the second quarter, optical modules soared, and Zhongji Xuchuan, Xinyi Sheng, and Tianfu Communication were bought back into the top ten.

In addition, there are many hot stocks among the top ten that are speculated by hot money, such as Roman Holdings, a spatial computing stock under the Apple concept, and Wall Nuclear Materials, a copper cable high-speed connection stock.

The direction was right, the hot stocks were bought, and the results were shocking. This year, the Haifutong Equity Hybrid Fund has lost more than 25%, far underperforming the Shanghai and Shenzhen 300 Index. And the risk control is as insecure as Zheng Weishan. Since 2022, the dynamic retracement has touched 40% many times, and the maximum retracement in February this year has exceeded 60%.

(Source: Choice data)

It can be seen that in the current market, it is difficult to make money by frequently trading in pursuit of rising and falling prices. Even if someone like Lu Yuechao has an investment research team and buys stocks worth hundreds of millions at a time, it is easy for others to cut them off. Retail investors should be more cautious, as the tolerance rate for chasing highs is very low.

Of course, it is meaningless to criticize how bad they are. Investors who want stable investment and do not pursue temporary excitement please take a detour. Also, please remember that chasing hot spots and making money with the main funds depends on luck and probability. Floating profits and putting the money in your pocket are two different things. Be careful that the excitement will fade away and leave a mess behind.

Disclaimer:This report (article) is an independent third-party research based on the public company attributes of listed companies and the information disclosed by listed companies in accordance with their legal obligations (including but not limited to interim announcements, regular reports and official interactive platforms, etc.). Market Capitalization strives to be objective and fair in the content and views contained in the report (article), but does not guarantee its accuracy, completeness, timeliness, etc. The information or opinions expressed in this report (article) do not constitute any investment advice, and Market Capitalization shall not bear any responsibility for any actions taken as a result of using this report.

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