At the end of the first quarter, the management scale fell below 90 billion yuan again, and China Europe Fund Gulen handed over the top spot in the management scale of public offering active equity funds.
Just after 0:00 on April 22, Glenn’s funds under management fully disclosed the first quarterly report of 2023. From the perspective of management scale, the total scale of the five public offering funds under Glenn’s management in the first quarter fell to 84.44 billion yuan, compared with 90.653 billion yuan at the end of 2022. RMB 6.213 billion in a single quarter, a quarter-on-quarter decrease of 6.85%. E Fund Zhang Kun, which released its first quarterly report earlier, has also surpassed Gülen in terms of the total amount, although the management scale also declined slightly to 88.942 billion yuan at the end of March, becoming a veritable "big brother of public offerings".
In addition, the scale of the two private equity asset management plans managed by Gulen also shrank by 3.85% to 550 million yuan at the end of the first quarter. After the two are added together, at the end of the first quarter, the total scale of the 7 products that Gelen is managing at the same time is 84.989 billion yuan.
Awkward holdings changed little
The part of the shareholding changes that investors are most concerned about, the pharmaceutical theme fund managed by Gulen, slightly adjusted its position in the first quarter, but the overall situation has not changed significantly.
Among them, taking the largest Sino-European medical and health care as an example, compared with the 2022 annual report, Glenn increased its holdings of Hengrui Medicine (600276.SH) and Asymchem (002821.SZ) in the first quarter; reduced its stake in Aier Ophthalmology ( 300015.SZ), WuXi AppTec (603259.SH), Mindray Medical (300760.SZ), Tong Ren Tang (600085.SH), Pien Tze Huang (600436.SH) and Huadong Medicine (000963.SZ).
However, Aier Ophthalmology is still the largest holding in China-Europe Medical and Health, accounting for 10.09% of the net value of the fund at the end of the first quarter, which is a top holding.
In addition, Tongce Medical (600763.SH) withdrew from the top ten. Although Huadong Medicine was slightly reduced, it jumped from 11th at the end of 2022 to the 9th largest holding.
The top ten heavyweight stocks in the first quarterly report of CEIBS Medical and Health, source: The Paper, according to statistics from regular reports.
The single-quarter holdings of Sino-European Medical Innovation did not change much. It also increased its holdings of Hengrui Medicine, but the increase in single-quarter holdings was not much at 8.79%; Tigermed (300347.SZ) regained its holdings; Aier Ophthalmology , Mindray Medical and Jiuzhou Pharmaceutical (603456.SH) saw a decline in the number of positions held in a single quarter. However, Aier Ophthalmology is also the largest holding in Sino-European medical innovation, accounting for 10.06% of the net value of the fund at the end of the first quarter, which is a top holding.
The top ten heavyweight stocks in the first quarterly report of Sino-Europe Medical Innovation, source: The Paper reporter, according to the statistics of regular reports.
From the perspective of performance, in the first quarter, the growth rate of the net value of Class A shares of China Europe Medical and Health Fund was -3.96%, and the performance comparison benchmark rate of return for the same period was 0.57%; the growth rate of the net value of Class C shares of China Europe Medical and Health Fund was -4.16%. The performance comparison benchmark rate of return for the same period was 0.57%; the growth rate of the net value of Sino-Ou Medical Innovation Class A shares was -6.91%, and the performance comparison benchmark rate of return for the same period was 0.98%; The benchmark yield was 0.98%. The performance of thematic funds clearly underperformed the benchmark.
Judging from the changes in product subscription and redemption shares, in addition to the net purchase of the Sino-Ou Medical Innovation C share, the Sino-Ou Medical Health A/C share and the Sino-Ou Medical Innovation A share encountered net redemption in the first quarter.
Changes in China-Europe medical and health shares, source: Fund Q1 report
Changes in the share of Sino-European medical innovation, source: the first quarterly report of the fund
Innovation is still the most important driving force for the growth of the pharmaceutical industry
Gulen said in the first quarterly report that some sub-sectors of the medical and biological sector had a large increase in the early stage, and there was a consolidation in the first quarter. It still insists on the long-term investment value of the enterprise as the investment orientation.
"We still select individual stocks strictly according to our investment framework, and make layouts in core innovative drugs, innovative devices, innovative industrial chains, medical services, and consumer healthcare that we are optimistic about in the long term." In Gülen's view, the pharmaceutical industry still maintains a relatively Strong resilience, with the gradual weakening of the epidemic disturbance, the overall recovery of the industry is remarkable. The long-term growth drivers of excellent companies have not changed significantly due to the epidemic in the past three years.
Looking forward to the second quarter, as the disruption of the epidemic to the industry gradually weakens, Gulen expects that related companies will return to the long-term growth trend. The long-term growth logic of the pharmaceutical industry has not undergone fundamental changes, and innovation is still the most important driving force for industry growth.
Gulen believes that after years of baptism, the overall R&D pipeline layout of domestic innovative companies has become more rational, resources have been tilted towards differentiation, and even innovative varieties with global competitiveness have been born. Many domestic companies have authorized part of the rights and interests of innovative drugs at different stages to Overseas enterprises also reflect the value of domestic enterprise innovation to a certain extent. The intensive global innovative drug conference held in the second quarter also gave Chinese companies the opportunity to demonstrate their current phased clinical progress.
"At present, there are still a large number of clinical needs that have not been fully met, and innovative drugs and devices have broad room for growth." Gulen further pointed out that at the same time, domestic innovative drug service companies have gradually formed an industry with global competitiveness. Clusters have reached the world's leading level in some subdivided fields. The competitiveness of related service providers is more reflected in the technology and management capabilities of the platform. The market share of leading companies will continue to increase with a high probability, maintaining a high Prosperity.
In addition, with the rapid increase in the per capita income and awareness level of Chinese residents, Gulen believes that the demand for medical services and consumer medical care is still growing rapidly and has not been fully met. The future space is still huge, and the value of these high-quality companies will eventually have a fair value. Market value reflected.
"Overall, short-term market volatility is unavoidable, but in the medium and long term, we continue to be optimistic about the allocation value of the pharmaceutical and biological sector." Gulen wrote. For more stock information, follow Caijing365!