Text: Tianfeng
Source: Fortune Unicorn
On the occasion of the release of the "semi-annual examination" of the fund, the outside world used to pay attention to the performance of the head fund company, but recently the author found that there is an old fund company that has been established for more than 20 years, although it can be regarded as a veteran position in the listed fund industry from the perspective of time. However, compared with leading fund companies such as E Fund, Quam Fund's fund scale has not seen a large growth.
In 2023, it will finally rush to the ranks of 100 billion, but in the first quarter of 2024, due to the decline in the scale of management, Quam Fund has fallen out of the echelon of 100 billion. At the end of the first quarter of 2024, the company's public offering management scale was 85.848 billion yuan, a decrease of 23.68% from the previous quarter. Some analysts believe that the number of Quam Fund mini funds is prominent, and there are some fund products hovering at the liquidation line. However, the author believes that the stagnation of fund management scale is rooted in the performance of fund managers, and good performance will naturally be sought after by the people.
01
Why Chen Qiming is betting heavily on GigaDevice
(Data from Tiantian Fund Network as of June 21)
The author found that the performance of Chen Qiming under Quam Fund is not satisfactory, there are 7 funds under it, but whether it is a long cycle or a short cycle, all of Manager Chen's funds have suffered losses. In the past 6 months, 7 funds have lost money, and 5 funds have fallen by more than 10%. In the past 1 year, 7 funds have fallen by more than 21%, and 6 funds have fallen by more than 23% in the past 2 years.
According to the daily fund network, Chen Qiming has served as a researcher of the Shanghai Representative Office of Risheng Jiafu Securities, a researcher of the Shanghai Representative Office of Qunyi Securities, and a product manager of Bank of China International Securities. He joined Quam Fund Management Co., Ltd. in February 2010 and served as an industry researcher and deputy director of the research and development department. He is currently the assistant to the general manager of the company, the director of the equity investment department, and the co-chairman of the company's public investment decision-making committee. Chen Qiming has served for 9 years and 272 days, with a fund size of 2.488 billion yuan and the best fund return of 213.43% during his tenure.
(Data from Tiantian Fund Network as of June 21)
The fund was established on January 13, 2022, and the fund has been managed by Manager Chen alone, serving for 2 years and 160 days, but the return is -31.44%. The current scale is 416 million yuan, as of June 21, the net value of the fund unit is 0.6867, the fund has a return of -31.33% since its establishment, a return of -12.61% this year, a return of -4.86% in the past 3 months, a return of -10.60% in the past 6 months, a return of -27.00% in the past 1 year, and a return of -29.53% in the past 2 years.
(Data from Tiantian Fund Network as of June 21)
The performance of the fund is losing, and some people have said that they ask the manager to give us the people to analyze the situation, and they can't stand it if they fall every day, and if there is hope to return to the capital, we will wait. Some people also said that of my 200,000, there are already 130,000 left. Some people even said, my God, when will we be able to rebound, the position is in trouble, the manager will bother us to take a look. There is also Jimin said that this manager is really awesome, and it is estimated that there is only one fund that can fall so badly today, and it is estimated that it is one in ten thousand.
The author found that the fund held 518,900 GigaDevice shares in the first quarter of 2022, 518,900 shares in the second quarter of 2022, 518,900 shares in the third quarter of 2022, and 688,900 shares in the fourth quarter of 2022. It held 388,900 shares in the first quarter of 2023, 419,700 shares in the second quarter of 2023, 419,700 shares in the third quarter of 2023, 419,700 shares in the fourth quarter of 2023, and increased its position to 566,100 shares in the first quarter of 2024.
However, the author found that the stock price of the fund fell by 46.26% from January 4, 2022 to June 21, 2024 during the holding period. From the perspective of holdings, the fund has been holding GigaDevice, but from the trend point of view, almost all of them have been falling and have been holding, from the perspective of performance, according to the 2023 annual report disclosed by GigaDevice on April 20, the company will achieve a total operating income of 5.761 billion yuan in 2023, a year-on-year decrease of 29.14%; the net profit attributable to the parent company was 161 million yuan, a year-on-year decrease of 92.15%; deducted non-net profit of 27.4006 million yuan, a year-on-year decrease of 98.57%; the net cash flow from operating activities was 1.187 billion yuan, a year-on-year increase of 24.96%; During the reporting period, GigaDevice's basic earnings per share was 0.24 yuan, and the weighted average return on equity was 1.06%.
With a ninety percent drop in net profit in 2023, can't fund managers see signs of declining performance? In the first quarter of 2024, the position has also been increased, and if the stock price of GigaDevice rises sharply next, it will naturally be good for the fund's performance, but if the stock price continues to fall sharply, it will have an impact on the fund's performance. However, fortunately, GigaDevice's performance has increased in the first quarter of 2024, according to GigaDevice's disclosure of the first quarter of 2024 on April 20. In the first quarter of 2024, the company achieved a total operating income of 1.627 billion yuan, a year-on-year increase of 21.32%; net profit attributable to the parent company was 205 million yuan, a year-on-year increase of 36.45%; The non-net profit was 184 million yuan, a year-on-year increase of 41.26%.
The author also found that the fund has been holding Proton shares intermittently, holding 688,000 shares in the first quarter of 2022 and 470,800 shares in the second quarter of 2022. However, during this period, the stock price fell by 47.90% from January 4, 2022 to September 28, 2022.
However, in the fourth quarter of 2022, another 588,800 shares were bought at one time, and in the first quarter of 2023, the position of Proton shares disappeared again, falling by 20.41% during this period. In the second quarter of 2023, it held 760,000 shares, 760,000 shares in the third quarter of 2023, and 760,000 shares in the fourth quarter of 2023, but in the first quarter of 2024, there was no position, and these 760,000 shares were sold at a certain point in the first quarter of 2024. During this period, the stock price fell by 51.74% from April 1, 2023 to March 29, 2024.
The author found that the fund bought and held from the price of more than 90 yuan per share of Proton shares, and then sold, then bought and held, continued to sell, tossing back and forth, and the stock price has been held to the price of more than 20 yuan per share.
According to the annual performance report released by Proton on the evening of April 26, the operating income in 2023 will be about 3.667 billion yuan, a year-on-year decrease of 47.87%; net profit attributable to shareholders of listed companies was about 267 million yuan, a year-on-year decrease of 86.69%; Basic earnings per share was 0.49 yuan, a year-on-year decrease of 86.76%. At this point, there is still a question, won't this fund manager read the financial report? The results are released on a quarterly basis, and there will be no stop loss when the performance declines? If you feel that the analysis of a single fund is too absolute, then the author chooses another fund product under the fund manager and analyzes its operation ideas.
(Data from Tiantian Fund Network as of June 21)
The performance of the fund has been in the red, and the size of the fund has also declined. According to the Tiantian Fund Network, the fund size of Quam Excellent Growth One-Year Holding Period Hybrid A was 856 million yuan at the beginning of its establishment, and 138 million shares were redeemed in the first quarter of 2023, and the fund size dropped to 711 million yuan. As of March 31, 2024, Quam Excellence Growth One-Year Holding Period Hybrid A, with net assets of 416 million yuan at the end of the period, a decrease of 18.97% from the previous period. In 2 years and 160 days, the size of the fund has dropped by more than 400 million.
02
Why bet on Novo Zhiyuan at a high level?
Quam Fund plummeted by 26.554 billion yuan in a quarter
(Data from Tiantian Fund Network as of June 21)
The author also found that Chen Qiming's Quam Ingenuity Ming Selection's one-year holding hybrid A performance is also not ideal, Quamfu Ingenuity Mingxuan one-year holding hybrid A was established on March 25, 2022, and the fund has been managed by Chen Qiming alone, but for 2 years and 89 days, the return on tenure is -22.80%. At present, the scale of the fund is only 39 million yuan.
If the subsequent performance continues to decline, it may also face the risk of being liquidated. As of June 21, the net unit value of the fund was 0.7734, with a return of -22.66% since the establishment of the fund, a return of -12.72% this year, a return of -4.70% over the past 3 months, a return of -10.67% over the past 6 months, a return of -27.82% over the past 1 year, and a return of -29.08% over the past 2 years.
The author found that the fund held 554,300 shares of Yifeng Pharmacy in the second quarter of 2022 (ranked second), 554,300 shares in the third quarter of 2022 (the first in the top ten), and 511,500 shares in the fourth quarter of 2022 (the first in the top ten). It holds 368,800 shares in the first quarter of 2023 (first in the top 10), 380,000 shares in the second quarter of 2023 (first in the top 10), 299,700 shares in the third quarter of 2023 (first in the top 10), and 250,300 shares in the fourth quarter of 2023 (ranked second).
In the first quarter of 2024, it held 188,000 shares (ranked second). The fund bet on Yifeng Pharmacy so much that most people would think that its stock price performance should be good, but the result is confusing, and the stock price fell by 32.38% from April 1, 2022 to June 21, 2024. Let's take a look at whether Yifeng Pharmacy's performance is excellent, according to Yifeng Pharmacy's 2023 annual report disclosed on April 29, in 2023, the company will achieve a total operating income of 22.588 billion yuan, a year-on-year increase of 13.59%; the net profit attributable to the parent company was 1.412 billion yuan, a year-on-year increase of 11.90%; The non-net profit was 1.362 billion yuan, a year-on-year increase of 10.92%. In terms of performance, it is not bad, and it would be better if the stock price rose again.
The author also found that the fund held 771,700 shares of Hikvision in the second quarter of 2022, 888,800 shares in the third quarter of 2022, and 788,800 shares in the fourth quarter of 2022. It holds 388,800 shares in the first quarter of 2023, 288,800 shares in the second quarter of 2023, 288,800 shares in the third quarter of 2023, and 288,800 shares in the fourth quarter of 2023. It holds 228,800 shares in the first quarter of 2024. However, during the fund's holding of Hikvision, the stock price fluctuated greatly, falling by 22.32% from April 1, 2022 to June 21, 2024.
On April 19, Hangzhou Hikvision Digital Technology Co., Ltd. released its 2023 annual report. In terms of financial data, Hikvision's operating income in 2023 will be about 89.34 billion yuan, a year-on-year increase of 7.42%. The net profit attributable to shareholders of listed companies was about 14.108 billion yuan, a year-on-year increase of 9.89%. The net cash flow from operating activities was about 16.623 billion yuan, a year-on-year increase of 63.55%.
The author also found that the fund held 546,500 shares of Novo Zhiyuan in the fourth quarter of 2022, 588,900 shares in the first quarter of 2023, 220,500 shares in the second quarter of 2023, 288,100 shares in the third quarter of 2023, 268,000 shares in the fourth quarter of 2023, and 319,700 shares in the first quarter of 2024. However, the stock price of Novo Zhiyuan has fluctuated greatly, falling by 47.92% from October 10, 2022 to June 21, 2024.
The author found that the fund also held LONGi Green Energy, holding 442,000 shares of LONGi Green Energy in the second quarter of 2022, 442,000 shares in the third quarter of 2022, and 442,000 shares in the fourth quarter of 2022. In the first quarter of 2023, it held 268,000 shares, and in the second quarter of 2023, it held 150,400 shares, and in the third quarter of 2023, the position suddenly disappeared.
It is worth noting that from April 1, 2022 to September 28, 2023, the stock price fell by 62%. In the fourth quarter of 2023, it held another 80,000 shares, and in the first quarter of 2024, it held and had no positions, during which the stock price fell by another 28%. However, according to the financial report, LONGi Green Energy will achieve revenue of 129.498 billion yuan in 2023, a year-on-year increase of 0.39%; The net profit attributable to the parent company was 10.751 billion yuan, a year-on-year decrease of 27.41%.
However, in the first quarter of 2024, LONGi's operating income was 17.674 billion yuan, a year-on-year decrease of 37.59%; The net profit attributable to the parent company was a loss of 2.35 billion yuan, a year-on-year decrease of 164.61%. LONGi Green Energy said that the decline in net profit attributable to the parent company was mainly due to the decline in module and wafer prices, the decline in investment income of associates, and the increase in impairment of assets such as inventory. This performance is really indescribable, and now the industry is extremely serious, and the performance naturally fluctuates violently.
The author also found that the fund also holds GigaDevice, holding 159,600 shares from the second quarter of 2022, 159,600 shares in the third quarter of 2022, and 288,800 shares in the fourth quarter of 2022. It holds 118,800 shares in the first quarter of 2023, 95,600 shares in the second quarter of 2023, 95,600 shares in the third quarter of 2023, and 95,600 shares in the fourth quarter of 2023. It holds 108,100 shares in the first quarter of 2024. However, during this period, the stock price fluctuated greatly, and the stock price fell by 32.99% from April 1, 2022 to June 21, 2024.
In addition to the performance loss of a single fund manager, the scale of Quam Fund has also fluctuated recently, and it has exceeded 100 billion yuan in the fourth quarter of 2023, but in 2024, by the end of the first quarter of 2024, its management scale has shrunk again. According to the Tiantian Fund Network, as of the end of the first quarter of 2024, the scale of Quam Fund has shrunk by 26.554 billion yuan.
According to iFinD data, as of March 31, 2024, Quam Fund's AUM shrank to 86.15 billion yuan, compared with 112.704 billion yuan at the end of 2023, a decrease of 26.554 billion yuan in three months, and its ranking also fell from 54th to 61st in the industry. It is worth noting that despite the achievements in bond and currency funds, the scale of equity fund products has not been able to achieve significant growth.
As of the end of the first quarter of 2024, the scale of hybrid funds will be 4.716 billion yuan, and the scale of equity funds will be 3.101 billion yuan, accounting for less than 10% of the company's total assets. From the perspective of product structure, Quam Fund obviously relies too much on fixed income products, and attaches relatively little importance to equity products. This strategy of "emphasizing fixed income and ignoring equity" will further lead to the "mini-base" dilemma of Quam Fund.