Editor's note: The recently released "Several Opinions of the State Council on Strengthening Supervision and Risk Prevention and Promoting the High-quality Development of the Capital Market" pointed out that the investment and research capacity building of fund companies should be comprehensively strengthened, the types of investable assets and investment portfolios of public funds should be enriched, and the scale orientation should be changed to the return orientation of investors.
The net value of Shenwan Lingxin Pharmaceutical Pioneer Stock A has fallen by 49.17% since its establishment more than 3 years ago (as of June 28, the same below). Since the beginning of this year, the fund's net value has fallen by 30.42%, underperforming the performance benchmark by more than 10 percentage points.
Shenwan Lingxin Pharmaceutical Pioneer has a more aggressive investment style and a high concentration of shareholdings. At the end of the first quarter of 2024, the fund's top 10 heavy stocks accounted for 81.98% of the fund's net asset value. Since the beginning of this year, more than half of the fund's heavy stocks have fallen by more than 20% during the year at the end of the first quarter.
Bread Finance combed through public information showing that the net value of more than 10 products under Shenwan Lingxin Fund has fallen by more than 30% since its establishment, is there a loophole in the company's compliance and risk control?
Shenwan Lingxin Pharmaceutical Pioneer Stock A: Net value fell 30.42% during the year
Founded in November 2020, the investment objective of the fund is: by focusing on investing in Chinese biopharmaceutical companies listed in China and Hong Kong, as well as companies related to medical and health care, and companies in related fields that can share the progress of medical science and technology, the improvement of medical standards, and the upgrading of pharmaceutical consumption in the whole society, and strive to achieve long-term stable appreciation of fund assets under the premise of controlling risks and maintaining good liquidity of fund assets.
The benchmark for fund performance comparison is: 75% × CSI Medical and Health Index Yield +10%× Hang Seng Healthcare Industry Index Yield +15% ×CSI Composite Bond Index Yield.
As of June 28, 2024, the net value of Shenwan Lingxin Pharmaceutical Pioneer Stock A has fallen by 49.17%, ranking 465/482 in the same category. Since 2024, the fund's net value has fallen by 30.42%, underperforming the performance benchmark by more than 10 percentage points, ranking 934/935 in the same category, the bottom performer.
According to the financial report data disclosed by the fund, as of the end of 2023, Shenwan Lingxin Pharmaceutical Pioneer shares have accumulated losses of about 191 million yuan and collected management fees of about 22 million yuan. In the first quarter of 2024, the fund's loss increased by about 109 million yuan.
According to Choice data, as of the end of the first quarter of 2024, the net asset value of Shenwan Lingxin Pharmaceutical Pioneer Equity Fund was about 584 million yuan.
Aggressive investment style: high concentration of holdings, more than half of the heavy stocks fell by more than 20% during the year
Shenwan Lingxin Pharmaceutical Pioneer Stock has changed its fund manager several times since its establishment, and the current fund manager is Yao Hongfu, who took office in July 2022. According to public information, Yao Hongfu used to work in Shanghai Shenyin & Wanguo Securities Research Institute, Taiping Pension Insurance Co., Ltd., etc., and joined Shenwan Lingxin Fund in June 2022.
In the first quarter report of 2024, the fund manager said: "From the perspective of the long-term development logic of the industry, the deepening of aging and the internationalization of innovative drugs and devices have benefited enterprises in the industrial chain are entering a very good round of development strategic opportunities and dividends. Breakthroughs in cutting-edge sciences such as AI and brain-computer interfaces are also expected to drive the pharmaceutical industry to integrate into this round of scientific and technological revolution. On the other hand, we will also actively track and explore emerging fields such as innovative drugs, anti-aging, weight loss drugs, medical AI and brain-computer interfaces, and pay attention to opportunities with leading positions and obvious competitive advantages. ”
At the end of the first quarter of 2024, the equity investment amount of Shenwan Lingxin Pharmaceutical Pioneer Equity accounted for 92.42% of the fund's total assets. The fund's holdings are concentrated, and the top 10 heavy stocks account for 81.98% of the fund's net asset value.
At the end of the first quarter, Shenwan Lingxin Pharmaceutical Pioneer Stocks included Kangwei Century, Jiangsu Wuzhong, SWS, Jiu'an Medical, Purui Ophthalmology and other companies. As of June 28, more than half of the fund's heavy stocks fell by more than 20% during the year, among which Kangwei Century, Preh Ophthalmology, and Xishan Technology were among the top decliners.
Shenwan Lingxin Fund: The net value of more than 10 products has fallen by more than 30%
According to incomplete statistics, the net value of more than 10 products (initial fund caliber) of Shenwan Lingxin Fund has fallen by more than 30% since its establishment.
Among the active products, the net value of Shenwanling Xinle Mixed A and Shenwanling Xinxin Intelligent Car A has fallen by more than 40% since their establishment.
Recently, the China Securities Regulatory Commission's "Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First-class Investment Banks and Investment Institutions (Trial)" pointed out that the long-term return of investors should be enhanced. Urge industry institutions to strengthen the service concept, continue to optimize investor services, strictly implement the investor suitability system, improve the investor protection mechanism, effectively improve investors' sense of gain and satisfaction, and continue to maintain the public's trust and confidence in the industry.
The net value of many products under the fund company has fallen by more than 30%, do managers, senior executives and fund managers and other relevant responsible persons pay attention to improving investors' long-term returns? Is it aligned with the interests of investors?
(Article Serial Number: 1807618819687059456/CJT.)
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