Text: Tianfeng
Source: Fortune Unicorn
According to the announcement issued by Soochow Fund, the company's two fund managers stepped down from all the products under management and transferred to the company's industry researchers. In this regard, the explanation given by Soochow Fund is that, first, the related products have performed poorly in the past, and based on the attitude of being responsible for the people and products, the company actively responds to adjustments; Second, the company's internal assessment results are caused.
As a veteran fund company with a brokerage company, and located in Shanghai, it stands to reason that it should be a smooth sail to occupy the right time and place. However, in recent years, the fund management scale of Soochow Fund has been hovering around 30 billion, and the reasons for this are carefully investigated. It is worth noting that the scale of the fund company is not up, which is generally related to the ups and downs in the performance of its funds. The author found that the performance of Mao Kejun's fund was not satisfactory.
01
Betting on Hengrui Pharmaceutical caused a performance loss? Mao Kejun's fund has lost 60% in the past 3 years
The author found that from the explanation given by Soochow Fund, first, the related products had poor performance in the past, and based on the attitude of being responsible for the people and products, the company actively responded to the adjustment; Second, the company's internal assessment results are caused. The statement is quite sincere, and it also shows that the fund company attaches great importance to the appeal and statement of the people, and also gives practical measures for fund managers with poor performance.
When the author looked at the performance of Soochow Fund products, he also found that the performance of Mao Kejun's products was not ideal. According to the daily fund network, Mao Kejun used to be the business manager of Shanghai Pudong Development Bank; Industry analyst of Shenwan Hongyuan Securities Research Institute. In November 2017, he joined Soochow Fund Management Co., Ltd. and successively served as an industry researcher and assistant to the general manager of the research and planning department. On July 12, 2021, he served as the fund manager of Soochow Smart Medical Quantitative Strategy Flexible Allocation Hybrid Securities Investment Fund. Since July 28, 2021, he has served as the fund manager of Soochow Double Triangle Equity Securities Investment Fund.
(Data from Tiantian Fund Network as of June 30)
According to the daily fund network, Soochow Smart Medical Quantitative Mixed A is currently the largest fund under Mao Kejun, with a current 114 million yuan. The fund was established on August 11, 2016, and as of June 30, the net unit value of the fund was 0.7073, and the fund has returned -29.27% since its inception and -15.11% this year; The yield over the last 1 year is -27.77%, the last 2 years is -46.60%, the last 3 years is -59.60%, and the last 5 years is -14.06%.
(Data from Tiantian Fund Network as of June 30)
The performance of the fund has been declining for a long time, and some people said, Manager Mao, have you ever seen the fund you manage yourself, each with a higher education than a cow, but the performance is worse than the other. There are also pictures of the people who asked, can they still be saved after three years? Even some people said that they wanted to hold it for a long time, and it was not long enough for three years, but I didn't expect that the first time I bought the fund was from 2021, and I have been accompanying the money until now, haha.
(Data from Tiantian Fund Network as of June 28)
It can be seen from the list of fund manager changes that although the fund has changed 8 times, Mao Kejun has been in office for the longest time. It was initially managed by Zhou Jian, but after 67 days of management, Qin Bin was added, but after 2 years and 55 days, the return on tenure was -27.09%; In fact, Qin Bin's performance is good, with 1 year and 222 days of serving alone, and the return on tenure is 66.31%; Zhao Meiling's is also very good, with a return of 32.29%. However, after being replaced by Mao Kejun, the performance was very unstable, and the 4 tenure changes were all negative, two of which were managed separately, and the return on tenure was -18.30% and -13.50% respectively. The business ability can be seen from the data, so we also analyze Mao Kejun's business ability based on the changes in positions around 2022.
Taking WuXi AppTec as an example, the fund held 56,000 shares in the fourth quarter of 2019, 47,200 in the first quarter of 2020, 39,200 in the second quarter of 2020, and instantly increased to 72,900 shares in the third quarter of 2020, and then decreased to 30,600 shares in the fourth quarter of 2020. It held 26,800 shares in the first quarter of 2021, another 136,000 shares in the second quarter of 2021, 421,200 shares in the third quarter of 2021, and 664,500 shares in the fourth quarter of 2021. In the first quarter of 2022, it held 536,100 shares, in the second quarter of 2022, it held 655,900 shares, and in the third quarter of 2022, it had no positions. During this period, the fund's stock price fell by 17% from October 8, 2019 to September 29, 2022.
In the fourth quarter of 2022, it held 141,100 shares, and in the first quarter of 2023, there were no more positions, during which the stock price rose by 10%. In the fourth quarter of 2023, he held another 287,400 shares, and in the first quarter of 2024, he had no position, and it was this position in the fourth quarter of 2023 that suddenly increased the loss. From October 8, 2023 to March 31, 2024, the stock price decreased by 46.41%.
The author found that the fund held 49,700 shares of Hengrui Pharmaceutical in the fourth quarter of 2017, 56,800 shares in the first quarter of 2018, 110,700 shares in the second quarter of 2018, 74,300 shares in the third quarter of 2018, and 106,700 shares in the fourth quarter of 2018. It held 87,600 shares in the first quarter of 2019, 78,300 shares in the second quarter of 2019, 88,900 shares in the third quarter of 2019, and 79,800 shares in the fourth quarter of 2019.
It held 49,700 shares in the first quarter of 2020, 46,800 shares in the second quarter of 2020, 65,000 shares in the third quarter of 2020, and 36,700 shares in the fourth quarter of 2020. During this period, from October 9, 2017 to March 30, 2021, the stock price was 53.61%, this wave did well, buy at a low point, sell at a high level, and look back, during this period, it was jointly managed by Zhou Jian and Qin Bin, Qin Bin was managed alone, and Zhao Meiling was managed alone.
Since then, it has become managed by Mao Kejun, and there was no Hengrui Pharmaceutical position in the second and third quarters of 2021, 969,200 shares were bought at once in the fourth quarter of 2021, and there was no position in the first quarter of 2022, during which the stock fell by 26.70% from October 7, 2021 to March 31, 2022. In the second quarter of 2022, it held 428,100 shares, and in the third quarter of 2022, there were no positions, which was a decrease of 5% during this period.
It held 112,900 shares in the fourth quarter of 2022, increased its position to 805,600 shares in the first quarter of 2023, 688,000 shares in the second quarter of 2023, 444,900 shares in the third quarter of 2023, and 494,600 shares in the fourth quarter of 2023. In the first quarter of 2024, it held 334,000 shares, during which the stock price increased by 10% from October 10, 2022 to June 28, 2024. Fund managers may want to buy Hengrui Pharmaceutical again, but stock prices have been falling in recent years. If the stock price continues to rise, it will be good for the net value of the fund, but if it continues to fall, it is expected that the return will also be affected.
Let's take a look at Tongce Medical, which held 1,900 shares in the second quarter of 2020 (in fact, this share is too small), 14,000 shares in the third quarter of 2020, and 12,400 shares in the fourth quarter of 2020. It held 9,600 shares in the first quarter of 2021, 33,000 shares in the second quarter of 2021, 210,600 shares in the third quarter of 2021, 184,500 shares in the fourth quarter of 2021, and no more positions in the first quarter of 2022. During this period, the stock price increased by 30% from April 1, 2020 to March 31, 2022.
In the second quarter of 2022, it held 41,100 shares, in the third quarter of 2022, it held 440,000 shares, and in the fourth quarter of 2022, it held 260,100 shares. In the first quarter of 2023, there were no open positions, during which the stock price fell by 9% from April 1, 2022 to March 31, 2023. In the second quarter of 2023, it held 214,100 shares, and in the third quarter of 2023, it lost its position, and the stock price fell by 31.78% from April 3, 2023 to September 28, 2023.
The author also found that the fund held 26,300 shares of Tigermed in the third quarter of 2020 and 18,600 shares in the fourth quarter of 2020. It held 16,200 shares in the first quarter of 2021, 70,000 shares in the second quarter of 2021, 232,500 shares in the third quarter of 2021, and 384,000 shares in the fourth quarter of 2021. In the first quarter of 2022, there were no more positions, during which the stock price increased by 5.6% from July 1, 2020 to March 31, 2022.
In the second quarter of 2022, it held 177,700 shares, in the third quarter of 2022, it held 304,700 shares, and in April 2022, it lost its position, and the stock price fell by 2.6% from April 1, 2022 to December 30, 2022. In the third quarter of 2023, it held 201,900 shares, in the fourth quarter of 2023, it held 18,600 shares, and in the first quarter of 2024, it lost its position, and the stock price fell by 17% from July 1, 2023 to March 29, 2024. The performance loss of the fund also led to a decline in the size of the fund, from 362 million yuan at the beginning of the establishment of the fund to 114 million yuan at present.
02
The maximum drawdown rate of Mao Kejun's fund is 57%
(Data from Tiantian Fund Network as of June 30)
In addition to the poor performance of Soochow Smart Medical Quantitative Mixed A, the author found that the performance of Soochow Medical Service Stock A is also poor. According to the Tiantian Fund Network, Soochow Medical Service Stock Fund A was established on November 30, 2021, with a fund size of 48 million yuan. As of June 30, the net value of the fund unit was 0.4599, with a return of -54.01% since the establishment of the fund, a return of -15.49% this year, a return of -8.95% over the past 3 months, a return of -15.49% over the past 6 months, a return of -29.09% over the past 1 year, and a return of -48.16% over the past 2 years.
(Data from Tiantian Fund Network as of June 30)
From this fund, it can be seen that Mao Kejun's data is clearer, from November 30, 2021, it was jointly managed by Zhao Meiling and Mao Kejun, and in 1 year and 29 days, the return on tenure was -23.14%; The next 184 days became Manager Mao's sole management, and the return on tenure was -15.61%; Later, it was jointly managed by Mao Kejun and Zhao Meiling, and the return on his tenure was a loss. From December 27, 2023 to the present, it has become Mao Kejun's sole management, 186 days, and the return on tenure is -12.50%. In terms of rate of return, Manager Mao's performance is not good.
The author found that the fund held 81,200 shares of Pharmaron in the first quarter of 2022 and 78,100 shares in the second quarter of 2022, and by the third quarter of 2022, it had lost its position, and it was estimated that it was liquidated, which fell by 61.74% from January 3, 2022 to September 30, 2022. Later, it held 92,900 shares in the fourth quarter of 2022 and lost its position in the first quarter of 2023, during which the stock price fell by 9.4%.
Similar to the above, the fund also holds Mindray Medical, which held 31,100 shares in the first quarter of 2022 and 7,800 shares in the second quarter of 2022. In the fourth quarter of 2022, it held another 24,600 shares, and in the first quarter of 2023, it had no position, during which the stock price increased by 2.89% from October 8, 2022 to March 30, 2023.
The author found that BeiGene, which held 37,800 shares in the first quarter of 2023, held 00,800 shares in the second quarter of 2023, 45,300 shares in the third quarter of 2023, and 35,800 shares in the fourth quarter of 2023, and had no positions in the first quarter of 2024, during which the stock price fell by 29.14% from January 3, 2023 to March 28, 2024.
The author also found that Tongce Medical, which held 10,900 shares in the second quarter of 2022, held 91,100 shares in the third quarter of 2022 (judging from the stock price, the third quarter is a relatively high position, and it is not appropriate to increase the position at this time.) ), held 102,100 shares in the fourth quarter of 2022, and lost its position in the first quarter of 2023, during which the stock price fell by 10% from April 1, 2022 to March 30, 2023. In the second quarter of 2023, another 37,700 shares were bought, and in the third quarter of 2023, the stock price fell by 32% from April 3, 2023 to September 28, 2023.
From the perspective of the fund's drawdown rate, the fund is risky. In the past 1 year, the downside risk of the fund is 18.5142%, which is greater than the average of its peers; The maximum drawdown is 34.6593%, which is greater than the average of its peers; Considering the fund's downside risk and maximum drawdown ranking among similar funds, the fund has a high risk over the past year. In the past 3 years, the downside risk of the fund is -, which is less than the average of its peers; The maximum drawdown is 57.6200%, which is greater than the average of its peers; Considering the fund's downside risk and maximum drawdown ranking among similar funds, the fund has a high risk over the past year.
In the past 5 years, the downside risk of the fund is -, which is less than the average of its peers; The maximum drawdown is 57.6200%, which is greater than the average of its peers; Considering the fund's downside risk and maximum drawdown ranking among similar funds, the fund has a high risk over the past year.
(Data from Tiantian Fund Network as of June 30)
The performance of the fund is at a loss, and some people said that it is good to go fast, otherwise their lives will not be guaranteed. Some people also said that this fund is really rubbish, and it has been losing money since the opening, and it is liquidated today, with a loss of 41%, and it will forever block Zhao Mao's two fund managers. There are also people who said that this fund is about to step on Lei Hengrui, and I am laughing to death, and the fund manager is constantly chasing high and changing shares, and I can't understand it. The performance of the fund was in the red, and the fund size also fell to 48 million yuan, a decrease of 10.71% from the previous period.
(Data from Tiantian Fund Network as of June 30)
Mao Kejun has served for 2 years and 354 days, and currently manages a scale of 285 million yuan, with the best tenure return of -54.01% of the funds under management. The author found that at present, Mao Kejun's funds are all in the red, and all three funds have fallen by more than 15% this year. In the past 1 year, all 3 funds have fallen by more than 27%, and in the past 2 years, all 3 funds have fallen by more than 46%.
As a veteran fund management company in Shanghai, Soochow Fund has always had assets under management of less than 30 billion yuan. A closer look at the reasons is not unrelated to the ups and downs in the performance of the company's funds and the style of fund managers preferring to bet on the industry. Most of the more than 60 fund managers who have stepped down this year have a short tenure of management, generally taking office in 2019 and beyond, and the funds under management are relatively small, which means that they have not yet established a market reputation and stable performance.
In the case of the deterioration of the overall environment of the industry, it is easier to become the object of the company's performance appraisal. The frequent change of fund managers also highlights the instability of some fund companies in the selection and appointment of personnel. In recent years, the A-share market as a whole has shown a volatile trend, and the investment difficulty of equity funds and stock-biased funds has continued to increase. Soochow Fund has been established for nearly 20 years, with a scale of less than 30 billion yuan, ranking low. The overall performance of its equity funds has been poor this year.