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Source fundamental force field
Recently, big bull stocks Dong'e donkey hide gelatin (000423. SZ) has successively released the 2023 annual report and the first quarter report of this year, and the performance has exploded: the annual revenue of last year increased by 16.66%, the net profit increased by 47.55%, and the net profit in the first quarter continued to increase by 53.43% year-on-year. In the context of the large consumption industry as a whole is not very good, Dong'e donkey hide should be praised for its performance of selling boiled donkey hide!
At the same time, the stock price of Dong'e Ejiao is also bullish. In the first four months of this year, ignoring the market fluctuations, it is better than walking in idle court, drawing a big positive line for four consecutive months, with a cumulative increase of 35% in the year.
And before that, from October 2022 to March 2023, it had also been out of the big positive line for six consecutive months. From October 2022 to now, this stock with a total market value of tens of billions has more than doubled.
The split performance and strong stock price are naturally supported by institutional investment. Harvest Fund is the most vigorous one.
Public data disclosure shows that in the fourth quarter of last year and the first quarter of this year, star fund manager Gui Kai and two funds under his trading arm increased their holdings of Dong'e Ejiao for four consecutive quarters, respectively Harvest Emerging Industries (000751. OF) and Harvest Core Growth (010186. OF); By the end of the first quarter of this year, the two funds had held nearly 14 million shares in total.
At the same time, the consumer industry of E Fund (110022. OF) under Xiao Nan's leadership We chose to reduce our positions at a high level and close at a good time. We reduced our positions by 810000 shares in the fourth quarter of last year, and continued to reduce our positions by 3.91 million shares in the first quarter.
China Europe Healthcare (003095. OF) under the leadership of Gram is somewhat entangled. It decreases first and then increases. It shows that the position of 680000 shares was reduced in the fourth quarter of last year, and the position of 9.68 million shares was significantly increased in the first quarter of this year. The proportion of position increase is close to 90%, which almost perfectly hedges the position reduction of 9.85 million shares of Hong Kong stocks in the same period.
The three star fund managers had differences in their operations, and they said to each other that they were well.
Li Changjun doesn't have the ability to predict how the share price of Dong'e donkey hide gelatin will behave in the later period, but he knows that after a listed company's share price has doubled, it will face greater risks than before. After the share price of Dong'e Ejiao doubled, they came to increase their positions on a large scale. Glen and Guikai must have their own judgments and reasons, which can be verified later.
Returning to the two funds listed by Guikai, the performance was not good. Among them, Harvest's emerging industries are slightly better. As of last Friday, the net value has declined by 3.72% this year, and the performance benchmark for the same period has declined by 1.68%, ranking 532 × × among 944 similar products. Although it is in the last 50%, it is barely acceptable.
As for the growth of the other Harvest core, it has fallen by 3.26% since this year. The key is that the performance benchmark has risen by 4.11%. Looking further ahead, since its establishment in 2020, it has not outperformed the performance benchmark. In the past three years, its performance ranked 1630 out of 1829 similar products, 20% below the ranking, which is a bit too shabby.
Moreover, some operations before the growth of Harvest's core are worth complaining about. For example, we will increase our positions in the second quarter of 2023 Guanglianda (002410. SZ), with an increase of 51.93%, ranking the second largest heavy position stock; Then in the third quarter of that year, he sold out of the list of top ten heavy positions.
From the perspective of the secondary market trend, Guanglianda has gone through a round of rebound in the fourth quarter of 2022 and the first quarter of 2023, with a range increase of 70%; However, from April 2023, the monthly K line began to weaken.
Harvest's core growth under Gui Kai's trading was just in the second quarter when Guanglianda had just begun to peak and fall, when it significantly increased its position against the trend; Then, after hard shouldering the decline of nearly 40% in the second quarter, in the third quarter, the decline of nearly 30%, we sold again. This classic "buy high and sell low", chasing up and down, has really damaged the reputation of the star manager!
Not far away, it is Dong'e Ejiao's turn this time. After the stock price has doubled, it ushered in a massive increase in the positions of the two funds traded by Guikai. Is Dong'e Ejiao's stock price also dangerous? Will the tragedy of Guanglianda be repeated?
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Editor in charge: Jiang Yuhan
