Cai Songsong, the manager of the Internet celebrity fund, flipped through the car. Does Kimin dare to buy a Nuoan equilibrium preferably one year holding fund?

This article is based on public information, which is used only as information exchange and does not constitute any investment advice.

Produced/Company Research Office

Text/ snow rock

With the gradual announcement of public funds, the performance of major fund companies has different achievements. Although the performance of the head fund company has advantages, the performance of small and medium -sized funds has declined significantly, especially the Nuoan Fund's net profit decreases by 40 %. It is reported that in 2022, the Nuoan Fund realized operating income of 502 million yuan in the first half of the year, an increase of 7.24%year -on -year, and a net profit of 128 million yuan, a year -on -year decrease of 42.29%.

From the perspective of the overall performance, as of August 29, the difference between the initiative of the active equity fund has exceeded 100 percentage points, the leading fund revenue with a leading performance exceeded 60%, and the latter lost more than 40%. Industry insiders said that this could not help reminding Cai Songong's management of the Nuoan Innovation Driver Fund. As of August 29, this year's yield was -42.79%.

When the fund's performance is differentiated, how should the foundation of the people cope with? Do you dare to buy a newly -issued Nuoan equilibrium preferably one year holding a hybrid fund?

Internet celebrity fund manager rollback notes

Nuoan Innovation Drives A row count first

On August 29, 2022, Noon equilibrium is preferred to hold hybrid issuance a year. The full name of the fund is Nuoan equilibrium preferred one -year mixed securities investment fund A. Noon equilibrium preferential selection of one -year holding period hybrid securities investment Fund C, the transaction code is 016454, 016455, and the planned raising period is from August 29, 2022 to September 19, 2022.

However, although the Nuoan Fund has recently been released by the New Fund, the half -annual report of the Nuoan Fund this year is not ideal. The author found that Cai Songsong of the Noon Fund has the most interesting. This time because of the countdown to the first round. Youmin was posting, saying that it was almost half a year. This fund set me for half a year. It was either the penultimate or the penultimate. This trading ability was too "strong". Is Cai Songsong's performance coming at a dark moment?

(Data comes from Tiantian Fund Network)

According to the Tiantian Fund Network, the Nuoan Innovation Driven Mixed A was established on June 18, 2015. As of May 31, the net value of May 31 was 0.8480, and the yield in the past June was -29.19%. Even if the time cycle is stretched, the yield in the past one year is -44.98%, and the yield in the past two years has also been -17.65%, which has fallen by more than 10%in the past three or five years. It can be seen that the yield of the fund's establishment is also a loss. Funds that have been so stable for money for a long time are also rare.

According to Wind data, the Nuoan Innovation Driver Hybrid Fund managed by Cai Songsong set a maximum term of office of -56.26%(September 14, 2021 to April 26, 2022). Essence As of August 29, the fund has fallen by 42.79%since this year, and its ranking has also been at the bottom of similar products in the middle of the same product.

It is worth noting that the industry has believed that the retracement of Nuoan's innovation -driven mixed performance may be related to Cai Songong's large -scale stock exchange after receiving it in May last year. After the second quarterly report of last year, the fund's positions held almost all of them held semiconductor stocks. By the three quarters, the Nuoan Innovation Drive of the Mixed Mixed Semiconductor continued to add positions. In the fourth quarter of 2021, the top five heavy warehouses were mainly semiconductors.

(Data comes from Tiantian Fund Network)

Generally speaking, the fund manager will earn excess profits by reducing or heavy positions based on the market trend. We can also see through the above table that the reason why Nuo'an Innovation Drives A exceeded 40%this year, becoming the first place in the penultimate, which is related to the position of the warehouse in the fourth quarter of 2021, and in the first quarter of 2022 Essence With such a heavy position, the market has changed, and the fund's performance has been retracted sharply, and the number one is the first, which is also unexpected.

(Data comes from Tiantian Fund Network)

According to the Tiantian Fund Network, as of the first quarter of 2022, the top ten heavy stocks of the fund were Naitong, Qitian Technology, Digital Certification, Northern Beijing, New Guodu, Inspur Software, Data Port, Kelan Software, Putian Software Software , Boland, of which the guards account for 9.39%of the shares. Compared with the four quarters of the 2021, the top ten heavy stocks in the first quarter of this year have been replaced.

The top ten heavy stocks showed by the four quarters of 2021 are Shengmei Shanghai, Changchuan Technology, Xinwei, Hongwei Technology, Beijing Junzheng, Zhiyuan Xinneng, Xiong Tao shares, Zhongzi Technology, New Scenery, Ding Ding, Dingdao Yang Technology. People in the industry said that Nuoan Innovation Drives A 10 heavy stocks in the first quarter of 2022, nearly two months from early April to May 30th, 8 stock prices fell more than 20%. The stock price dropped by more than 30%, making the fund's yield continue to fall, and continued to lose performance to compare the benchmark.

The author reviewed the top ten heavy warehouse stocks in 2021 and found that Noon's innovation driving A performance poor performance was related to some heavy positions. Of the 10 heavy stocks of the fund at the end of 2021, 6 of the stock prices fell more than 30%in the first quarter of this year. The worst 3 is only Dingyang Technology, New Scenery and Changchuan Technology. The stock price declines at the same time were 44%, 37%, and 36%, respectively.

(The data comes from the same flowers)

In the first quarter of this year, Cai Songsong held all the way since the third quarter of 2021, but by the fourth quarter of 2021, the stock price of Nightong's stock price plummeted after hitting a high level of 64.57 yuan/share. From November 15th, 2021 to August 29, 2022, the decline in the Datoma range of the Naitong has reached 43.44%. According to the first quarterly report of Guolitong's 2022, the company's net profit was 38.45 million yuan in net profit, and the loss of non -net profit was 41.62 million yuan. After the performance was announced, the stock price declined, indicating that Cai Songsong's left layout has not yet achieved results. On the evening of August 25, the Guobitong released the half -annual report of 2022. In the first half of this year, the company realized operating income of 1.31 billion yuan, an increase of 55.33%year -on -year; the net profit attributable to shareholders of listed companies was 9.890 million yuan, a year -on -year loss. However, the net cash flow generated by operating activities, investment activities, and fundraising activities was -629 million yuan, -624 million yuan, and -30.827 million yuan, respectively, a year-on-year increase of 32.75%, a decrease of 1130.11%, and a decrease of 103.45%.

Faced with the retracement of performance, Noon's innovation driver said in the first quarter report that on January 12, 2022, the State Council issued the "Fourteen Five -Year Plan" digital economic development plan. The plan proposes the overall goal: by 2025, the value -added of the core industry of the digital economy will reach 10%. From the perspective of the computer industry itself, the growth tracks such as new energy and semiconductors have been negative income in the past few years. The current valuation is in the middle and lower parts of the historical valuation center. This year's digital economy is the strongest catalysis of the industry. This It is the improvement of the information content of the entire industry, and it is the logic of the increase in the total amount of the computer industry.

From the perspective of the subdivision sector, East Digital and Western Calculation, Digital RMB, Cyber ​​Security, and Industry Creation are all opportunities to grasp from top to bottom. The industry valuation is low, and the inflection point of the industry's fundamentals is the largest investment logic. Cai Songsong said in an interview that I knew that the purest investment in scientific and technological growth may not be a flat road, but a rugged journey, and there was a big failure. But I still want to try it, and I will accept the results after doing my best.

Nuoan Fund's net profit decreased by 42.29%

Noon Fund's growth rate declines

According to the semi -annual report disclosed by Daheng Technology, the mid -term performance of the Nuoan Fund was not ideal in 2022. The Nuoan Fund achieved operating income of 502 million yuan in the first half of 2022, a year -on -year increase of 7.24%; the net profit was 128 million yuan, a year -on -year decrease of more than more than more than more than more than more than exceeded Forty percent, a decline of 42.29%. As of the end of June, the total assets of Noon Fund were 2.234 billion yuan.

(The data comes from the same flowers)

Industry insiders said that the sharp decline in the net profit of the Noon Fund was related to the slowdown in the growth rate of the Noon Fund. According to fellow flowers, as of the end of the second quarter of 2022, the size of the Noon fund was 144.071 billion yuan, and the number of funds was 60, ranking 38th in public funds. Among them, the scale of currency funds reached 78.888 billion yuan, the highest scale; the scale of mixed, bonds, and stocks was 42.929 billion yuan, 17.090 billion yuan, and 5.323 billion yuan.

From the perspective of fund types, the size of the Nuoan Fund's currency fund was 78.088 billion yuan, accounting for about 54.2%of the overall size. The average income of this type of fund products was 0.91%in the first half of the year, which was basically the same as the income of similar funds. The hybrid funds were 42.929 billion yuan, with an average income of -2.58%, and the loss was higher than -1.48%of similar funds.

The scale of bond funds was 17.09 billion yuan, with an average income of 1.64%, which was lower than 1.82%of similar funds. The scale of stock funds was 5.325 billion yuan, with an average income of -4.09%, and the loss was lower than the level of -5.46%of similar funds. The scale of index funds was 906 million yuan, with an average income of -5.58%, and the loss was slightly higher than the level of -5.35%of similar funds.

From the perspective of the fund size, the size of the Noon Fund has increased from 108.2 billion yuan in early 2019.

However, the growth rate has slowed significantly in recent years. According to fellow flowers, from mid -2020 to mid -2022, the management scale of the Noon Fund was 104.981 billion yuan, 130.840 billion yuan, and 144.071 billion yuan. Compared with the mid -2021, in the mid -2022, the growth rate of the Noon Fund's public offering management decreased by more than 50 %.

Industry insiders said that the number of Nuoan Fund has not increased but decreased in recent years, and may be related to the lack of new funds in the past two years. As of the end of the second quarter of this year, the number of company funds decreased from 62 at the end of the fourth quarter of 2021 to 60 at the end of the second quarter of this year. At the same time, in addition to the new fund, two funds have been liquidated since the beginning of this year.

It is understood that since 2022, Nuoan Henghui and Noon Pure Bond A two medium- and long -term pure debt funds have announced the termination of the fund contract in February and June this year, and completed the liquidation in the month. In addition, the author found that, in addition to the above factors, Cai Songsong's performance in the top of the Nuoan Fund declined sharply in the first half of the year, which is also one of the factors of the overall performance of the Noon Fund.

According to fellow flowers, as of December 31, 2021, the management scale of non -monetary products of the Noon Fund was 68.652 billion yuan, ranking 53 | 175; the management scale of hybrid funds was 46.57 billion yuan, ranking 31 | 165; currency nature; The scale of the fund was 64.892 billion yuan, ranking 34 | 113; and in mixed products, Cai Songsong's management scale exceeded 30 billion yuan. However, according to the Fund's first quarterly report, Cai Songsong's latest management scale was 28.398 billion yuan, a shrinkage of more than 3.481 billion yuan from the end of last year. Now Cai Songong's largest management scale is that Nuoan's growth mixed scale reached 24.616 billion yuan. As the fund manager of Noon, Cai Songsong has always been known as the "semiconductor brother" and has also been called "the most profitable spear in technology investment" by the fund.

However, the top -up personality is full of personality and brings big "surprises" to investors from time to time. It is different from other fund managers. His play often triggered market controversy. He has also been searched due to excessive fluctuations in the fund performance. It can be said that the people of the Minzi love and hate the manager Cai. With the decline of performance, Cai Songsong's overall management scale has declined.

In the second quarter, Cai Songsong's management scale rose to 30.616 billion yuan. As of now, the number of Cai Songsong's management fund has reached 5, of which Noon, which has reached 26.636 billion yuan. An Tiantianbao's highest -scale product. However, since 2020, Noon has fallen into the altar, and has severely loses similar average, ranking from the top five to 20%in the first five.

(Data comes from Tiantian Fund Network)

Judging from the performance of the last year, Cai Songsong Yu was also at the bottom of the Nuoan Fund, including the two funds that were taken over this year. According to the Tiantian Fund Network, Cai Songsong's funds managed by the net value are being deepened. As of August 29, the five fund products have been losing money this year. Among them, Nuoan Innovation Drives A/C has the largest decline, and its yields are -42.79%, -42.83%, respectively. Essence

The flexible configuration of Noon and Xin was a hybrid yield of -24.87%, and the same ranking ranked 2014 | 2067; Noon's growth mixed yield was -31.87%. In the past June, Cai Songsong's fund's performance has become even more terrible. Noon innovation-driven hybrid A/C yields are -29.19%and -29.21%, respectively; The rate was -22.46%; in the past year, its funds have all been in a loss state, and the losses have been ranked behind the same type of partial stock products.

(Data comes from Tiantian Fund Network)

According to the Tiantian Fund Network, the Nuoan Growth Hybrid Fund was established on March 10, 2009. The fund is the largest fund managed by Cai Songsong. As of August 29, the net value of 1.4430. The rate was -1.03%, the yield in the past June was -22.46%, and the yield since this year was -31.87%. The yield in the past year was -36.12%.

As of the end of last year, the size of Cai Songsong's management fund reached 31.879 billion yuan, while Noon's growth mixed was 27.408 billion yuan, which belonged to the largest funds of the three funds. On February 20, 2019, Cai Songsong became the fund manager of Noon's growth. After taking over, Manager Cai adjusted to Nuo Ancheng, and his positioning style was from blue -chip white horses to semiconductors.

(Data comes from Tiantian Fund Network)

Some people in the industry said that the net value of the Nuoan Growth Hybrid Fund was greatly retracted or related to a large proportion of the industry. Cai Songsong's self -positioning semiconductor industry experts, the investment style is the long -term concentrated betting semiconductor. However, semiconductors have a strong periodic nature, and their performance naturally ups and downs is like a roller coaster. From the perspective of Nuoan's growth mixed at the end of the fourth quarter of 2021, almost 90 % of the positions were semiconductor industry.

However, according to the first quarter report of Noon, as of the end of the first quarter, the fund's stock assets were 22.774 billion yuan, accounting for 91.98%of the total assets of the fund. Shares, Zhaoyi Innovation, Sino -Micro Corporation, Zhuoshengwei, Northern Huachuang, San'an Optoelectronics, SMIC, Beijing Junzheng, Shanghai Silicon Industry.

It is worth mentioning that compared with the positions of the first quarter of this year, Nuoan's growth in the top ten heavy warehouses in the second quarter of this year has not changed. , Northern Huaduang, Beijing Junzheng, Sino -Micro Corporation, SMIC, and Xinyuan shares, their positions account for 78.04%, which is 77.16%from the end of the first quarter of this year. Its shareholding concentration still increases slightly.

Although the growth of Noon's growth in the first quarter of 2022 has not changed a lot, the scale of the fund has changed. As of March 31, 2022, Nuoan's growth mixed, at the end of the period, net assets were 24.616 billion yuan, a decrease of 10.19%over the previous period. As of 2022-06-30, Nuoan's growth was mixed, and the net assets at the end of the period were 26.636 billion yuan, an increase of 8.20%over the previous period.

(Data comes from Tiantian Fund Network)

According to the Tiantian Fund Network, from the end of July 2021 to the end of April 2022, the retracement of Cai Songong's Nuoan's growth was 50.72%. However, even so, there are still founders who are constantly undergoing the bottom. In the first and second quarters of this year, Noon still received more net purchase. According to the Tiantian Fund Network, the number of net purchases in the first and second quarters reached 2.107 billion and 1.356 billion. One of the products. So, is it appropriate to copy the bottom now? According to the latest report of the World Semiconductor Trade Statistics (WSTS), the report has lowered the growth rate of this year's chip, which is down from 16.3%to 13.9%, and it is expected that chip sales in 2023 will only increase by 4.6%, the lowest since 2019, the lowest since 2019 The growth rate.

From the perspective of the global fundamentals of the industry, the semiconductor industry is currently in the downward cycle. It is difficult to recover in the short term. At least the appearance of the inflection point will be next year. Some people in the industry said that from the perspective of the entire industry, the United States has a profound impact on the global chip industry through the chip bill. Therefore, at this time, the bottom -to -semiconductor may face the risk of being set.

(Data comes from Tiantian Fund Network)

It is worth noting that, in addition to Noon's growth, in the first half of 2021, Nuoan and Xin flexibly configure their positions in the position of the largest heavy positions on the list. Yitong's IPO has a high valuation. After a period of listing, the stock price has continued to rise, but the company has not been profitable since its listing. In 2021, Yitong's operating income was 629 million yuan, an increase of 9.97%year -on -year; net profit attributable to the owner of the parent company was 162 million yuan. The net loss of 22.523 million yuan in the same period last year was expanded.

This fund has held 100 million Huadong since the third quarter of 2020, and has been ranked tenth in the top ten heavy stocks in the second quarter of 2021. However, from December 16, 2021 to April 27, 2022, Yitong's stock price fell all the way, the largest decline of 70.86%. From the perspective of the changes in holding the position, the stock disappeared in the top ten heavy warehouse stocks in Nuo Hexin at the end of the first quarter, which happened to be at the time of the stock price. Such a fascinated trading is really uninvited, no wonder the performance will fall sharply. This kind of novice's general operation can not help but speculate: Cai Songsong's choice of semiconductors is just because of his passive decisions of past experience? Has it have a deep understanding of other industries in the market? Is he willing to invest in semiconductor or only invest in semiconductor?

In recent years, due to the huge temptation of interests, star fund managers have rushed to private equity funds, which is a vicious circle for the public fund industry. Fortunately, this phenomenon has attracted attention to supervision. Recently, the "Opinions on Accelerating the High -quality Development of the Public Fund Industry" issued by the CSRC issued the status quo of the development model of the industry that is generally excessively relying on the "Star Fund Manager" development model, and proposed to guide fund managers to build teamization, platformization, platformization, and The integrated investment and research system, improve the proportion of investment researchers, improve the training plan for the echelon of investment and research personnel, do a good job of accumulation and inheritance of investment and research capabilities, and reverse the development model of excessive relying on the "Star Fund Manager". Some people say that the Noon Fund can listen to the above opinions carefully.

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