“Public offering first sister” Gulen annual report released: old tongrentang new top 20 heavy stocks

2022-05-24 0 By

On March 31, all funds managed by The “first sister” Of the Central European fund Grenn disclosed the 2021 annual report, and the hidden heavy positions in its holdings and the latest views also came out.By the end of 2021, the scale of the public offering fund managed by Gulen officially exceeded 100 billion yuan, reaching 110.339 billion yuan, which also made it surpass Zhang Kun, deputy general manager of Yi Fangda Fund, and become the “first sister of public offering”.Ceibs healthcare is the longest managed product of Grenn and the largest product under management at present, with a total volume of 77.505 billion yuan as of the end of 2021.The 2021 annual report shows that cEIB’s medical and health holdings remain basically stable, with the ranking of the top 19 stocks changing slightly. Tongrentang, a century-old name in the traditional Chinese medicine industry, has become the 20th largest stock.To be specific, by the end of 2021, the top 10 stocks of Healthcare in China and Europe increased their holdings respectively:Pharmatech (603259.SH), Aier Ophthalmology (300015.SZ), Kelaiin (002821.sZ), Tagel Pharmaceutical (300347.SZ), Pharmaron (300759.SZ), Mindray Medical (300760.SZ), Tongce Medical (600763.SH);Pien Tze Huang (600436.sh) and Jiuzhou Pharmaceutical (603456.SH) become the new top ten heavy stocks.However, as the fund’s top ten heavy position stocks have been disclosed in the 2020 quarterly report, so in the fund’s annual report, more attention is paid to the fund manager’s invisible heavy position stocks.According to the 2021 annual report, cEIBS ‘hidden heavy positions ranked 11th to 20th include:Zhifei Biological (300122.SZ), Zhaoyan New Medicine (603127.sh), Hengrui Pharmaceutical (600276.sh), Opecon Vision (600276.SH), Changchun Gaoxin (000661.sZ), Medisi (688202.SH), Wo Wusheng (300357.SZ), Yaoshi Technology (3007)25.SZ), Puli Pharmaceutical (300725.SZ), Tongrentang (600085.SH), each stock accounted for 1.33% to 2.34% of the net asset value of the fund.Affected by market fluctuations, the share of HEALTHCARE A and C in China and Europe will decrease by 6.55% and 7.30% respectively in 2021 (the benchmark return rate of performance comparison is -5.68%).From the perspective of time extension, in the past three years and five years, the cumulative growth rate of the net share of the fund A and C was more than 200%, significantly outperforming the performance comparison benchmark of 52.24% and 41.44%.Looking back, Grenn wrote in the China-Europe Healthcare Annual Report that after the rapid rise of the past two years and the repeated disturbances of the COVID-19 epidemic, the pharmaceutical and biological sector in 2021 saw great fluctuations.Fundamentally, the industry has remained relatively resilient.At the business level, the enterprise is recovering from the impact of the epidemic and gradually returning to the basic normal state. Meanwhile, it pays more attention to the scientific layout of RESEARCH and development and the refinement and improvement of management to lay a foundation for long-term growth.In terms of policy, the overall trend continues to be steady and positive, and there is no change in the direction of guiding the industry towards truly innovative, clinically valuable, cost-effective products and services.On the fund’s operational level, Mr Gulen says: “We continue to strictly follow our investment framework by looking top-down for medium – to long-term economic sub-sectors and picking individual stocks bottom-up.”We are focusing on the long-term prospects of core innovative drugs, innovative devices, innovative industry chains, medical services and consumer healthcare.”At the same time, Grenn used the report to provide a more detailed analysis of industry trends, reiterating its bullish view of the innovative pharmaceuticals sector.She pointed out that innovation is the main driving force for the growth of the pharmaceutical and biological industry, as well as the core charm of the industry, innovative drugs and innovative devices still have a broad space for growth in the long term.At the company level, the trend of enterprise transformation and innovation is still continuing, and the number of clinical applications for innovative drugs has hit a new high year by year.In terms of innovation quality, in recent years, the overall R&D pipeline layout is more rational, resources are inclined to the direction of differentiation, and even innovative varieties with global competitiveness are born. With the gradual promotion of overseas clinical practice, it is expected that China’s innovative products will gradually enter the harvest period overseas.At the same time, domestic innovative pharmaceutical service enterprises have gradually formed a global competitive industrial cluster, which has reached the global leading level in some segments. The innovation industry chain will still maintain high prosperity in the next few years.In addition, with the rapid improvement of per capita income and cognitive level of Chinese residents, the demand for medical services and consumer medical treatment is still growing rapidly and has not been fully satisfied, and the future space is still huge.”Overall, we remain bullish on medium – and long-term investment opportunities in the pharmaceutical biotechnology sector, but short-term market volatility is inevitable and the Fund will continue to strive to generate long-term investment returns for its holders.””Grenn wrote.In January 2022, CEIBS Fund issued an announcement that CEIBS Fund and fund manager Glen would purchase cEIBS Medical And Health Fund and CEIBS Medical Innovation Fund for a total of 52 million yuan, and promised to hold them for more than three years. At present, the relevant self-purchase has been completed.On March 18, CEIbs announced again that it would use its own capital to purchase its partial equity funds and funds of funds (FOF) within 30 trading days, totaling 150 million yuan.After the completion of the above investment, the total amount of the company will reach 260 million yuan by purchasing its partial equity funds and FOF this year.Ceibs said that it will continue to adhere to the concept of long-term investment and value investment in the future, and strive to create long-term value for fund share holders.Responsible Editor: Wang Jie Photo editor: Zhang Tongze proofreading: Ding Xiao