After the defeat of active equity in 2022, can Xingzheng Global still "turn around" next year?

The 2022 stock market is about to end. This year, under the influence of multiple factors such as the Russia-Ukraine conflict, the impact of the epidemic, and the Federal Reserve's interest rate hikes, the stock market basically handed in a failing report card throughout the year. This also caused many fund companies to collectively encounter a cold snap. Even if a company has a number of star fund managers, they are unable to buck the market trend in this turbulent market.

01 Xingquan's top brother Xie Zhiyu's 2022 performance is dismal

Undoubtedly, after the departure of Dong Chengfei, the old-school star of the company, Xie Zhiyu became the real equity leader of the company, and also became the vice president of Xingquan because of his stable performance over the years. However, perhaps also constrained by the administrative position, Xie Zhiyu's performance did not go further, and his performance in 2022 was unsatisfactory compared with the ranking of similar companies.

Data from Tiantian Fund Network shows that as of September 30, the total size of the four funds managed by Xie Zhiyu was about 67.59 billion yuan, of which the best return was about 509.30%. Three of these funds are currently managed by Xie Zhiyu alone, but Xingquan Trend Investment, Dong Chengfei's former masterpiece, is currently managed by Xie Zhiyu, Dong Lan and Dong Li.

Judging from the performance this year, it is the Xingquan Herun Hybrid Fund, which he has managed for the longest time, that has the worst performance. Specifically analyzing this fund, the net value growth rate of the fund last year was about 6.32%, ranking in the top half of its peers. However, as of the second to last week before the end of this year, the net value of the fund portfolio fell by 27.43% this year, ranking in the bottom half of its peers, and the all-round decline is obvious.

Judging from the heavy holdings in each quarter, Xie Zhiyu's replacement of heavy holdings is not large. Analyzing the last four quarterly reports, Haier Smart Home and San'an Optoelectronics have always occupied the top three, but judging from the stock price performance this year, both stocks are members of the falling group. Haier Smart Home fell by about 16% in the same period, but San'an Optoelectronics fell sharply by more than 53%. Judging from the fund's third quarter report, the second largest holding, Yunda shares, and the fourth largest holding, Luxshare Precision, were both newly added to the heavy holdings in the quarter, but the decline since the beginning of the year has basically been around 30%. The heavy holdings that are not new faces in the quarter are Meihua Biotechnology and Mango Super Media, but the performance of the two companies this year is one cold and one hot, one rose by about 40%, and the other fell by about 40%. Considering that their holdings are basically equal, the positive and negative offset each other.

In the fund's third quarter report, Xie Zhiyu made the following analysis: "Except for upstream resources such as coal, oil and gas, which performed well this year, the performance of other industries has been poor. From the perspective of industry prosperity, the economic downturn has lengthened the replacement cycle of electronic products such as mobile phones; the semiconductor industry has been affected by weakening demand and the sentiment of suppression by the United States; the repeated epidemic has delayed the effective release of tourism and hotel demand."

Comparative analysis shows that in Xingquan Heyi and Xingquan Social Value, due to their certain proportion of allocation to Hong Kong stocks, the problems that arise are different. The most obvious point is that there are mistakes in investing in Kuaishou.

Among them, Kuaishou is only the second largest holding, accounting for about 4.35%. However, in the three quarterly reports of 2022, the stock has been promoted to the number one holding and firmly occupies the first position, especially in the second quarter report of the fund, which accounted for 9.88%, close to the maximum configuration of 10%. However, although Kuaishou has recently rebounded rapidly with the rebound of Hong Kong stocks, it once fell sharply, which had a considerable impact on the portfolio. Considering that Xie Zhiyu's overall management scale is relatively large and it is not easy to adjust positions in a market with rapid rotation of hot spots, such mediocre results may be reasonable.

02 After nearly 7 and a half years in office, Chen Yu has become the "shortest board in the barrel"

In addition to Xie Zhiyu, in the public offering hot equity wars in the past few years, Xingzheng Global Fund has also produced many famous generals, including Ji Wenhua, Dong Li, Ren Xiangdong, Qiao Qian, Wang Pin, Dong Lan, Chen Yu and others. However, looking at the products of these fund managers, it is found that they have been wiped out this year. Almost none of the products they manage have fallen by less than 20%.

The worst performer here is female general Chen Yu. She currently manages two funds, Xingquan Select and Xingquan Hexing Two-Year Closed Operation Mixed Fund. The total fund assets at the end of the third quarter of this year were about 9.74 billion yuan. As of the close of the penultimate week of 2022, the net value growth rate of Xingquan Select Mixed Fund, which she has managed for a longer time, fell by 33.07%, and the Xingquan Hexing Two-Year Closed Operation Mixed Fund, which she has managed since mid-January 2021, fell by 32.34%.

The focus of the analysis is on Xingquan Select Fund, which has been in existence for more than 5 years. As a full-market fund product, the benchmark for the equity part of the fund is 80% of the Shanghai and Shenzhen 300 Index yield. However, what was originally a value-oriented target has deviated from the actual operation of the secondary market to become a fund targeting small and medium-sized start-ups. From the quarterly reports disclosed this year, her heavy holdings are almost all growth companies, and the key industries are new energy and military industry.

In the third quarter report holdings on September 30, the top four heavily-weighted Desay SV, BYD, Sungrow Power Supply, and LONGi Green Energy are all companies from new energy sources, and also include the eighth-ranked wind power company Oriental Cable. The fifth to seventh-ranked Ziguang Guwei, China Shipbuilding, and Fushun Special Steel are related to military semiconductors. Unfortunately, all 10 stocks have performed poorly in the past three months and have all fallen, especially Desay SV and Oriental Cable, which have fallen by more than 20%.

"This fund is mainly allocated to industries such as semiconductors, military industry, and new energy, and the net value loss is large. This fund also pays attention to the distressed turnaround industry, hoping to perform well after the macro situation stabilizes." Chen Yu did not shy away from admitting the mistakes in the third quarter report.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.