Daily economic news
Every reporter Li Lei Every editor Xie Xin
Recently, the “Daily Business News” reporter learned that in August Liu Gesong, a star fund manager known as the “Growth Brother”, will launch a new product, and the GF industry will strictly select a three-year holding period hybrid securities investment fund. This is also a new work by Liu Gesong after a year and a half after the pioneer of GF Technology at the beginning of last year.
As the ace fund manager of GF Fund, Liu Gesong’s every move naturally attracts the attention of Christians and the market. In addition, in a sense, this is the first new fund issued this year by a true “top-flow” fund manager in the public offering circle, so it has attracted more attention and has caused heated discussions before it is listed.
Relevant documents show that the fund was approved to raise and register on June 25 this year. It will go on sale on August 23 and the sale date will last until August 27. The fund is divided into A shares and C shares. Each subscription/subscription needs to be held for at least 3 years, and an upper limit of 15 billion yuan is set for the initial fundraising scale. The only fund manager is Liu Gesong, which shows the degree of importance.
The fund has a 3-year holding period
This year, the first “top-stream” fund manager to launch a new fund appeared, and he was Liu Gesong of GF Fund.
As one of the most well-known fund managers in the industry, Liu Gesong’s last fund launch was in January 2020. At that time, GF Technology Pioneer, where he was a fund manager, had a half-day subscription of more than 30 billion yuan. According to sources, it sold more than 80 billion yuan throughout the day. The popularity is staggering. However, since the GF Pioneer limit is only 8 billion yuan, it finally launched the doomsday proportional allotment.
In contrast, for this product to be released in August, the upper limit set will be much higher, reaching 15 billion yuan. If the upper limit is exceeded, the doomsday ratio confirmation must be initiated. At the same time, a three-year holding period has been set. This is the first fund product managed by Liu Gesong with a holding period. The custodian is Minsheng Bank.
The investment goal of the fund is to strictly control risks and maintain asset liquidity. Through flexible asset allocation, the fund fully explores the industry investment opportunities contained in different stages of the economic cycle in major assets such as stocks, fixed-income securities and cash. , And strictly select superior industries and high-quality stocks for investment, and strive to achieve long-term stable growth of fund assets.
The fund can invest in Hong Kong stocks. Stock assets account for 60% to 95% of fund assets, of which 50% of stock assets are invested in the underlying stocks of Southbound Trading.
The stock investment strategy mainly follows the stock investment strategy that combines the optimization of inter-industry allocation and the selection of individual stocks in the industry. Based on the macro strategy research, it selects advantageous industries in different economic cycle stages and selects high-quality stocks with investment value. Specifically, it includes major asset allocation strategies, stock investment strategies, bond investment strategies, asset-backed securities strategies, and derivatives investment strategies.
The total scale under management will exceed 80 billion
In the second quarterly report released not long ago, the performance and scale of the five funds managed by Liu Gesong were also exposed. For example, his “representative” GF has a small-cap growth. In the second quarter, the net value of A share increased by 15.45%, and the C share increased by 15.33%; the net value of GF Innovation and Upgrade also increased by 14.74% in the second quarter. Objectively speaking, the performance of the crowd was relatively sluggish. Among the star fund managers of China, it is considered to have handed in a good report card.
But perhaps more interesting is Liu Gesong’s views on the future of the market. In the second quarterly report, he stated that the overall liquidity environment of the market in the second quarter has improved, and the more prosperous assets such as pharmaceuticals and new energy have rebounded well, and the market as a whole shows a pattern of strong ones. The rapid rise in commodity prices has eased, and inflationary pressures in the second half of the year will not become a factor restricting market trends. While the market rebounded, the valuation differences of various assets were further differentiated. “We will pay close attention to the impact of the new crown epidemic on the recovery progress of European and American economies and the marginal changes in the overseas liquidity environment.”
At the same time, he also revealed that in the second quarter, a concentrated survey of listed Chinese manufacturing companies with “global comparative advantages” characteristics such as photovoltaic industry chain, power batteries, new chemical materials, panels, etc., the conclusions of the survey are consistent with the logical judgments in the first quarter report, namely The competitive landscape of China’s manufacturing industry with “global comparative advantages” is still in the process of further optimization. As the global economy continues to recover from the epidemic, the profitability of such manufacturing assets is expected to maintain a relatively long business cycle; at the same time , The valuation expansion of such manufacturing assets has not deviated from the boom range, and a considerable part of the assets still have a higher price/performance ratio, which is also the basis for maintaining confidence in the portfolio. “In the second quarter, the Fund further increased the allocation ratio of manufacturing industries with a’global comparative advantage’.”
As the “triple crown” of the public fund market in 2019, the fund managed by Liu Gesong also achieved good performance in the second year. In the context of skyrocketing scale, GF Innovation and Upgrade ranks in the top 10% of the industry’s annual performance, GF’s small-cap growth ranks in the top quarter, and GF Shuangqi Upgrade A also ranks in the top third. In a sense, It also broke the “championship curse” of the mutual fund industry.
In May of this year, Liu Gesong stepped down as the fund manager of the two funds of GF Xinxiang and GF Technology Innovation, which reduced his management scale by nearly 5 billion yuan. If this new fund reaches the upper limit of 15 billion yuan, the total size of Liu Gesong’s funds under management will exceed 80 billion yuan. Therefore, the market’s attention to this new fund is also quite high. As someone in the industry has said, how many people will join the champion fund manager of 2019? “Daily Economic News” reporters will also continue to pay attention.