Tune Vane | China -Europe Fund Grand: Return to 100 billion yuan in the scale

China Fund News Cao Wenzheng

Editor's note: Recently, the Fund's second quarterly report has been disclosed. The changes and changes in the position and position of the star fund managers have also become the focus of the attention of the citizens. Behind each regular report, these outstanding manager's "investment secrets" are also hidden. Fund Jun will continue to update the character's database feature [positioning vane], decoding star fund product holding changes and its manager's investment philosophy.

The China -EU Fund disclosed the second quarterly report of its products, and Gram's latest situation in the management of products was also disclosed. As of the end of the second quarter, Gram's latest management scale exceeded 100 billion again.

In terms of the top ten heavy warehouses, taking the largest management scale of China and Europe as an example, the top ten of Botten and Zhifei Biological have withdrawn from the top ten, and Tongrentang and Jiuzhou Pharmaceuticals entered the top ten.

In this issue of the "Warehouse Vane", Fund Jun will explain the Gram's second quarterly report and its positioning changes for everyone.

Back to 100 billion yuan in the scale of the pipeline

The medical service sector continues to be heavy positions, CXO has increased or reduced

The Central European Fund Gelan is a fund manager who has attracted much attention from investors. "Lan Lan" has become the name of her citizen to her. The quarterly report just disclosed also shows her second investment situation.

As of the end of the second quarter, Grand's management scale exceeded 100 billion yuan. The total management scale of the five funds in Gelan was 101.751 billion yuan, an increase of 5.601 billion yuan over the end of the first quarter.

Although Grand's masterpiece of China -Europe Medical Health has declined slightly in the second quarter, due to the improvement of the market in the second quarter, the fund's net worth rose from approximately 68.4 billion yuan at the end of the first quarter to 71.1 billion yuan at the end of the second quarter.

In the second quarter, Grand's five fund stock positions in the management of Gram increased to varying degrees.

Among them, the market value of the fund stock of the China -Europe Medical Health Fund at the end of the second quarter accounted for 88.30%of the net asset value of the fund, an increase of 6.74 percentage points from 81.56%at the end of the first quarter.

Among them, the top ten heavy stocks accounted for 57.29%, compared with 54.05%at the end of the previous quarter, the concentration of holding of the holding of the shareholding was further increased.

In terms of the top ten heavy warehouses, taking the largest management scale of China -Europe Medical Health as an example, as of the second quarter report, Gelan has increased Her Eye Eye, Yaoming Kangde, Kang Longcheng, Mai Rui Medical, and Pianzi. The top ten creatures, Tongrentang and Jiuzhou Pharmaceuticals entered the top ten.

Specifically, in terms of various sub -industries, El Ophthalmology has been increased to the largest heavy stocks. As of the end of the second quarter of 2022, the number of shares was 161 million shares, and the proportion of positions was 10.11%. The number is 149 million shares. Another medical service stocks have also increased their holdings. In terms of CXO, the proportion of Kang Longcheng and Tiger's medical holdings increased, while the proportion of Kailai British and Yaoming Kant's holdings decreased, and the number of Chinese medicine stocks and Tongrentang's shareholding also increased.

In terms of returns, Gelan's three products in the pipeline products exceeded 10%in the second quarter, and she had a large -scale China -Europe Medical Health and China -Europe Medical Innovation in the second quarter of the second quarter. With the recovery of net worth in the second quarter, 4 funds have different degrees of net redemption. Among them, the net value growth rate of 13.85%in the second quarter of China and Europe was the most net redemption share, reaching 420 million copies; followed by Central European European Europe; Medical and health, the fund was redeemed 205 million copies in the second quarter; the selection of China -Europe research and the new starting point of China -Europe Research on the second quarter was redeemed by 129 million copies and 23 million copies, respectively. As of the end of the second quarter, China -Europe Medical Innovation had a total share of 6.238 billion, an increase of 407 million copies over 5.831 billion copies at the end of the previous quarter. The fund's net value growth rate in the second quarter was the lowest at 5 products, with 4.35%.

Focus on the five directions

The China -Europe Fund Gram said in the second quarterly report of China -Europe Medical Health that although the short -term market fluctuations are difficult to avoid, it is still optimistic about the medium- and long -term investment opportunities of the pharmaceutical and biological sector. At the fund operation level, it will still adhere to the company's long -term investment value as the investment orientation, strictly conduct individual stock selection in accordance with the investment framework. layout.

Looking back at the second quarter of 2022, Gelan believes that the repetition of the domestic epidemic and the complex changes in the uncertainty, liquidity, and geopolitics of overseas economic growth have caused a large short -term impact on the entire industry. From a fundamental perspective, the pharmaceutical biological sector has also been greatly affected by the epidemic at the beginning of the quarter, but as of the end of the six months, most companies have recovered significantly. The policy has generally continued a stable and positive trend, and guided the industry to change towards the orientation of real innovation, clinical value, and providing cost -effective products and services.

It is worth noting that according to information disclosed, the proportion of assets of China -Europe medical and health equity, and the top ten heavy stocks of the top ten heavy stocks are slightly adjusted compared with the previous quarter. Gelan said in the quarterly report that the short -term impact of the epidemic caused a large adjustment of some companies, but the long -term growth driving factors of excellent companies have not changed significantly, so it has also been relatively positive.

Looking forward to the future, the Central and European Fund Gram pointed out that innovative -related markets have not yet touched the ceiling of the domestic market, and overseas markets are gradually charging.With the rapid improvement of the per capita income and cognitive level of residents in my country, the demand for medical services and consumer medical care is still growing rapidly and has not been fully met, and the future space is still huge.On the whole, Gelan said that it is still optimistic about the medium -term investment opportunities of the pharmaceutical and biological sector, but the short -term market fluctuations are unavoidable and will continue to work hard to create long -term investment returns for the holder.Risk reminder: The fund has risks, and investment needs to be cautious.Fund's past performance does not indicate its future performance.Fund research and analysis do not constitute investment consulting or consulting services, nor does it constitute any substantial investment suggestions or commitments to readers or investors.Please read the "Fund Contract", "Recruitment Manual" and related announcements carefully.

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