China Europe Fund announced its 2021 annual report on March 31, and all positions of 100 billion top flow fund manager Ge Lan were exposed.
According to statistics, Gelan’s latest position is still dominated by innovative drugs and Innovation Medical Management Co.Ltd(002173) devices. The leader of innovative drugs Wuxi Apptec Co.Ltd(603259) is its largest position, and some traditional Chinese medicine stocks have also attracted its attention.
In the fund’s annual report, Glenn said that innovation is the main driving force for the growth of the pharmaceutical and biological industry and the core charm of the industry. There is still broad growth space for innovative drugs and innovative devices for a long time. The fund has focused on the long-term promising core innovative drugs, innovative devices, innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain, medical services and consumer medicine.
heavy positions in innovative drug industry chain stocks
According to the latest annual report information disclosed by China Europe Fund, the net value of China Europe medical health managed by Glenn was – 6.55% in 2021, and the net value decreased more in the second half of 2021, reaching – 24.36%.
However, this does not hinder Glenn’s preference for innovative drugs. Since the second half of last year, as Jimin continued to increase its positions in Glenn fund products, the scale of China EU medical health has increased significantly. Glenn has also focused on increasing its positions in innovative drugs, Innovation Medical Management Co.Ltd(002173) devices and other related stocks.
Among them, Wuxi Apptec Co.Ltd(603259) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) and other innovative drug industry chain stocks increased their positions by more than 100%, and the leader of traditional Chinese Medicine Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) also increased their positions by 183.62%.
Between the 11th and 20th places, Glenn also made a big increase in the position of some innovative drugs. The shares of Joinn Laboratories (China) Co.Ltd(603127) , Pharmablock Sciences (Nanjing) Inc(300725) and Pharmablock Sciences (Nanjing) Inc(300725) innovative drugs industry chain were increased by nearly 500% Changchun High And New Technology Industries (Group) Inc(000661) , Shanghai Medicilon Inc(688202) and other positions decreased compared with the first half of 2021.
In addition, Ge Jin has become the No. 20 stock of China Central medicine. It is worth noting that Beijing Tongrentang Co.Ltd(600085) is a new position stock of Gelan, with 228322 million shares held by the end of 2021 and a market value of 1.027 billion yuan.
After the rapid rise in the previous two years and the repeated disturbance of covid-19 epidemic, the pharmaceutical and biological sector fluctuated greatly in 2021, and the funds managed by Glenn also withdrew significantly.
In this regard, Glenn said that in terms of fundamentals, the pharmaceutical and biological industry still maintained strong resilience. At the operational level, pharmaceutical and biological related enterprises are emerging from the impact of the epidemic and gradually returning to a basically normal state; At the same time, pay more attention to the scientific layout of R & D and the refinement of management, so as to lay the foundation for the follow-up long-term growth. In terms of policies, the overall trend has continued to be steady and positive, and the orientation of guiding the industry to truly innovative, clinically valuable and cost-effective products and services has not changed.
gran is optimistic about innovative drugs for a long time
In the fund’s annual report, Glenn also expressed his views on innovative drugs, Innovation Medical Management Co.Ltd(002173) devices and other industries.
Glenn believes that innovation is the main driving force for the growth of the pharmaceutical and biological industry and the core charm of the industry. Innovative drugs and innovative devices still have broad growth space for a long time.
Specifically, at the company level, Glenn said that the trend of enterprise transformation and innovation is still continuing, and the number of clinical applications for innovative drugs has reached a new high year by year. In terms of innovation quality, in recent years, the overall R & D pipeline layout has become more rational, resources have tilted to the direction of differentiation, and even innovative varieties with global competitiveness have been born. With the gradual promotion of overseas clinical, it is expected that Chinese innovative products will gradually enter the harvest period overseas.
At the same time, China’s innovative drug service enterprises have gradually formed industrial clusters with global competitiveness, reaching the global leading level in some subdivided fields, and the innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain will remain high 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 medicine is still growing rapidly and not fully met, and there is still huge space in the future.
On the whole, Glenn is still optimistic about the medium and long-term investment opportunities in the pharmaceutical and biological sector, but short-term market fluctuations are inevitable. The fund will focus on the long-term optimistic core innovative drugs, innovative devices, innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain, medical services and consumer medicine.
Gran bought it himself
Since the second half of last year, China Europe medical and health and other pharmaceutical theme funds have retreated significantly, and the performance of fund managers who have long paid attention to investment opportunities in pharmaceutical stocks, such as Glenn, has been controversial.
In January this year, China Europe Fund and Glenn decided to buy by themselves. On January 26, China Europe Fund announced that the company would purchase a total of 50 million yuan of China Europe medical and health hybrid securities investment fund and China Europe medical innovation stock securities investment fund with its own funds within 30 trading days from the date of announcement, and hold them for more than 3 years.
At the same time, fund manager Glenn will purchase a total of 2 million yuan from China Europe medical and health fund and China Europe medical innovation fund with his own funds within 30 trading days from the date of announcement, and hold them for more than 3 years.
On March 18 this year, China Europe Fund again announced its intention to purchase 150 million yuan of its funds. China Europe Fund announced that based on confidence in the long-term, healthy and stable development of China’s capital market, China Europe Fund Management Co., Ltd. will use its inherent funds to purchase its partial equity funds and funds in funds (fof) totaling 150 million yuan within 30 trading days from the date of the announcement.
After the completion of the above investment, the total amount of China Europe Fund’s partial equity funds and fofs since this year will reach 260 million yuan.
China Europe Fund said that the company’s self purchase is based on the confidence in the long-term healthy and stable development of China’s capital market and the company’s investment management ability. Based on the principle of sharing risks and interests with the majority of investors, the company and fund managers make the decision of self purchase and holding relevant funds for a long time.
China Europe Fund also said that China Europe medical and health fund and China Europe medical innovation fund, as industry theme funds, mainly focus on investment in the medical sector. Looking back on the past, the medical sector has experienced a rapid rise in the past two years and repeated disturbance of covid-19 epidemic, with large overall fluctuations. With the rapid adjustment in recent quarters, the long-term investment cost performance of individual stocks in the high-quality medical industry has further improved. Glenn and the China Europe Fund research team believe that the basis for the long-term growth of the pharmaceutical and biological industry has not changed, and the policy orientation is generally positive and stable. In the overall transformation period of the industry and the post epidemic era, enterprises pay more attention to cultivating internal skills and strengthening the establishment of hard power, and the upstream and downstream of the industrial chain are more perfect. Therefore, they are still optimistic about the long-term investment opportunities of the industry
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