Dan bin, chairman of Dongfang harbor, has been in the tuyere of public opinion.
Recently, Dan bin, chairman of Shenzhen Dongfang Harbor Investment Management Co., Ltd., said in his circle of friends that according to the current situation, there will be a double kill low in performance and market when it is reported in the third quarter, and maybe there will be good investment opportunities in the third and fourth quarters. Of course, we should eliminate the challenges of the external environment at that time.
Not long ago, danbin’s hundreds of products were suspected to be empty or light warehouse operation, which became a hot topic in the industry. However, objectively speaking, Dan Bin’s position reduction operation may also be forced to do so near the closing line.
But the outside world’s doubts about Dan bin lie in his attitude towards the capital market. After all, investors still have some expectations for head institutions. They hope that the head organization can take the initiative to assume its corresponding social responsibility. At this time, his “short” attitude is obviously different from his image of being regarded as a value investment master with the rose of time.
‘s product positions attract attention
Since the beginning of this year, due to the unexpected decline of the market, the pressure faced by Chinese private placement institutions has increased significantly, and the net value of many private placement institutions’ products has retreated significantly, even touching the warning line.
Private placement tycoon Dan Bin’s products are no exception. At the beginning of this year, the net value of many products showing performance of Dan bin was lower than 1, and even the net value of some products was lower than 0.8, touching the warning line.
At that time, Dan bin announced that all loss making products were exempted from management fees. Dan Bin said, “the Eastern Harbour has been established for 18 years. In the past years, it experienced some economic crises, Baijiu crisis, and a sharp decline in the stock market in 2015. It has made some achievements. But since the 2021 Spring Festival, the A and Hong Kong stock investment in the east haven’t done well, which makes me very worried.” “it is not enough,” said Dan Bin.
Due to the great pressure on the performance of its products, Dan bin then decided to significantly reduce his position. However, what is highly concerned by the market is the sharp decline of positions. On March 25, some of danbin’s products updated the unit net value, but its net value changed by 0%, which directly triggered speculation about danbin’s short position.
Taking “marathon 1” as an example, the product has been established for 6.6 years. Since its establishment, the annualized rate of return is 19.85% and the cumulative rate of return is 231.70%. On March 25, the net value of the product was updated, and the unit net value was 3.2960 yuan, which was the same as the unit net value announced on March 18, with a net change of 0%.
Not only “marathon No. 1”, “Oriental harbor marathon No. 2”, “Oriental harbor Tianen marathon” and other products are the same. The net value updated on March 25 was 0.5% In addition, the fluctuation of net value of some products is small, less than ± 1%.
Some media speculated that Dan bin had significantly reduced his position as early as the end of February.
At that time, Dan bin responded on Weibo, “we didn’t clear our positions, but our positions were relatively low. Moreover, reducing our positions is a regular phased operation. In addition, the changes of positions will change with the changes of the situation, which is not invariable.”
In the unit net value announced on April 8 and April 15, the net value fluctuation of “marathon 1” and “Oriental harbor marathon 2” is no longer 0, and the two ranges fell by 0.06% and 0.13% respectively. From the range of change, this means that although Dan bin has some positions in the range, he has not increased his positions in a large proportion.
investment philosophy questioned
Time is the best alchemy for listed companies and investors. Value investment and long-term investment look beautiful, but the real test is when the market is at a low ebb and the net product value retreats significantly.
As one of China’s established private placement, Shenzhen Oriental harbor investment was established in 2004. According to the data of private placement network, the core strategy of Dongfang harbor is the stock strategy. At present, the management scale of its 229 funds is more than 10 billion.
Dan bin himself has 28 years of investment experience. In the past, the market’s evaluation of him was mostly related to value investment and long-term investment. The long-term holding of Kweichow Moutai Co.Ltd(600519) the king of A-Shares is also one of his representative works. Baijiu Baijiu, he said, the supply of tap liquor is a symbol of China’s rise, and the rise of a country must be a general sense of the rise. Consumption, medicine, education, high-end manufacturing and the Internet in the Chinese market are his key areas.
With the opening of bull market in 2020, Baijiu and other liquor stocks in 2020, the eastern port in June of the same year, the management scale exceeded 10 billion mark. There are not a few new registered products. According to the data of private placement network, Dongfang harbor has 70 new products in 2021.
However, the Baijiu stock began to callback as early as the beginning of last year. Moutai has been dropping rapidly from a high level of over 2600 yuan, while new energy and other growth tracks are on the way. Therefore, the overall performance of Dongfang Harbor was flat in 2021, and the product withdrawal increased in 2022.
In fact, Dan bin is well known in the market. It is the rose of time that has shaped his image in the field of value investment. Over the years, he has become famous for his successful adherence to Kweichow Moutai Co.Ltd(600519) and other core assets.
Now, he can’t help sighing because he “succumbed” to the so-called “low point of killing both performance and market”.
“see more and do more” is the mainstream
After the special meeting of the Finance Committee of the State Council was held on March 16, the Party committee of the CSRC quickly held an expanded meeting to convey and study the spirit of the meeting and make research and deployment on the implementation. The meeting proposed to give play to the role of the endogenous stability mechanism of the market, vigorously promote listed companies to improve the quality, encourage listed companies to increase their holdings and repurchase, and guide fund companies to purchase their own shares.
In this context, on the one hand, many public and private placements have taken out funds to buy and invest their products with silver; On the other hand, a number of public and private companies have spoken out to strengthen the confidence at the bottom of the market.
On March 17, e fund announced that it would purchase 200 million yuan of its equity funds and fof On the same day, BOCOM Schroeder fund and Celestica fund also announced to purchase their public offering products with an inherent capital of 50 million yuan and 100 million yuan respectively. On March 18, China Europe Fund announced that it would use its inherent funds to purchase its partial equity funds and fof for a total of 150 million yuan. If the self purchase amount announced on March 18 is included, the total self purchase amount of 54 fund managers has exceeded nearly 2.2 billion yuan this year, the highest level in the same period in history.
In terms of private placement, according to the incomplete data statistics of private placement network, more than 11 private placement managers announced self purchase, with a cumulative / proposed self purchase amount of nearly 1.4 billion yuan, of which 9 are 10 billion private placement.
In addition, in recent days, when the overall market confidence is relatively lacking, many professional research views have expressed positive outlook for the future market, as well as their confidence in the long-term and stable development of China’s capital market.
For example, Huaxia Fund said that the downturn in risk appetite will probably continue in the short term, but at a very pessimistic moment, the market may gradually turn for the better, and there is no need to be overly pessimistic about the medium and long term.
Further, after substantial adjustment, the valuation of the main A-share index has fallen to the low central position. Once the suppression factors of risk appetite ease, the market will rebound. At the individual stock level, many growth stocks with sound fundamental trends have also been wrongly killed. The valuation has been very attractive, and the realization of performance growth will sooner or later lead to the repair of stock prices.
Dong Chengfei, who joined Ruijun assets, also said at a small channel internal communication activity: “after the withdrawal of high-quality enterprises in the market, the valuation has fallen back to a more reasonable range. Therefore, the market need not be too pessimistic this year. The future belongs to the transition period and low return period for a long time. Now it is the stage of choosing future opportunities. If you choose well and wait patiently, you will finally gain something.”
In fact, as a former private placement boss said, observing the A-share market over the past two decades, we found that those who make a lot of money are long-term capital of enterprises that can strengthen their faith, remain optimistic and diligent, and adhere to high-quality growth in the face of difficulties. At present, many positive signals are also emerging, and there is also the power of “looking more and doing more” in the private placement industry
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