On January 17, Chi chensen, the fund manager of Anxin pharmaceutical health stock fund, told the China Securities Journal that after the adjustment in 2021, the valuation of the pharmaceutical industry has been in a relatively reasonable range. 2022 is a good time to configure high-quality pharmaceutical enterprises, focusing on investment opportunities in subdivided fields such as characteristic APIs, pharmacies, cdmo, traditional Chinese medicine and innovative drugs.
Chi chensen believes that the continuous rise of some mainstream track targets in the overall pharmaceutical sector in 2019 and 2020 leads to overvaluation, and there is a certain demand for valuation digestion. Looking forward to 2022, Chi chensen believes that the valuation of the pharmaceutical industry is in a relatively reasonable range after the adjustment in 2021. As one of the most promising tracks in the whole market, 2022 is a good time for long-term capital allocation to pharmaceutical high-quality enterprises.
Public information shows that Chi chensen is a biotechnology professional and has more than 7 years of research experience in the pharmaceutical field. Before becoming a fund manager, he served as a pharmaceutical researcher in securities companies, private placement and public offering. He also served as a founding partner of biotechnology enterprises and has an in-depth understanding of Frontier Biotechnologies Inc(688221) pharmaceutical technology and industrial development.
According to the data of galaxy securities, as of January 14, 2022, the pharmaceutical theme fund had an average loss of 7.46% in the past year, while the Anxin pharmaceutical health stock fund managed by Chi chensen achieved a return of 41.85%, which is the only pharmaceutical theme fund with an increase of more than 40% in the past year. Chi chensen said that there are three main reasons for the good performance of Anxin pharmaceutical health stock fund in 2021: first, many stocks contributing to alpha have been excavated through research, and some targets with exclusive heavy positions have performed relatively well; Second, the “big beta” of the second and third tier CXO was seized on the high prosperity track, and the position was reduced after the market expectation was too high; Third, through forward-looking research, we avoided the decline of some stocks with “white horse” attribute, high index proportion and many institutional positions.
Chi chensen believes that the style of the pharmaceutical sector will move towards equilibrium in 2022, and some targets ignored by the market in the past may move towards the stage of valuation recovery. For example, the overall fundamentals and valuation of traditional Chinese medicine, pharmacies, characteristic APIs and low-value consumables have changed greatly, and the market attention is expected to increase significantly. In 2022, the focus of pharmaceutical theme investment is still to excavate individual stocks. At the same time, the industry configuration remains relatively balanced, focusing on investment opportunities in subdivided fields such as characteristic APIs, pharmacies, cdmo, traditional Chinese medicine and innovative drugs.
