Chapter 371: Deceptive Backup Plan
The net asset value rate shown by Junshi Value Investment is what Gu Junhao saw in the internal data in the background. In fact, the net asset value of public funds is generally officially updated around nine o'clock in the evening.
Today, there are quite a few people following Junshi Price Investment. Compared with the past, the comment section of the fund is much more lively, and even if there are a few abusive comments occasionally, they have been pushed to the bottom.
At 9:30 in the evening, fans who were chatting in the comment section finally waited for the official refresh of Junshi Price Investment’s net value: 1.0212.
This is a very normal data, and it is consistent with the image of Gu Junhao in everyone's mind.
Although he came from Taogu Bar, Gu Junhao is an outlier. Taogu Bar generally produces short-term experts and hot money, but Gu Junhao's style is completely different.
It looks ordinary in the early stage and rarely hits the daily limit, but with a sudden turn, you can find that its profits have increased significantly, especially the retracement rate is very well controlled, and the grasp of the overall market pattern is very accurate.
The title of Brother T can only represent Gu Junhao's operating style when he had little capital in the early stage. In the later stage when he had more capital, Brother T seldom did intraday T, and focused more on swing operations.
"No doubt about it. This is Brother T's style. The early stage of Junshi No. 1 announced earlier also started with this trend."
"I bought it, I bought it, I subscribed to it, it was a great start on the first day, but why doesn't Brother T's fund not charge management fees when the net value is below 1?"
"What are you dreaming about? You buy a 10 or 20 yuan ticket and you expect to get the same treatment as someone who buys a 1 million yuan ticket. That's wishful thinking. Besides, this charging standard should have been in place before, and Brother T probably doesn't bother to change it."
"The 2% management fee is similar to the mainstream ones, but the 3% management fee for redemption within 7 days is a bit outrageous. This is to prevent people from stealing the funds."
"It's probably because he doesn't want the size of the fund to fluctuate too much, but Brother T already has two successful funds. Whether it started with tens of millions or hundreds of millions, the performance is still trustworthy."
"Brother T is a medium- and long-term investor. It doesn't matter if the timeline is a little longer. Anyway, I subscribed today and can enjoy today's earnings. Haha, I lost money today if I traded by myself."
"Damn it! The market is so good today and yet you still lose money? Do you know how to trade stocks?"
"I saw the promotion and searched for this fund manager. He's pretty cool. He's only 24 years old, but his company is valued at nearly 10 billion. The key is that he built his business from scratch. He's amazing!"
"You believe this? This is just what you can see on the surface. I don't believe it anyway. But the performance is really amazing. The first fund has a 22-fold return."
"There weren't many bright spots. The stock price only rose by 2 points a day, and I made less than 1.5 million yuan. That's the level."
"I came in after seeing the ad, it's just like that, similar to an instant noodle ad, the picture is for reference only!"
"What kind of junk holdings are these? Can these stocks make money? The net value actually increased today?"
"The above are the original holdings. If nothing unexpected happens, they will definitely be replaced after the fund manager changes. Maybe they have been replaced today."
In the evening, Gu Junhao browsed the fund discussion area of Junshi Investment on Taobao. Although there were many negative reviews and sarcastic comments, Gu Junhao was still quite satisfied. This showed that the accuracy of the advertising was quite good.
Investment enthusiasm is not high nowadays, so it is very good to have so many comments. As for the subscription amount, Gu Junhao did not care too much. If possible, Gu Junhao even hoped that the subscription amount this month would be less to avoid the overall size of the fund from increasing too much.
After all, most of the stocks bought nowadays are secondary new stocks, and there is an amount of less than 10 or 20 million yuan lurking in them, which is not a big problem, but it is definitely not okay if the funds are too large. If you accidentally make them the main force, that would be a bit troublesome.
The share capital of secondary new stocks in circulation after listing is generally around 25%, and no more than 30%. Although the daily trading volume is not low, the number of shares in circulation is actually not that large, which leads to the generally high turnover rate of secondary new stocks.
If you really invest tens of millions of yuan to lock up the position, it will inevitably affect its trend. Some hot money may give up the idea of pushing up the price. This is one of the reasons why most large funds are reluctant to buy secondary new stocks in the secondary market.
Buying in the secondary market is a completely thankless task. If large funds really like a newly listed company, they will directly purchase it in the primary market. Although the lock-up period is longer, there are great advantages in chips and costs.
This is the correct way for large funds to invest in the primary market. Junshi Fund Management, as a company managed by Junshi Fund Management, will also work in this direction in addition to operating in the secondary market in the future.
Tuesday, March 8th.
As soon as Gu Junhao arrived at the office, Liu Tingting came in with a happy face: "Boss, guess how much money was deposited yesterday?"
"How much? Is it 70 million yuan?" Gu Junhao replied with a smile.
With the anticipated promotional cycle, large advertising investment, and his own past performance, Gu Junhao believed that the sales performance on the first day should be good.
70 million yuan is equivalent to the initial size of the previous fund. There should be no problem in doubling the sales volume.
"Got it, 130 million yuan, plus yesterday's, it's exactly 200 million." Liu Tingting said happily.
The figure of 130 million surprised Gu Junhao. Wow, this was much higher than he expected. Who said that there was no money in the market? The sales of just one fund on the first day reached 130 million yuan.
The trading volume is declining day by day. Ultimately, it is the market that is disappointing. Otherwise, with the entry of off-market funds, the 3,000 point level would not be a big deal.
"Okay, go and prepare for today's work, I'll be there in a while." Gu Junhao said to Liu Tingting.
With a scale of nearly 200 million yuan, it is no longer realistic to invest all of it in secondary new stocks. Without exposing one's true intentions, the second plan must be initiated, which is to buy a few more stocks that are somewhat confusing.
"It's really a headache. I hope the sales volume will go down in the next few days, otherwise the positions will be a mess." Gu Junhao rubbed his head with a headache and muttered to himself.
In order to build a position with the maximum amount of funds as much as possible and not expose his true intentions in advance, Gu Junhao really put a lot of thought into it.
After briefly handling some company affairs, Gu Junhao also came to the trading room to start today's trading work.
At 9:25 , the Shanghai and Shenzhen stock markets opened slightly lower. Unlike yesterday, Gu Junhao did not issue a trading order immediately.
Today, 130 million yuan of new funds arrived. It is obvious that small-cap stocks can no longer absorb them. If the funds are to be divided into different positions, some heavyweight stocks with larger capitalization must be purchased.
At 9:30, after trading officially started, the Shanghai and Shenzhen stock market indices fell rapidly, with the Shanghai Composite Index falling the most. Under multiple pressures, the weighted performance was very sluggish.
Just 10 minutes into the trading session, the Shanghai Composite Index closed at 2840.62 points, a drop of 1.96%. The declines in several of the stocks that Gu Junhao had his eye on were more than 2%.
At 9:45, the Shanghai Composite Index was at 2814.15 points, down 2.87%; the ChiNext Index was at 1866.69 points, down 4.44%.
Both markets, which experienced wide fluctuations and declines, showed a trend of breaking out in a short period of time, especially the ChiNext Index, which has fallen by more than 4%, triggering a small-scale panic.
The 10 stocks I bought yesterday have all fallen today and are now all in a loss-making state.
At this moment, Gu Junhao's voice finally rang in the ears of several traders: "The 10 stocks purchased yesterday are added to the same positions yesterday."
The same position of 10 stocks is about 60 million yuan, and the average holding of each stock is about 12 million yuan, which is basically the same.
These stocks can no longer be added to the holdings, and the funds received today are needed to purchase nearly 60 million yuan of holdings.
That is to say, Gu Junhao still needs to buy at least three new stocks; of course, Gu Junhao has already selected the targets for building a position, and those that can silently digest 20 million yuan of funds are naturally the blue-chip stocks.
The three stocks are Zhaoshang Bank, Yongcheng Bank and Zhongguo Ping An!
At this time, these three stocks were still falling, and Gu Junhao was not in a hurry to buy them. Zhaoshang Bank and Yongcheng Bank had always been what Gu Junhao wanted to buy.
However, the national team had previously used the banking sector as a tool to protect the market, and it did not fall much during the stock market crash. In addition, it was inconsistent with the investment logic at the time, so there was no opportunity.
As the national team gradually withdrew from the market and the circuit breaker caused a sharp drop, the two banks finally returned to their low points.
After two months of decline, the share price of Zhaoshang Bank currently remains in the range of 15 to 16 yuan, while that of Ningbo Bank remains in the range of 13 to 14 yuan.
Regardless of the relatively reasonable valuations of these two banks and their subsequent increases, the banking sector generally tends to have a good performance before dividends in July.
This interval of time is generally from the end of the year to the first quarter for building positions, and it can generally rise to the second quarter or before dividends are paid. This is generally the cyclical pattern.
It’s a pity that the stock of another bank that Gu Junhao likes has not yet been listed, otherwise he would have bought all three of them.
After the new village chief took office, the banking sector expanded significantly, especially the small and medium-sized commercial banks in Jiangsu Province. A large number of them were listed, resulting in serious capital diversion.
However, the situation has not reached that point yet. After all, he has just taken office and it is still early. Buying bank stocks at this time is a good choice.
He did not buy a large number of other bank stocks. In fact, Gu Junhao was somewhat dismissive of them, and the gains of some other bank stocks were relatively limited.
However, if follow-up funds continue to increase before the quarterly period, Gu Junhao will have to buy another bank stock as an alternative.
This bank is China Construction Bank. The bank's share price fell sharply in early trading today. Even large-cap stocks like China Construction Bank fell by nearly 2%, and the share price remained around 4.7 yuan.
The decline of Zhaoshang Bank and Ningbo Bank has exceeded 2%, and the overall decline of the banking sector has exceeded 1.5%, which is an important driving force for the decline of the broader market.
As for Zhongguo Ping An, the price of Zhongguo Ping An around 30 yuan before 2018 was worthy of investment. As for those who bought Zhongguo Ping An at 80 yuan or even 100 yuan after 2018, they can only be called pure leeks.
Back then, Gu Junhao had a friend who invested in Zhongguo Ping An at around 80 yuan. It was like he couldn't be stopped. He was a complete retaliator!
In the future, there is no need to clear out the holdings of the three banks like the newly listed stocks. If the scale of funds becomes larger, you can also increase your holdings. For the market, these stocks are almost a clear sign and there is no need to worry.
At 10:05, the Shanghai Composite Index plummeted to 2809.56 points, a drop of 3.03%. The ChiNext Index had shown signs of stopping its decline.
Zhaoshang Bank, Yongcheng Bank, and Zhongguo Ping An all fell by more than 3%, and Gu Junhao spoke out at the right time!
"Zhaoshang Bank , price range of 15.10 to 15.30 yuan, quickly fill up your position!"
"Yongcheng Bank, price range of 12.98 yuan to 13.1 yuan, quickly fill up your position!"
"Zhongguo Ping An, price range of 30 yuan to 30.20 yuan, quickly fill up the warehouse!"
The three traders were shocked when they heard this, including Liu Tingting, and they all acted quickly. Although Liu Tingting already knew the boss's plan, she still rolled her eyes in her heart.
The boss's imaginative trading ideas made him buy all the newly listed stocks yesterday, and today he actually entered the big financial sector headed by banks and insurance companies.
This kind of position is meaningless even if it is announced in real time, as its specific direction is unknown at all. It has to be said that the boss is becoming more and more cunning.
The three traders were even more confused. They had no idea what the logic behind Gu Junhao's completely different buying styles were in the two days.
Is it the same with the previous two funds? Or maybe that’s the way the big guys think about it. Even if you follow them to buy, you don’t know where their real direction is.
The buying volume of 20 million yuan is just a drop in the bucket for these three stocks. At 10:35, the Shanghai Composite Index stopped falling when it hit a low of 2802 points.
The banking and insurance sectors also stopped falling and began to move sideways at a low level, while the ChiNext Index took the lead in entering a rebound mode after stopping falling.
At 11 o'clock, the index rebounded above 1,900 points, and theme stocks once again burst out with their energy. Active funds in the market are trying to use small and medium-sized sectors to boost market sentiment.
Market sentiment is like this, it comes and goes quickly. By the midday close, the Entrepreneurship Index had miraculously turned positive, leaving a golden needle bottoming trend of nearly 5%.
The sharp drop in the performance of small and medium-sized enterprises has undoubtedly injected a lot of vitality into the market. The leeks once again feel that they are capable, and the Shanghai Composite Index has also returned to above the daily moving average under this impetus.
"Haha, most of the stocks I bought in the morning have all gone green. This is awesome." Liu Tingting said happily at the midday closing.
The ChiNext's golden needle bottoming out in the morning session today has provided a lot of convenience for Junshi Price Investment to passively increase its holdings. Not only has the holding cost not increased, but it has decreased to a certain extent.
This is the case with public funds. If too much money is subscribed in one day, the fund manager can only increase his holdings passively, which will lead to higher and higher holding costs.
This is even more true for star fund managers, such as Kun Kun in the late period of his previous life. During the overheated period of the fund, they were crazily sought after by the market, and the daily subscription amount was an extremely exaggerated number.
At its peak, the total size of its several funds exceeded 120 billion, which is an astronomical figure. Even if the group market is in a tacit understanding, it will collapse if it encounters a monopoly.
For a small fund, since your market value is so high that it will take a while to get out, I will run away first to avoid having to take over from you.
As the companies ran away one after another, the group-buying trend naturally came to an end.
Kun Kun still has some professional ethics. He limits fund purchases near high levels, and the daily purchase amount is very limited. This can be regarded as an indirect reminder to the leeks not to buy anymore.
As a manager of a public fund company, he cannot publicly say anything unfavorable to his funds. Limiting purchases at high levels is already his greatest conscience.
However, the fund market was really overheated at that time, and there were too many brainless investors rushing into the market, completely unaware of any risks.
This is the case with the 130 million yuan of funds that suddenly flowed into Junshi Price Investment today. Although the amount of funds is not large, it has also caused a huge impact on the positions.
The fund was almost fully invested yesterday, but its position quickly dropped to around 35% at the opening of the morning trading today. At this time, it can only increase its position passively.
Fortunately, Gu Junhao had designed a contingency plan in advance. Compared with his previous relatively easy private equity career, the pressure of managing a public offering for the first time was still quite high.
I just hope that as the heat gradually subsides, the subsequent subscription amount will enter a stable phase and will not explode suddenly again.
In the afternoon, the ChiNext continued to strengthen, and by the end of the trading session, heavyweight stocks such as the big financial sector and the two petrochemical giants also began to gain momentum.
The continuous pull-up has caused the three major indexes to show varying degrees of increase, leaving a golden needle bottoming out trend.
The Shanghai Composite Index achieved six consecutive daily gains, but today's increase was only 0.14% to 2901.39 points. The pressure at 2900 points is still very obvious.
Today, Junshi Investment established a position of 13,500 lots of Zhaoshang Bank, and the average transaction price was below 15.30 yuan. At the end of the trading day, Zhaoshang Bank closed at 15.96 yuan.
Yongcheng Bank and Zhongguo Ping An also rose to varying degrees. The three holdings made substantial profits today. Zhaoshang Bank made the largest profit, with a closing floating profit of 4.31%.
Zhongguo Ping An's floating profit also reached 3.64%. These three newly-built positions were almost all copied near today's bottom position, and almost fully reaped the profits from today's fluctuations.
After the market closed, the three traders looked at Gu Junhao with slightly different eyes, even though they had not guessed Mr. Gu's operating ideas in the past two days.
But for two consecutive trading days, yesterday's ChiNext surged, and Mr. Gu bought the new stocks with the highest increase at the opening, and today he made the most of the Shanghai Composite Index's golden needle bottoming out.
"Although I don't understand it, it feels really cool. Mr. Gu's operation ideas are really amazing!"
"It seems that what is said online is correct. Mr. Gu has a very good view of the overall situation of the market. He has grasped the hot spots in the past two days!"
