Chapter 377: Junshi’s Second Customer in Trouble
It is the 31st of this month, Thursday. At the end of today, the Shanghai Composite Index closed at 3003.92 points, up 11.75% for the whole month.
In general, in the next few trading days, the adjustments of the index and individual stocks were relatively mild, not as drastic as expected. The overall feeling is okay.
The ChiNext Index still surged by 19.05% this month, closing at 2238.29 points on the 31st. It had a rare rebound in March, which boosted the popularity of the long-falling market.
On this trading day, another A-share listed company, Ganfeng Lithium, released its 2015 annual report, and Junshi Capital's Junshi No. 2 Fund once again appeared among the top ten shareholders.
Like Tianqi Liye, it still ranks eighth in the latest list of top ten circulating shareholders announced by Ganfeng Liye.
Both Tianqi Liye and Ganfeng Liye performed exceptionally well this month. Tianqi Liye closed at 167.80 yuan as of today, with its share price soaring 40.55% within the month, while Ganfeng Liye surged 42.81%, closing at 51.24 yuan.
Both stocks recovered the losses of the previous three months within one month. According to the published shareholding situation, Junshi's proprietary trading currently holds a total market value of Tianqi Liye of 755.1 million yuan.
The market value of Ganfengliye held by Junshi No. 2 is as high as 614.88 million yuan. Together with the 117 million yuan of Keheng shares, the total market value of the two exposed holdings has reached 731.88 million yuan.
In addition, Longji Green Energy Technology Co., Ltd. rose 19.45% this month, with its share price closing at 12.65 yuan, and Junshi's proprietary trading account held 417.45 million yuan.
The four support positions hold a total market value of 1.90443 billion yuan!
This makes everyone even more curious about the net value of Junshi No. 2 Fund which will be announced today; at the same time, they are also more curious about Gu Junhao's investment ideas this year.
At the beginning of the year, Gu Junhao accepted a media interview as the founder of a private equity company. His investments were mainly based on value investing, but the specific direction of value investing was not mentioned in the article.
Like Tianqi Liye, Junshi No. 2 ranks as the eighth largest circulating shareholder of Ganfeng Liye, and the three lithium-related stocks were all bottomed out in the first quarter, and the timing of intervention was very clever.
Both Tianqi Lithium and Ganfeng Lithium have been recognized by the market, and Gu Junhao of Keheng Holdings was able to accurately buy at the bottom, and the company was suspended after buying at the bottom. The acquisition was also related to lithium.
Four of the holdings appear in the list of major shareholders in circulation. Longji Green Energy Technology Co., Ltd. is in the photovoltaic field, and the other three are in the lithium-related industry chain. Does this mean that what Gu Junhao is eyeing this year is the new energy industry chain?
At the same time, the public is also curious about Junshi Price Investment's holdings. After today, it will be time for public funds to disclose their specific holdings. Before April 15, all public funds must disclose their first quarter holdings to the public.
In any case, by April 15 at the latest, we will be able to get a preliminary understanding of Gu Junhao's investment ideas this year through Junshi Price Investment's holdings.
At 5:30 in the evening, the market-focused Junshi No. 2 refreshed its net value on time. Compared with last month, it has indeed increased significantly. The overall scale has reached 6.812 billion yuan, and the net value has soared from 4.2693 last month to 4.8768 this month.
Although he already knew the net value in advance, Wang Ruoyu was still excited when he looked at the number at the top of the private equity rankings. Although it was the boss's credit, it was also his achievement since his first month in office.
In the first month after taking office, he witnessed a big rebound and his fund products achieved an overall growth of 14.22% within a month. Such a result was simply impossible for a rookie to achieve.
Wang Ruoyu's gratitude towards Gu Junhao became stronger and stronger. The boss had undoubtedly paved the way for him. How much development he could achieve in the future depended on himself.
"I have to work harder. With such good results at the beginning, if I can't make any progress, I will be letting down the boss." Wang Ruoyu thought secretly.
Over the past month, as the broader market rebounded, the overall scale of Junshi No. 2 has also soared steadily. Excluding the suspended Vanke A, Keheng Holdings and Gree, Maotai Liquor, which had the lowest monthly increase, had a 15.25% increase.
The sector with the largest increase is naturally Ganfeng Lithium, but if we talk about the sector with the best rebound this month, the liquor sector must have a place.
Take the five liquor stocks of Junshi No. 2 as an example. They have achieved an overall increase of more than 15% this month. The one with the highest increase is Gujin Gongjiu, which has performed well since its establishment, with an increase of 37.10% this month.
Among Junshi No. 2, the market value of Gujin Gongjiu's holdings is currently approaching 800 million yuan, making it the first liquor stock to break away from the cost zone of building a position.
As long as I follow the boss's ideas and work hard, Junshi No. 2 will have no worries about achieving results. If the company develops new funds in the future, I will have a very good resume when I take over the position.
"You are so popular, kid. If I had known this, I would have taken your position and become the manager!" Xu Jianqing looked at Wang Ruoyu with some envy.
Envy is real, and Xu Jianqing is naturally very happy to be in the limelight, but vying for the position of Junshi No. 2 Fund Manager is just a joke. Compared with Junshi No. 2, he prefers the company's proprietary trading, which has a high degree of freedom, especially the rice stocks at night.
Although Xu Jianqing no longer needs to participate in the night trading operations, every trading day, Xu Jianqing either comes to the company in person at night or watches the market at home, usually until about 11 o'clock in the evening.
On the night of the 23rd of this month, NVIDIA broke through the high point of the previous rebound at US$33.97. The stock price has now risen to US$35.76 at last night's closing. Compared with Junshi No. 2, the returns of the proprietary trading this month are also excellent.
Without calculating the profit and loss tonight, Junshi's three proprietary trading supported stocks this month, and the two A shares had a total floating profit of more than 286 million yuan this month, while Nvidia made a profit of 31.46 million US dollars.
The profit in RMB and US dollars is close to 500 million yuan this month. In terms of profit ratio, it is not worse than Junshi No. 2.
In Xu Jianqing's opinion, the outside world's speculation that the boss's net worth is at least 2 billion yuan is simply wrong. Without taking anything into account, the overall market value of Junshi's proprietary trading today has exceeded 2.8 billion yuan.
"These people still underestimate the boss. How did they calculate his net worth of 2 billion? Haha, I would say it's more than 5 billion." Xu Jianqing laughed and gossiped with Wang Ruoyu.
"How did you calculate your 5 billion?" Wang Ruoyu looked at Xu Jianqing in surprise.
"No need to calculate. Just based on the most basic facts, the market value of the proprietary trading account is over 2.8 billion. Is it too much to calculate the two funds, Junshi No. 2 and Junshi Value Investment, at 2.2 billion?"
"That's not too much. Junshi Investment's overall scale is now over 6.8 billion. If it can reach 10 billion, the boss can easily divide it up and it will be more than 2 billion, so there's no need to mention Junshi Investment."
"It's the boss who's doing it so covertly. He's making all these moves so that no one can tell which is the largest holding of Junshi No. 2 and Junshi's proprietary trading account, haha."
"Now the outside world is speculating that the boss has invested all in new energy, but I don't know what the holdings of Junshi Price Investment are."
"Needless to say, the boss will probably confuse the market. But no matter what, I don't have to worry about large-scale redemptions this month." Wang Ruoyu chuckled.
In fact, he had already eliminated this worry a week after taking over, but as a newcomer, he was always worried that people would not trust him, so he started large-scale redemptions at the end of this month when the market conditions were better.
But now, Wang Ruoyu is no longer worried about this problem. Redemption is your loss. Although the management fee will be lower, in the current market, how many private equity funds can maintain returns like Junshi No. 2?
The redemption channel is open today, but the subscription channel is not open. The next subscription will have to wait until the end of this year. It is not certain that a better private equity product can be found in these nine months.
"That's not necessarily true. Some people will only look at the small profits. Currently, the overall return of Product No. 2 has not reached more than 20%. Maybe some people redeemed it to save the 1% management fee."
"Then I have no control over it. Redemption is their loss. There is 1.5 billion in cash flow in the account at present, just to prevent this. It is enough anyway."
"Good luck! The future billionaire private equity tycoon. I'm going to eat first, and then I'll go home and take a nap!" Xu Jianqing patted Wang Ruoyu's shoulder carelessly.
"Do you think it's necessary? Your annual salary is almost a million, and you still eat the company's box lunches every day." Wang Ruoyu said with a smile.
"This has nothing to do with money. I just love the company. Besides, my parents are back, so I'll just eat fast food when I go back." Xu Jianqing said indifferently.
In fact, as Xu Jianqing said, after today's closing, the redemption channel was officially opened. Indeed, many customers had such plans before, hoping to lock in profits and at the same time, want to pay less management fees.
However, the net asset value rate of 4.8768 left them dumbfounded. A monthly yield of more than 15% obviously had great potential. Should they redeem it or not?
Normally, when a product is managed by a new fund manager, the new fund manager will have to adjust the portfolio and change stocks at the beginning. The uncertainty of the subsequent investment direction will always cause people to worry.
However, Manager Wang of Junshi No. 2 is still very young and not capable of taking charge on his own. He is obviously a shadow of Gu Junhao. Junshi No. 2 is still operating according to Gu Junhao's established policies.
If you redeem at this time, the management fee is only 2%, but the return is as high as over 16%. If it rises to over 20%, the management fee will be 3%.
The current investment environment is not good. It has been five months since the opening of subscription to now, and the yield of 15% is not small, but it is also obviously behind Gu Junhao during the bull market period.
What if the profits in the last few quarters of this year decrease, but the management rate still needs to be paid at 2%, wouldn’t it be a huge loss?
