Chapter 378: Your Lie in April
Some people are worried, while others are at ease, especially the first batch of funds that entered the market. They are even more pleased to see the sharp increase in the returns of Junshi No. 2.
In fact, it is easy to understand. After all, billions of funds for building positions are different from tens of millions or hundreds of millions of funds. How can you see results so quickly? The newly issued public funds have to have a closed period of three months for building positions.
After figuring this out, everyone felt relieved. Even if it is currently a bear market and no better fund can be found, if Junshi No. 2 is still following Gu Junhao's operating ideas, then just sit back and do nothing.
However, there are still many customers who will decide to redeem. What Xu Jianqing said is the general psychology of many investors. Whether buying funds or stocks, those who follow them for a long time will not get the final result.
Many times, it is those who keep a calm mind after buying and don't pay much attention who will eventually get it in the end. The reason is nothing more than the fear of gain and loss.
On Friday, April 1st, the second quarter market officially began.
If we were to discuss which month is the most dangerous for A-shares, in Gu Junhao's opinion, April must be the most dangerous month; with the policy adjustments after the two sessions and the thundering annual and quarterly reports, all stocks that have risen too high in the first quarter need to be adjusted.
These are all very unfavorable to the market trend in April. In his previous life, many times in April, Gu Junhao's positions were very light, just for fear of accidentally stepping on a landmine.
It was not until the end of April, when most of the bombs had exploded, that Gu Junhao dared to take positions.
The increase in March was good, but it was the Year of the Monkey and the market was wild. Gu Junhao knew that this ups and downs in the market would continue throughout the year, or that the Shanghai and Shenzhen stock markets that did not adjust in March would have to wait until April to adjust.
However, this is also a good thing. Junshi Price Investment can adjust its portfolio and exchange stocks to realize the shifting of positions. Although the stock market fluctuates, the overall risk is not much.
There is another large amount of funds accounted for today. Affected by the frequent attention over the weekend, Junshi Price Investment has ushered in a small peak in subscription since its resumption of trading, and the subscription funds have increased significantly compared with the previous trading days.
However, the power of fans will eventually be exhausted. Although it is a small peak, the single-day revenue has no longer exceeded 100 million yuan. However, as of today, the overall scale of Junshi Price Investment has reached nearly 1 billion yuan.
A public fund with a scale of 1 billion is no longer considered a small fund. Liu Tingting and several traders are quite excited, especially Liu Mengmeng, who becomes a trader for the first time and is able to access larger-scale fund products.
Looking at the four people who were in high spirits, Gu Junhao did not say anything to dampen morale. Just apply for the subscription. Currently, most of the heavyweight stocks are a few banks. Even in a down cycle, when the market is not good, the decline will not be large.
Judging from the overall market conditions this year, the probability of a stock market crash is not high. At most, it will be a lifeless adjustment. Even if the funds reach a certain scale, Junshi Price Investment should be able to survive.
In the morning session, the Shanghai Composite Index opened slightly lower, breaking through 3,000 points, and then began a volatile adjustment. The index went lower and lower. By the time of midday close, the Shanghai Composite Index had fallen by more than 1.5%.
During this process, Gu Junhao also asked several traders to increase their holdings in batches to the five heavyweight stocks , including the first batch of eight new stocks, Wan'an Technology and Dingtai New Materials.
The positions of these stocks have all met Gu Junhao's setting pattern for the positions and reached the set full position status. The eight new stocks still have a total holding cost of 160 million yuan.
As for Wan'an Technology and Dingtai New Materials, the holdings of these two stocks are slightly larger. The holding cost of Wan'an Technology is about 60 million yuan, the cost is about 15 yuan, and the holding is 40,000 lots.
Wan'an Technology, which is currently hyping the concept of driverless cars, is still like in the past, with hot money from Ningbo and Hangzhou taking turns to push up the stock price. Since its launch on March 17, the stock price has risen to the current 23.92 yuan.
The reason why the holding cost is so high is obviously that T was done during the trading session. Wan'an Technology has been quite active recently. After increasing the position to a certain level in the early stage, Gu Junhao would certainly not remain indifferent, and it is normal to participate in the T.
As for Dingtai New Materials, the current shareholding is 23,000 lots. The cost of this stock is unaffordable. The recent trend has been upward, and it is obviously in an abnormal stage. In addition, the daily trading volume is not large. Gu Junhao dare not do T and can only buy.
These 23,000 positions were gradually added over several consecutive trading days since the resumption of trading. In the following trading days, Gu Junhao asked traders to maintain a daily purchase volume of several million yuan, with a cost as high as 25.2 yuan, totaling nearly 58 million yuan in funds.
At the close of today's midday trading, the share price of Dingtai New Materials was 27.05 yuan, down 2.28% on the day. Since the end of January this year, Dingtai New Materials has risen from around 18 yuan to around 27 yuan now, and the increase is also around 50%.
In the past two months of trading, Dingtai New Materials has had many small positive lines, but very few days of big increases. Except for the increases of more than 7% on January 29 and February 2, the other increases did not exceed 4%.
Over the past two months, the declines and corrections in the past few trading days have been unusually fierce. Each time, the trend seemed to be breaking, and then it would be pulled up in a few trading days. This is a very obvious trend of accumulation of funds.
If it were not for the memory of the past life, such an extremely low-key stock would be difficult to be noticed by people. In fact, in today's market, Dingtai New Materials has received very little attention, its performance is average, the company's fundamentals are very poor, the increase is not attractive enough, and its activity level is also at the bottom of the market.
Who could have thought that such a stock would soar to the sky? In his previous life, Gu Junhao remembered that Longtou Express's backdoor listing was very low-key. When Dingtai New Materials announced its annual report, the number of shareholders was less than 7,000.
With a capital stock of nearly 120 million, the total number of shareholders at the time of the backdoor listing was less than 7,000, with each person holding nearly 20,000 shares on average. Of these, 42.9% of the capital stock was collectively held by the actual controller. It is conceivable how few retail investors were able to get a piece of this big piece of meat.
However, it does not include Huijin. I remember that Huijin appeared in the list of its top ten circulating shareholders in my previous life. I don’t know how they chose this company at that time. This company did not meet the prerequisites for rescuing the market at all at that time.
According to the shares Gu Junhao has purchased so far, it has reached 1.92% of its total share capital. Perhaps this time, compared with the previous life, more leeks should be washed out, and the total number of shareholders may even be smaller.
Of course, it is also possible that the holdings of other shareholders will further decline, especially those funds that announced their third quarter reports. Due to position considerations, the probability of fund exit will be greater.
Judging from the third quarter report last year, Huijin entered the market in the third quarter , which was the time of the stock market crash, and should be in a trapped state now. This also meets the prerequisite that Huijin was still among the top ten shareholders after the completion of the backdoor listing in the previous life.
After several rounds of stock market crashes, the national team was trapped in many stocks. However, generally speaking, when trapped, the national team will not do anything. Instead, those that are profitable will gradually withdraw.
In the afternoon, the Shanghai Composite Index stopped falling and rebounded. Weighty sectors such as banks, nonferrous metals, and coal played a role in protecting the market. The index continued to rise, and the Shanghai Composite Index emerged from a deep V market.
"Oh, it's time to pull coal again. It seems that the rebound will not be too high." Looking at the rise in coal and steel prices, Gu Junhao also knew that the good days would eventually come to an end.
"Yes, every time we pull up sectors like coal and steel, it means that there is no more room for growth, and the market is basically coming to an end." Liu Tingting also responded.
"This month is a test for us. After get off work, please inform the public relations department to stop promoting Junshi Value Investment. There is no need to waste money anymore."
"Okay, no problem, but when will we announce our first quarter holdings?"
"Let's postpone it until after the market closes on April 15. We have reasons to postpone it until then. We've just taken over the fund, so we're quite busy."
Then, Gu Junhao continued, "Starting from tomorrow until April 15, when the index begins to adjust, start to slowly reduce your holdings in new stocks and Wan'an Technology, especially Wan'an Technology, whose stock price has risen significantly. This wave will probably be cleared at around 28 yuan."
As for why it is around 28 yuan, of course it is a number in memory. In his previous life, Gu Junhao remembered that the stock price of Wan'an Technology in this round was only around 30 yuan, and the second round stock price went to around 34 yuan, and then it was brought down by the actual controller's announcement of a high-level reduction in reserve requirement ratio and shareholding.
Since then, the stock price has never recovered.
One of the actual controllers of Wan'an Technology, the company's shareholder and director reduced his shareholdings quickly, accurately and ruthlessly, reducing his share price from around 27 yuan to 4.99% through block transactions at one time.
Since he is no longer a shareholder holding more than 5% of the shares, there is no need to issue an announcement for subsequent share reductions. As for being a company executive, that is easy. He just needs to resign. The cashed-out money is enough to support several generations.
In his past and present lives, he has been engaged in stock trading for many years. There are not many changes or reductions in holdings by major shareholders that can leave an impression on Gu Junhao, but he was deeply impressed by the reduction of holdings by Wan'an Technology.
Selling stocks also has a sequence of comings and goings, and it is impossible to sell all of them at once. If you do that, the position will drop too obviously, which is not conducive to the sustainability of building a position. In fact, Junshi Price Investment could have started building a position in liquor stocks in April.
However, Gu Junhao still has some concerns about the adjustment of the broader market. Moreover, the overall increase in liquor stocks in March was also relatively large, so Gu Junhao is not so eager to build a position.
In this round of building a position, it is expected to buy ten liquor stocks, covering domestic first- and second-tier brands. These targets have been handed over to Liu Tingting for analysis. The specific time to build a position will depend on the specific situation.
After the market closed, Gu Junhao went to Junshi No. 2 to take a look. Junshi No. 2 officially opened the redemption channel after the market closed yesterday, and Gu Junhao wanted to know the specific redemption situation.
When they arrived at the private equity trading room, Wang Ruoyu and others were having today's after-market meeting. Xu Jianqing was also listening and expressing his opinions. When they saw Gu Junhao come in, they all stood up.
Unlike the period when Gu Junhao was in charge of Junshi No. 2, when he worked for three days and rested for two days, and sometimes he didn't come for several days, and after-market meetings were naturally intermittent, Wang Ruoyu still attached great importance to after-market meetings.
Don’t think that you can sit back and relax once you’ve chosen a target. Whether the stock price goes up or down depends only on the fund manager’s ability. He or she needs to formulate specific trading strategies based on the market conditions, which will seriously affect personal performance.
"No need, you guys chat about your things, I'm here to see how the redemption is going. Ruoyu, come here." Gu Junhao said with a smile.
Upon hearing this, Wang Ruoyu paused his subordinates' work and let everyone play freely and review the situation. He then walked to the sofa where Gu Junhao was.
After Wang Ruoyu sat down, Gu Junhao asked with a smile, "Manager Wang, how have you been this month? Are you adapting well? Did you brag about your performance yesterday?"
"Boss, please stop joking with me. I don't have any achievements to speak of. It's okay if I can adapt. It's been more than a month, so I should have adapted by now." Wang Ruoyu said with a wry smile.
"Well, just adapt to it, take it slow, and proceed step by step. Through this fund, you can accumulate a certain performance record and personal connections, which will be helpful for your future work environment. You don't have to spend every day in the trading room." Gu Junhao nodded.
Although Gu Junhao has hardly appeared at Junshi No. 2 in the past month, his attention to this place has not diminished. Naturally, he knows that Wang Ruoyu spends almost every day in the trading room.
"Okay, I got it. But it's still a little early to build up my network. No one believes me. Every time I deal with some customers of Junshi No. 2, everyone mentions the boss more often." Wang Ruoyu nodded.
"That's for sure. Our first fund was also very difficult. I had to accompany customers drinking to attract them. Once you have achieved results, people will naturally trust you. You won't be able to see the results in the first month, but you will be able to do so over time."
"Okay, I get it. Thank you, boss. But boss, you should let me build my own network now. Aren't you afraid that I will change my mind?" Wang Ruoyu, who had relaxed, also joked.
"Why have you changed your mind? If you are determined to start your own business and make achievements, that will definitely be a good thing. Who doesn't want to make progress? I will definitely invest in you then." Gu Junhao said indifferently.
"What if I change jobs?" Wang Ruoyu said with a smile again.
"Haha, I'm not being modest when I say that in the entire fund circle, no matter where you jump to, you won't have such good development space as in Junshi Capital. With your current qualifications, you'd be lucky if you could get an assistant like Tingting if you jump to Lian's company." Gu Junhao laughed.
Since Wang Ruoyu could bring up this topic face to face, he definitely didn't have such thoughts. Both Wang Ruoyu himself and Gu Junhao knew this, which showed that he hadn't gotten carried away. Of course, it would be hard to say after a long time.
But, so what? Gu Junhao was opening a company and looking for employees, not marrying a wife. It was normal for his employees to have other considerations. As long as it did not harm the interests of the company, it was nothing to worry about.
"Hey, let's not talk about this. Boss, you want to know about the redemption situation. From yesterday to today's close, there are indeed quite a few people who redeemed, but the overall funds have not changed much. They are all redeemed by small customers."
"Well, how much was redeemed exactly?" Gu Junhao nodded.
"About 150 million, the exact number is still changing, and I haven't calculated it yet. I'll calculate it and give it to you after the seven-day redemption period is over."
"Well, okay. 150 million is not a lot. It seems that everyone's emotions are relatively stable. The reluctance to sell is still quite obvious. It should gradually decrease in the next few days."
"I think so too. The first day is usually the peak period. I estimate the total redemption volume to be around 500 million. The fund size has not changed much."
The big investors are smart. There are not many good opportunities to make money in the secondary market at present, and the money they have in the primary market is not enough. They may even be cheated.
What to do after selling it? You might end up losing money again. If you sell it, you will have to wait until the end of the year to have a chance to get out again.
Even if the funds are transferred to Junshi Value Investment, which is operated by Gu Junhao himself, an account can only buy a maximum of 2 million yuan, and the daily limit is 100,000 yuan. Once the redemption amount is used up, the opportunity will be gone.
"Well, that's it. There's nothing else to do. I won't interfere with the specific operations. Just pay attention to it. I'm leaving first."
He came and left quickly. Gu Junhao sat in the trading room for less than 20 minutes in total. He left in a hurry and returned to his office. After briefly handling some official business, he left the company.
At 7:30 in the evening, Gu Junhao, who had already finished dinner, was walking hand in hand with Zhang Yiru on the street; at this moment, the cell phone in his pocket rang.
He took out his phone and saw that it was Liu Tingting calling. Is there something urgent that made her call so late? Gu Junhao pressed the hands-free button with some doubt.
Apple phones are just this kind of garbage, the call quality is terrible, and it's really hard to hear clearly without headphones or the speakerphone mode, especially on the street.
As soon as the call started, Liu Tingting's voice came from the microphone: "Boss, Dingtai New Materials announced that it has suspended trading."
Hearing this, Gu Junhao was stunned. He finally came! But he didn't expect it to be today. This date was really interesting.
If Gu Junhao didn't know that Liu Tingting would never joke about work, he would have definitely treated him as an April Fool's joke.
"Oh, okay, I got it. We just need to do it at the normal pace." Gu Junhao said calmly.
Without reading the announcement, Gu Junhao knew the specific reason for the suspension.
"What's wrong? Are you busy at work? Why don't we go back?" Zhang Yiru, who was beside her, also recognized Liu Tingting's voice, so she spoke up.
"No, it's no big deal. It's just that one of my holdings has been suspended. I have already suspended trading in several of them." After hanging up the phone, Gu Junhao said with a smile.
The stock has been suspended, and Zhang Yiru doesn't trade stocks. Besides, Junshi Value Investment's fund holdings will be announced in two weeks at most, so this is not a big news.
"Okay then, let's go to the kebab shop in front and buy two skewers of lamb and eat them while walking!" After hearing what Gu Junhao said, Zhang Yiru no longer cared.
"I can't eat. I haven't digested dinner yet!" Gu Junhao said with some distress. Every time they passed by the XJ kebab shop, Zhang Yiru liked to buy a skewer of lamb and eat while walking.
Although the boss was very enthusiastic and didn't care how much you bought, it was still a bit embarrassing to buy just one skewer, so Gu Junhao would always buy one for himself.
At least two look better than one, which is a kind of psychological comfort.
"Then buy a bunch and I'll eat it. Let's go!"
"All right!"
