Another fund manager issued an apology due to poor performance.

"We have worked hard to control the drawdown, but the entire core growth assets fluctuated greatly as expected, so we are deeply sorry that the entire fund has drawn back relatively large." On the evening of March 25, the star fund manager of Harvest Fund returned

Kai posted on the online platform that he was "deeply sorry" for the large retracement of the fund's net value caused by the market drop after the Spring Festival.

Gui Kai said in the article: “We have always been based on the long-term, and we don’t see the short-term things very clearly. Many companies including our holdings look at it from a longer-term perspective, so we are still very confident in extending the dimension.

" Regarding controlling drawdowns, Gui Kai believes that looking for the best companies, in most cases, the sharp decline in core growth assets just mentioned cannot be ruled out. Generally, there are still many cases where excellent companies exceed expectations.

Therefore, in most cases, the risk of retracement of excellent companies is relatively small.

Guikai said that in growth assets, the allocation does not tend to be inclined to a certain industry, so he hopes to work hard to broaden the circle of competence of growth assets, such as technology, consumption, medicine, and advanced manufacturing sectors, where there is long-term space for many core growth categories.

Assets are allocated in a relatively balanced manner, to a certain extent, and we hope to use this strategy to achieve the purpose of controlling drawdowns.

In addition, at the same time, Guikai also published three other short articles, expounding his views on how to make money for investors, the phenomenon of fund grouping, and personal investment style.

"'Fund grouping' is a result. The reason behind the grouping is that the company's business model, competitive advantages, and industry trends are recognized by most people in the market, so everyone will continue to choose to buy some good companies and good stocks.

The result of behavior." Gui Kai said that the phenomenon of "fund grouping" is not a bad thing, and there may still be certain investment opportunities after structural differentiation.

Public information shows that Gui Kai is a master’s student.

He once served as a researcher and investment manager at Guodu Securities Research Institute.

He joined Harvest Fund in May 2014 and served successively as the investment manager of the institutional investment department and the fund manager of the stock investment department. He is currently the investment director of the Harvest Growth Investment Strategy Group.

Wind data shows that Guikai currently has 9 fund products under management (Harvest Core Growth A/C shares are calculated separately), with a total scale of 57.1 billion yuan.

However, after the Spring Festival, many products have retraced more than 20%. Among them, Harvest Vision Select's two-year holding period, Harvest Rui and Harvest's two-year holding period have the highest retracement, both exceeding 22%; Harvest Emerging Industries, Harvest Taihe,

The retracements of Harvest Core Growth A/C and Harvest Leading Growth also exceeded 20%.

In terms of heavy holdings, according to statistics from Tiantian Fund Network, as of the end of 2020, the top three holdings of Guikai’s current fund are Mindray Medical (300760), Glodon (002410), and China Ceramics Materials (300285). The market values ??of the positions are respectively

3.8 billion yuan, 3.6 billion yuan and 3.4 billion yuan.

In fact, this is not the first case of a fund manager publicly apologizing this year.

After the Lunar New Year, the A-share market fluctuated sharply. Core asset stocks heavily held by institutions suffered heavy losses, and the net values ??of many fund products with heavy holdings on such stocks fell sharply.

"We are deeply disturbed" and "we hope everyone will give us some time"... Late at night on March 4, Hui'an Fund urgently issued a 740-word "Letter of Apology" due to the sharp retracement of the new fund's net value.

The apology letter stated: "Based on the optimism about the long-term track and the judgment of short-term liquidity, we made a firm investment layout. However, during the Spring Festival, the price of resource products rose, which led to the rise of inflation expectations, the spread of panic, and the sudden increase in market volatility.

As a result, the net value has also experienced a large retracement." Hui'an Fund said that despite the sharp retracement of the fund, it still firmly believes that many long-term tracks and assets have fallen to better prices, and begged investors to give it some more time.

The net value of the fund fell from the initial 1 yuan to 0.8244 yuan, and it only took 12 trading days for the Hui'an Balanced Advantage Hybrid Fund.

In its letter of apology, Hui'an Fund also reiterated that amid violent market fluctuations, long-term tracks and assets such as new energy, photovoltaics, and military industry have begun to fall at better prices.

We must adhere to long-termism, adhere to the long-term track without drifting, resolutely focus on China, and implore everyone to give us a little more time.