On March 31st, the funds managed by “the first sister of the public offering” China-Europe Fund Gelan fully disclosed the 2021 annual report, and the hidden stocks and the latest opinions in its holdings were also released.

As of the end of 2021, the scale of public funds managed by Ge Lan officially exceeded 100 billion yuan, reaching 110.339 billion yuan, which also made it surpass Zhang Kun, deputy general manager of E Fund Fund , to become “the first sister of public offering”.

Central Europe Healthcare is the product with the longest management time of Gelan, and it is also the product with the largest scale under management. As of the end of 2021, the scale is 77.505 billion yuan.

The 2021 annual report shows that the holdings of CEIBS Medical and Health are basically stable, the ranking of the top 19 stocks with heavy holdings has slightly changed, and Tong Ren Tang, a century-old brand in the traditional Chinese medicine industry, has newly become the 20th heavy holding stocks. .

Specifically, as of the end of 2021, among the top ten heavyweight stocks in China-Europe Healthcare, the ones that have increased their holdings are: WuXi PharmaTech (603259.SH), AI Er Ophthalmology (300015.SZ), Asymchem (002821.SZ), Tigermed (300347.SZ), Kanglong Chemical (300759.SZ), Mindray Medical (300760.SZ), Tongce Medical (600763.SH) ); Pien Tze Huang (600436.SH) and Jiuzhou Pharmaceutical (603456.SH) became the new top ten heavyweight stocks.

However, since the fund’s top ten stocks with heavy holdings have been disclosed in the 2020 quarterly report, in the fund’s annual report, what is more worthy of attention is the fund manager’s Hidden stocks.

The 2021 annual report shows that the invisible heavyweight stocks ranked 11th to 20th in CEIBS include: Zhifei Bio (300122.SZ), Zhaoyan New Drug (603127 .SH), Hengrui Medicine (600276.SH), OPCOM (600276.SH), Changchun Hi-Tech (000661.SZ), Medicilon (688202.SH), Wuwu Bio (300357.SZ), Yaoshi Technology (300725.SZ), Puli Pharmaceutical (300725.SZ), and Tongrentang (600085.SH), the ratio of individual stocks to the fund’s net asset value is in the range of 1.33% to 2.34%. Affected by market fluctuations, the shares of CEIBS Healthcare A and C will drop by 6.55% and 7.30% respectively in 2021 (the benchmark return on performance is -5.68%). In the past three and five years, the The cumulative growth rate of the net value of fund A and C shares both exceeded 200%, significantly outperforming the performance benchmarks of 52.24% and 41.44%.

Looking back on the past, Gelan worked in CEIBS Medical. According to the health annual report, after the rapid rise in the past two years and the repeated disturbances of the new crown epidemic, the pharmaceutical and biological sector will experience greater fluctuations in 2021. In terms of fundamentals, the industry still maintains strong resilience. At the operational level, companies are Get out of the impact of the epidemic and gradually return to a basically normal state. At the same time, pay more attention to the scientific layout of R&D and the refinement of management, so as to lay the foundation for subsequent long-term growth. In terms of policy, the overall trend has continued to be stable and positive, guiding the industry to have a real The orientation of innovation, clinical value, and providing cost-effective products and services has not changed.

At the fund operation level, Glenn said, “We still strictly follow our investment The framework searches for sub-sectors with high mid- to long-term prosperity from the top down, and selects individual stocks from the bottom up. Focusing on the long-term prospects of core innovative drugs, innovative devices, innovative industrial chains, medical services and consumer medical care, etc. ”

At the same time, in this annual report, Gulen analyzed the industry development trend in more detail and reiterated his optimism for the innovative drug sector. She pointed out that innovation is The main driving force for the growth of the pharmaceutical and biological industry is also the core charm of the industry. There is still a long-term growth space for innovative drugs and innovative devices. Specifically at the company level, the trend of corporate transformation and innovation continues, and the number of clinical applications for innovative drugs New highs are achieved year by year. In terms of innovation quality, the overall R&D pipeline layout has become more rational in recent years, resources have been tilted towards differentiation, and even globally competitive innovative varieties have been born. With the gradual advancement of overseas clinical trials, it is expected that China’s innovative products will also Gradually entering the harvest period overseas. At the same time, domestic innovative drug service companies have gradually formed a globally competitive industrial cluster, reaching the world’s leading level in some sub-sectors, and the innovative industrial chain will remain in the next few years. High prosperity. In addition, with the rapid improvement of per capita income and cognitive level of Chinese residents, the demand for medical services and consumer medical care is still growing rapidly and has not been fully met, and the future space is still huge.

“In general, we are still optimistic about the medium and long-term investment opportunities in the pharmaceutical and biological sector, but short-term market fluctuations are unavoidable, and the Fund will continue to strive to create long-term investment returns for holders. ‘ wrote Glenn.

In January 2022, China Europe Fund issued an announcement saying that China Europe Fund and fund manager Ge Lan will purchase a total of 52 million yuan from China Europe Medical Health Fund and China Europe Medical Innovation Fund, and promise to hold it for more than three years. The relevant self-purchase has been completed.

On March 18, China Europe Fund announced again that it will use its own funds to purchase its partial stock funds and funds within 30 trading days. China Fund (FOF) has a total of 150 million yuan. After completing the above investment, the company’s self-purchased equity funds and FOF total amount will reach 260 million yuan this year.

China Europe Fund stated that it will continue to uphold the concept of long-term investment and value investment in the future, and strive to create long-term value for fund share holders.