Cinda Aoyin’s new starting point was liquidated, and Feng Mingyuan, one of the 10 generals, withdrew significantly from the performance during the year. Cinda Aoyin Fund recently encountered double troubles.
Statistics show that the fund for this liquidation is managed by Vice President Wang Yonghui. The product was established in 2018. Since its establishment, it has been small in scale for a long time. The net profit in 2020 and the first half of 2021 was negative, and finally took the initiative to liquidate. In addition, the quantitative multi factor managed by the same fund manager and the high dividends in Shanghai, Hong Kong and Shenzhen also sounded the liquidation alarm.
At the same time, since the beginning of the year, Feng Mingyuan, the company’s ace fund manager, has failed to survive in the muddy market. There are many reasons for this, but the inconvenience of warehouse adjustment caused by the huge management scale of products under management is the main reason. According to the data, the total scale of new development funds and old funds he managed at the end of last year was about 45.853 billion yuan, and the number of products he managed reached 10. But since this year, the market style switching and the collective callback of track stocks will be a big test for Feng Mingyuan, who is good at growth stocks.
After Feng Mingyuan, the reporter examined the fund manager of the company’s active equity team. Whether Zou Yun, Zeng Guofu or Xingtao, who has just joined the company, his popularity and long-term performance can not be compared with Feng Mingyuan. It seems that he will continue to move forward with a heavy burden when he carries Xinda Aoyin on his own.
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new starting point long term Mini survival final liquidation
As of the closing on March 10, a total of 6 public offerings have been liquidated since March. Xinda Aoyin new starting point, which ended its operation on March 3, is the only active equity product to be liquidated this month. According to the relevant announcement of the voting results of the unit holders’ meeting, the shares of the fund before liquidation were 7.5677 million. Calculated according to the net value of 1.252 yuan closed on March 2, its scale was only about 9.4748 million yuan.
Data show that the fund has been in a mini survival state for a long time, and has also experienced many twists and turns. The product was issued in February 2018 and was established in May of the same year after the extension of the raising period, with only 210 million shares raised. Just after its establishment, it experienced a bear market in the second half of 2018, and the share of the fund rapidly decreased to less than 100 million. Until the end of the first quarter of 2019, the product had almost no stock positions.
After that, this idea basically continued. The net value growth rates of the fund in 2019, 2020 and 2021 were only 27.47%, 9.81% and – 12.29% respectively. Corresponding to these three years, the fund’s highest stock positions at the end of the quarter were only 37.45%, 9.47% and 28.96% respectively. It is worth noting that the fund doubled every year during the period, which also made the performance of the fund “submerged”. As a result, the fund scale fell rapidly from RMB 205 million at the end of 2019, and has been struggling under the liquidation line since the middle of 2020 until it took the initiative to liquidate.
The reporter found that in addition to position control, the performance of fund managers in stock timing is not satisfactory, especially in 2021. In the case of mini scale, the fund made a go of it, constantly chasing hot sectors and opening the “self rescue” mode, but the more it tried, the more it made mistakes.
At the end of the first quarter, the main positions were distributed in the medical care, optional consumption and new energy sectors with better performance earlier. Among them, Contemporary Amperex Technology Co.Limited(300750) and Ganfeng Lithium Co.Ltd(002460) were selected by the fund as “bull stocks” in 2020, but unfortunately, the fund manager did not hold heavy positions for a long time. Perhaps because the share price fell in the first quarter, it disappeared from the heavy positions in the second quarter. In the second quarter, fund managers replaced all heavy positions and invested in stocks in energy, industry, finance and other industries with better performance at the beginning of the quarter. However, due to the weak follow-up performance, the contribution to the net value of the fund is limited. In the first half of the year, the net value growth rate of the new starting point was -0.53%.
In the third quarter, after a new round of position adjustment, the net value of the fund even retreated by 8.97 percentage points. From the perspective of heavy position stocks in the third quarter, the new energy sector was favored again, and Tianqi Lithium Corporation(002466) , Ganfeng Lithium Co.Ltd(002460) , Guangzhou Tinci Materials Technology Co.Ltd(002709) and Sinoma Science & Technology Co.Ltd(002080) and other industrial chain related stocks were included in the heavy position list, with an increase of more than 30% in that quarter. In addition, other heavyweight stocks were also popular across the board in the quarter, contrary to their pullback net value.
The reporter learned that this may be due to buying at the end of the market. The fund is likely to adjust its position in new energy stocks in the second half of the third quarter. According to the wind lithium battery index, the market peak in the third quarter was in mid September. From mid September to the end of September, the sector went out of a unilateral downward trend, and the index fell by more than 10 points. In the fourth quarter, due to its small scale, the fund has cleared its stock position and made “preparatory actions” to deal with liquidation.
Wang Yonghui continues to step down as a “mini commander”
Feng Mingyuan keeps sending new “one drag ten”
From the perspective of the helmsman of the product, Wang Yonghui almost accompanied the whole process of the fund. After the establishment of the product in May 2018, he joined the management in June until the recent liquidation. It shows that Wang Yonghui is a veteran with more than 9 years of management experience, but he is very lack of management experience in active equity products: from 2011 to 2016, he worked in TEDA Manulife and Penghua successively, and the products managed at that time were passive finger base or QDII Xinda Aoyin’s new starting point is his “debut” of active equity funds.
From the perspective of investment style, high turnover rate is the primary feature of Wang Yonghui’s management of active equity products. In addition to the new starting point, transformation, innovation and leading growth are also the two active equity products he has managed. From 2020 to 2021, they are all managed by Wang Yonghui alone.
According to the position turnover rate index of wind data fund in the reporting period, the values of new starting point, transformation and innovation and leading growth in 2020 reached 197912%, 114300% and 803.70% respectively, and the turnover rates in the first half of 2021 were 505.11%, 378.28% and 435.22% respectively.
Generally speaking, the turnover rate of quantitative funds is generally high, but the turnover rate of new starting point is even higher than that of the quantitative pioneer managed by him. The turnover rate of the latter is 165918% in 2020 and 353.26% in the first half of 2021.
However, the high turnover rate does not bring high returns. In terms of the leading growth with better performance, the fund recorded a range return of 75.36% during its management period from December 2018 to December 2021, ranking 549th among 619 similar funds. At the end of 2021, he has left the post of leading growth and transformation innovation products.
Since then, he has mainly focused on quantitative fund management. In the management products, he has two quantitative funds: quantitative multi factor and quantitative pioneer, and a passive index base of Shanghai Hong Kong Shenzhen high dividend.
However, the scale of the three funds at the end of the fourth quarter of last year was relatively small, resulting in his personal management scale falling to 172 million yuan from 1.327 billion yuan at the end of the third quarter of last year.
The scale of Feng Minghui’s withdrawal is more than 458 million yuan, which is more than the short-term performance of Feng Minghui. As of the closing on March 10, his representative work, the new energy industry, has achieved a return of 320.4% since its management in October 2016, ranking first among 190 similar funds. The scale of the fund has been very fast in the past two years. Its scale is less than 3 billion yuan at the end of 2019, has exceeded 10 billion yuan by 2020 and reached 17.477 billion yuan by the end of 2021.
Naturally, the company also continued to issue new funds for him: in less than two years, he has managed five new funds, a total of 10 funds. In response, Wangjing Boge, a well-known financial blogger, told reporters: “star fund managers are very popular, and different channels will strongly invite them to issue products in this channel. Therefore, we see that many fund managers have a large number of management products, and they all belong to different channels.” For example, among Feng Mingyuan’s 10 products, they are hosted by 6 different banks such as Bank of China and Bank of communications.
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Under the trend of collective correction of track stocks, Feng Mingyuan’s products also suffered short-term pain. According to the reporter’s statistics, except for the new products established in January this year, 7 of the other 9 funds have reached the largest pullback in history in the statistical period of nearly three months.
So, once Feng Mingyuan’s golden signboard is temporarily hidden, which card can the company expect to play? From the perspective of active equity fund managers, Zeng Guofu and Zou Yun are relatively famous. The former invests in medicine and emerging industries, while the latter invests more in consumption. Of course, their burden is not light at present. At present, they are already “one drag 5” fund managers. In 2021, Zeng Guofu added three new products and Zou Yun added two.
Since the beginning of the year, various indexes in the secondary market have been significantly adjusted, and most of the products managed by the two fund managers have suffered a pullback of more than 15%, especially Cinda Aoyin Health China managed by Zeng Guofu. As of the closing on March 10, the net value pullback of the fund during the year has exceeded 18%.
In this regard, Well known analyst Chang Yu told reporters: “The investment department and sales department of the fund company have different assessment objectives, which leads to the contradiction between issuance and management. When the market trend is difficult to predict, the fund manager will also issue new products based on long-term promising areas. In this way, if the short-term valuation is as high as last year, the market of killing valuation will also damage the performance of the fund this year, Management becomes more difficult. “
In addition, the company also gained in the competition for industry rights and talents. The company introduced Xingtao, the star fund manager of HSBC Jinxin. Xingtao is mainly good at consumer investment. His joining can also narrow the strength gap between the company’s consumer funds and science and technology funds to a certain extent, but it remains to be seen how successful he can play in his new owner.
From the comparison of the scale of the company’s two major categories of products, the existence of Feng Mingyuan also leads to the serious bias of the product stock bond seesaw towards the equity side. According to the statistics of the reporter of red weekly, there were 33 equity funds of the company on December 31, with a total scale of 69.457 billion yuan; There are only eight fixed income funds, with a total scale of 16.263 billion yuan. The short board needs to catch up.
However, Wang Yi, a Jinzhang investment researcher under GESHANG, said: “the fund company will layout more product directions in order to meet the needs of more investors, but the best development idea is to gradually expand on the basis of characteristic products. The new direction of layout can be expanded only after the basic conditions such as the scope of investment research team and capability circle are met.”
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