In the first quarter of 2022, with the great shock of the stock market, the scale of star fund managers generally shrank.
Zhang Kun’s management scale has shrunk by 17 billion yuan and Ge Lan’s management scale has shrunk by 14.2 billion yuan. Since then, there have been no 100 billion equity fund managers in the market.
According to the data of Tianxiang investment consulting, the top 100 partial equity fund managers managed by the end of last year saw an average decrease of 5.768 billion in the management scale in the first quarter of this year.
At the same time, the management scale of a small number of star fund managers rose against the market, such as Qiu Dongrong, Lin Yingrui, Du Yang, etc. some were performance blessing, and some were incremental brought by new funds.
According to the statistics of 21st Century Capital Research Institute, after the sharp decline of fund scale in the first quarter, there are only seven active equity star fund managers with a management scale of more than 50 billion, and the ranking is rearranged as follows:
Ge Lan 96.149 billion yuan, Zhang Kun 84.927 billion yuan, Xie Zhiyu 76.337 billion yuan, Liu Yanchun 74.835 billion yuan, Zhou Weiwen 69.546 billion yuan, Liu Gesong 61.631 billion yuan and Hu Xinwei 52.229 billion yuan.
“top flow” fund manager scale change
Looking back on the hot period of the fund, everything seemed like an afterlife.
In the fourth quarter of 2020, Zhang Kun became the first 100 billion fund manager; Subsequently, in the first quarter of 2021, Liu Yanchun’s management scale also crossed the 100 billion mark; At the end of 2021, Ge Lan also broke through 100 billion in scale under the persistence of investors’ “falling and buying”.
However, after the market shock in the first quarter of this year, everything has become a thing of the past.
By the end of the first quarter of 2022, Zhang Kun’s management scale has shrunk by 17 billion yuan, Ge Lan’s management scale has shrunk by 14.2 billion yuan, Liu Yanchun’s management scale has shrunk by 23 billion yuan, and their management scale has fallen below 100 billion yuan.
Today, there are no equity fund managers exceeding 100 billion in the market, and the management scale of active equity star fund managers generally shrunk in the first quarter. The list of large shrinkage in management scale can also be listed in a long list:
Xie Zhiyu’s management scale of Societe Generale Global Fund has shrunk by 20 billion yuan; Zhou Weiwen’s management scale of China Europe Fund has shrunk by 22.9 billion yuan; The management scale of GF Liu Gesong has shrunk by 15.7 billion yuan; Hu Xinwei’s management scale of huitianfu fund has shrunk by 17.1 billion yuan, and Lao Jie’s management scale of huitianfu fund has shrunk by 8.3 billion yuan; Xiao Nan’s management scale of e-fund has shrunk by 11.2 billion yuan, Feng Bo’s management scale of e-fund has shrunk by 11.8 billion yuan, and Chen Hao’s scale of e-fund has shrunk by 9.8 billion yuan; The management scale of Wells Fargo fund Zhu Shaoxing has shrunk by 7.1 billion yuan; The scale of open-source fund managed by Cui Chenlong has shrunk by 7.7 billion yuan; The management scale of Harvest Fund owned by Kai has shrunk by 9.3 billion yuan; The management scale of Ruiyuan fund Fu Pengbo has shrunk by 8.5 billion yuan.
At the end of last year, the top 100 partial equity fund managers with management scale shrank by an average of 5.768 billion in the first quarter of this year.
However, there were also a number of equity star fund managers whose management scale shrank below the average level in the first quarter.
According to the data of 21st Century Capital Research Institute, the management scale of Cinda Aoyin fund Feng Mingyuan has shrunk by 2.9 billion yuan, and that of noan fund Cai Songsong has shrunk by 3.5 billion yuan; The scale of ICBC Credit Suisse fund Zhao Bei has shrunk by 4.3 billion yuan; The management scale of Yinhua Fund Li Xiaoxing has shrunk by 4.3 billion yuan; Harvest Fund Tan Li’s scale has shrunk by 3.7 billion yuan.
However, a small number of equity star fund managers rose instead of falling in the first quarter.
For example, the management scale of Zhonggeng fund Qiu Dongrong increased by 2.9 billion yuan; The management scale of HSBC Jinxin fund Lu Bin increased by 1.1 billion yuan; The management scale of Dacheng Fund Hanchuang increased by 600 million yuan; The management scale of GF Tang Xiaobin increased by 500 million yuan; The management scale of ICBC Credit Suisse fund Du Yang increased by 10 billion yuan; He Shuai’s management scale of BOCOM Schroeder fund increased by 2.2 billion yuan; The scale of Lin Yingrui of GF increased by 4.6 billion yuan; The management scale of Wang Bin of Hua’an fund increased by 488 million yuan
21st Century Capital Research Institute believes that there are two common characteristics of star fund managers with “scale resistance” in the first quarter: first, excellent performance last year; Second, most of them set up new funds this year. For example, Lu Bin’s HSBC Jinxin research selection was established in January, with the latest scale of 4.8 billion yuan; Hanchuang’s Dacheng Juyou growth was established in January, with the latest scale of 3.4 billion yuan; Tang Xiaobin’s Guangfa Ruiyu was founded in January, with the latest scale of 3.9 billion yuan; Duyang’s ICBC Credit Suisse new energy vehicle was established in January, with the latest scale of 9.9 billion yuan
Qiu Dongrong is a rare exception. There is no new fund this year, but the scale has increased against the market. The reason is its excellent performance in the first quarter of this year. For example, the one-year holding income of Zhonggeng value quality is 6.98%, and the income of Zhonggeng value pilot is 5.03%, which leads to a surge of funds.
It is worth noting that the performance of equity funds is poor this year, and the new funds have also entered the freezing period. On both sides, the “anti falling” fixed income and “fixed income +” funds are popular at this time. For example, the management model of star fund managers such as Hou Jie of China Merchants Fund and Liu Mingyu of Huaxia Fund increased from 47.12 billion to 58.217 billion and 45.608 billion to 55.975 billion respectively in the first quarter of 2022.
“This is mainly due to the fact that in the case of poor A-share market, the net value of their main bond strategy fund is stable and there are more net subscription shares.” Tianxiang investment adviser thinks.
For the reasons for the general decline of the management scale of star fund managers in the first quarter of this year, Tianxiang investment consulting Fund Evaluation Center analyzed that generally, there are two main factors affecting the management scale. One is the income of the management fund. When the fund share remains unchanged, the income of the fund is regular, and the scale of the fund will increase with the increase of the net value, and vice versa; The second is the fund change of the management fund. The newly established fund manager, the newly taken over fund and the net subscription of the fund will increase the management scale. On the contrary, such as dismissal, liquidation and net redemption of the fund will reduce the management scale.
In the first quarter of this year, the most important reason affecting the management scale of star fund managers was the market systemic risk. From the first quarter of 2022, the Shanghai stock index fell 10.65%, the gem index fell 19.96% and the stock fund index fell 14.48%.
“Most equity funds with high positions show a decline in net worth, which makes the scale of the fund decline passively.” Tianxiang investment adviser pointed out that due to the large decline in the market in the first quarter, the total scale of non monetary funds decreased by 1.03 trillion yuan compared with the end of last year.
Behind the shrinking scale of Zhang Kun and Ge Lan
As the “wind vane” of the market, the management scale of “top” star fund managers Zhang Kun and Ge Lan shrunk greatly in the first quarter, becoming a microcosm of the market.
Zhang Kun’s management scale decreased from 101935 billion yuan at the beginning of the year to 84.927 billion yuan at the end of the first quarter, a decrease of 17.008 billion yuan or 16.69%.
Ge Lan’s management scale decreased from 110339 billion yuan at the beginning of the year to 96.149 billion yuan at the end of the first quarter, a decrease of 14.190 billion yuan or 12.86%.
Tianxiang investment adviser pointed out that the share of products managed by Zhang Kun and Ge Lan did not decrease significantly in the first quarter, and their fund scale decreased greatly, mainly due to the passive reduction of fund scale caused by the decline of net value.
21st Century Capital Research Institute checked the quarterly data of star fund managers and found that their net redemption shares were small, and many of them accounted for a negligible proportion. Even some star funds made net subscription in the first quarter, such as Xie Zhiyu’s Xingquan Herun’s net subscription of 607 million in the first quarter and GE LAN’s China Europe medical and health a’s net subscription of 655 million in the first quarter.
The funds managed by star fund managers such as Liu Yanchun, Xie Zhiyu, Zhou Weiwen, Liu Gesong, Hu Xinwei, Li Xiaoxing, Xiao Nan, Feng Mingyuan, Yang Ruiwen, Feng Bo and Cui Chenlong did not have a large net redemption in the first quarter.
Taking Zhang Kun as an example, only one of the four funds managed by Zhang Kun was redeemed in the first quarter, accounting for less than 0.3%; Another one remains unchanged and two are net subscription. From these data, Jimin is still firmly following Zhang Kun.
Taking its representative fund e fund blue chip select fund as an example, the fund had net redemption in the first quarter, with a total decrease of 70 million copies, with a decrease ratio of only 0.27%.
Although the redemption scale of the blue chip fund fell by 2.63 billion yuan from the end of last year, accounting for only 2.62% of the total, the share price of the blue chip fund fell by 2.76 billion yuan, a sharp drop from the scale of the blue chip fund at the end of last year.
Yi Fangda high-quality enterprise managed by Zhang Kun is still in the closed period for three years, and the fund share remains unchanged. The e Fund Asia select fund and e fund high-quality select fund managed by Zhang Kun went against the market in the first quarter, with 564 million and 49 million net subscriptions respectively.
In contrast, the scale change is asymmetric. In the first quarter, the scale of e Fund Asia selection fund increased by only 273 million yuan, while the scale of e fund high-quality selection fund even decreased by 3.117 billion yuan.
Overall, the performance of the fund managed by Zhang Kun in the first quarter was not ideal. Only e Fund Asia selected fund has a slightly higher return than the performance benchmark.
Specifically, the growth rate of share net value of e fund blue chip selection in the first quarter was – 18.04%, and the benchmark yield of performance comparison in the same period was – 10.13%; The growth rate of share net worth of e-fonda high-quality enterprises in three years was – 18.28%, and the benchmark return on performance in the same period was – 10.13%; The share net value growth rate of e fund’s high-quality selection was – 17.06%, and the benchmark return on performance in the same period was – 10.27%; The growth rate of share net value of e Fund Asia selection was – 6.61%, and the benchmark yield of performance comparison in the same period was – 8.45%.
Based on the above first quarter earnings and net redemption application, the total scale of Zhang Kun’s management in the first quarter decreased by 17 billion yuan, mainly not due to the redemption of Jimin, but due to the sharp decline in the stock price of the fund’s heavy position.
Zhang Kun and Qiu Dongrong’s two responses
In fact, the scale change of star fund managers has a great relationship with their investment style and position adjustment direction when they deal with the big shock in the first quarter.
Star fund managers responded in different ways in the first quarter. Below, we will take Zhang Kun, whose scale shrank sharply in the first quarter, and Qiu Dongrong, whose scale rose sharply against the market, as examples.
They represent different styles. Zhang Kun is the representative of value growth, similar to the style of Warren Buffett; Qiu Dongrong is a representative of the value school, which is closer to Graham’s style.
From 2021 to the first quarter of 2022, Zhang Kun’s fund income was not very good, and Qiu Dongrong performed very well at this time; On the contrary, Qiu Dongrong performed poorly at Zhang Kun’s highlights in 2019 and 2020.
Of course, their short-term performance does not represent future performance.
Overall, Zhang Kun continued to maintain a high position operation in the first quarter, and the equity asset positions of the four funds exceeded 92%, with only slight changes compared with the positions at the end of last year.
Taking the blue chip selection of e fund, the largest fund managed by Zhang Kun, as an example, the scale of the fund at the end of the first quarter was 55.272 billion yuan, a decrease of 12.351 billion yuan, or 18.26%, compared with 67.623 billion yuan at the beginning of the year.
At the end of the first quarter, the stock position of the fund accounted for 93.41% of the total assets of the fund, Hong Kong stocks accounted for 25.81% of the net value of the fund, and the top ten heavy positions accounted for 87.42% of the net value of the fund. The shareholding concentration is very high.
The top ten heavyweight stocks selected by e fund blue chip are mainly concentrated in food and beverage stocks Kweichow Moutai Co.Ltd(600519) , Luzhou Laojiao Co.Ltd(000568) , Wuliangye Yibin Co.Ltd(000858) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) , financial stocks China Merchants Bank Co.Ltd(600036) , HKEx, and technology Internet stocks Tencent holdings, meituan, Hangzhou Hikvision Digital Technology Co.Ltd(002415) .
Zhang Kun said in the first quarterly report that e fund blue chip selection adjusted the structure in the first quarter, increased the allocation of science and technology and other industries, and reduced the allocation of Finance and other industries.
Overall, Zhang Kun’s position turnover rate is very low, which was only twice that in 2021 (the average position turnover rate of partial stock funds was about 2.4 times last year).
According to the analysis of the top ten heavyweight stocks selected by e fund blue chip, Zhang Kun mainly increased his holdings of meituan-w by 32.53%; Reduce the allocation of Ping An Bank Co.Ltd(000001) and withdraw from the top ten heavyweight stocks.
The position adjustment direction of Zhang Kun’s e-fangda high-quality enterprise fund is also the same.
Slightly different is the other two QDII funds managed by Zhang Kun. 21st Century Capital Research Institute found that in the first quarterly position selected by e Fund Asia, it increased the allocation of energy, medical and other industries and reduced the allocation of real estate and other industries; In e fund’s position in the first quarterly report of high-quality selection, the allocation of pharmaceutical, science and technology and other industries has been increased, while the allocation of financial and other industries has been reduced.
On the whole, bubble mart, a trendy toy stock, increased its holdings by 87.50% compared with the end of last year, and CNOOC, an energy stock, increased its holdings by 12.12%. Two new stocks entered the top ten heavy positions of e Fund Asia select fund.
It is worth mentioning that Zhang Kun mentioned increasing the allocation of the medical industry in the first quarterly report of e-fund Asia selection and e-fund high-quality selection, but only in terms of the top ten heavy positions of the two funds, there are no medical stocks, which may be “invisible heavy positions”. Despite the increase, the allocation position at the end of the first quarter is not heavy.
At the end of last year, Zhang Kun just “cleared” his holdings of some pharmaceutical stocks with “invisible heavy positions”. Among e fund blue chip selected funds, including Aier Eye Hospital Group Co.Ltd(300015) , Beijing Tiantan Biological Products Corporation Limited(600161) , Topchoice Medical Co.Inc(600763) , Jinxin biology, their positions decreased by more than 90% compared with the middle of last year, but their positions in Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) .
In fact, Zhang Kun’s attitude towards medical stocks deserves attention. It is possible that the valuation of the medical industry has fallen into the area he believes can be allocated, which can be seen in this year’s midterm report.
In addition, among the two QDII funds, Zhang Kun reduced his holdings of China Merchants Bank Co.Ltd(600036) (Hong Kong shares) and Postal Savings Bank Of China Co.Ltd(601658) (Hong Kong shares) in real estate stocks, China Overseas Development and financial stocks.
This is contrary to Qiu Dongrong’s operation. Qiu Dongrong increased his holdings in banking and real estate stocks.
From the perspective of Zhang Kun’s position adjustment in the first quarter alone, under the market systemic risk, among the top ten heavy position stocks of its four funds, all fell except China Merchants Bank Co.Ltd(600036) , Postal Savings Bank Of China Co.Ltd(601658) , CNOOC and other three stocks of Hong Kong stocks. This is an important reason why Zhang Kun’s management scale shrank in the first quarter.
In the rugged market in the first quarter, Zhang Kun spent more than 1000 words on the relationship between “emotion” and “rationality” in the first quarterly report. In short, he suggested that investors should try to avoid emotional interference when the market falls and stick to long-term value investment with rationality.
Unlike Zhang Kun, who expressed “anxiety” in the first quarterly report, the first quarter of 2021 was Qiu Dongrong’s highlight moment. In the bear market, Qiu Dongrong’s management scale increased against the market.
From 17.425 billion yuan at the beginning of the year to 20.338 billion yuan at the end of the first quarter, an increase of 2.913 billion yuan or 16.72%.
The 21st Century Capital Research Institute found that Qiu Dongrong’s management scale grew against the market, not by the addition of new funds, but by the net subscription of old funds brought by performance. This is relatively rare in this year’s equity star fund.
Qiu Dongrong has three funds with net redemption, but it still has large-scale net subscription under the purchase restriction on behalf of Zhonggeng value pilot of the fund.
From the first quarter’s earnings, the value quality of Zhonggeng managed by Qiu Dongrong is 6.98% a year, the value navigation of Zhonggeng is 5.03%, the flexible allocation of Zhonggeng’s value is – 5.16%, and the small cap value of Zhonggeng is – 6.19%.
This performance has been an excellent performance under the background that the stock fund index fell 14.48% in the first quarter of this year and only 2% of active equity funds have positive returns.
Due to the excellent performance in the first quarter of the big shock, the Zhonggeng value pilot fund managed by Qiu Dongrong obtained 1.814 billion net subscriptions in the first quarter.
The fund opened a large subscription after the Spring Festival (from 10000 yuan to 1 million yuan). Two weeks after the Spring Festival, due to the influx of institutions, the purchase limit was reduced to 10000 yuan again on February 28.
At the end of the first quarter, the shareholding of Zhonggeng value pilot accounted for 93.34% of the total assets of the fund, which was not much different from that at the end of last year.
From the position situation, Qiu Dongrong is famous for adhering to the “undervalued value investment”. At the end of last year, he has heavily held many bank stocks and coal stocks, and turned to Hong Kong stocks at the same time.
According to the first quarterly report, the biggest change in Qiu Dongrong’s position adjustment is the further “Hong Kong stock”. At the end of the first quarter, Hong Kong stocks accounted for 43% of the net fund value, compared with 18% at the end of last year. Hong Kong stock investment increased significantly.
“The opportunities of Hong Kong stocks have changed from structural opportunities to systematic opportunities, which is worthy of strategic allocation.” Qiu Dongrong said.
In fact, in the first quarter, half of the top ten heavyweight stocks guided by Zhonggeng value were Hong Kong stocks and ranked among the top four. Meituan-w of Hong Kong stocks replaced Yankuang energy and became the largest heavyweight stock. In addition, the heavy positions of Zhonggeng value pilot also include China Hongqiao, CNOOC, Kwai-w, China overseas development, etc. listed in Hong Kong stocks.
Qiu Dongrong said that the fund focuses on four investment directions: value stocks represented by resources and energy, some Internet stocks and pharmaceutical technology growth stocks in Hong Kong stocks; Finance and real estate in large cap value stocks; Energy and resource companies; And small and medium cap value stocks and growth stocks.
Overall, Qiu Dongrong grasped the industry with the most “fall resistance” in the first quarter. Shenwanyi industry index shows that the four industries of coal, real estate, comprehensive and banking are the only four positive income industries in the first quarter, and the decline of Hong Kong stocks is also less than that of a shares. This is the reason why Zhonggeng value navigation achieved good performance in the first quarter and was favored by funds.
