Taikang asset management public offer semi -annual examination: new encounters, star fund manager "one drag nine" performance is mediocre

According to data from Haitong Securities, as of the end of June this year, the absolute benefits of the equity fund under Taikang Asset Management was -14.02%, and 49 fund companies with a management scale of over 100 million yuan were ranked 47th.

"Investment Times" researcher Qi Wenjian

The public offering fund "mid -term entrance examination" has come to an end. Different from the past, in the first half of this year, some public fund companies with a scale of over 100 billion yuan failed to achieve bright results. Taikang Asset Management Co., Ltd. (hereinafter referred to as Taikang's asset management) was one of them.

According to Haitong Securities data, as of June 30, 2022, the absolute return of the equity fund of Taikang asset management was only -14.02%, and 49th among 49 fund companies with a scale of over 100 billion yuan (management scale data for 2022 At the end of the year).

In addition, the company's equity funds have also been slightly dim, the absolute revenue performance of the absolute income in the past year, two years, three years, and nearly five years, the same ranking is 1/2 in the last 1/2.

Active equity funds are an important part of equity products. Researchers of the Investment Times noticed that the performance of the active equity fund under the annual year of Taikang's asset management was not optimistic. Wind data shows that as of July 11, the company's 18 active equity funds that can be counted with statistical data were all in every year, of which 13 funds yields have the same ranking in the last 1/2.

In the first half of the Equity Fund's income -14.02%

As the first insurance asset management company that has been approved for public offering business, the performance of the overall equity funds under the overall equity fund of Taikang asset management is not satisfactory, and the active equity fund, which can most reflect the power of equity investment and research, has also been repeatedly frustrated.

Haitong Securities data shows that in the first half of this year, the absolute income of the equity fund of Taikang asset management was -14.02%, ranking 47/49 among funds with a management scale of over 100 billion yuan.

In addition, the absolute returns of the equity funds of Taikang asset management in the past year, two years, three years, and nearly five years are -16.43%, 12.08%, 48.35%, and 56.29%, respectively. /140, 110/131, 84/107 (comparison of the ranking data fund company ranking of the corresponding time period in the market).

The performance is related to the investment strength of the fund manager. Gui Yueqiang is the manager of the most famous equity fund of Taikang's asset management. He joined the company in August 2015. He is now the person in charge of the company's rights investment department. As of the end of the first quarter of this year Yuan.

"Investment Times" researcher noticed that Gui Yueqiang was in charge of the fund. Except for the advantages of Taikang's advantage in A/C, Taikang Blue Chip advantage, he managed it alone, and the remaining 7 products were jointly managed with other fund managers.

Taikang's new opportunity is the longest management of Gui Yueqiang in the management of the fund. He has been in the fund manager since the fund was established. The fund's performance is not satisfactory. Wind data shows that as of July 11, the fund's yields have been -15.1%, -20%,-12.66%, and-12.66%, and-12.66%, in the past July 11th 28.58%, similar rankings are 1760/2208, 1802/2126, 1849/1977, 1454/1886. In terms of extended dimensions, the fund has recorded a total return of 64.52%since its establishment on December 8, 2015, and the average yield of flexible configuration funds in the same period was 70.38%.

At present, the fund is jointly managed by Gui Yueqiang, Ren Huijuan, and Jin Hongwei. Among them, Ren Huijuan is the manager of the solid income fund, Jin Hongwei is the manager of the equity fund, and also serves as the investment director of the investment department of the company's public offering department.

In terms of positions, in the top ten of Taikang's new opportunities in the first quarter of this year, including Guizhou Maotai (600519.SH), Wuliangye (000858.SZ), and Yanghe (002304.SZ). Only Yanghe shares has achieved the stock price increase during the year, and the remaining two stocks have performed poorly.

However, the top ten heavy stock stocks in Gui Yueqiang seemed to be a convention among liquor stocks in the top ten heavy stocks. Judging from the advantages of Taikang Blue Chip, which is managed by Gui Yueqiang alone, the fund's top ten heavy stocks in the first quarter of this year include Guizhou Maotai, Luzhou Laojiao (000568.SZ), Shanxi Fenjiu (600809.SH), and Wuliangye 4 liquor stocks. As of the closing of July 11, the stock prices of the above four stocks have fallen.

"Investment Times" researcher found that Gui Yueqiang was quite dare to heavy positions. Among the Taikang blue chips he managed, in the last four quarters, the top ten heavy stocks of the fund, a single stock market value of a single stock market value accounted for more than 9%of the fund's net value ratio of 2%, 3, 8, and 4, respectively.

More "new" stocks break

Since 2022, the A -share market has gone out of the "V" type, and it is not uncommon for new shares to break.

According to Wind data, as of July 11, 33 funds including Taikang's financial management, Taikang Shanghai and Hong Kong, Taikang Strategy, Taikang Hongtai Return, etc. participated in the subscription of new shares, with a total amount of 442 million yuan. The number of new shares from 99 to 10 is not waited. The lock -up period is divided into two categories: 1 month and 6 months.

As one of the funds with the largest number of new shares under Taikang asset management, 99 new shares have been provided in Taikang Shanghai and Hong Kong Shenzhen, except for 4 stocks that have not been able to count on the first day of rising declines. Breaking on the first day. Among them, Wei Jie Innovation -U (688153.SH) fell by 36.04%on the first day, which is the stock with the largest number of stocks on the first day of the fund's "new" listing; Hechuan Technology (688320.SH), Sai Weiwei (688325.SH) (688325.SH) In the first day of listing of multiple stocks such as Zhongyi Technology (301150.SZ), Maiwei Biological -U (688062.SH), etc., the first day of listing fell more than 10%. From the perspective of the lock -up period, of the 99 new shares selected by Taikang Shanghai and Hong Kong, Weiko Technology (301196.SZ), Huayang Medical (301235.SZ), Great Natal Control (301200.SZ) and other 40 stocks locked The period is 6 months, and the remaining stock lock -up period is 0.

According to the statistics of Wind Data from the Investment Times, as of July 11, 32 of the "New" stocks participating in Taikang Shanghai and Hong Kong have fallen below the issuance price, of which Zhongyi Technology (301150.SZ) , Xinghui Ring Materials (300834.SZ), Weiko Technology (301196.SZ), Tengyuan Cobalt (301219.SZ), Maiwei Bio-U and other stocks have fallen by 40 % or above.

In addition, judging from the latest 99 stocks (closing as of July 11), the dynamic price -earnings ratio PE (TTM), Tianyue Advanced (688234.SH) was as high as 1336.7 times, ranking among the 99 stocks above.

The scale of 16 products is less than 200 million yuan

Taikang's asset management has been in the business of public offering funds for more than 7 years, and the management scale has exceeded 100 billion yuan. Seemingly grades, but there are still a lot of troubles.

According to Wind data, as of the end of the first quarter of this year, the company's management scale was 101.556 billion yuan, a slight increase of 316 million yuan from the previous month. The ranking among 149 funds was the same as the end of last year and ranked 49th.

Although the overall management scale has increased month -on -month, the size of non -monetary funds has declined. As of the end of the first quarter of this year, the company's non -monetary fund was 90.87 billion yuan, a decrease of 2.789 billion yuan from the previous month.

Judging from the scale of different types of products under Taikang asset management, stock debts seem to be a bit unbalanced. As of the end of the first quarter of this year, the company's 16 bond funds had a total of 54.109 billion yuan, accounting for 53%of the total scale.

In contrast, the company's equity funds are slightly weak. The company's stock funds, mixed funds, and FOF funds have a total of only 35.978 billion yuan, accounting for 35%. It should be noted that the hybrid funds also include a number of partial debt hybrid funds. If this part is eliminated, the scale of its equity funds will face "weight loss" again.

It is worth noting that as of the end of the first quarter of this year, the company's company has the size of 16 funds such as Taikangzhong SSE Smart Electric Electric ETF and Taikangquan's quantitative value. (The liquidation fund has been excluded, including the initiative funds), of which 14 funds are equity funds, only the Two Taikang Ruikun pure bonds and Taikang Anze medium medium medium medium bond A/C are bond funds.

"Investment Times" researcher also found that Taikang's asset management still has the situation of "one drag" of fund managers. At present, the company has 63 funds, managed by 17 fund managers, and an average of 3.71 managers of each fund manager. Among them, 9 people including Chen Yi, Gui Yueqiang, and Wei Jun have 5 or more funds.

Regarding the poor performance of the equity fund, the fund holding of the fund, and the distribution of new shares, the "Investment Times" has sent a communication letter to Taikang's asset management.

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