It earns 380 million yuan in management fees for losing money across the board?Ruiyuan's 3 products are green within the year

In the first half of this year, the net profit of the three funds under Ruiyuan Fund was a total of -7.352 billion yuan, but earned 383 million yuan in management fees

"Investment Times" researcher Qi Wenjian

With the official ending in August, the semi -annual report of the public fund in 2022 has also been disclosed, and the operation of the products of various fund companies is uneven.

As a "personal" public fund company with star managers such as Fu Pengbo and Zhao Feng, the semi -annual report of Ruiyuan Fund has attracted the attention of many investors. The company has three fund products. In the first half of this year, the net profit of the three products in the first half of this year suffered losses, and the total net profit was -7.7352 billion yuan. However, the company still earns 383 million yuan in management fees.

"Investment Times" researcher noticed that as of August 31, the 3 funds under Ruiyuan Fund were negotiated this year (only the main code fund, the same below), and the ranking of similar funds was 1/2. Among them, Ruiyuan's equilibrium value of three years A. Ruiyuan's growth value A. The net value decline in the year of the year all exceeded 18%.

In response to the issues such as net profit loss and performance of its fund, the Investment Times sent a communication letter to Ruiyuan Fund, but as of the time, no relevant reply was received.

Management fee earns over 300 million yuan

With the conclusion of the disclosure of the semi -annual report of public funds in 2022, the net profit, management fees, and customer maintenance expenses that have attracted much attention from the market were also announced one by one in the fund interim.

The "Investment Times" researcher based on the 2022 interim reported by the Fund of Ruiyuan Fund, as of the end of June this year, the total net profit of three products lost a total of 7.352 billion yuan. Among them, Ruiyuan's growth value A/C's net profit in the first half of this year was -5.707 billion yuan, which was the product with the largest net profit loss in the first half of the three funds.

In addition, Ruiyuan's equilibrium value of three years A/C and Ruiyuan's steady configuration for two years holding two-year A/C products have not achieved profitability in the first half of this year.

In fact, the net profit of the semi -annual profit of Ruiyuan Fund's products of the products of Ruiyuan Fund is also mixed. Wind data show that the total net profit of the company's fund was -79.539 million yuan, 5.706 billion yuan, and 2.916 billion yuan in net profit at the end of June 2019, at the end of June 2020, and at the end of June 2021.

Although the fund's net profit performance is not good, this does not affect the management fee income of Ruiyuan Fund. In the first half of this year, the company's management fee income was 383 million yuan, an increase of 5.42%year -on -year. The main reason for the growth of management fees is an additional fund for the same period last year -Ruiyuan's stable configuration in December 2021 Holds A/C for two years.

According to the statistics of the "Investment Times", in the first half of 2019, the first half of 2020, and the first half of 2021, the company's management costs were 22.419 million yuan, 132 million yuan, and 364 million yuan, respectively, showing an upward trend as a whole.

It is worth mentioning that the customer maintenance costs of Ruiyuan Fund and the proportion of customer maintenance costs also grow. In the first half of this year, the company's customer maintenance costs were 145 million yuan, and customer maintenance costs accounted for 37.89%of the management costs. At the end of June last year, the company's two data were 136 million yuan and 37.51%.

The performance of the product during the year

Ruiyuan Fund has been established for nearly 4 years. As of the end of the second quarter of this year, the company's management scale was 59.328 billion yuan, a decrease of 4.068 billion yuan from 63.396 billion yuan at the end of last year. At the end of the year, the 69th position fell to 72nd.

Specifically, Ruiyuan's growth value A/C, Ruiyuan equilibrium value of three years A/C, Ruiyuan's stability and configuration of the two -year holding A/C in the second quarter of this year was 32.488 billion yuan, 16.43 billion yuan, respectively. , 10.409 billion yuan, an increase of -4082 billion yuan, -445 billion yuan, and 458 million yuan from the end of last year.

"Investment Times" researcher also noticed that as of the end of the second quarter of this year, the above three funds share increased compared with the end of last year, with an increase of 986 million, 743 million, and 680 million, respectively.

It should be noted that as of August 31, the company's growth value A, Ruiyuan's equilibrium value of three years A, Ruiyuan's steady configuration for two years to hold A. The net value of A. 18.61%and 2.93%, the same ranking is 1/2.

In fact, stock selection and time selection are considered the two major factors that affect the return of fund investment. In terms of position control, at the end of the second quarter of this year, Ruiyuan's equilibrium value of three years A and Ruiyuan's growth value A accounted for the net value of the fund's net value of 90%, which were 91.52%and 91.89%, respectively. However, there are position constraints of partial stocks, and the above two product equity warehouses are 60%to 95%.

Unlike the two funds mentioned above, Ruiyuan's stable configuration for two years holding A is a partial debt mixed fund, and the equity investment position is limited to no more than 40%.

In terms of stock selection, as of the end of June 2022, the top ten heavy stocks of Ruiyuan Fund were China Mobile (00941.HK), Oriental Yuhong (002271.SZ), Wanhua Chemistry (600309.SH), Geely Automobile (Geely Automobile (600309.SH), Geely Automobile (Geely Automobile ( 00175.HK), San'an Optoelectronics (600703.SH), Lixin Precision (002475.SZ), Sannuo Bio (300298.SZ), Tongwei (600438.SH), Country Garden Service (06098.HK), Ningde Dee Times (300750.SZ), of which China Mobile, Geely Automobile and Country Garden services are Hong Kong stocks. The above stocks cover the communication, construction materials, electronics, power equipment, automobiles, real estate, pharmaceuticals and other industries, and most of the bids are favored by institutions.

Taking Lixun Precision as an example, in the first half of this year, 466 public funds held the stock, holding a total of 787 million shares, and the shareholding accounted for 11.12%of circulating shares. Among them, Ruiyuan's growth value A accounts for 0.73%of the shareholding shares, which is the most public offering fund.

Judging from the time node of the first half of the year, the researcher of the "Investment Times" found that among the top ten heavy stocks of Ruiyuan Fund, China Mobile, Oriental Yuhong, San'an Optoelectronics, Wanhua Chemistry, and Lixin Precision 5 stocks 5 stocks In two consecutive quarters this year. As of the close of August 31, the above five stocks rose and declined by 17.8%, -41.98%, -37.04%, -9.48%, -23.49%, respectively.

2019-2022 Daily Bao Ruiyuan Fund's product net profit

Data source: wind

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