Full -country fund water inverse, Zhang Feng's fund is caught in a quagmire, Dongfang Yuhong's stock price cuts Zhu Shaoxing heavy warehouse holding

This article is based on public information, which is used only for information exchange and does not constitute any investment advice.

Produced/Company Research Office

Text/snow rock

With the semi -annual report of listed companies disclosed, the performance of the fund companies holding or shares also announced one by one.

Compared with the performance of public fund companies in previous years, the performance of the fund company this year is not satisfactory. In the first half of 2022, only 6 fund companies had a net profit of 1 billion yuan, which were E Fund, ICBC Credit Suisse, rich, Huaxia, Huitianfu, and Guangfa.

According to Haitong Securities' release of the 2022 half -annual report, as of June 30, 2022, in the first half of 2022, Wells Fargo Fund realized operating income of 3.773 billion yuan and net profit of 1.122 billion yuan, a year -on -year decline of 5.65%and 9.64%. The total assets of Wells Fargo were 12.244 billion yuan, and the net assets were 6.787 billion yuan. People in the industry said that although net profit ranks third, compared with the same period last year, revenue and net profit have declined.

In addition to the decline in the performance of the rich country fund, there was a new fund issuance in the second quarter of the Wells Pioneer Fund in the second quarter. It is reported that the wealthy country has announced the failure of the fundraising for three years. Some people in the industry said that the failure of the new fund issuance is related to the performance of the fund manager. At the same time, Zhu Shaoxing's performance of the wealthy fund top -flow fund manager this year is also not good. The only two funds that have survived this year have fallen by more than 20%.

The wealthy country is stable and Hengyuan's three -year holding failure

General Manager Zhang Feng, a subsidiary of Zhang Feng, fell into a quagmire

Since the beginning of this year, investors have been released, the willingness to buy funds to buy funds has gradually declined, and the difficulty of issuance of funds has also increased. The three -year holding period of the wealthy country and Hengyuan began raising on February 9, 2022, and set up an upper limit of the raising scale of 8 billion yuan. According to the recruitment instructions, the wealthy country has been stable and Hengyuan for three years to hold the fund shares of the fund shares for a maximum of more than 3 months, the minimum raising share is 200 million, and the minimum raising amount is 200 million yuan.

It is understood that, for routine, for the newly issued fund, whether the new fund can be successfully issued must meet two conditions. Within 3 months from the start of the raising date, the fund raised amount is not less than 200 million yuan and the number of fund subscriptions is not the number of people subscribed by the fund. Less than 200 people. The failure of the fund issuance is that most of the reasons are during the release period, that is, the amount of 200 million yuan has not been raised in 3 months.

However, some people in the industry have said that because of the public fund managers have left one after another since the beginning of this year, this has made many founders watching their mentality. Moreover, since the end of last year, a large number of funds retracement obviously, many old -founder people have been set, and naturally will also affect the enthusiasm of buying new funds. In addition, with the Federal Reserve ’s interest rate hike, the market decline is expected to increase, which has caused the people to become more cautious.

It is worth noting that the cases of the failure of the new fund issuance before are all products of some small and medium -sized funds, and the new funds of Wells Guo Fund have also failed, which naturally attracted great attention in the market. After all, from the perspective of the fund size, according to the Tiantian Fund Network, the size of the wealthy funds reached 95.6016 billion yuan, the number of management funds was as high as 459, and the market size ranked top ten.

Some people in the industry said that this may be related to the management performance of fund managers. The wealthy country is stable and Hengyuan for three years to hold a proposed fund manager as Pu Shilin, and the total size of the fund managed now is 7.591 billion yuan. He joined the Fuguo Fund Management Co., Ltd. in September 2018, and since December of the same year, he has served as the manager of the Fuguo Urban Development Securities Investment Fund Fund.

(Data comes from Tiantian Fund Network as of September 2)

Pu Shilin's four funds now have a full loss of performance this year. The largest loss of losses is the wealthy country balanced strategy hybrid fund declined by 19.48%, and the minimum fell in the two -year holding fund of Alpha's two -year holding fund has fallen by 12.27%. The time cycle is stretched, and these four fund products have fallen into different degrees of losses in the past year.

In addition to the management ability of the fund manager, there is also a factor that after the three years of holding the rich country and the stable and constant long -term holding of the country must hold up to three years. However, this year's market continued to make money weakened, and most of the foundation people are still in a state of losing money. There are also fund managers of some three -year fund products to replace them halfway. It is not difficult to understand the failure.

In addition, it is worth noting that, in addition to the failure of the wealthy country and the long -term holding period of the wealthy country, Zhang Feng, the assistant manager of the wealthy country and the general manager of the Overseas Rights Investment Department of the Wells Fund Fund this year, is not ideal.

It is understood that Zhang Feng has been farming at home and abroad for nearly 21 years and has a global perspective. He was a assistant to the Morgan Stanley Research Department, Lyon Securities Stock Analysts, Executive Director of Morgan Chase, and senior director of Merrill Lynch Securities.

(Data comes from Tiantian Fund Network as of September 2)

From the perspective of Zhang Feng's resume, his career is extremely exciting, but looking back, Zhang Feng's product performance is another scene. Although the rich country fund is one of the earliest domestic funds in the Hong Kong stock market, it has a deep accumulation in investment in the Hong Kong stock market. It has an investment -research team with rich experience and wide vision.

According to the Tiantian Fund Network, as of September 2nd, in the past year, Zhang Feng's funds have fallen by more than 15%. Among them, the largest fund is the wealthy people in the Shanghai -Hong Kong -Shenzhen growth A more than 28%. Even if it was shortened, there were eight products in a loss of money this year, especially in the rich country's blue chip selection stock funds to fall by 15.39%. Some people said that such performance was also drunk. In the first quarter, Zhu Shaoxing's fund fell to 33.467 billion yuan

Zhu Shaoxing Fund has stepped on Lei Guo porcelain material?

Zhu Shaoxing is a star manager of the rich country fund. He is currently the deputy general manager and general manager and fund manager of the Welfare Investment Department of the Fargo Fund Management Co., Ltd.. Since June 2000, he has worked at the Rich country Fund Management Co., Ltd. Hui Shijian Growing Fund Manager.

(Data comes from Tiantian Fund Network as of September 4)

According to the Tiantian Fund Network, as of September 4, Zhu Shaoxing Management Fund's size was 37.057 billion yuan.

Zhu Shaoxing's most proud of his fame is a mixed A/B (LOF) of the wealthy country and Heavenly Heavenly Growth. During his office, the accumulated return rate was as high as 1726.01%. However, this year Zhu Shaoxing's performance of its funds was not ideal, and both funds fell more than 20%. In the past June, the yields of both funds have also fallen by more than 10%. In the past year, the performance of these two funds has not satisfactory, and both funds have fallen by more than 15%.

(Data comes from Tiantian Fund Network as of September 2)

According to the Tiantian Fund Network, the Growth of the Rich Country Heavenly Growth A/B (LOF) Fund was established on November 16, 2005. As of September 2, the fund unit net value was 2.7802, and the fund's scale was 34.368 billion yuan. According to the first quarterly report, China Merchants Securities rated 3 stars for the fund, and the three -year rating of Jian Jinxin was 4 stars. In recent years, the fund's yield has declined. This year's yields have been -20.31%this year. In the past June, the yield of -10.06%, the yield in the past year was -17.89%, and the yield in the past two years was -14.31%.

When the fund encounters losses, the foundation will naturally complain. Youmin said that the fixed investment was one year, and -20%was speechless and whether it was accompanied. As a result, there was a follow -up post saying that there was a fixed investment for one year, and the loss was 21%. The manager Zhu praised the gods, and finally fell like this.

(Data comes from Tiantian Fund Network)

Regarding Zhu Shaoxing's positions, Ji Min said that Lao Zhu buying Ningde is indeed a mistake. He did not buy it when the industry's most promising prospects, but now he has taken over. There are also Kimin that it has been holding the fund for two years, and the net value has fallen back to two years ago. It has invested for two years!

(Data comes from Tiantian Fund Network)

According to the second quarterly report, Zhu Shaoxing increased the Ningde era to 3.5015 million shares. Since August 24, the Ningde Times opened high and low at a high price of 575 yuan/share. As of September 2, the stock price fell to 466.26 yuan/share The interval declined 16.27%. In this way, in this Ningde era, the performance of the Growth of the rich country and the growth of A/B was greatly retraceable.

Zhu Shaoxing always maintained the fund's high stock position operation, and added warehouses Ming Kangde, Lixin Precision, and Oriental Rainbow. The first quarterly report showed that the proportion of equity assets of the wealthy Growth (LOF) equity reached 93.26%, and at the end of 2021, it accounted for 93.53%, which was basically the same.

In fact, since June last year, the stock price of Dongfang Yuhong has opened a downward channel, from the historical highest point of 63.84 yuan/share (previous re -right) to the lowest price of 31.73 yuan/share on August 23, with a cumulative decline of more than 50 %. As the stock price of Dongfang Yuhong fell, the semi -annual report showed that the Growth of the Wells and Heavenly Growth A/B (LOF) has become the ninth largest circulation shareholder of the company, with a number of shares holding 20.30995 million shares.

In addition, the top ten heavy stocks in the Favorite Tianhui Growth (LOF) accounted for 37.93%of the shareholding, and the concentration of holding shares continued to rise from 30.55%at the end of the second quarter of 2021. The shareholding concentration was 32.91%and 36.80%, respectively. Zhu Shaoxing continued to increase its holdings of white wine stocks in Moutai and Wuliangye in the first quarter. Zhu Shaoxing has increased its holdings of Guizhou Maotai for the fifth consecutive quarter, the third consecutive quarter of Ningde Times, and the six consecutive quarters of five grains, Lixun Precision, Mai Rui, Mai Rui Medical.

In addition, the 19th and twenty -two Picang Kangde and Oriental Yuhong in 2021 reports won the sixth and tenth place in the wealthy position of the wealthy country in Tianhui, the ranking of the wealthy country in the first quarter. The Bank of Ningbo, which has been in the top ten heavy stocks, has been receiving regulatory tickets in 2021, was sold slightly by Zhu Shaoxing in the first quarter, and Well shares continued to be reduced for the second consecutive consecutive. Another two stocks fell out of the top ten heavy stocks in the first quarter of the wealthy country, namely Guo Porcelain Materials and Changchun High -tech.

(Data comes from Tiantian Fund Network)

The author looked at the fund holding the position and found that the fund has held a small amount of buying Ningde era since the second quarter of 2021. Since then, it has increased its holdings all the way. As of the first quarter of 2022, the Ningde Times reached 3.2 million shares. However, the stocks of Ningde Times were not arguing, and the stock price fell 41.35%from December 3, 2021 to May 12, 2022.

(The data comes from the same flowers)

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