Is the star fund manager okay?

On Friday, the three major A -share indexes continued the collective and decline of the day before, and the declines were over 2%. The number of declines is nearly 4,200 for two consecutive days. This week's industry sector has shown a general decline, especially the decline in new energy tracks such as photovoltaic, wind power, and batteries.

In the face of market fluctuations, many shareholders may feel very low. After closing on Friday, many people expressed such moods on a well -known shareholder gathering platform.

"How can a tragedy be expressed", "Big A needs to use a bracket", "I lost me today to watch the traffic light, and the green lights are still silly without walking around the car next to each other. ..... The comments like this are in the first place, which can represent the voice of some netizens to some extent.

According to the research report of Guosheng Securities on September 15, under the recent facts, under various factors such as quantitative shrinking and slow credit growth in financial institutions, the on -site and off -site funds have seen a strong emotional emotion. The current market transaction is still in a state of shrinking, and the market style is often switched faster under the game of capital stock.

Faced with such a turbulent market market, many people may first think of investing in public funds, especially equity funds, which may be a good alternative.

Since the beginning of this year, the scale of my country's public funds has continued to stabilize. Following the first breakthrough of the 26 trillion mark at the end of February, it hit a record high in July and the scale exceeded the 27 trillion mark.

According to data from the official public account of the China -Foundation Association, as of the end of July 2022, there were 140 fund management companies in my country, of which 45 foreign investment fund management companies and 95 domestic fund management companies; securities companies that have obtained public fund management qualifications Or the asset management subsidiary of the securities company and 2 insurance asset management companies.

The number of public funds in my country was 10123, and the net asset value reached 2.706 trillion yuan, an increase of about 1%from the previous month. Among them, the net worth of closed funds exceeded 3 trillion yuan, and the net value of open funds exceeded 23.8 trillion yuan, which increased the month -on -month.

公募市场上混合型基金净值合计占比约为19.2%，股票型基金占比约为8.9%，两者相对六月份时有所微降，但相对四月份股市最低点时候占比微微上升；债券The total value of net funds accounted for about 17.8%, which was significantly increased relative to the beginning of the year.

It can be seen that the risk preferences of public fund investors have become more cautiously more cautious in the context of the increase in stock market fluctuations and the economic situation at home and abroad.

The development of Chinese public funds in 2020 is crucial. Since that year, the public fund industry has gone through rapid development, which is due to the continuous advancement of the basic system construction of the stock market and the continuous improvement of the public fund's own investment and research capabilities. Constantly establish.

In the policy surface, the new rules of asset management broke the rigid exchange, which reduced the yield rate of traditional wealth management products based on solid -income products. Entering the category of higher income such as equity and solid income+, it provides a capital basis for the large explosion of fund scale in recent years.

At the same time, we should also see that public funds also play a key role in the stability of the Chinese financial market.

Especially for relatively retail stocks, the investment strategies of public fund managers of equity public fundraising are generally very different. After professional training, fund managers know more about investment decisions with professional academic literacy such as statistics, finance, investment, and engineering, especially the fundamental research on enterprises, industries, and value chains. Economic analysis; also focus on long -termism and respect value.

Based on the above views, we may also understand why many so -called "star fund managers" will be born in the public fund industry, especially in active equity funds to subdivide the track, some fund managers' stock selection strategies and performance often become the stock selection strategies and performances often become the stock manager's stock selection strategies often become the stock manager. Hot spots in the whole society.

Many times, the personal characteristics and personality characteristics of these fund managers have also been used by some public opinion to make articles, so that these people have the so -called "traffic" blessing.

So, after such a difficult market this year, are these star fund managers okay?

As of now, the days of star fund managers are not good

First of all, the definition of the so -called star fund manager in the market is relatively vague, and there is no benchmark. Which fund managers are more famous. We might as well narrow the scope to the active equity funds first, and screen the ten in the figure below with the fund manager in the standard scale as the judgment standard. (As of the end of the second quarter)

Data source: Wan De | Drawing: Financial Breakfast Column Group

These fund managers basically enjoy the dividend of the overall scale of public fundraising in 2020, and of course, it also tasted the sweetness of the Chinese stock market in 2020.

Just as Zhang Kun summarized in the 2020 fund annual report: "The performance of the fund in the past two years is generally brighter ... The compound yield of the public equity fund in the past two years is much higher than the market average ROE level This trend is difficult to continue for a long time, so we may reduce the expectations of yields. "

It can be seen that as early as the end of 2020, Zhang Kun had calmly looked at the brilliant performance of his fund. However, Zhang Kun's concerns seemed to become a reality when he passed the situation.

Looking at Zhang Kun's current performance, as of September 9, as shown in the figure below, from top to bottom, the four funds managed by Zhang Kun have fallen 18.59%, 20.14%, 6.05%, and 17.91%this year. Source: Tiantian Fund Network

On the other hand, according to the data, the scale of these four funds in the second quarter was growing, and the scale increased by 13.69%, 13.58%, 11.97%, and 17.98%, respectively from top to bottom. This shows that at least at least at the end of the second quarter, many founders still have confidence in the long -term performance of Zhang Kun's funds.

Judging from the types of heavy stocks of Zhang Kun's funds, the consumer fields represented by liquor, especially Wuliangye, Yanghe, Luzhou Laojiao, and Maotai, still love.

Liu Yankun, who has a backward management of Zhang Kun, has not been very good. As shown in the figure below, as of September 14, the performance of the fund manager of the "Seeing multiple" fund manager, which is also recognized as a liquor stock, generally hovered in the range of about -17%to -20%.

Source: Tiantian Fund Network

Taking the largest -scale Jingshun Great Wall's emerging growth mixing as an example, as of the end of the 2nd quarter, the top five heavy stocks were China -free, Wuliangye, Luzhou Laojiao, Guizhou Maotai, and Mai Rui Medical. 48.5%.

In addition to the two of them, Li Xiaoxing and Xiao Nan also heavy liquor stocks. As of September 14, the performance of Li Xiaoxing's management funds has generally been between -12%and -17%this year; and Xiao Nan's earliest and largest Yifunda consumer industry stocks have fallen 14.43%this year.

It can be seen that the performance of stocks represented by liquor as a representative has not emerged from the performance of the broader market index this year. It seems to be the main factor in dragging the performance of the three fund managers.

Will other tracks be better?

Different from the above three fund managers, Zhou Weiwen, Liu Gezhang, and Feng Mingyuan put heavy positions in the new energy and photovoltaic tracks.

As of the end of the 2nd quarter, from the top ten heavy stocks of Liu Gezhang's GTC's small market, it mainly focused on the layout of Xiaokang, Jing'ao Technology, Longji Green Energy, Shengbang, Yimei Lithium Energy, etc., and the holding proportion More than 7%.

Compared with at the end of the first quarter, the photovoltaic glass original manufacturer Flelet has entered the top ten heavy stocks of the Gangfa Small Plate.

However, photovoltaic and new energy seemed to have failed to make Liu Ge's fund's performance excellent performance. As of September 14, the performance of its funds has also fallen by about 9%to 19%since September 14.

Source: Tiantian Fund Network

Similarly, as of September 14, the largest new energy fund managed by Zhou Weiwen, the Pioneer stock of the Central European era has fallen by about 17%this year; Essence

Facing these performances, we can imagine how much pressure these star fund managers have been suffered.

It can be seen from the heavy warehouse selection of these star funds above that these ten fund managers seem to be very common. Most of the stock selection preferences are concentrated in new energy, photovoltaic track stocks, and consumer fields represented by liquor.

Therefore, we need to find the comparison index for the performance of these fund managers to compare it.

According to the data, as of September 14, the CSI 300 Index has fallen by about 18.5%this year; the liquor index (884705.Wi) has fallen by about 19.7%; the new energy index (884035.Wi) has fallen by about 13.7%; The photovoltaic index (884045.WI) fell about 3.85%.

It is not difficult to see that we may have different judgment standards for the star fund manager of heavy warehouse new energy track or liquor track, because new energy is significantly better than liquor and consumer field this year. Moreover, under the premise of bad track stocks and the overall market market, some star fund managers did win these index benchmarks, and we need to look at their performance more rationally.

Tailing: Talk with performance

This article is not to judge the short -term performance of these so -called star fund managers. We know that fund investment needs long -termism.

Buffett has spent decades investigating, participating in shares, and finally wholly -owned Geico Insurance Company. He has also repeatedly emphasized: "If you do not hold an expectation of a company's stock for more than ten years, don't hold it for ten minutes."

Therefore, under such a huge performance of this year's performance, our ordinary investors need to avoid measuring the authenticity of a manager with short -term performance. Fund managers are also people, but the literacy they depend on long -term career development is to require them to win most of the retail investors in long -term dimensions, and they also include overcome the downward market environment this year.

As Gram's semi -annual report in its product: "We think the core of risk control is to avoid permanent losses as much as possible. This requires us to be more careful and careful in fundamental research. Companies with core competitiveness. "

Star fund managers should still use long -term performance to let the people see the value of the star fund manager.

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