The performance loss was 24.36%. From the top to the bottom of the bottom, why did Cai Song Songyue "defeat"?

With the arrival of July, the fund income ranking in the first half of the year has finally been "settled."

According to data statistics from the Financial Association, the top 10 funds in the first half of this year are basically small -scale funds, of which more than 5 billion funds have only one "Zhong Geng value quality"; while 2019, 2020, and 2021 The top ten products of the annual active equity fund were fulfilled in the first half of this year. Zhang Kun, Liu Yanchun, Xiao Nan and other former "top -flow fund managers" performance were not well performed.

Among the many star fund managers, the most "downlink" is Cai Songsong, a subsidiary of the Noon Fund. Only the product's performance in the first half of the year was bleak.

According to data from the Tiantian Fund Network, as of July 6, Cai Songsong's management of Noon's growth mixed has fallen 24.36%this year. Noon and Xin's flexible configuration hybrids have fallen by 23.84%this year. After falling 37.87%, the net value of the three funds all fell to varying degrees, and they all ran away from the CSI 300 index of the CSI 300 -10.45%.

As a former "semiconductor brother", with the great weakening of many funds in the first half of the year, Cai Songsong's situation is very embarrassing today. The growth of the Nuoan growth of its management has decreased by more than 3 billion in the first quarter. Starting to "abandon the pit"; from the latest news, Cai Songsong suddenly took over a product of only 2 million yen. Will this be the last way to let Cai Songsong let go?

The "counterattack" of the Global Fund Fund Manager

"Don't make money, call me President Cai, and call me a vegetable dog if you lose money."

As a "top -flow fund manager", Cai Songsong can be said to bring its own traffic when entering the fund industry. According to media reports, before becoming a fund manager, Cai Songsong had a small reputation in the semiconductor industry. The young man, known as the "genius", was admitted to the Chinese University of Science and Technology at the age of 15. He took a PhD in chip design at the age of 25 and graduated. Later, he joined the domestic independent core chip provider "Tianjin Feiteng".

If you continue to choose to go in the semiconductor industry, Cai Songsong is likely to become an expert in this field, and even bring a trace of changes to the Chinese semiconductor industry; however, it is the so -called "people are not crazy about young people", and they have worked in Tianjin Feiteng for a few years. Cai Songsong chose to switch to the financial industry, came to Huatai Securities as an industry researcher, and joined the Nuoan Fund two years later.

Two years after joining the Noon Fund, Cai Songsong was promoted from the researcher to the fund manager. The fund he took over was the "Nuoan growth mixed" that made his fame later. From the data point of view, before taking over the growth of Noon, this fund has been negative for three consecutive years. Among them dismal.

However, with the joining of Cai Songsong, Noon's growth has changed tremendous. According to data, in 2019, the Nuoan Growth Hybrid Fund has achieved 95.44%of the income, ranking 7th among the 1014 funds of similar kinds. The "fierce" performance of the Nuoan Growth Fund became famous in World War I.

With the rise of the net value of the Nuoan Growth Fund, Cai Songsong gradually had the capital of an independent management fund. In May 2020, Cai Songsong began to independently manage Noon's growth mixed. In the following two years, Nuoan's growth mixed has won 39.1%and 22.5%of the revenue. Although it has declined significantly compared with the results in 2019, it still achieves positive returns.

With the continuous improvement of popularity, the scale of Nuoan's growth mixed has also soared, jumping from 1.349 billion in the first quarter of 2019 to the highest 32.716 billion in the fourth quarter of 2020, a scale of more than 20 times.

From the half -way monk to the rescue fund in the water and fire to the 3 years, they started to manage the fund independently. These experiences have gradually made Cai Songsong the top of the Internet and was sought after by the majority of the citizens. The harder it is, it was these previous experiences that made Cai Songsong quickly fell into the altar later.

Lonely investment style

"To be the most sharp Mao in the market" is Cai Songsong's clear positioning for himself.

According to the media, Cai Songsong's investment framework is "1+2": "1" refers to the direction of the top -level guidance, that is, the direction of national strategic support; The framework seems to have no big problems.

However, although the investment framework seems reasonable, in actual operation, Cai Songsong did not perform operations according to his investment framework. In simple terms, Cai Songsong's investment style is nothing more than "lonely" in the semiconductor industry.

Taking the position of the Nuoan Growth Mixed Fund as an example, since participating in the management of the fund in February 2019, Cai Songong has "changed blood" to the fund. In the first quarter of 2019, the fund's positions were relatively scattered. The top ten positions were basically concentrated in the three areas of domestic software, domestic chips, and media. Network security and informatization. In the second quarter of 2020, after Cai Songsong began to manage the growth of Noon independently, the top ten positions of the fund have become semiconductor -related stocks. fund".

In fact, the reason why Noon's mixed position holding a mixed position has a lot to do with Cai Songsong's previous experience.

As an expert in the semiconductor industry, Cai Songsong has a unique understanding of semiconductor and believes that the industry has huge development potential in the future; and Yang Delong, chief economist of Qianhai Open Source Fund Management Company, also commented: "Fund managers are divided into two, one, one, one, one, one, one, one, one, one, one, one, one, one, one, one, one, one, one, one, one, one, one, one The fund manager selected stocks from top to bottom, one was selected from bottom to top, and Cai Songsong obviously belonged to the second type. "

Of course, this investment style is not not good, because it has a in -depth understanding of this industry, and a single track that bets on the track can get excess returns when the track rises. The reason for being able to gain more than 90%of the revenue was that the contradiction between China and the United States intensified at that time. The rise of domestic replacement waves made the chip industry stand on the wind. "Famous World War I" mixed with Noon.

However, no industry can rise forever, especially for semiconductors.

With the ease of Sino -US relations, the semiconductor industry has begun to call back sharply. According to the trend of Oriental Fortune's semiconductor index, the sector has fallen from the highest 1801.02 point last year to the lowest 897.89 points this year. Many management funds have obvious retracement.

After taking over 2 million products, Cai Songsong let go?

From the current point of view, Cai Songsong's situation is not optimistic.

On the one hand, the fund managed by Cai Songsong performed bleak. According to statistics, Cai Songsong's management of Noon's growth mixed has fallen 24.36%this year, and the flexible configuration of Noon and Xin has fallen by 23.84%this year. The net worth has fallen to varying degrees, and they all run far from the CSI 300 index of the CSI 300 -10.45%.

It is worth mentioning that although the market has rebounded significantly in the past two months, Cai Songsong's three funds have not increased high. For example, the largest Nuoan growth mixed, the increase in the past three months is only 0.31%. The average income of 7.97%of similar funds in the distance is also lower than the 300 -Shenzhen 300 index of 3.76%. Once the market is adjusted in the later period, the performance of these heavy warehouse semiconductor tracks may be worse.

In addition, although Cai Songsong, as an expert in the semiconductor industry, the Nuoan growth mixed in the management of his management could not even run even semiconductors. The bad performance ushered in a lot of criticism. In 2019, the "most sharp Mao in the market" It's no longer sharp.

On the other hand, due to the bleak performance of the fund, many founders began to "abandon the pit", and the size of several funds managed by Cai Songsong had declined significantly. Taking the largest Nuoan growth mixed as an example, in June last year, the fund's scale was 28.177 billion; but in the first quarter of this year, the scale of the fund fell to 24.616 billion, a significant decrease of more than 3 billion.

In this case, transformation may be Cai Songsong's choice.

According to media reports, on the evening of July 4, Cai Songsong announced in the Ant Fortune Fund Discussion Area that Noon was optimized in July 2 to start as a fund manager, and expressed his thanks to investors. " Row". According to data, the fund's scale in the first quarter was only 2 million, and there were already 60 consecutive working days of fund asset value of less than 50 million yuan, facing a liquidation crisis.

Obviously, as the former top -flow fund manager, although the performance in the past year is not good, the Noon Fund still hopes to save this endangered fund through Cai Songsong's only influence; An attempt for Cai Songsong's transformation. After all, compared to the current funds that are currently managed, it is undoubtedly more appropriate to try water through such mini funds.

However, with the continuous changes in the current market market, it is no longer an era that can easily win a certain track. The balanced configuration and the best choice of excellent selection are particularly critical. In addition, in the context of the continuous redemption of Kimin, there is no time left to the former top -flow fund manager.

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