Half of equity categories, Jiangshan alone relying on Jiang Cheng alone, the scale of Zhongtai's asset management public offer is nearly 30 % difficult to hide the hidden crisis

21st Century Business Herald reporter Pang Huawei Guangzhou report

On July 20, the second quarterly report of the Fund of Zhongtai Assets Management disclosed that the total public fund in the second quarter was 34.664 billion yuan, an increase of 7.857 billion yuan from 26.807 billion yuan at the end of the first quarter, an increase of nearly 30 %.

It is worth mentioning that the active equity fund is basically Jiang Cheng, the star fund manager, and the other fund manager Tian Yan.

The data shows that the active equity fund of Zhongtai's asset management in the second quarter was about 15.213 billion yuan, and Jiang Cheng managed 11.861 billion yuan, close to 80 %. The active equity fund of Tian Yan management is about 4.3 billion yuan (the total management scale of Tian Yan is about 5.6 billion yuan, and it also includes a debt base), which is close to 30 %. In addition, two of them jointly managed a fund of about 900 million scale.

This model that depends on one or two fund managers is more common in small and medium -sized fund institutions, which often brings the concentrated risk of "successful Xiao He, defeat and Xiao He" to business stability.

Jiang Cheng "1 Drag 6"

Jiang Cheng of Zhongtai Asset Management, known as "Boss Jiang", can be described as the "rivers" of the equity category of Zhongtai asset management with their own strength.

At present, Jiang Cheng's management products include China Thai Star Yuan value preferred A, Zhongtai Yuheng value preferred value, and Zhongtai Xingcheng's value of 6 funds such as A and Zhongtai Xing as a value selection A. As of 2022Q2, its total management scale reached 11.861 billion yuan.

In the first half of the ups and downs of A shares, Jiang Cheng's fund managed funds all realized positive income. In the first half of the year, only 338 were positive in active equity funds (only the initial share was calculated, which was established before 2022).

Among them, the value of Zhongtai Xingyuan is preferred A. The revenue in active equity products since the establishment of the warehouse ranks among the top 20%. Since the establishment of the warehouse, the largest retracement of the product occurred in March 2020 at 16.27%.

Generally speaking, the risk adjustment of the value of the value of Sino -Thailand's value is better, and the income retracement ratio and Sharp ratio in the entire interval are at the top 5%.

It is worth mentioning that when the market fell sharply in the first quarter, the average yield of flexible configuration funds was -11.91%, and the flexible configuration of the Sino-Thai Star Yuan was 3.30%. However, when the average rate of return of flexible allocation funds in the same period in the second quarter was 5.88%, and the flexible configuration of the Sino -Thai Star Yuan was 4.05%.

However, in terms of the performance of the first half of the year, the market is like a roller coaster, and most of the funds are swaying. However, Jiang Cheng's fund is a steady and upward trend.

This is related to its positioning structure, Jiang Cheng's fund holding positions show the characteristics of "low valuation+more cyclical stocks".

For example, the heavy positions in the second quarter of the second quarter of China and the Yuan Dynasty were mainly concentrated in cyclical industries such as building materials and real estate, as well as areas with relatively low valuations such as materials and optional consumption. The top ten heavy warehouses are Chinese architecture, solar paper, Vanke A, Jianfa, conch cement, Supor, Shanghai Medicine, Huaru Hengsheng, China Shenhua, Zhejiang Longsheng.

The above positions are also in line with Jiang Cheng's "deep value investment" style.

In the second quarterly report, Jiang Cheng pointed out that the market fluctuated in the first half of the year, fell sharply in the first quarter, and rebounded sharply in the second quarter. In the process, value stocks performed relatively stable, and growth stock fluctuations became more violent.

And he has been looking at the problem from a long -term perspective, and hopes that the price of the stock will provide sufficient protection. "Combined with the valuation level provided by the market, more than the majority of peers are configured in value stocks, so it seems relatively stable. What excellent records. "

Jiang Cheng said that based on the moment, looking forward to the future, aside from short -term predictions, it is still optimistic from the long term: First, it is optimistic about China's economic prospects. The fluctuations are inevitable. The economy is easier to form a good industrial structure, and the good industrial structure brings better capital returns. The huge domestic demand market and global comparative advantages provide a broad performance stage for outstanding companies. The current state is optimistic. Under the guidance of security margins, the premise of our heavy position is to tolerate its shortcomings instead of infinitely enlarging its advantages. Without much to lose, the uncertainty is about how much it can be obtained.

Compared to Jiang Cheng's "deep value investment", Tian Thai -owned asset management Tian Yan's style of Tian Yan has grown slightly.

The funds managed by Tian Yan performed relatively in the first quarter, but the funds rebounded in the second quarter were larger than Jiang Cheng. For example, the value of Zhongtai Xingyu, which was at the helm, fell more than 11%in the first quarter, and rose nearly 10%in the second quarter.

In the second quarterly report, Tian Yan stated that during this year's rise and heavy plunge, "we are more like an outsider. The overall balance combination makes us not sensitive to market changes. In addition to the market decline, we have been The principle of implicit reward is related to the positive position of the position and bought some favorite targets. There is almost no operation. This stems from our own investment framework without the judgment part of the trend and style. The degree of combination to obtain Alpha is still our consistent strategy. In the second quarter, we still created a significant excess income with a relatively balanced combination. Although there is luck, the effect of the long luck of the management time is slowly smaller. "

Zhongtai's public funding road

On the road of securities company asset management public offering, Zhongtai Securities is quite concerned about the market, especially its recent movements.

As a subsidiary of Zhongtai Securities, Zhongtai Asset Management obtained a public offering license in 2017 and is the 13th industry in the industry to obtain a public offering license. In December 2018, Zhongtai Asset Management issued the first public fund, Zhongtai Xingyuan, the value of the first public fund, and Jiang Cheng served as the fund manager. Its public offering management scale also exceeded 30 billion in the second quarter. In addition to the China -Thailand asset management, Zhongtai Securities also frequently pays public equity.

On the evening of July 12, Zhongtai Securities announced that the company held a board of directors and agreed to the company's 11 % of the entire equity of Wanjia Fund held by Qihe Zhongxin Investment Co., Ltd., and the transaction price was RMB 289.6 million. Earlier, the company held 49 % equity of Wanjia Fund. If the transaction is successful, Zhongtai Securities will hold a total of 60 % of the equity of 10,000 funds and become its controlling shareholder.

The China -Thailand Securities Announcement shows that the transaction will help improve their control over the Wanjia Fund, provide more powerful support for the company's wealth management transformation and business collaboration, and further enhance the company's core competitiveness. Fund companies are rich in product types, which can help companies expand their product types, enhance the ability of asset allocation services, and accelerate the pace of wealth management transformation.

In the 2021 annual report, Zhongtai Securities talked about the development outlook of Wanjia Fund in 2022: Wanjia Fund will focus on market changes and customer needs, adhere to improving investment capabilities, further improve the product layout, improve the scale of management and profitability; Construction, IT system construction, and internal control system construction are the starting point, strengthen operational support capabilities, and drive the company's overall competitive strength to improve.

Since the beginning of this year, there are many changes in fund companies. According to information on the official website of the Securities and Futures Commission, this year, Huaxia Fund, the National Kaisha Fund, Huabao Fund, Hua'an Fund, Wanjia Fund, and CICC Building Investment Fund have changed their equity and obtained the approved approval of the regulatory agency to achieve it. The change of the company's equity structure.

In addition, as of the end of June, this year, there have been many fund companies such as Donghai Fund, China Sea Fund, Morgan Stanley Huaxin Fund, Huisheng Fund, and the actual controller's change application for changes in the actual controller.

Insiders believe that, in the context of the vigorous development of the asset management business of securities firms, capital has also focused on betting on public offering business, mostly for the consideration of business development and strategic layout. Among them, an important reason is that the new regulations of the fund manager loosen the "one ginseng, one control one card", which makes the securities firm re -plan its public offering license and resources, and regain the adjustment of the public offering equity structure.

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