The asset management was once established for two months of the fund manager to send a new product Huaan Fund's product layout puzzle to be solved

After two months of establishment, the fund manager sent new products. Earlier, the Huaan New Energy Theme Hybrid Fund was established without the "full moon" and announced its opening up, and the fund still retreated against the trend when the market rebounded. What happened?

Author: Hong Xiaotang

Figure: Tuwa Creative

On July 12, 2022, the Hua'an Industrial Trends Hybrid Fund was officially released, and its proposed fund manager was Wang Chun.

Economic Observation Network reporters found that Wang Chun is also a fund manager of Hua'an New Energy Theme hybrid fund. Since its establishment on May 11, this product has not yet been fully established.

After two months of establishment, the fund manager sent new products. Earlier, the Huaan New Energy Theme Hybrid Fund was established without the "full moon" and announced its opening up, and the fund still retreated against the trend when the market rebounded. What happened?

New base

On July 12, it was the first day of launching the Hua'an Industrial Trends Hybrid Fund. Another fund product that the proposed fund manager Wang Chun was in charge, just established two months ago.

Regarding this arrangement, a person close to Hua'an Fund revealed to reporters that the fund's product approval is about to expire, so the product "emit out" before expiration.

According to the progress of the administrative approval of the CSRC, the Hua'an Industrial Trends Hybrid Fund was displayed on December 24, 2021, which was approved on January 13, 2022 after simple procedures.

According to the "Securities Investment Fund Law", the fund manager shall raise funds within 6 months from the date of receiving the registration documents.

Therefore, if the date of approval by the Hua'an Industrial Trend Fund is calculated to the date of issuance, it is exactly 6 months.

The announcement shows that the fund was released publicly through sales outlets of other sales institutions such as direct sales institutions and China Galaxy Securities from July 12 to July 29, 2022. The raising period does not exceed 3 months, and it will be calculated from the date when the fund share starts on sale.

According to the recruitment instructions, the share asset investment ratio of Hua'an Industrial Trends Hybrid Fund is 60%-95%of the fund assets, of which the share investment ratio of the Hong Kong Stock Connect is not more than 50%of the stock assets.

According to public information, Wang Chun, a fund manager of the fund, is: Bachelor of Science of Nanjing University; Master of Management of Fudan University, former researcher at Deheng Securities Co., Ltd.; The investment manager and research director of the limited liability company; the fund manager and strategy and financial engineering director of HSBC Jinxin Fund Management Co., Ltd., joined Huaan Fund Management Co., Ltd. in May 2015.

Two months ago, Wang Chun's Hua'an New Energy Theme Fund had just established.

Economic Observation Network previously reported that Wang Chun just took over the Hua'an New Silk Road theme fund under the Hua'an Fund on March 28, 2022. Xie Changxu, the former fund manager, left office and moved to Huitianfu Fund.

Wang Chungang took over the management of Hua'an New Silk Road theme funds, and then released new products, and new products were issued two months later. Does the fund manager have the energy to take into account the connection of new and old products and manage new products? The reporter contacted the person from the Hua'an Fund, and the person did not comment.

"Abnormal" open and redemption

Public information shows that the Hua'an New Energy Theme Fund was raised from April 11th to April 29th, 2022, and was postponed to May 13.

On May 7, the fund issued an early collection announcement that after negotiation with the fund custodian, Hua'an Fund decided to advance the fund's subscription deadline to May 9th, from May 10 (including the day) No longer accepting subscription applications.

According to the funds of the fund contract, the establishment of the Huaan New Energy Theme (A/C mergers) was 236 million yuan, and the 200 million red line was established.

On June 1, which was established in Hua'an New Energy Theme Fund, the fund issued an announcement on June 1, the fund stated that the daily subscription, redemption, conversion and regular amount investment of the fund will be opened on June 13.

Generally speaking, the newly established fund must be established after a three -month position and closed management during the construction period, which is more conducive to maintaining the stability of the fund scale, which is convenient for the fund manager to carry out preliminary warehouses of the fund. Assets are allocated, and the fund closure period does not exceed 3 months.

Regarding the opening of the full moon in the establishment of the product, the above -mentioned person close to the Hua'an Fund analyzed the reporter. The probability of such actions is to let the help funds "escape".

Since the beginning of 2022, the new Fund has been in trouble, and the fund company will find some "help funds" to flush the scale. In order to ensure that these "help funds" can be retreated throughout the body, and letting the help funds go out as soon as possible is one of the reasons for the new fund to quickly open the purchase and redemption.

The reporter found that if investors hold Hua'an New Energy Mixed C for more than 30 days, the redemption rate is 0.

And since the fund was established, its net value trend was relatively stable, and it was relatively smooth compared with the performance of the same period and the CSI 300, and the net worth has not changed drastically. Data show that as of July 11, the fund's net value was 0.99 yuan. The fund contract showed that the fund's stock investment accounted for 60%-95%of the fund assets. It can be inferred that after the establishment of the fund, large -scale stocks have not been established.

A public fund seller in Shanghai said that in order to meet the minimum fundraising requirements when the market is sluggish, the new fund is usually found to be established to be established, but this situation often appears in small and medium -sized fund companies. The person frankly said that the establishment of "help" funds was not the best choice, and even a bit of "losing money and making money." On the one hand, there is a small cost of finding "help" funds. On the other hand, the huge redemption of the fund can easily make the product's embarrassing situation of stagnation or shrinking in scale, and may even be reduced to mini funds. Retracement

Hua'an New Energy Theme Hybrid Fund was issued at the market low, but it did not seize the subsequent rising market, and its net worth was always hovering under the "water surface".

The fund was established on May 11. At that time, it was the recent bottom area of ​​the market. On the day, the closing of the Shanghai Composite Index was 3058.70 points, the GEM index was 2346.15 points, and the new energy index was 1723.95 points. Later, the market ushered in a rebound. After May, the automotive industry chain recovered, and a strong rebound in the new energy sector also had a strong rebound. Especially in the past two months, the consumption of new energy vehicle consumption stimulus in the past two months has injected a strong heart injection into the original pessimistic expectations. New The trend of the energy sector swept the haze and rose.

Closing from May 11th to July 11th, the Shanghai Composite Index rose 9.15%, the GEM index rose 21.57%, and the new energy index that was more related to the fund rose 31.82%. The return has been -0.92%.

According to Wind data, the fund currently ranks 3047 among similar 3056 products, almost at the bottom.

Wang Chun, the fund manager of the fund, has more than 20 years of securities experience and has more than 11 years of fund management experience. His investment holding span from home appliances to liquor, chemical industry to property Compared with the fund's comparison benchmark, the long -term performance is still stable. He has failed to seize the significant rising market market in Hua'an New Energy theme hybrid fund?

A senior fund evaluation person bluntly said, "'' entrustment of the subject, the guest financial management 'was originally safeguarded the interests of the holder and the purpose of earning benefits for investors, but the fund manager and the fund manager for the reason The funds that should have won the market excess income for the holder have not even obtained the β income, and even the fund's return is not as good as the currency fund. "

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