Financial Associated Press (Shanghai, reporter Han Li) news, following last October, the public offering veteran Dong Chengfei stepped down as the manager of the Industrial Securities Global Fund, just announced that the company's deputy general manager Dong Chengfei will officially leave.
As a star fund manager with 15 years of investment experience, Dong Chengfei's every move has attracted market attention. After he stepped down as fund manager, he has appeared in the research list of listed companies many times, and yang dong of Ningquan Asset and Du Changyong of Rui county assets also appeared in the list, both of which are the elders of the Industrial Securities Global Fund.
When Dong Chengfei stepped down as a fund manager, some insiders revealed that he might turn to private equity. With the recent trends, Dong Chengfei's whereabouts may be self-evident, and the reporter of the Financial Associated Press confirmed by insiders that Dong Chengfei's next stop is Rui County Assets established by Du Changyong.
Dong Chengfei announced his resignation
According to public information, Dong Chengfei joined the Industrial Securities Global Fund after graduating from university in 2003, and has served as an industry researcher, assistant fund manager, fund manager, deputy general manager of the management department and other positions.
Dong Chengfei's position in the public fund industry is beyond doubt. Beginning with the formal management of public offerings in February 2007, Dong Chengfei has experienced several rounds of bull-bear transformation in his nearly fifteen years of fund investment career, including fluctuations in the macroeconomic environment from 2007 to 2009, low return periods in successive years from 2010 to 2013, explosive markets in 2014-2015, and a more open and mature A-share market since 2016.
In his many years of investment career, Dong Chengfei has also developed an investment style known for its robustness, and the representative product he manages, Xingquan Trend Fund, has achieved an annualized return of 20.98% as of June 30, 2021 since its management on October 28, 2013.
At the time of the previous announcement of his departure, Dong Chengfei also wrote a "Letter to Support someone", in which he explained the reasons for his departure. "As the company's investment research team tends to mature and stabilize, forming a relatively perfect talent echelon, I also want to make some changes, temporarily bid farewell to fund management, spend more time on precipitation and growth, and try to make some new explorations in investment."
After leaving office, he conducted many researches
Interestingly, after stepping down as a fund manager, Dong Chengfei changed his previous low profile and began to frequently investigate listed companies.
According to Wind data, since leaving office, in the recorded listed company survey, Dong Chengfei's name has appeared three times. They are Feilida, Zhongxin Group and Weizhixiang, and these three surveys are all field research.
It is worth noting that in the research list of these three companies, Yang Dong of Ningquan Assets appeared twice, and Du Changyong of Rui County Assets has always been "in the same frame" for research. Yang Dong and Du Changyong are the elders of the Xingquan Fund, and together with Wang Xiaoming, they were once known as the "Iron Triangle" of the Xingquan Fund.
In 2014, Wang Xiaoming established Shanghai Xingju Investment, and in 2015, Du Changyong also established a private equity - Rui County Assets. Yang Dong established Ningquan Asset after leaving Xingquan Fund in 2018. These companies, which are known as "Xingquan" private equity in the industry, also have close exchanges. For example, in January this year, Yang Dong and Du Changyong investigated Zhouming Technology together.
On July 17, 2020, Xingju Investment and Rui county assets issued an announcement announcing the merger of the two companies, positioning themselves to create a new platform of "equity +" with equity as the core, combination of equity and debt, and flexible allocation.
After leaving office, the fund he had managed was similar
After he stepped down as fund manager, the future successors of the two funds he managed have also attracted much attention.
According to the announcement of the Industrial Securities Global Fund, Xingquan Trend Fund has hired Xie Zhiyu and Dong Li to take over as fund managers, and Xingxin Vision Fund has been managed by housewarming. At present, the 2021 four quarterly reports of these two funds have not yet been released, and it is not possible to accurately grasp whether the two funds have changed their positions after the change of fund managers.
According to Wind data, as of December 31, 2021, after the two funds changed their fund managers, the yield of the Xingxin Vision Fund was 7.36% and the Xingquan Trend was 4.88%.
Today, the fund manager of Xingxin New Vision has spoken out, saying that the biggest innovation cycle at present may be related to the new energy industry chain.
Housewarming said that at present, our short-term economic pressure is still relatively large, and this year may face a relatively passive state in the economy and not so passive in macro policies. The space for monetary policy is very large, and the use of top-down monetary policy means to cope with short-term economic pressures is still relatively easy. But for long-term value varieties, such as some good companies in the food and beverage sector, or companies with longer tracks, in the case of economic pressure, their performance is difficult to significantly exceed expectations in the short term.
Based on this, the strategy adopted by housewarming is to add a little bit of falling down, and if there is a rebound, it can eat a part of the swing gains. The premise is that the company should be more reliable, even if it can't eat the swing band, the probability of profitability from the perspective of three years is still large, and if it can be eaten, it is an excess return.
In her view, new energy did have a lot of more than expected parts of the industry last year. Last year, whether it was photovoltaic or new energy, after the slope of the entire policy and industry was revised upwards, many varieties on this main line rose very much, and the valuation was relatively high. However, as the amount of photovoltaics, including many new energy industry chains, does slowly begin to rise, it can drive many surrounding industries to rise.
"Now my main focus is on the surrounding industrial chain after the core industrial chain of new energy, for example, there are some companies in the power equipment industry, their valuation is still above the lower position, and the volume cycle lasts for a long time, rather than short-term speculation." Housewarming said that she is also focusing on the new round of pan-consumption and pan-manufacturing brought about by technology-driven, but the technology sector is very dependent on the breakthrough of the head company in technology and the innovation of the game, and this part has also been tracked.
She also said that if the scientific and technological innovation cycle can be opened, it will drive many industrial chains, and the economy may have new momentum.