As a star fund manager, Feng Mingyuan managed Cinda Ao Yin Zhiyuan was established on January 25, and he has managed 10 fund products
Qi Wenjian, a researcher at Investment Times
At the beginning of the new year, the A-share market continued to fluctuate, and the flow of personnel in the public fund industry accelerated.
On 29 January, Cinda Australia Bank Fund Management Limited (hereinafter referred to as Cinda Australia Bank Fund) announced that Cinda Australia Bank New Target Flexible Allocation Hybrid Securities Investment Fund (hereinafter referred to as Cinda Australia New Target) has hired Guo Min as fund manager to jointly manage the fund products with Wang Jianhua.
It is worth mentioning that the new target of Cinda Australia Bank was previously jointly managed by Wang Jianhua and Yang Chao, but Yang Chao left on January 7 due to personal reasons and stepped down as the fund manager of 7 products, including the fund (various shares are combined, the same below).
In addition to personnel changes, the fund managers of Cinda Australia Bank Fund also have the phenomenon of "one delay and more". The Cinda Australia Bank Zhiyuan Three-Year Holding Period Hybrid Securities Investment Fund (hereinafter referred to as Cinda Australia Zhiyuan), helmed by star fund manager Feng Mingyuan, was established on January 25, which is the tenth fund managed by Feng Mingyuan.
Regarding the change of fund manager and other issues, the Investment Times sent a communication letter to the Cinda Australia Bank Fund, but as of press time has not received a reply.
Fund manager changes
On January 29, Cinda Australia Bank Fund issued an announcement of fund manager change. According to the announcement, Cinda Australia Bank's new target is to hire guo min, a fund manager, to jointly manage the fund with Wang Jianhua. This is also the first public fund managed by Guo Min.
According to the announcement, Guo Min has been a researcher at Ping An Securities Research Institute and GF Securities Research Center since 2012, an investment manager in the equity investment department of BOCOM Wealth Management since June 2020, and an assistant fund manager for Cinda Australia Bank Fund in August 2021.
In fact, this is not the first time that Cinda Australia's new target has undergone a change of fund manager within the year.
On January 7, Cinda Australia Bank Fund issued a number of fund manager change announcements, and yang Chao, the company's fund manager, stepped down as the manager of 7 product fund managers such as Cinda Australia Bank New Target, Cinda Australia Bank Xinan Bond (LOF), and Cinda Australia Bank Hui Butler for personal reasons.
According to the previously disclosed fund quarterly report, the total management scale of the above 7 funds is 13.701 billion yuan, and the 7 funds are "taken over" by Wang Jianhua, Fang Jing, Zhang Zetong and Song Dongxu, who were previously the same fund managers.
"Investment Times" researchers noted that Yang Chao is a relatively special fund manager, before his departure from office, the products he managed involved 4 types of active equity funds, currency funds, mixed debt secondary, medium and long-term pure bonds and so on.
It is worth mentioning that as of the end of the fourth quarter of 2021, there are 8 fixed income funds (including currency funds and bond funds) under the Cinda Australia Bank Fund, and Yang Chao manages 6 funds such as Cinda Australia Bank Anyi Pure Bond, Cinda Australian Bank AXA Pure Bond, Cinda Australian Bank Xin'an Bond (LOF), Cinda Australia Bank Hui Wealth Management and so on.
What about the performance of the new target of Cinda Australia Bank after experiencing the departure of the fund manager within one month?
Wind data shows that as of January 28, Cinda Australia Bank's new target has yielded -10.35% this year, ranking 1568/2220 in the same category; the fund's yields in the past year, nearly two years and past three years were 3.76%, 41.73% and 112.68%, respectively, ranking in the top 1/2 of the same category.
Star Fund Manager "One Drag Ten"
Or based on the characteristics of star fund managers with their own flow, a number of star fund managers appeared in the issuance market with new products at the beginning of this year, and Feng Mingyuan of Cinda Australia Bank Fund is one of them.
On January 26, Cinda Australia Bank Fund issued an announcement that Cinda Australia Bank Zhiyuan was established on January 25, with an initial offering size of 4.762 billion yuan and 74,170 valid subscriptions. This is the first three-year holding period fund managed by Feng Mingyuan.
It is reported that the Cinda Ao Yinzhiyuan began to sell on January 12, the original deadline was January 25, 2022, and the final fundraising deadline was advanced to January 21, 2022. During the fundraising period, Cinda Australia Bank Fund used its own funds to subscribe with 5 million yuan.
The net worth of this newly established new fund has "broken". According to the data, as of January 28, the net value of Cinda Australia Bank Zhiyuan A/C units was 0.9979 yuan. In this regard, some basic people have quite a criticism, such as "Why has the net value fallen today?" Have you already opened a position? "This decline does not seem to be a low position!" "What's going on?" Successfully opened a position so quickly? etc.
In addition, Feng Mingyuan also separately and participated in the management of 9 active equity funds such as Cinda Australia Bank New Energy Industry, Cinda Australia Bank Advanced Intelligent Manufacturing, Cinda Australia Bank Core Technology, Cinda Australia Bank Leading Intelligent Manufacturing, etc., many of which are established in 2020 and 2021.
Specifically, in 2020, Feng Mingyuan has successively established Cinda Australia Bank Technology Innovation One Year Fixed Opening, Cinda Australia Bank Research Preferred, and Cinda Australia Silver Ingenuity Selection to hold 3 funds for two years. In 2021, he successively established two funds, Cinda Australia Silver Star Yi and Cinda Australia Bank Leading Intelligence Manufacturing.
Some analysts believe that fund managers often have the problem of product homogenization when they "drag more".
This can also be seen in the top ten heavy stocks of 7 funds, such as Cinda Australia Bank Research Preferred, Cinda Australia Bank Core Technology and Cinda Australia Bank Advanced Intelligent Manufacturing, which are managed by Feng Mingyuan alone. In the fourth quarter of 2021, the top ten heavy stocks of the above 7 funds have Putailai (603659. SH), ZTE (000063. SZ), Tianqi Lithium (002466. SZ), East Sunshine (600673. SH), Ningde Era (300750. SZ), Sunwoda (300207. SZ) 6 stocks are the same.
It is worth mentioning that in 2020, the Asset Management Association of China issued the Guidelines for Fund Managers Concurrently Serving as Investment Managers of Private Equity Asset Management Plans (Trial Implementation) (hereinafter referred to as the Guidelines). According to the Guidelines, fund managers should ensure that concurrent fund managers have the ability to perform their duties fully, and reasonably allocate the number of public funds and private asset management plans managed by the same fund manager, and in principle not exceed 10.
Then, judging from the current management of funds, the "quota" of funds managed by Feng Mingyuan is full. If he wants to continue to build new products, he will need to selectively step down as a fund manager for some funds.
Mini funds or ringing the "bell" of liquidation
In fact, the "dependence" of Cinda ABC Fund on Feng Mingyuan is not only reflected in the number of fund management, but also in terms of management scale. As of the end of the fourth quarter of 2021, the total management scale of the company was 80.97 billion yuan, of which the total size of the fund managed by Feng Mingyuan was 41.09 billion yuan, accounting for 50.75%.
The contribution rate of the fund managed by Feng Mingyuan to the management scale of Cinda Australia Bank can be seen. Betting "hope" on individual fund managers carries potential risks. If the fund manager leaves, the loss of size seems inevitable.
According to statistics, there are 19 fund managers under the Cinda Australia Bank Fund. Feng Mingyuan alone supported half of the country, and other fund managers were reduced to "playing soy sauce".
For example, Wang Yonghui's fund manager has 8.8 years of experience, ranking second among the company's existing fund managers, and he separately manages 4 funds, including Cinda Australia Bank New Starting Point A/C, Cinda Australia Bank CSI Shanghai-Hong Kong Shenzhen High Dividend Selection, and the size of the fund under management is only 172 million yuan.
In addition, what attracted the attention of the researchers of the Investment Times was that a number of mini funds have emerged under the Cinda Australia Bank Fund.
As of the end of the fourth quarter of 2021, there are 41 funds under the Cinda Australia Bank Fund, of which Cinda Australia Bank Consumption Preferred, Cinda Australia Bank New Starting Point A/C, Cinda Australia Bank Wisdom Wealth Management, Cinda Australia Bank Quantitative Multi-factor A/C, Cinda Australia Bank CSI Shanghai Hong Kong Shenzhen High Dividend Select 5 funds with a size of less than 50 million yuan.
It is worth noting that on January 26, Cinda Australia Bank Fund issued the second indicative announcement on the holding of the Cinda Australia Bank New Starting Point Regular Open Flexible Allocation Hybrid Securities Investment Fund Shareholders' Meeting by means of communication. According to the announcement, the matters deliberated at the meeting were mainly the "Proposal on Terminating the Matters Related to the Contract of the Regular Opening and Flexible Allocation Hybrid Securities Investment Fund of the New Starting Point of Cinda Australia Bank", and the voting at the meeting was from January 27, 2022 to 17:00 on February 28, 2022 (the delivery time is subject to the time when the fund manager receives the voting votes).
In 2021, Cinda Australia Bank Fund has successively had two funds, Cinda Australia Bank Stabilization A/C and Cinda Australia Bank New Journey Fixed A/C, which were liquidated due to the vote of the shareholders' meeting.
Cinda Australia Bank Fund Management Scale (RMB100 million, only)
Source: Wind