Text/Liu Zhentao
People go high, water flows low. Fund manager job-hopping has become a common phenomenon in the market. After some fund managers achieve better management performance, they often choose to change jobs in order to better develop their careers.
Seeking better treatment and better development, it is understandable to change jobs. However, we have observed that there are many fund managers with excellent performance in the market, but they have not continued their original good performance after changing jobs, and the performance of the funds under management has fallen sharply, which has been complained about by the people.
Fan Xihui, a fund manager under the public Huisheng Fund, is one of the typical ones.
According to the data, Fan Xihui graduated from Huazhong University of Science and Technology with a doctorate and worked in many financial institutions such as Industrial Securities, Ping An Asset Management, and Shanghai Fushan Investment Co., Ltd. In August 2018, he worked as a fund manager at Yuanxin Yongfeng Fund, left in August 2021, and then moved to Huisheng Fund and served as a fund manager at Huisheng Fund in December of that year. At present, Fan Xihui has served the two companies for a total of 4 years.
We observed that when Fan Xihui was a fund manager at YF Fund, he managed 5 funds (multiple shares combined). The employment returns of the five funds were all positive, among which Fan Xihui managed the high-end manufacturing mix of Yuanxin Yongfeng for more than 2 years and achieved a tenure return of 163.36%.
However, when Fan Xihui jumped to Huisheng Fund, all the funds under management had negative returns. The data shows that Fan Xihui has managed 3 funds in Huisheng Fund (multiple shares are combined), Huisheng Heyue Bond and Huisheng Huixing Hybrid have left in February and March this year, he managed these two funds for more than 1 year, and the return on tenure was -6% and -15% respectively.
At present, Fan Xihui has only one fund under management, Huishenghui New Mix, he is currently under management for 1 year and 176 days, and the return loss on tenure exceeds 50%. In other words, in the more than one year managed by Fan Xihui, Jimin lost almost half of his principal.
According to the data, Huishenghui New Hybrid was established on February 19, 2020, more than 3 years ago, and was initially managed by fund manager Sun Qing. Sun Qing managed the fund for more than a year, leaving the fund and leaving it to Fan Xihui.
From the return data, it can be seen that the management of the two is very different. Sun Qing's management return was as high as 49.31%; Under the management of Fan Xihui, the return loss was 50.83%, a difference of 100 percentage points.
After the fund changed the fund manager, the performance suffered a sharp loss, which also caused complaints from the people. In the fund community, You Jimin said, "I bought it before changing fund managers, and I have been getting it now, successfully from earning 30 points to losing half of the principal, I ask this fund manager, how did you lose 50% during your tenure?" ”
According to data from Tiantian Fund Network, in the whole year of 2022, under the management of Fan Xihui, the net value of Huishenghui New Hybrid fell by 37.94%, which was not good. Since 2023, the fund's net value has fallen by 21%, and the performance of its peers is low.
As Fan Xihui managed the fund's performance to lose significantly, the size of the fund fell sharply. The data shows that at the end of 2021, the total size of fund A shares plus fund C shares was 101 million yuan. As of the end of the first quarter of 2023, the total size of fund A shares plus fund C shares was only 52.6637 million yuan, a decrease of almost 1 and a half.
More importantly, on June 8, Huisheng Fund issued an announcement that Huisheng Huixin Hybrid has been below 50 million yuan for 30 consecutive working days. If the fund falls below $50 million for 60 consecutive working days, the fund will cease to operate.
This also means that Huisheng Huixin Hybrid faces the risk of liquidation at any time, and fund manager Fan Xihui also faces a situation where there is no fund to manage.
Huisheng Huixin Mix's performance has suffered significant losses in the past 1 year, which is related to Fan Xihui's investment choices. According to data from Tiantian Fund Network, after Fan Xihui managed the fund, the turnover rate of fund positions increased significantly, reaching 374.70% at the end of the first half of 2022 and 463.23% at the end of 2022, which shows that under Fan Xihui's management, the fund changes positions frequently.
Taking the positions in the fourth quarter of 2022 and the first quarter of 2023 as an example, we can see that the top ten heavy stocks of the fund are completely different except for Jiejia Wistron, which shows that Fan Xihui has made a major adjustment to the fund's position.
Increase the turnover rate of funds, significantly change fund positions, fund managers try to grasp the market rhythm to seek income. However, Fan Xihui's sharp readjustment of positions did not achieve good results, and the data showed that in the first quarter of 2023, the net value of Huishenghuixin Hybrid fell by 9%, while the average increase of the same category was 3.25%, and the fund's performance was not good.
At present, Fan Xihui has only been working in Huisheng Fund for more than one year, and the loss of the fund during the management period has reached 50%, and he has not shown his excellent management ability in the past. Can Fan Xihui have an outstanding performance in the later stage? We will stay tuned!
What do you think about the situation that after changing jobs, Huisheng Fund Fan Xihui lost 50% during the management period?