Original Big Fortune Rich Driver
When public funds and private funds lose money one by one, foreign capital can't resist!
BlackRock Global Fund (BGF), a subsidiary of BlackRock, the world's largest asset manager, announced that it will close its sub-fund China Flexible Equity Fund on November 7.
The fund was established in October 2017, when the Shanghai Composite Index was around 3300 points. Now, six years later, the Shanghai index is still at 3100 points. However, BlackRock stopped playing!
According to BlackRock's July monthly report, 81.41% of the fund's position was invested in Chinese companies. The top 10 heavy stocks are Tencent Holdings, Alibaba, Kweichow Moutai, China Merchants Bank, NetEase, Ping An of China, Wiying Technology, Guodian Narui, Haier Zhijia, and Bank of Ningbo.
Some media published an article a few days ago: If you want to defeat quantification, insisting on value investment is the only way.
Take a look at the top 10 heavy stocks of this fund, which is not the target of value investing?! But what? Still can't play!
Let's take a look at BlackRock's layout of public funds in China. In 2020, BlackRock Fund Company was established and approved a public offering license the following year, becoming the first wholly foreign-owned public fund management company in China.
At that time, there was a view that compared with other foreign asset management companies, BlackRock had two major advantages in investment:
First, it has focused on asset management for many years, invested in a wide range of resources, and entered China early, and has a relatively better understanding of the Chinese market.
Second, the famous "Aladdin" risk control system provides forward-looking risk control support.
The world is unpredictable that BlackRock, which entered China with such a dazzling halo, did not go smoothly, but was bleak.
Up to now, BlackRock China New Vision has lost 34% since its inception; BlackRock Hong Kong Stock Connect Vision lost 22% since its inception; BlackRock Advanced Manufacturing has lost 11% since its inception in one year...
I don't know if it was affected by poor performance, in June this year, Tang Xiaodong, head of BlackRock China, also left his post. At that time, BlackRock's Asia-Pacific spokesperson also responded that the departure was a personal decision, and BlackRock's long-term commitment to the Chinese market remained unchanged.
Faced with the decision to liquidate the liquidation, BlackRock said: The liquidation belongs to the daily management of the fund, and the current management scale of the fund is small, and the decision to liquidate after fully considering the interests of investors and shareholders is decided. In the future, BlackRock will regularly evaluate its products to protect the interests of investors.
Wall Street has always been wary of A-shares. This time the giant folded, and the big A shocked the world!
Crocodiles go in, geckos come out; Yang Million went in, Yang Bai Lao came out; Yao Ming went in, Pan Changjiang came out; Learn Buffett to go in and get skinned out... It's really not a joke!