Star fund manager major adjustment: Cai Songsong left, Gülen and Zhou Weiwen reduced their burden
Star fund managers, who used to be the most talked about in the bull market, are now leaving or stepping down
Huang Huiling Intern Shi Jiaxiang
Editor|Guo Nan
It was the Mid-Autumn Festival, and there were successive personnel adjustments in the fund circle for the products of many star fund managers.
Sino Analytica Fund Cai Songsong fully left its products due to personal reasons, and Sino Analytica Fund also issued relevant announcements and an open letter to holders in the early morning of September 29.
Earlier, on the evening of September 28, CEIBS Fund announced that Gülen and Zhou Weiwen stepped down from a number of its funds.
"Reading One" learned from the industry that although the two companies have adjusted their front and back, the reasons for leaving office are not the same. Cai Songsong's departure is a regular process of resignation, while the resignation of Gülen and Zhou Weiwen is "burden reduction".
Specifically, the fund where Zhou Weiwen stepped down had hired Dai Yunfeng to co-manage it a year ago. The two products that Gülen stepped down from were all-market funds. Some researchers believe that this move will help fund managers focus more on investment within the circle of competence.
After his departure, Gülen still has one all-market fund among the three funds under management, which is a new starting point for CEIBS Mingrui with more than five years of management.
Cai Songsong of Sino Analytica Fund stepped down completely
On September 29, Sino Analytica Fund issued an announcement that fund manager Cai Songsong left three funds, including Sino Analytica Growth, Sino Analytica Hexin and Sino Analytica Positive Return, due to personal reasons, and the related products will be replaced and managed by Liu Huiying and Chen Yanpeng of Sino Analytica Technology Group.
Cai Songsong had a management scale of 28.1 billion yuan before leaving office, and was one of the star fund managers with the highest market attention in recent years. He calls himself "the sharpest spear" in his style of concentrated holdings in a single industry. Among them, Sino Analytica's growth is mainly invested in semiconductor industry leaders, and the innovation drive of Sino Analytica, which was previously managed, is mainly in the computer sector. Before this full resignation, Cai Songsong has stepped down from two funds this year due to "work adjustment".
According to data from Tiantian Fund Network, as of September 29, 2023, Cai Songsong managed Sino Analytica's growth in the past five years with a return of 71.7%, Sino Analytica and Xin's return on employment of 79.98%, and Sino Analytica's positive return of more than a year with a return of -1.84%.
From the perspective of taking over the fund manager, the heaviest task is Liu Huiying, who has just been a fund manager for more than a year, and Sino Analytica, which has a scale of more than 20 billion yuan, is taken over by him alone.
It is understood that Liu Huiying's investment direction is similar to Cai Songsong, who has conducted research on technology stocks in the United States and served as the chief analyst of Dongxing Securities Electronics, and is good at exploring forward-looking opportunities in the industry through Sino-US benchmarking, and has previously taken over the baton from Cai Songsong to optimize the allocation of Sino Analytica.
Nuoan and Xin were succeeded by Deng Xinyi and Chen Yanpeng. Deng Xinyi has been a fund manager for more than a year, and was previously the deputy general manager of the research department of Sino Analytica Fund.
Chen Yanpeng has been in charge longer than the aforementioned two, and has managed Sino Analytica's flexible allocation fund for more than three years, but the fund is extremely small, with the latest data showing less than 100 million yuan.
Chen Yanpeng joined Sino Analytica Foundation in 2016 as a researcher. Previously, he was a researcher at China Securities News, a communication analyst at Zhongtai Securities, and a project investment manager at Sichuan Development Management Company.
CEIBS Fund Gülen and Zhou Weiwen "reduce burden"
On September 28, CEIBS Fund announced that Gülen stepped down as CEIBS Research Select and CEIBS Alpha Mix, and Weiwen Zhou stepped down as CEIBS Insight.
CEIBS Alpha Hybrid was established in August 2020 and had a scale of more than RMB18 billion at the end of the second quarter of 2021, and RMB7.7 billion two years later, a decline of more than 31% since its inception. CEIBS Research Select was established in March 2021 with its first fund managers, Gülen and Chunqing Lu, with an offering size of more than RMB4 billion, down more than 33% since inception.
Gülen, who holds a Ph.D. in biomedical engineering from Northwestern University, joined CEIBS Fund in October 2014 and began managing the China-Europe Healthcare Hybrid in September 2016, with a latest scale of more than 53 billion yuan and a return of more than 114% to date.
After stepping down from the two funds, Gülen currently has a management scale of 66.901 billion yuan, and its funds include CEIBS Healthcare Innovation Stocks, CEIBS Mingrui New Start Hybrid and CEIBS Healthcare Hybrid.
Judging from this succession, all the successor fund managers have more than three years of investment experience.
Lu Chunqing has served as an auditor of Beijing KPMG Huazhen Accounting Firm, a researcher of CITIC Fund, a researcher of Yinhua Fund, an industry supervisor, an assistant research director, and an associate research director. He started to serve as the fund manager of CEIBS Fund in June 2020, and the total asset size of the current fund is 8.957 billion yuan.
Peng Wei has been a fund manager for nearly six years. Previously, he served as a researcher in the construction materials, real estate, steel, coal and other industries, and the leader of the cyclical industry research group in the financing fund. He joined CEIBS Fund in December 2022 and started as the manager of CEIBS Growth Fund in July this year.
The official takeover of CEIBS Insights is Dai Yunfeng, former fund manager of Huabao Fund, who has been a fund manager for more than five years. Dai Yunfeng started managing CEIBS Insights in July 2022 and currently manages nearly RMB5 billion.
