(Article/Observer Network Li Pengtao Editor/Yin Zhe) "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 new explorations in investment." Dong Chengfei, deputy general manager of INDUSTRIAL Securities Global Fund, wrote in a letter to fund holders.
On October 19, Industrial Securities Global Fund issued an announcement that Dong Chengfei, deputy general manager of the company, officially stepped down as the fund manager of Xingquan Trend and Xingxin Vision Fund for personal reasons, and will continue to serve as the company's deputy general manager and director of research department.
After Dong Chengfei stepped down as fund manager, Xingquan Trend Fund will hire Xie Zhiyu and Dong Li to take over as fund managers, and jointly manage with the original fund manager Tong Lan; Xingxin Vision Fund will be managed by housewarming.
"Old Dong is gone, this ki can't hold it steadily"
According to public information, Dong Chengfei joined the Industrial Securities Global Fund after graduating with a master's degree in 2003, and has served as a fund manager for nearly 15 years, successively serving as an industry researcher, fund manager assistant, fund manager, research director and deputy general manager.
As a star fund manager with nearly 15 years of investment experience and a total asset management scale of more than 60 billion yuan, Dong Chengfei is one of the few veterans in the industry.
Since the beginning of 2007, Dong Cheng's informal management of public offerings has experienced many rounds of bull-bear transformation in the past 15 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.
Dong Chengfei sighed in his letter to fund holders, "Along the way, gains and losses are rare accumulation and growth, and there are many feelings and harvests. ”
In this process, Dong Chengfei's return since his tenure as fund manager was 911.84%, and the annualized return reached 17.04%.
Judging from the two funds that Dong Chengfei was in charge of before leaving office, as of the end of the second quarter, the scale of Xingquan Trend Fund and Xingxin Vision Fund was 38.419 billion yuan and 22.196 billion yuan respectively.
According to the data of Tonghua Shunifind, Dong Chengfei has managed the Xingquan Trend Fund for nearly 8 years, with a return of 325.05% and an annualized return of nearly 20%; in the more than 6 years since he was responsible for the Xingxin Horizon Fund, the return on his tenure was 92.88% and the annualized return was 10.97%.
Observer Network noted that as soon as the news of Dong Chengfei's resignation as a fund manager came out, some of the basic people who held the above two funds expressed reluctance and concern.
"Old Dong is gone, buying this base is buying Old Dong's investment philosophy." This Kidnap is unstable and finds time to empty. You Jimin said, "Dong Chengfei resigned, I am running for his performance for so many years." ”
Another Jimin said, "In fact, it is quite sudden, Xingquan this fund can be said to be the earlier one I bought." There was even a jimin who preached, "Xiao Bai doesn't understand, is it that the base can't be held by changing the manager?" ”
As for the impact of the departure of the fund manager on the fund, a senior person in the industry told the Observer Network, "In general, the departure of the fund manager has a certain impact on the fund under management to a greater or lesser extent." ”
However, "Industrial Securities Global Fund also put up a luxurious lineup to take over these two funds, there are star fund managers such as Xie Zhiyu and Dong Li, who are mainly promoted by the company, I think the holders do not have to have a particularly big anxiety, because the strength of the fund managers who take over is also very strong, of course, the holders can continue to pay attention to some changes behind these two funds." Industry veterans further said.
Dong Chengfei also said in the letter, "The company's very good colleagues who take over the investment management of the relevant funds are very good colleagues, and we will make work arrangements to ensure a smooth transition." ”
Can Xie Zhiyu and others turn losses into wins when they take over?
The announcement shows that after Dong Chengfei leaves office, Xingquan Trend Fund will hire Xie Zhiyu and Dong Li to take over as fund managers and jointly manage with the original fund manager Tong Lan; Xingxin Vision Fund will be managed by housewarming.
At present, Xie Zhiyu serves as the assistant general manager, investment director and fund manager of the Industrial Securities Global Fund, and has won 9 Golden Bull Fund Awards since Xie Zhiyu became the fund manager in 2013.
If you count the newly taken over Xingquan Trend Fund, the management scale of Xie Zhiyu's fund has reached 112.339 billion yuan. According to the data of Ifind, as of October 19, the representative product managed by Xie Zhiyu, Xingquan Herun Fund, had a return of 680.26% and an annualized return of 26.53%.
Dong Li currently serves as the Deputy Director of Research and Fund Manager of Industrial Securities Global Fund, and manages the research department with Dong Chengfei. The data shows that after Dong Li joined the Industrial Securities Global Fund, the number of awards won by the fund was 8 times.
According to the data, Dong Li has 5 years of investment management experience, and the total size of the fund under management is 45.713 billion yuan. Among them, during the period when Dong Li managed the Xingquan Asset Light Fund, as of today, his tenure return was 70.84%, and the annualized return was 14.67%.
Housewarming is Dong Chengfei's old partner. Between July 2017 and July 2020, he managed the Xingquan Trend Fund with Dong Chengfei.
Since July 10, 2018, Housewarming independently managed the Xingquan Business Model Preferred Fund, and the data shows that as of October 19, the tenure return and annualized return of the product under its management reached 136.47% and 29.95% respectively.
It should be pointed out that in the context of market turmoil during the year, the realization of the Xingquan Trend Fund and the Xingxin Vision Fund taken over by the above three fund managers is not optimistic.
According to the data of Ifind, as of October 19, the annual returns of Xingquan Trend Fund and Xingxin New Vision Fund were -1.09% and -4.53%, respectively, ranking 1164th and 669th in the same ranking.
As the holders of these two funds, the most concerned question is whether the new fund manager can reverse the loss situation.
"Whether negative returns will be reversed, this cannot be determined at present." The income of the fund is closely related to the overall market situation and the trend of the stocks held, and the short-term market is really impossible to determine. Industry veterans told the Observer Network.
"Even if there is a loss during the year, this does not explain anything, because the short-term performance of the fund is relatively limited, and it cannot truly show the management ability of the fund manager." He also explained.
At the same time, the industry veteran believes that there is no necessary relationship between the departure of the fund manager and the loss of the short-term performance of the fund. From the perspective of long-term performance, the fund managed by Dong Chengfei has brought investors a lot of medium- and long-term returns.
"As an investor, you should also use long-term funds to do financial investment, try to look down on short-term performance, pay attention to the medium- and long-term management ability of the fund manager, if the fund manager shows excellent medium- and long-term management ability, then you should trust him." He also suggested.
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