After Tang Xiaodong left office, liquidated his funds, and sold his Shanghai office buildings at a loss, BlackRock's first "trader" also left the market, and no matter how much aura he had, he became a yellow flower of tomorrow.
On January 20, 2024, BlackRock announced that its fund manager Tang Hua resigned for personal reasons. It is worth noting that BlackRock Fund is the first wholly foreign-owned public offering in China, which was established in June 2021 and issued BlackRock China New Vision in September, and Tang Hua is the first fund manager. Now that he has left office in a hurry, he doesn't feel emotional.
According to the Four Seasons News, Tang Hua, MBA from Nanyang Technological University in Singapore, has successively served as a researcher at the Institute of Oriental Studies, a senior researcher at the Shanghai office of Bauer in Canada, a research director and A-share investment manager at the asset management headquarters of Zhongyuan Securities, the chief representative of Schroders Group in the United Kingdom, and an investment research director of BlackRock Investment Management (Shanghai) Co., Ltd. On September 7, 2021, he became the first trader of BlackRock with the establishment of New Horizons.
Although Tang Hua has rich qualifications, he has never managed fund products before and has no experience in public offering management, which also made the first fund he operated suffer heavy losses. Wind data shows that BlackRock China New Vision has suffered a huge loss of 34% in the past one year, a loss of more than 40% in the past two years, and a loss of 44% during Tang Hua's tenure.
In 2021, he held positions in banks, liquor, semiconductors, and construction projects; in the middle of 2022, he began to chase the concept of new energy, and lithium batteries and photovoltaics were among the top ten positions; at the end of 2022, in addition to lithium batteries and liquor, he also increased his position in pork, betting on Hong Kong stocks; in the 2023 interim report, he chased AI on the basis of liquor, lithium batteries, and communication equipment.
Observing the positions of New Vision, it can be found that although its positions are scattered, they basically buy high-level stocks, and many of them are chasing high-level stocks, and they adjust their positions frequently, and they are obviously chasing the trend, but they often end up chasing high-level and become large leeks. In this regard, many netizens said that this is worse than what retail investors do...
Of course, in addition to Tang Hua's lack of practical experience and poor level, there is also an obvious lack of adaptation in A-shares, and the awesomeness of A-shares lies in the management of various dissatisfactions. Some financial bloggers sighed: With a sigh, the first "trader" of BlackRock Fund left the market gloomily, and the whole thing started high and went low... This also shows that the difficulty of investing in China's stock market is indeed quite high.
At present, the helmsman of BlackRock China New Vision is Shan Xiuli, she has been co-managing with Tang Hua since the fund was first established in September 21, she currently manages two funds, but each of them has lost more than 30%, and the return loss of two years has exceeded 40%.
The fund also ushered in a new condominium fund manager Shen Yufei, who was previously in the Galaxy Fund, and his performance was not bad, but after more than half a year of coming to BlackRock Fund, BlackRock Industry Preferred fell by 20%. If Tang Hua and Shan Xiuli are representatives of the returnee faction, and it is understandable that they are not convinced by the water and soil of A-shares, then Shen Yufei, as a representative of the local faction, is also broken, which makes people unconsciously spread their hands. However, the company recruited Li Qian, a local faction, but she is a fixed income fund manager with acceptable performance.
In the past two years, the financial circle can clearly feel that BlackRock is not adapting to the A-share market, not only BlackRock, Da Mo and other foreign giants.
According to wind data, the current scale of BlackRock fund is only 8 billion, down 29% in the past one year, 36% in the past two years, and 40% in the past three years.
Jinshi Miscellaneous Statistics found (data as of January 22) that the two funds that have been established for more than two years have fallen by about 40% in two years, in addition to BlackRock China New Horizons has fallen by more than 40% in two years, and BlackRock Hong Kong Stock Connect Vision managed by Lu Wenjie has fallen by more than 38%, and Lu Wenjie is the company's chief investment officer and deputy general manager.
The current position is dominated by high dividends, but in 2023, the position will be dominated by lithium batteries, and related AI, semiconductors, and liquor, resulting in heavy losses.
The huge performance loss seems to be unable to describe BlackRock's daily life of being beaten by A-shares. There are three other things here: 1) In August 23, the company's chairman Tang Xiaodong resigned, his resume can be described as strong and eye-catching, in well-known international investment banks and domestic head public offerings have working experience, and the rank is not low, 19 years he served as the head of BlackRock China, never thought that BlackRock Fund was established for 2 years, he left suddenly, and the huge loss of its fund may be the core reason;
2) BlackRock Global Funds (BGF), a product of BlackRock, announced in a shareholder letter on 5 September that it will close its sub-fund, China Flexible Equity Fund, on 7 November. According to the recent July monthly report released by the BlackRock China Flexible Equity Fund, 81.41% of the fund's positions are invested in Chinese companies, holding positions in the Internet, liquor, banking, insurance, etc.
However, BlackRock's liquidation is the RQFII China Theme Fund, which was established in 2017 and has only more than 20 million US dollars left, so it will be liquidated if it is liquidated, and it has little impact, and it has nothing to do with the fund managed by BlackRock China. Although it doesn't matter, it can see BlackRock's dismal investment ability in A-shares.
3) On January 22, it was reported that BlackRock was seeking to sell its Shanghai office space at a 30% discount. Some interpreted the news as BlackRock's plan to sell the team's office location in Shanghai. It is reported that the price was 1.2 billion at that time, and now it is discounted by 3%, and the price is about 840 million, and it has lost 360 million in less than 5 years. It is understood that the rumored "Shanghai office building" planned to be sold is actually a project invested by an offshore private equity fund managed by BlackRock's Asia-Pacific real estate investment team, which is a normal investment process.