The new fund fell 20% in 24 days after its establishment, and Wanjia Fund paid 10 million yuan out of its own pocket and has lost 2 million yuan
Text/Liu Zhentao
Less than 1 month after its establishment, it fell by 20%, have you ever seen such a fund?
Since the beginning of 2024, many funds have suffered performance drawdowns or losses. For example, the Huatai Berry Value Growth Blend managed by Fang Wei, a well-known fund manager of Huatai Pineapple Fund, has fallen by 16.65% in the past week as of February 2, 2024, exceeding the decline in the whole of 2023.
Among these fund products with significant drawdowns or losses, there are many new funds that have been established for less than one year, and Wanjia Pharmaceutical Quantitative Stock Selection Hybrid Initiation (hereinafter referred to as "Wanjia Pharmaceutical Quantitative Stock Selection Hybrid") under Wanjia Fund is one of them.
According to the data, Wanjia Pharmaceutical Quantitative Stock Selection Hybrid was established on January 12, 2024, and as of the end of February 4, 2024, the fund was established only 24 days ago, less than 1 month, and the fund manager is Yin Hang, deputy director (presiding over the work) of the quantitative investment department of Wanjia Fund.
From the perspective of fund performance, as of February 2, 2024, the net value and cumulative net value of Wanjia Pharmaceutical Quantitative Stock Selection Mixed Fund are both 0.7998 yuan per share, and the cumulative decline in the net value of the fund has reached 20.02% in the 24 days since the establishment of the fund.
Usually, there will be a certain lock-up period after the establishment of a new fund, and the lock-up period after the establishment of open-end fund products is 1-3 months. The purpose of setting up a closed period is for the fund manager to open a position, and the investment strategy of the fund manager during the opening period can not be affected by the inflow and outflow of investors' funds. After the opening of the closed period is over, investors can carry out daily subscription or redemption business.
Wanjia Pharmaceutical's quantitative stock selection hybrid was established less than one month ago, and the net value of the fund fell by 20% during the closed period, because the fund manager opened a position relatively quickly. Judging from the change in the net value of the fund, Wanjia Pharmaceutical's quantitative stock selection mix fell by nearly 5% in the first week of its establishment, and the rapid change in net value reflects the rapid establishment of the fund manager's position.
The fund manager quickly opened a position, intending to grasp the opportunity of the market, but the actual result was more embarrassing, and the fund fell quickly after the rapid opening of the position, and the fund lost 20% in just 24 days.
In addition, Wanjia Pharmaceutical Quantitative Stock Selection Hybrid is an initiation fund, and the condition for the establishment of the initiation product is that the fund manager subscribes for no less than 10 million yuan of fund shares, which means that Wanjia Fund has to pay 10 million out of its own pocket to subscribe to the fund.
The data shows that when Wanjia Pharmaceutical's quantitative stock selection was established, Wanjia Fund subscribed for 10 million yuan, accounting for 99.9827%, and the practitioners of Wanjia Fund subscribed for 108 yuan, accounting for 0.0011%, and the proportion of external investors subscribed was small.
On the whole, Wanjia Pharmaceutical Quantitative Stock Selection Mixed has lost 20% since its establishment 24 days ago, and 99% of its loss-making assets are all
In the past 24 days, the 10 million yuan paid by Wanjia Fund has lost 2 million yuan.
It is worth noting that as the deputy director of quantitative investment of Wanjia Fund, fund manager Yin Hang is currently managing fund products with losses in performance.
According to the data of Tiantian Fund Network, fund manager Yin Hang currently manages 7 products (a variety of shares are combined), and 5 funds are quantitative products. 3 of the 7 funds are new products and have been established for less than 1 year, of which 2 funds are new products to be issued in 2024.
Judging from Yin Hang's tenure management performance, the three new products Wanjia high-end equipment quantitative stock selection mix, Wanjia pharmaceutical quantitative stock selection mix, and Wanjia dividend quantitative stock selection mix, Yin Hang has been in office for less than 100 days, and the returns of the funds under his management have all fallen and lost.
Among the 3 funds managed by Yin Hang for more than 2 years (multiple shares are combined), since 2024, the 3 funds have fallen by more than 17%, and the return loss of tenure is more than 28%. Among them, Yin Hang managed Wanjia Interconnection China Advantage for 3 years and 93 days, and the return loss of his tenure exceeded 47%.
Wanjia Connect China Advantage is a product issued by Yin Hang, which raised 812 million yuan from its inception on November 4, 2020. In the subsequent operation of the fund, from 2021 to 2023, the net value of the fund has declined for 3 consecutive years. With the decline in the net value of the fund, the asset size of the fund has shrunk. As of the end of December 31, 2023, the fund's asset size was 348 million yuan, which was 464 million yuan lower than when the fund was established.
On the whole, the products managed by Yin Hang have fallen significantly since 2024, and the new products he issued have built positions quickly, and they have suffered significant losses during the closed period.
What do you think about the 20% loss of the new product of Wanjia Fund in the 24 days since it was established?