After 50 days of establishment, the net value is only more than five cents, why did this "Internet celebrity replacement" fund collapse?

Finance Associated Press, February 7 (Reporter Shen Shuhong) The net value fell 7.93% on February 6, 15.55% on February 5, 5.93% on February 2, and 6.38% on January 31......

Such an unbearable net worth curve happened to a new fund that was only 50 days old. As of February 6, the net value of the new fund that had been given high expectations by the people, Jinyuan Shun'an Industrial Selection, was only 0.5733 yuan. In the past 7 trading days, the product has a drawdown of 38.38%, and a drawdown of 43.82% during the year. The product is jointly managed by Min Hang, assistant general manager and investment director of Jinyuan Shun'an Fund, and Zhou Boyang, who has just been promoted to a 10 billion fund manager. Among them, Zhou Boyang's Jinyuan Shun'an high-quality selection has been evaluated by the industry as "Shenji" - Jinyuan Shun'an Yuanqi's "flat" products, which have increased by nearly 3.8 billion yuan in scale in the past year.

Regarding the recent net value trend of Jinyuan Shun'an Industrial Selection, Jinyuan Shun'an Fund responded to investors on February 6, saying that it was sorry for the bad experience for everyone, and hoped to give more time and confidence to fund managers and themselves.

In late January, Zhou Boyang, who manages Jinyuan Shun'an Industrial Selection, also said that this year, in a relaxed environment at home and abroad, there should be opportunities for both large and small markets. In his view, the recent period is a typical overshoot, and when such a similar situation occurs historically, the opportunities often outweigh the risks for the market, and he hopes that investors can still maintain patience and confidence.

After 50 days of establishment, the net value was only five cents and seven

As the money invested in micro-cap stocks rushes to land, funds with heavy exposure to related stocks are facing a rare "rout".

As of February 6, the net value of Jinyuan Shun'an Industrial Reserve was only 0.5733 yuan. In the past 7 trading days, the product has retraced 38.38%, and the drawdown since the beginning of this year is 43.82%. DURING THE SAME PERIOD, THE WIND MICROCAP INDEX FELL 40.29%.

Jinyuan Shun'an Industrial Selected Net Value Trend

As a product that has only been established for 50 days, Jinyuan Shun'an Industrial Selection will start raising on November 16, 2023, and the original deadline for raising is January 5, 2024, and Min Hang, assistant general manager and investment director of the company, intends to serve as the fund manager. Nearly a month after the issuance, Jinyuan Shunan Fund decided to advance the fundraising deadline of the product to December 15, 2023. Subsequently, Jinyuan Shun'an Industrial Reserve was established on December 19, 2023, with a total of 2,924 valid subscriptions and a scale of 294 million yuan, of which 1.5596 million yuan were subscribed by the company's employees.

Only three days after its establishment, Jinyuan Shun'an Fund announced that Zhou Boyang, who will be among the 10 billion fund managers in 2023, has joined the ranks of managing the product. The high-quality selection of Jin Yuan Shun An in charge of him has been evaluated by the industry as a "god base" - the "flat" product of Jin Yuan Shun An Yuanqi. Sought after by investors, the scale of Jinyuan Shun'an Premium Select has grown rapidly from 69 million yuan in the past year to 3.857 billion yuan by the end of 2023.

The above products are mainly invested in micro-cap stocks. Due to the extremely niche strategy, only a few products discovered the value earlier, and achieved outstanding results in the past few years. Subsequently, a number of related strategic products emerged in the industry.

With the support of the company's assistant general manager, investment director, and tens of billions of fund managers, the market has given a lot of expectations to Jinyuan Shun'an Industrial Selection, and some people expect it to become another "Internet celebrity replacement" product. Recently, many investors who have bought the product have called it "live for a long time" and "surprised", saying that they need "quick-acting heart pills", and some people think that it "has no brains to copy the wind micro-disk index".

Judging from the actual situation, since its establishment, the net value trend of Jinyuan Shun'an Industrial Selection and its own "big brother" - Jinyuan Shun'an Yuanqi and "second brother" - Jinyuan Shun'an High-quality Selection has shown a big difference. Judging from the situation on February 6 alone, the net value of Jinyuan Shun'an Industrial Reserve fell by 7.93%, the net value of Jinyuan Shun'an High-quality Select fell by 1.50%, and the net value of Jinyuan Shun'an Yuanqi rose slightly by 0.33%.

Since the beginning of this year, in the case of the retracement of Jinyuan Shun'an Industrial Reserve exceeding 4 percent, the other two products have been relatively convergent, of which the retracement of Jinyuan Shun'an high-quality selection has reached 31.79%, and the retracement of Jinyuan Shun'an Yuanqi has been 18.26%.

Due to the poor product experience, the manager apologized

Regarding the recent net value trend of Jinyuan Shun'an Industrial Selection, Jinyuan Shun'an Fund responded to investors on February 6, saying that it was sorry for the bad experience it brought to everyone. "Everything has a cycle, so you might as well give the fund manager and yourself more time and confidence, and let the fund manager take us through the cycle. There is no winter that cannot be overcome, and there is no spring that will not come. ”

In late January, Zhou Boyang, who manages Jinyuan Shun'an Industrial Selection, also said that the performance of the first year of this year is better than the small market. He believes that large-cap stocks usually perform in an environment where economic fundamentals improve or overseas liquidity improves, while small-cap stocks usually perform in an environment with looser domestic liquidity.

"Therefore, this year, in a loose environment at home and overseas, there should be opportunities for both large and small markets. ”

Zhou Boyang said that he fully understands that the market decline has caused a big blow to investors' confidence. But standing at the moment, whether it is from the price comparison relationship of various equity markets, or from some abnormal conditions in the market, he believes that this is a typical overfall, and when this similar situation occurs in history, the opportunities for the market often outweigh the risks, because the continuous decline in prices has made a certain response to pessimistic expectations.

Throughout the year, he is still confident in the rest of the market this year, and hopes that investors can remain patient and confident.

(Finance Associated Press reporter Shen Shuhong)