After the huge loss of Penghua Fund exceeded 70%: investors reported in real names, and the company still ate and drank spicy!
The following article is from Bay Area 007, author 007
Source | Bay Area 007
007 found through data statistics in the previous article "January Decline List: Yan Siqian of Penghua Fund, Dominates the List!", Yan Siqian of Penghua Fund is one of the worst-performing actively managed fund managers in January 2024, ranking at the bottom.
But what's worse is that she is the successor of Wang Zonghe, the former star fund manager of Penghua Fund.
On February 8, Penghua Fund announced the resignation of its star fund manager Wang Zonghe as deputy general manager of the company due to personal health reasons.
Wang Zonghe is the initial fund manager of Penghua Innovation Future, and the return of Penghua Innovation Future during his tenure is -44.75%.
In the world of investing, there are some funds that have performed staggeringly. Do you know which funds have fallen dramatically in the past three years? Nord Preferred 30 under Nord Fund and Minsheng Jiayin Innovation and Growth under Minsheng Jiayin Fund are both frequent visitors on the list of decliners, with a decline of more than 70%, becoming the "hardest hit area" in the mouth of investors.
But did you know that despite the huge declines in these funds, the impact on the overall investment market is not significant due to their relatively small size. However, there is such a fund, Penghua Innovation Future, and its story is even more interesting. Three years ago, this fund was established with a scale of nearly 10 billion yuan and became the focus of market attention.
Today, this once 10 billion fund has fallen by more than 70% in three years. Want to know the story behind these funds, what factors have contributed to their huge declines, and how should investors respond?
It used to be a 10 billion fund
On September 25, 2020, Penghua Innovation Future Fund officially began to raise funds, which is expected to end in just a few days, that is, on October 9. However, just one day later, this fund reached the upper limit of 12 billion yuan, which shows how popular it is.
This sudden success forced the fund to close its fundraising early. A few days after the fundraising ended, on September 30, 2020, the high-profile fund was officially launched and began an 18-month closed operation period.
According to the announcement, the number of valid subscribers at that time reached a staggering 2.866 million, and nearly 3 million investors were full of expectations. However, for many investors, Penghua Innovation's future performance has been a rollercoaster ride. Since its inception, the fund has had a brief rally, but then has been declining.
According to data from Tiantian Fund Network, the fund has fallen by as much as 66.7% since its inception. In the past two years and the past year, the decline was 56% and 48.14% respectively. This is undoubtedly a painful experience for many investors.
Now, in the face of this former star fund, investors may still be thinking: what went wrong, is it the impact of the market environment, or the operation strategy of the fund management team?
Regardless, this provides a valuable lesson for investors: investing does not happen overnight, but requires in-depth research and prudent decision-making.
Wang Zonghe "picks the son"
Penghua Innovation Future has attracted nearly 3 million investors, and the driving force behind it is this fund manager! Wang Zonghe, who is the future of Penghua Innovation, not only has 14 years of profound experience in Penghua Fund, but also runs a number of funds. Due to the excellent performance of his past products, his new fund is naturally highly sought after. Unfortunately, despite Wang Zonghe at the helm, the net value of the fund has continued to decline.
On March 24, 2023, Penghua Fund announced that Wang Zonghe resigned as the fund manager of Penghua Innovation Future due to "the company's work arrangement". During his tenure at the helm of this fund, he left a record decline of -44.75%.
Then Yan Siqian took over, and she is also a veteran with more than 10 years of experience in the securities industry. But regrettably, Yan Siqian has been at the helm of Penghua Innovation Future for less than a year, and the fund has fallen by as much as 39.73%.
Such a huge decline has undoubtedly triggered strong dissatisfaction among investors. They are questioning: Can the new fund manager turn the tide and restore investor confidence?
There are many similar voices in the stock bar and on the complaint platform, and some investors even question the reverse operation of the fund manager, which is undoubtedly a strong question about the fund manager's trading level.
It is worth mentioning that most of the above complaints occurred in 2023 and 2022, and it is estimated that investors who have complained about these complaints will lose even more if they hold on to this day.
What kind of investment philosophy is it?
In the turbulent fund market in recent years, the rise and fall of funds has long become the norm. However, some funds can not only underperform the market, but also lag behind their peers in such a severe environment, and even become the "tail of the crane" of the industry.
One such puzzling case is one such fund under Penghua Fund. Among the many funds, why has it become the one with the biggest decline? What kind of mystery is hidden in the investment strategy of the two managers, Wang Zonghe and Yan Siqian? Unlike many funds that are timid, Penghua Innovation Future has shown extremely frequent position adjustments.
From the vicissitudes of its heavy stocks, we can get a glimpse of what is going on. In just two years from 2021 to 2023, the top ten heavy stocks of Penghua Innovation Future can be described as "you sing and I will appear". In 2022, only 3 of the top 10 stocks remained in the top 10. By the end of 2023, the top 10 heavy stocks in 2022 have all disappeared.
The speed of this rebalancing and stock swap is comparable to a big blood exchange. In the face of such a drastic adjustment, investors can't help but ask: how did the two managers of Penghua Innovation choose in the future? Is this frequent rebalancing strategy really conducive to the long-term performance of the fund? In the future market, how will the fund respond to the challenges and regain its former glory?
Even if it is not measured in years, but in quarters, Penghua Innovation's future position adjustment is also rapid.
For example, the following are the top 10 heavy stocks of Penghua Innovation Future in the first quarter of 2023:
By the second quarter of 2023, it will look like this:
In the second quarter, the TMT sector was very hot, and Zhongji Innolight, Sanqi Mutual Entertainment, and iFLYTEK, which Penghua Innovation bought in the future, all rose considerably at that time.
What is popular to buy, it can be seen that the fund manager has worked hard.
But the chase has not changed the next trend of Penghua Innovation in the future.
An investor's dream
In the hustle and bustle of the stock bar, the holders of Penghua Innovation Future are like trapped beasts, and their losses are like shadows. For first-time investors, the pain is even deeper. However, in the midst of this wail, there are also some former holders who choose to cover their positions after losses, and their pain seems to have subsided a little.
Now, we have to face the cruel question: cut the meat, cover the position or wait, which is not an easy task, because even the fund managers are hesitant to make statements in the quarterly report. They predict that as the overall economic expectations bottom, a new economic growth center will gradually take shape, and they are optimistic about the performance of the broader market in the medium to long term. But for those investors who have lost money, these words are like a dream, elusive.
Judging from the redemption situation, although the fund's share remained basically stable from the end of 2022 to the end of 2023, many investors still chose to stick to it. However, during the same period, the size of the fund plummeted from nearly $2.8 billion to less than $2 billion. It's not just a cold change in numbers, it's a loss of real money from investors.
Penghua Fund is still fragrant and spicy
Penghua Fund, an industry pioneer founded in December 1998, is undoubtedly one of the "old ten" in the fund industry. Today, its management scale has reached an astonishing more than 800 billion yuan, ranking 11th in the industry. The Shenzhen-based fund giant not only excels in terms of scale, but also in terms of remuneration. In 2021, Securities Star reported in detail on Penghua Fund's benefits, calling it "extremely competitive".
For master's graduates, the monthly basic salary before tax can reach 12,000-16,000, not including generous additional bonuses and cash benefits. On the basis of five insurances and one housing fund, the company also adds supplementary medical insurance and enterprise annuity for employees, which is the so-called "six insurances and two funds". In order to solve the living problems of employees, the company also provides benefits such as accommodation for the first year, transportation subsidies, free meals, and holiday gifts.
In addition, there is a series of free training, team building and fitness activities for employees to enjoy at work. According to a report by China Securities Journal, in the 2022 autumn recruitment, the pre-tax basic salary provided by Penghua Fund for master's graduates is also 1.2-16,000 yuan/month (excluding bonuses and cash benefits).
Even within the industry, this is an enviable standard of treatment and benefits.
However, enviable treatment is not a problem, the key is that the treatment must be matched by ability. Amazingly, many investors have failed to taste victory in fund investment in recent years.
In fact, many budding fund managers have not even experienced positive returns in the past few years. Most investors are comfortable with their failures, but many fund managers are confident that their judgment is infallible.
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.85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .. 15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;-- weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .6);-weui-tag-background-red: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, ..) 1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .. 1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .) 6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){-appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{background-color:#111}}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}body,.., wx-root{--weui-REDORANGE: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, .1);--weui-FG-4: rgba(0, 0, 0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, .1);-- weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .. 9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .. 5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{--weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, .1)}} @media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-DIALOG-LINE-COLOR: rgba(255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-BG: #1E1E1E}}@media( prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-LINE-BG: rgba(255, 255, 255, .07)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-COLOR-ACTIVE: #373737}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-REDORANGE: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6); --weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .) 6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme: dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .. 6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}.rich_media_content p{clear:both; min-height:1em}td p{margin:0; padding:0}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]) .rich_media_content img:not(.wx_img_placeholder){{filter:brightness(.8)}}
div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}