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Editor's note: On March 15, the China Securities Regulatory Commission pointed out in the "Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First-class Investment Banks and Investment Institutions (Trial)" that the long-term returns of investors should be enhanced. Urge industry institutions to strengthen the service concept, continue to optimize investor services, strictly implement the investor suitability system, improve the investor protection mechanism, effectively improve investors' sense of gain and satisfaction, and continue to maintain the public's trust and confidence in the industry.
Xinhua Finance and Bread Finance have found that the long-term performance of the products of some public fund managers has been poor, the scale has shrunk significantly, and the rights and interests of investors have been damaged. Among them, there are many products under Wells Fargo Fund, Bosera Fund, Qianhai Open Source Fund and so on.
As of March 19, 2024 (the same below), the net value of Wells Fargo Innovation Trend stocks, which has been established for more than 3 years, has fallen by 50.9% cumulatively, and its scale has shrunk by more than 80%.
Bosera Hong Kong Stock Connect Leading Trend Mix A, the net value of more than 3 years since its establishment fell by 62.85%, and the total scale has shrunk by more than 70%.
Qianhai Open Source Public Health Theme Select Stock A, the net value has fallen by 65.75% in the past three years since its establishment, and the total scale has shrunk by more than 40%.
Wells Fargo Fund: Net value of "Innovation Trend" fell 50.9% since its inception
Wells Fargo Fund was established in 1999 and is one of the first "old ten" fund companies in China.
According to data from the Asset Management Association of China, in the fourth quarter of 2023, the average monthly scale of the non-cargo base of Wells Fargo Fund was about 595.374 billion yuan, a decrease of about 47.082 billion yuan from the high point in the third quarter of 2022.
Wells Fargo Innovation Trend Stock is an ordinary equity fund under Wells Fargo Fund, with a scale of about 2.596 billion yuan in the latest reporting period.
The fund was established on July 27, 2020, and the fund manager is Li Yuanbo. As of March 19, 2024, the cumulative operating time is about 3.6 years.
In the more than 3 years since its establishment, the fund's net unit value has fallen by 50.9%, underperforming the performance benchmark by 34 percentage points, ranking 427/431 in the same category. In the past 1 year, the yield of the product is negative 18.17%, ranking 611/860 in the same category, and in the past 3 years, the yield of the product is negative 59.08%, ranking 562/564 in the same category.
Figure 1: Wells Fargo Innovation Trends Equity Equity
After its establishment, the scale of the fund has declined sharply, from 16.309 billion yuan at the beginning of its establishment to 2.596 billion yuan at the end of 2023, with a cumulative shrinkage of 13.713 billion yuan, a shrinkage of more than 80%.
Bosera Fund: The net value of "Hong Kong Stock Connect Leading Trend" fell by 62.85% since its inception
Bosera Fund was established in 1998 and is one of the first five fund management companies established in Chinese mainland.
According to data from the Asset Management Association of China, the average monthly scale of Bosera Fund's non-cargo base in the fourth quarter of 2023 was about 498.567 billion yuan, a decrease of about 72.694 billion yuan from the high point in the third quarter of 2022. The ranking of non-cargo base also slipped from second place at its peak to eighth place.
Bosera Hong Kong Stock Connect Leading Trend Mixed Fund is a partial stock hybrid fund under Bosera Fund, with a scale of about 1.415 billion yuan in the latest reporting period.
The fund was established on February 9, 2021 and the fund manager is Zhao Xiancheng. As of March 19, 2024, the cumulative operating time is about 3.1 years.
Since its establishment more than 3 years ago, the net unit value of the fund's A share has fallen by 62.85%, underperforming the performance benchmark by 32 percentage points, ranking 1624/1633 in the same category. In the past 1 year, the yield of this product is negative 27.50%, ranking 3389/3644 in the same category, and in the past 3 years, the yield of this product is negative 60.68%, ranking 1722/1725 in the same category.
Figure 2: Bosera Hong Kong Stock Connect Leading Trend Mix Net Value Trend Trend Since its inception
Since its establishment, the scale of the fund has declined sharply, from 5.296 billion yuan at the beginning of its establishment to 1.415 billion yuan at the end of 2023, with a cumulative shrinkage of 3.881 billion yuan, a shrinkage of more than 70%.
Qianhai Open Source Fund: The net value of "Public Health Theme Selection A" has fallen by 65.75% since its inception
Founded in 2013, Qianhai Open Source Public Health Theme Select Stock is an ordinary equity fund under Qianhai Open Source Fund, with a scale of about 170 million yuan in the latest reporting period.
The fund was established on March 25, 2021, and the fund managers are Fan Jie and Huang Zhiran. As of March 19, 2024, the cumulative operation time is nearly 3 years.
In the past three years since its establishment, the net value of the fund's A-share unit has fallen by 65.75%, underperforming the performance benchmark by 24 percentage points, ranking 567/568 in the same category. In the past 1 year, the yield of this product is negative 32.22%, ranking 839/860 in the same category, and in the past 2 years, the yield of this product is negative 46.08%, ranking 727/743 in the same category.
Figure 3: The net value trend of Qianhai Open Source Public Health Theme Select Stocks since its establishment
Since its establishment, the scale of the fund has declined sharply, from 291 million yuan at the beginning of its establishment to 170 million yuan at the end of 2023, with a cumulative shrinkage of 121 million yuan, a shrinkage of more than 40%.
In addition to the above three fund managers, other fund companies also have the problem of long-term poor performance of some products. For example, Hengyue Fund's "Quality Life" has lost 66.15% for more than two years, Huatai Berry Fund's "Hong Kong Stock Connect Times Opportunity A" has lost 62.39% for more than two years, and GF Fund's "Advantage Growth A" has lost 61.52% for more than three years.
Wells Fargo Fund, Bosera Fund, Qianhai Open Source Fund, etc., as fund managers, have seen long-term sluggish performance of some of their products, and the rights and interests of investors need to be protected urgently.
[Read Financial Report] is a column jointly created by Xinhua Finance and Bread Finance with the interpretation of financial reports of listed companies as the main content. Xinhua Finance is a national financial information platform built by Xinhua News Agency, which comprehensively covers the global stock market, foreign exchange market and bond market, and provides authoritative, professional and comprehensive financial information services.
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