Author丨Li Yu, Pang Huawei, intern Luo Yuanwen
Editor丨Jiang Shiqiang and Jiang Peipei
The change of chairman of Penghua Fund is officially settled!
On April 13, Penghua Fund announced that on April 12, He Ru retired due to age and resigned as chairman, and the new chairman was Zhang Nasha.
Recently, in addition to frequent news of personnel changes in the financial circle, at the same time, the salary limit order of funds and securities companies has also set off rumors.
The chairman of the trillion-dollar giant officially announced!
The market has expected a change in the helm of Penghua Fund. On March 23, Guosen Securities announced that the resolution of the 24th meeting (provisional) of the fifth board of directors had been deliberated and passed the "Proposal on Recommending Candidates for Directors and Chairman to Penghua Fund Management Co., Ltd."
As a veteran fund company, Penghua Fund was established in December 1998, and the latest shareholders are Guosen Securities, Oulisheng Financial Group and Shenzhen Beirongxin Investment Development Co., Ltd., with the three shareholders contributing 50%, 49% and 1% respectively.
By the end of 2023, the total assets under management of Penghua Fund will reach 1,105.7 billion yuan, including 313 public funds, 13 national social security portfolios, and 7 basic pension insurance portfolios.
It is reported that Zhang Nasha took over as the chairman of Penghua Fund this time, and at the same time still served as the chairman of Guosen Securities, continuing the practice of the chairman of Guosen Securities concurrently serving as the chairman of Penghua Fund.
According to the data, Zhang Nasha has served as a member of the Party Committee and deputy director of the State-owned Assets Supervision and Administration Commission of the Shenzhen Municipal People's Government, a member of the Standing Committee of the Shenzhen Longhua District Party Committee, deputy secretary of the party group of the district government, and executive deputy district head. He is currently the Secretary of the Party Committee and Chairman of Guosen Securities Co., Ltd.
Previously, the former chairman He Ru also served as the chairman of two companies at the same time. In 2005, He Ru served as the chairman of Guosen Securities, and in 2008, he began to serve as the chairman of Penghua Fund, a holding subsidiary, until his resignation. In 2021, He Ru stepped down as chairman of Guosen Securities, and Zhang Nasha took over as chairman of Guosen Securities.
What did the star funds buy in the first quarter?
According to the 21st Century Business Herald reporter, the first quarterly report of the first batch of active equity public funds has been released. On April 12, some funds under South China Fund, Soochow Fund, and UBS SDIC Fund disclosed their first quarter reports for 2024, including funds managed by star fund managers Shi Cheng, Liu Yuanhai, Huang Zhigang, etc.
Specifically, it includes UBS SDIC Industry managed by Shi Cheng, a new energy celebrity, Soochow Mobile Internet, which ranked third in active equity fund income last year, and Nanhua Fenghui, a quantitative fund managed by Huang Zhigang, which ranked in the top 1% of its peers in terms of performance last year.
They represent the three major "outlets" of the fund industry in the past three years: new energy, AI, and quantitative investment. It's just that in the first quarter of 2024, the joys and sorrows of these star fund managers are not the same, some continue to make great progress, some suffer Waterloo, some have received a large proportion of funds to increase their holdings by nearly 60%, and some have been redeemed by a large proportion of nearly 60%.
In the first quarter, the growth rate of the net value of SDIC UBS Industrial Trend Class A share was -8.40%. SDIC UBS Industry Trends had a net redemption of nearly 100 million shares in the first quarter, accounting for 2.5%.
The picture shows the top 10 heavy stocks in the first quarter of UBS SDIC Industrial Trends
Soochow Mobile Internet, managed by Liu Yuanhai, will earn 44.92% in 2023, ranking third in the income of active equity funds last year. Soochow Mobile Internet A's return in the first quarter was 8.09%, and it was in the top 5% of similar funds.
According to the first quarterly report of Soochow Mobile Internet, its top ten heavy stocks account for 79% of the net value of the fund, and the heavy positions are concentrated in the computer, communications, electronics and other industries, and the style is very aggressive.
The picture shows the top ten heavy stocks of Soochow Mobile Internet in the first quarter
Huang Zhigang's Nanhua Fenghui adopts a quantitative strategy, with a return of 21.96% last year, ranking in the top 1% of its peers. In the first quarter of 2024, the fund returned -8.74%, falling to the bottom 1/5 of its peer ranking.
The picture shows the top ten heavy stocks in the first quarter of Nanhua Fenghui
Quantitative strategies are popular in 2023, with good performance and are favored by funds. However, the performance of quantitative funds fell sharply in the first quarter, and the share of the fund fell to 273 million shares at the end of the first quarter of 2024, a decrease of 59%. [See → for more details]
The salary limit is 3 million, and the salary cut of the whole fund industry has begun!
On April 11, a rumor that "the salary limit of funds and brokerages has begun." The upper limit is 3 million, Bosera Fund and China Merchants Securities have officially issued a document", which has aroused heated discussions in the industry.
However, the 21st Century Business Herald asked the above two companies for confirmation, and they both denied the rumor, saying that the company did not issue relevant documents. The reporter consulted with more than 10 leading fund companies and received the same response, and at present, no fund company has officially issued a document to clarify the upper limit of salary.
Although the rumors of salary caps have not been confirmed, the salary cuts in the public offering industry are real.
A public fund person said that due to the sharp decline in the company's profits for two consecutive years, the basic salary, year-end bonus and benefits of employees this year have declined across the board. Among them, fund managers have cut their salaries more, because most of the active equity funds have performed poorly in the past two or three years according to the performance assessment of fund managers.
This is not an isolated phenomenon, and public fundraisers generally said that at present, all aspects are reducing costs and increasing efficiency, saving expenses, including various cost standards for business trips and cooperation with all parties.
In fact, the profits of the public offering industry have declined in the past two years, and in the data of 154 fund managers that have disclosed their annual reports, the total income of fund management fees in 2023 will be 133.346 billion yuan, a year-on-year decrease of 10.897 billion yuan, or about 7.55%.
In particular, large companies with active rights and interests are more affected. Compared with the first half of 2023, in the second half of 2023, the management fees of CEIBS Fund decreased by 40%, the management fees of China Universal Fund decreased by more than 30%, and the management fees of Wells Fargo Fund and GF Fund decreased by more than 20%. From the perspective of the whole year of 2023, the management fees of the above four leading fund companies will decrease by 10% to 20% year-on-year.
Overall, public funds have lost money for two consecutive years, with a profit of -434.774 billion yuan in 2023 and a profit of -1454.780 billion yuan in 2022.
In this context, salary cuts in the entire public offering industry are inevitable.
SFC
This issue is edited by Jiang Peipei
The first quarterly report of the first batch of public offerings was released
This point is first mentioned in the "Nine Articles of the State".
300 trillion, broken!