Nearly 2 trillion yuan has evaporated in two years, or it may lead to an anti-corruption storm

The following article comes from Fengcai News, written by CH

Listing | 

Phoenix Network Wind Financial News(

fengcaixun

）

Author | CH

Edit | WTT

Half a year after leaving Nuoan, Cai Songsong, a "top-rated" fund manager, once again aroused social concern for accepting bribes.

On April 15, it was reported that the case of Cai Songsong, Qu Quanru, Dong Boxiong and other non-state functionaries accepting bribes and offering bribes to non-state functionaries was tried in the Jinhua Intermediate People's Court on March 27, with the case number (2024) Zhe 07 Xingchu No. 1.

Previously, there were rumors in the market that Cai Songsong, the former star fund manager, had been sentenced to three years in prison and suspended for four years. At that time, Cai Songsong responded to the Shanghai Securities News: "I don't have anything to say, this is an online statement." ”

Phoenix Net Financial News noticed that as early as 2022, in the anti-corruption storm of the chip industry, there were market rumors that "the top fund manager surnamed Cai lost contact this week", and the spearhead was directly aimed at Cai Songsong, the "top stream" fund manager of Nuoan Fund. At that time, Cai Songsong responded in the circle of friends late at night that he was "on normal vacation".

With the recent promulgation of the "New National Nine Articles" and the strict supervision of the fund industry, Cai Songsong's lawsuit has released an unusual signal for the fund circle.

From Cai Huang to Cai Gou

Gamblers investing in the "top stream" highlights

As the "top stream" in the fund manager circle, from the entrance examination to the work in the fund field, Cai Songsong's buff can be described as full of stacks-

At the age of 15, he was called a "prodigy" and was admitted to the junior class of the University of Science and Technology of China, and in 2017, Cai Songsong joined Nuoan Fund, and in just two years, he completed the career jump from a researcher to a fund manager with a scale of nearly 10 billion.

Subsequently, Cai Songsong expanded its management scale to 41 billion yuan (Choice data) in just one year, ranking first among star fund managers. After 2021, the scale of the fund managed by Cai Songsong has basically stabilized at about 30 billion yuan.

According to Choice data, before Cai Songsong's departure in September 2023, the scale of active equity funds (including common stocks, flexible allocation, partial stock hybrid funds, and balanced hybrid funds) of Nuoan Fund was about 55.9 billion yuan. Cai Songsong's products have almost supported half of the Nuoan Fund.

However, under the highlights, the outside world has not stopped questioning its "gambler-style investment".

In the past four years, Cai Song's aggressive investment style has been all in semiconductors, and many of the fund products under his management have fluctuated sharply with the cycle of semiconductor chips and other industries.

According to the statistics of the income statements of the funds under management, Cai Songsong's funds under management have lost a total of 1.123 billion yuan in the past four years, of which the loss of Sino Growth in 2021 is as high as 12.93 billion yuan. (Choice Data)

In the mouth of the people, Cai Songsong also repeatedly jumped between the titles of rookie dog and Cai Huang, and once became a "fund manager who grew on the hot search".

On September 29, 2023, Sino Fund announced that Cai Songsong officially resigned from the three funds of Sino Growth, Sino Hexin and Sino Active Return due to personal reasons, and completely resigned from Sino Fund.

lost 1.9 trillion in two years

Should the public fund have been investigated a long time ago?

Since 2024, the "top stream" managers of public funds who have been involved in the "bribery and bribery" case are not only Cai Songsong.

On February 2, rumors that "Wang Yawei was officially arrested, and all its products are going to be liquidated, and customers have been notified" spread in the financial circle.

Subsequently, Qianhe Capital, where Wang Yawei is located, announced that due to personal reasons, Wang Yawei will not participate in the company's operation and management for the time being.

According to Caixin, Wang Yawei was formally taken criminal coercive measures around September 2023, and the cause of the case was mainly related to the rat warehouse case exposed by China Asset Management many years ago, and some of his investments after "smuggling" were also investigated. From early June 2023, Wang Yawei has been cut off from the outside world.

Earlier, there were many rumors in the market that Wang Yawei, the "first brother of public offering", was detained and investigated. At that time, Wang Yawei also posted an article on Moments, indirectly refuting the rumors.

In late March, when the turmoil of the Wang Yawei incident was still unsettled, the market once again rumored that a number of public fund companies in Beijing and Shanghai were inspected by local securities regulatory bureaus, and they were much stricter than the routine inspections in previous years.

During the two sessions, Wu Qing, chairman of the China Securities Regulatory Commission, expressed his stance on the future direction of supervision, which will highlight strong and strict. Among them, "strict" means "strict supervision and strict management", strictly supervise the market in accordance with the law, and strictly manage the team in accordance with discipline.

For a time, there was constant speculation that public funds had set off an anti-corruption storm. Some netizens bluntly said that the public fund should have been managed a long time ago.

In the past two years, the phenomenon of "funds make money, but the people do not make money" has become more and more prominent in the field of public funds.

Wind data shows that the total loss of public fund products in 2023 will be 435.118 billion yuan, plus 1.46 trillion yuan in 2022. In just two years, public funds have lost about 1.9 trillion yuan in net losses.

Cai Songsong's active equity fund track is even more loss-making. According to Wind data, only 10% of the 4,250 active equity fund products (only the initial fund is calculated) have achieved profitability. On the whole, the total loss of active equity funds in 2023 will be as high as 673.5 billion yuan.

However, in 2023, public fund companies will collect a total of 135.657 billion yuan in management fees, with a total of more than 280 billion yuan in the past two years.

Will Cai Songsong's case become the first shot to start the strict management of the public fund team? Can the public fund completely clean up the source and improve the situation of huge losses?