Since 2006, institutional investors, represented by mutual funds, have gradually risen and become an important force in the A-share market.
In 2020, institutional investors represented by public funds have created a bull market for large-cap stocks, and Kweichow Moutai (600519. SH), CATL (300750. SZ), BYD (002594. SZ), Midea Group (000333. SZ) and other industries have risen to the sky, which is also the glorious era of the "Mao Index".
It is worth mentioning that the soaring rise of these group stocks has not only made the people make money, but also pushed some fund managers to the "god seat", such as Zhang Kun of E Fund, Ge Lan of CEIBS, and Cai Songsong of Nuoan.
However, when the bubble of the huddle burst and there was nothing to spare, many fund managers "overturned the cart" in the past two years, "Kun Kun" became "Kun Dog" in seconds, and "Mr. Cai" suffered a misfortune.
Sino Fund "overturned" again
On April 15, a news that "Cai Songsong has been sentenced" detonated the investment circle.
Specifically, it is reported that Cai Songsong, Qu Quanru and other related cases of "accepting bribes by non-state functionaries and offering bribes to non-state functionaries" were tried in the Jinhua Intermediate People's Court on March 27.
The parties to the case are Dong Boxiong, Cai Songsong, and Qu Quanru.
It is reported that this "Cai Songsong" is Cai Songsong, the top star fund manager of the former Nuoan Fund, and Qu Quanru is also the former fund manager of the Nuoan Fund.
Among them, Cai Songsong has the title of "genius boy", entered the junior class of the University of Science and Technology of China at the age of 15, studied computer science, and obtained a doctorate degree in chip at the age of 25.
Cai Songsong joined Sino Asset Management in November 2017. In the second half of 2019, the semiconductor industry ushered in a boom cycle, and Cai Songsong, who had a heavy position in the semiconductor sector, became famous with a fight, leading Sino Analytica to achieve an annual performance of 95.44%, ranking 4/413 in the same category.
However, when the huddle trend collapsed, the fund managed by Cai Songsong suffered an "avalanche", as shown in the figure below for the Sino Growth Mixed Fund, which is a representative of Cai Songsong.
Data from Tiantian Fund Network also shows that Sino Analytica Growth Mix will lose 12.93 billion yuan in 2022 alone, but it still "earns 376 million yuan in management fees with tears".
On September 29, 2023, Sino Fund announced that Cai Songsong officially left the three funds of Sino Growth, Sino Hexin and Sino Active Return due to personal reasons.
Since then, Cai Songsong has gradually faded out of public view until this time he was exposed to the case of "the crime of accepting bribes by non-state functionaries and offering bribes to non-state functionaries".
Like Cai Songsong, who has managed a huge scale of public funds, the management fee has been soft, and it can be said that it is not bad at all, but it was exposed that such a thing shocked the people and even the shareholders.
It is understood that after the news of Cai Songsong's accident came out, a reporter contacted Cai Songsong, but Cai Songsong said that there was nothing to say about the news of his "sentence", which was the statement on the Internet.
It is worth noting that this is not the first time that the Sino Analytica Fund has "overturned".
In September 2022, Zou Xiang, the former fund manager of Sino Fund, was sentenced for the crime of using non-public information to trade and offer bribes in the "rat warehouse".
These fund managers have also been questioned
In the vanity fair of the financial circle, it is not uncommon for fund managers to "overturn", and there are all people who have suffered losses, been fined, and sentenced.
For example, in 2023, an administrative penalty decision issued by the Hebei Supervision Bureau of the China Securities Regulatory Commission shows that Xia Moulong, then the fund manager of China Asset Management, was fined tens of millions of dollars for the "rat warehouse" incident.
There is also Liu Wei, the fund manager of Zheshang Fund, who was suspected of "rat trap" for a year and a half and was fined.
In addition to these examples, there are also many well-known fund managers who have been questioned by investors in the past two years.
Liu Gexiang joined GF Fund in 2017, and was also a star fund manager before that, once known as the "top stream of 90 billion".
In 2019, Liu Gexiang, like Cai Songsong, had a heavy position in semiconductors, and became the fund champion of the year with a yield of 121.69%. After 2020, Liu Gexiang will continue to make big profits in new energy stocks such as lithium batteries and photovoltaics.
In 2022, according to statistics, Liu Gexiang lost 18.4 billion yuan, but he earned 1 billion yuan in management fees for GF Blood.
However, in addition to the sharp loss, Liu Gexiang was also questioned by investors because of a stock.
As early as the fourth quarter of 2020, Liu Gexiang entered Guolian shares (603613. SH）。 In the fourth quarter of 2022, Liu Gexiang's 5 funds are all heavily invested in Guolian shares.
At the beginning, the stock price of Guolian shares soared, and Liu Gexiang made a lot of money.
However, after November 2022, the market's doubts about Guolian's shares slowly attacked.
In April 2023, Guolian Co., Ltd. successively issued performance correction announcements, successively revised and lowered the revenue data for 2020 and 2022 and the forecast revenue for 2023, which is basically an admission that it has financial problems.
On December 27, Guolian received a warning letter from the Beijing Securities Regulatory Bureau and an investigation by the China Securities Regulatory Commission.
Along the way, Guolian shares also fell from a high position, and the stock price fell into slag.
However, Liu Gexiang's fund not only did not run, but increased its position against the trend, which made investors cry out incomprehensible.
In addition to Cai Songsong of Sino Analytica and Liu Gexiang of GF Small Cap Growth, many public star fund managers such as Ge Lan of CEIBS Medical Healthcare, Zhang Kun of E Fund Blue Chip Selection, and Zhu Shaoxing of Fuguo Tianhui have also been widely questioned by investors in recent years due to sudden losses and other reasons.
This is not only the case for public offerings, but also in the field of private placement, Lin Yuan and Dan Bin, who were once called "China's Buffett" by some investors, have also been questioned because of the decline in net worth.
Epilogue:
The reason why "star" fund managers have gained attention in the investment field, and won wide recognition in the market and rich returns, is mainly due to outstanding performance. However, when the net value of the fund declines, the high level of attention and far-reaching influence that these fund managers have accumulated over a long period of time can translate into tremendous pressure, posing a serious test to their professional reputation and vital interests. In this scenario, if a fund manager fails to stick to his or her original intentions, the risk of going astray will increase significantly. And those fund managers who can maintain their original intentions may have the opportunity to become the "stars" of investors' attention again in the next round of market cycle.
Author: Ming Xi