Liu Yanchun, who "cut leeks": The fund suffered a huge loss of 40 billion, and he slipped away first!

Sharp eyes on finance

2024-04-24 17:06Posted on the official account of Beijing Ruiyan Finance

Recently, I have studied some fund managers and their related masterpieces, and I thought that I could find some "industry clearing", that is, those fund managers who have the ability to consistently bring investment returns to the people, and whose investment philosophy is different from that of other peers.

However, unfortunately, the more I researched, the more I found that most of the methods of domestic public fund managers are similar, especially some so-called "top stream" fund managers who are very well-known in the industry, to a large extent, may rely on luck, rather than their own professional ability, and even some "top streams" are actually based on the popularity of losses, and they are really "too famous" in the basic people's circle, and they have become "top streams".

“顶流”刘彦春，三年亏损超437亿

When I studied Qianhai Open Source Qu Yang two days ago, I was already very shocked by Brother Ruiyan, Qu Yang lost 22.2 billion yuan in three years, so he can lose, there should be few people in the domestic fund industry who can lose more than him!

Then, before studying Liu Yanchun of Invesco Great Wall today, I also thought that this "top-rated" fund manager was similar to Qu Yang, or even better than Qu Yang, and might lose a little less than Qu Yang?

As a result, after obtaining the financial data of the 6 products that Liu Yanchun is currently managing, Brother Ruiyan's reaction was: How is it possible? I can't believe it? How can I lose so much?

In the past three years, from 2021 to 2023, the 6 products managed by Liu Yanchun have a total loss of more than 43.738 billion!

As fund investors, do you dare to believe that this is true?

A "top-rated" fund manager, in the case of only managing 6 products, has made the people lose more than 43 billion yuan in just three years, with an average annual stable loss of nearly 2.4 billion yuan per product.

At present, Liu Yanchun's products include Invesco Great Wall Dingyi, Invesco Great Wall Outstanding Growth, Invesco Great Wall Jiying Two-Year Fixed Opening, Invesco Great Wall Emerging Growth, Invesco Great Wall Domestic Demand Growth, and Invesco Great Wall Domestic Demand No. 2 Fund Products.

As can be seen from the above table, in the past three years, these six products have indeed lost more than 43.7 billion, of which the largest loss is Invesco Great Wall Emerging Growth, with a loss of 21.1 billion in three years, followed by Invesco Great Wall Dingyi with a loss of 9.149 billion, and then Invesco Great Wall has lost 5.89 billion in excellent growth, and the three products have lost more than 36 billion!

In such a comparison, Qu Yang of Qianhai Open Source is simply too good, and the 8 products that Qu Yang has managed in the past three years have only lost 22.2 billion.

Of course, it is possible that Qu Yang and Liu Yanchun are not at the same level at all. Up to now, Qu Yang has a total scale of 18.511 billion under management, and Liu Yanchun has a total scale of 51.877 billion under management. The product managed by Liu Yanchun is 27.206 billion for the emerging growth scale of Invesco Great Wall!

Such a management scale can only be matched by the "winery owner" E Fund Zhang Kun, who managed a single E Fund blue-chip selection product managed by Zhang Kun has lost more than 32 billion yuan in the past three years, and it really has to be "Kun Kun"!

Qu Yang, who managed 8 products for three years and lost 22.2 billion, you can "retire".

More than 8% of the loss is management fees

I'm sorry, I'm sorry, it's written that I lost more than whom, or else, I should have earned more than who made more for the people.

Of course, today's protagonist, Liu Yanchun of Invesco Great Wall, is naturally not among the fund managers who make more money for the people!

It is worth noting that the six products managed by Liu Yanchun have lost more than 43.7 billion yuan in the past three years, and the management fees collected in the same period exceeded 3.653 billion, accounting for 8.36% of the loss.

However, it is important to know that the fund management fee, as a remuneration for the fund manager and the cost of the fund's assets, is to be deducted from the fund's overall assets. In other words, Liu Yanchun's loss of 43.7 billion includes the management fee of 3.653 billion deducted from the fund's assets, and the remaining 40 billion losses are the losses generated by the fund's investment management!

It can be seen that Invesco Great Wall Emerging Growth, the largest managed by Liu Yanchun, collects the most management fees, with a three-year management fee income of 1.885 billion, followed by Invesco Great Wall Dingyi with a management fee of more than 800 million.

Let's do an interesting calculation problem.

Taking Invesco Great Wall Emerging Growth, which has the largest loss, as an example, it has a loss of 21.1 billion yuan in three years and a management fee of 1.885 billion yuan, which is equivalent to a management fee of 893 yuan for every 10,000 yuan lost by Liu Yanchun's emerging growth. The 6 products managed by Liu Yanchun suffered an overall loss of 43.738 billion yuan and collected a management fee of 3.653 billion yuan, which is equivalent to a management fee of 835 yuan for every 10,000 yuan lost to the people.

In this regard, Liu Yanchun seems to be better than Qu Yang, Qu Yang's situation is that on the whole, a management fee of 1,600 yuan will be charged for every 10,000 yuan lost to the people!

Of course, in such a situation, the position of the people is even more disadvantageous.

On the one hand, the management fee is equivalent to a fixed fee, regardless of whether the fund makes money or loses money to withdraw, even if the fund asset investment does not lose money, the people still have to lose money; on the other hand, with the continuous loss of fund assets, the people who hold the fund have gradually become numb, insisting on holding and waiting for the return of the capital, that is, not selling and redeeming, but this is in the hands of the fund company and the fund manager, they just don't want the people to redeem, and the people redeem the management fee will be less!

Taking Invesco Great Wall Emerging Growth as an example, since 2021, the subscription and redemption of emerging growth have decreased significantly, but it is still in a state of net redemption, with the net redemption of emerging growth reaching 575 million in the first quarter of this year, but it is still lower than the net redemption of 636 million shares at the end of 2021.

(Data source: Tiantian Fund Network)

Therefore, because the people are unwilling to cut the meat and redeem it, although Liu Yanchun has lost 21.1 billion yuan to the people who hold Invesco Great Wall Emerging Growth in the past three years, the current fund redemption pressure does not seem to be large, and the fund management fee is still comfortable.

After a huge loss, he slipped away first

Funnily enough, Jimin wanted to recover his capital and did not redeem his holdings of Invesco Great Wall Emerging Growth Fund because of his losses, but Liu Yanchun, as a fund manager, actually redeemed his holdings in Emerging Growth on a large scale in 2023!

What does it mean? If the people don't redeem, the fund manager will redeem it? Continue to let the people pay for the fund manager?

There is no one to cut this leek.

More than a week ago, just after the annual report of the fund managed by Liu Yanchun came out, the news that fund manager Liu Yanchun had reduced his position by 50% caused heated discussions among the people, and the people directly fried the pot: Good guys, one long-termism, but he slipped away first!

Here's the thing, in the Invesco Great Wall Emerging Growth 2023 interim report, it also shows that the fund manager's position is more than 1 million, however, by the time of the 2023 annual report, the fund manager's position has become 10-500,000 shares, at least half of it.

Not only that, Brother Ruiyan also found that although Liu Yanchun himself has made a large-scale reduction in Invesco Great Wall Emerging Growth, which is the largest and most loss-making, he seems to have held 50-1 million positions since he took charge of Invesco Great Wall Domestic Demand No. 2 in 2018.

It can also be found that Invesco Great Wall Domestic Demand No. 2 is the best performing product among the products currently managed by Liu Yanchun since its establishment, and it is also a product with fewer losses in the past three years. Since its establishment in May 2006, Invesco Great Wall Domestic Demand No. 2 has made a cumulative profit of 9.909 billion yuan, and has lost 2.601 billion yuan in the past three years. At the same time, it also holds 10-500,000 shares of Invesco Great Wall, which has lost the least in the past three years, with a loss of 1.712 billion in the past three years and a cumulative profit of 6.809 billion since its inception in 2004.

Okay, you Liu Yanchun, let the people lose more than 40 billion yuan and earn more than 3.6 billion management fees, not count, but also open a small stove for yourself, reduce the position with the most losses, and make the most money by holding it for a long time!

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