Text/Liu Zhentao
The first quarter report of the public fund in 2024 has been disclosed, and the management of fund managers has also been released. The fund managed by Hu Yibin, a well-known fund manager of Huaan Fund, recorded a loss in net profit in the past quarter, and the scale of management also declined again, declining for three consecutive quarters.
Hu Yibin joined Huaan Fund in May 2015 as an assistant fund manager in the fund investment department. Half a year later, in November 2015, Hu Yibin began to work as a public fund manager and has been in office for 8 years.
As of the end of March 31, 2024, Hu Yibin managed a total of 7 funds (multiple shares are combined), and the net value of 7 funds in the first quarter of 2024 all declined, a decline of more than 6%. Among them, the net value of Huaan Growth and Innovation Mixed Fund fell by more than 9%.
The decline in the net value of the fund has led to a loss of profits.
According to the fund's 2024 first quarter report, the total profit loss of the seven funds managed by Hu Yibin in the first quarter reached 1.432 billion yuan. Among them, the profit loss of the two funds of Huaan Prosperity Pilot Mixed and Huaan Media Internet Mixed exceeded 300 million yuan.
In the face of the decline of the fund managed by Hu Yibin in 2024, many basic investors choose to redeem their fund shares. According to the statistics of the first quarter report of 2024, 6 of the 7 funds managed by Hu Yibin have decreased their shares, and only Huaan Media Internet Mixed Share has increased by 137 million shares. The net subscription share of a single fund cannot make up for the redemption volume of 6 funds, and the total net redemption share of 7 funds managed by Hu Yibin reached 432 million in the first quarter.
Among them, the largest net redemption share of the fund is Huaan Prosperity Pilot Mix, with a net redemption share of 289 million shares. Hua'an Prosperity Pilot Hybrid is a fund issued and established by Hu Yibin in April 2023, which was a popular fund in the public offering market at that time, raising a total of 5.453 billion shares, and as of the end of the first quarter of 2024, the total share of the fund was 4.475 billion shares, and nearly 1 billion shares were redeemed in one year.
Since the establishment of Huaan Prosperity Pilot Mix, the net value of the fund has been in a state of decline. As of the end of April 24, 2024, since the establishment of the fund one year ago, the share of Huaan Prosperity Pilot Mixed A has fallen by 19.93%, and the share of Huaan Prosperity Pilot Mixed C has fallen by 20.40%.
When subscribing to the fund, the investors of the fund are out of recognition and trust in the fund manager, in order to bring returns under the management of the fund manager, and under the actual operation and management of the fund manager, the net value of the fund has fallen and lost, which has brought investors a bad holding experience, which has affected the choice of the people.
The net value of the fund has fallen, the share has declined, and the profit loss means that the scale of the fund's assets has also declined. According to the statistics of the first quarter report of 2024, the total asset scale of 7 funds managed by Hu Yibin decreased by 1.848 billion yuan in the first quarter. Among them, the scale of Hua'an Prosperity Pilot mixed assets decreased the most, reaching 590 million yuan.
The fund manager's management scale is determined by the fund's asset size, so Hu Yibin's management scale will also decline in the first quarter of 2024. Wind data shows that as of the end of the first quarter of 2024, Hu Yibin's management scale was 17.633 billion yuan, a decrease of 1.84 billion yuan from the end of 2023.
Sorting out the changes in Hu Yibin's management scale in recent years, in 2019, the fund managed by Hu Yibin, Huaan Media and Internet Mix, achieved an increase of 101.70%, ranking 4th among similar funds. As a result, Hu Yibin became famous in the public market.
At the same time, Hu Yibin took over two funds, and the number of funds under management reached 4 at the beginning of 2020, and the scale of management reached 22.137 billion yuan in the first quarter of 2020.
However, in 2020, the market style will change greatly, the new energy sector will emerge, and consumer liquor stocks will be out of the circle, and Hu Yibin, who holds the TMT sector, will have a weighted return of only 19% that year, underperforming the index by 8 percentage points. Hu Yibin's management scale began to decline in the second half of 2020, falling below 10 billion yuan at the end of the first quarter of 2021 to only 7.202 billion yuan.
Since 2022, Hu Yibin has taken over the old fund products on the one hand, and issued new products on the other hand, and the management scale has gradually begun to rise. In particular, in April 2023, Hu Yibin took the lead in the issuance of Hua'an Prosperity Pilot Mix, raising as much as 5.45 billion yuan, which made his management scale reach 23.975 billion yuan at the end of the second quarter of 2023, returning to the peak.
However, the peak moment was relatively short-lived. The net value of the new product fund issued by Hu Yibin since 2022 has declined, and the return under management has been negative since its establishment, and the basic investors have begun to redeem fund shares, the scale of fund assets has declined, and the scale of his management will also decline in the second half of 2023.
From the end of the second quarter of 2023 to the first quarter of 2024, Hu Yibin's management scale has declined for three consecutive quarters, and the management scale has shrunk by 6.342 billion yuan.
Sorting out the holdings of the 7 funds managed by Hu Yibin, taking the first quarter of 2024 as an example, the positions of the 7 funds managed by Hu Yibin are relatively balanced, but except for Huaan Media and Internet Mix, the top 10 heavy stocks of the fund, no matter what the main theme of the product, are highly homogeneous.
As the fund manager manages more fund products and the scale of management increases, his management pressure will also increase. The energy of fund managers is limited, so in the case of an increase in the number of funds, it is easy to have a situation where the positions of multiple fund products converge.
This situation of high convergence of fund holdings is a "double-edged sword". When the fund manager chooses an investment direction that fits the style of the market, it will bring about a collective rise in its funds, but a high degree of convergence is also a high degree of risk concentration exposure, if the fund manager's investment direction does not fit the market style, it may lead to a decline or drawdown in the performance of most or even all the funds under its management.
On the whole, Hu Yibin has achieved good management performance in the past, but with the increase in the number of funds under management and the growth of scale, his management performance has recently retreated. Perhaps, for Hu Yibin of Huaan Fund, it is time to "reduce the burden"!