Zhongxin Jingwei, May 11 (Xue Yufei, intern Chen Jiujiu) Caitong Securities Asset Management Co., Ltd. (hereinafter referred to as Caitong Securities Asset Management) recently announced that its fund manager Jiang Yongming resigned as the fund manager of the two products under management due to the company's internal work adjustment, but still continued to serve as the fund manager of the other four products.
At present, many institutions are reducing the number of products managed by fund managers, and the phenomenon of "burden reduction" is more common. Industry insiders believe that fund managers should focus on managing several products, improving management performance, and then achieving scale.
The scale of management has dropped significantly
Jiang Yongming has 14 years of experience in the securities industry, worked in Ping An Asset Management Co., Ltd., joined Caitong Securities Asset Management in December 2018, and is currently the assistant general manager and equity investment director.
After joining Caitong Securities Asset Management, the number of public offerings managed by Jiang Yongming and the scale of funds under management have gradually increased. By the end of 2021, the number of products under management by Jiang Yongming has increased to 6, with a total management scale of 16.026 billion yuan, ranking among the ranks of 10 billion fund managers.
Entering 2022, Jiang Yongming, like many leading fund managers, has experienced a continuous decline in the scale of management. By the end of the first quarter of 2024, Jiang Yongming's scale under management will drop to 5.115 billion yuan, and in more than two years, the scale of management will drop by more than 10 billion yuan.
The two products that changed the fund manager this time are Caitong Asset Management Technology Innovation for one year and Caitong Asset Management Equilibrium Value for one year, the former is managed by Bao Yuwen alone, and the latter is managed by Wang Haobing. So far, the number of Jiang Yongming's management has dropped to 4.
Caitong Asset Management Balanced Value One Year Holding was established in November 2020, and in the first year of its establishment, the product income performance was good, and as of the end of 2021, the cumulative return was 26.28%. However, since 2022, the fund's returns have continued to retreat, and as of May 8, 2024, during Jiang Yongming's tenure, the cumulative return of the product is -31.07%.
Founded in July 2020, Caitong Asset Management's technological innovation is set to open in one year, and the first fund manager is Jiang Yongming, and about a year later, Bao Yuwen participated in the co-management. In April 2022, the cumulative return of the fund was below -20%, and then rebounded, and by April 2023, the cumulative return exceeded 30%. Since then, the return has rebounded again, and as of May 8, 2024, the fund has returned -9.85% during Jiang's tenure.
"Masterpiece" earnings drawdown
Jiang Yongming's remaining 4 products under management have two positive and two negative returns during his tenure.
Caitong Asset Management Value Growth is the product he has managed for the longest time, and it is also one of his masterpieces. In 2020 and 2021, the fund achieved good returns, with annual returns of 87.47% and 30.88% respectively. According to an article on the official WeChat account of Caitong Securities Asset Management, as of the end of 2021, the fund's returns in the past year and the past two years were ranked 23/176 and 7/151 respectively. Caitong Asset Management, also managed by Jiang Yongming, found that the returns in 2020 and 2021 were 65.23% and 35.16%, respectively, and the peer ranking in 2021 was 17/176.
In the 2021 quarterly report of the two products, Jiang Yongming said that the fund focuses on computer, electronics, food and beverage, communications, medicine and biology and other sectors in the portfolio.
Since 2022, the above two products have seen significant income drawdowns, and as of May 10, 2024, the returns of Caitong Asset Management Value Growth and Caitong Asset Management Value Discovery have dropped to 76.89% and 30.63% since their inception. At the same time, the scale of the two products continued to recover, the scale of Caitong asset management value growth decreased from 5.761 billion yuan at the end of 2021 to 1.679 billion yuan at the end of the first quarter of 2024, and the scale of Caitong asset management value discovery decreased from 2.868 billion yuan at the end of 2021 to 560 million yuan at the end of the first quarter of 2024.
Caitong Asset Management Chenrui One-Year Holding and Caitong Asset Management Value Select One-Year Holding were both established in the first half of 2021 and achieved certain positive returns in 2021, but since 2022, there have been varying degrees of performance corrections. As of May 10, 2024, the cumulative returns of Caitong Asset Management Chenrui One-Year Holding and Caitong Asset Management Value Select One-Year Holding were -29.64% and -34.93%, respectively.
In the first quarter report of 2024, Jiang Yongming said that the outlook for the future, the market is likely not to repeat the extreme downward trend before the Spring Festival, and the economic data in the first quarter showed a positive trend except for real estate, but the index rebound has been more significant, and the second quarter may increase volatility. In the next stage, in some industries where the industry cycle is at the bottom and may enter the recovery cycle in the next year, companies with outstanding core competitiveness and high valuation and cost-effective valuation will be selected for research and layout, and chemicals, consumer electronics, semiconductors, consumption, and medicine are all research directions.
Fund managers collectively "reduce the burden"
According to the data of Galaxy Securities, as of February 2024, the average number of domestic public funds managed by each fund manager is about 2.3, the median is about 1, the number of fund managers with more than 15 is about 23, the number of funds under management is about 68, and the number of funds under management is about 309, the average management scale of fund managers is about 2.05 billion yuan, the median value is about 350 million yuan, and there are about 40 fund managers with a management scale of more than 20 billion yuan, about 115 fund managers with more than 10 billion yuan, and about 267 fund managers with more than 5 billion yuan.
Observing the market, it will be found that one of the characteristics of reducing the number of products under management by fund managers is constantly being staged, and a number of well-known fund managers have stepped down from some of the products under management.
In November 2023, Cinda Australasia Fund announced that Feng Mingyuan stepped down as the fund manager of the two funds of the Xinao Xingyi Mixed Fund and the Xinao Technology Innovation One-Year Fixed Mixed Fund, after he had stepped down as the fund manager of 4 products. As of the end of the first quarter of 2024, Feng Mingyuan manages 4 fund products with a total scale of 13.374 billion yuan.
Yang Kang of E Fund can be called a "model worker" among fund managers, and at most he managed a total of 28 funds with others, including active equity funds and a small number of bond funds, but the scale of each fund is not large. In the second half of 2023, Yang Kang will step down as a fund manager of some products, and as of the first quarter of 2024, the number of funds under management will drop to 20.
The person in charge of the business department of a fund company in Shanghai told Zhongxin Jingwei that "burden reduction" is a good phenomenon, and a fund manager has limited energy, so he should focus on managing several products, improving management performance, and then achieving scale. If the fund manager is just trying to constantly launch new products, and different products bet on different tracks, such an approach will not help the fund manager improve his concept and sum up experience, and it is not good for the industry.
Compared with the international market, it is more common for multiple fund managers to jointly manage the same product. In this regard, the above-mentioned person said that foreign concepts are mature, the scale is often very large, fund companies adopt a configuration approach, and many times are global allocation, therefore, it is difficult for a single fund manager to beat the market. Different people are responsible for different industries, different regions, and of course there will be co-management. At the same time, he believes that domestic fund managers are young and should pay attention to long-term training.
(For more reporting clues, please contact the author of this article, Xue Yufei: [email protected]) (Sino-Singapore Jingwei APP)
(The views in the article are for reference only and do not constitute investment advice, investment is risky, and you need to be cautious when entering the market.) )
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Editor in charge: Luo Kun and Li Zhongyuan
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