Editor's note: The Securities Investment Fund Law of the People's Republic of China clearly stipulates that fund managers and their directors, supervisors, senior managers and other practitioners of publicly offered funds must treat the different fund assets under their management fairly.
Bread Finance found that the two ordinary equity funds managed by Fan Jie of Qianhai Open Source Fund both have heavy positions in the biomedical industry, but their performance has diverged, and the difference in return since their establishment is more than 200 percentage points.
Since Fan Jie took up the post of Qianhai Open Source Public Health Stock A on March 25, 2021, the difference in returns between the two funds is 115 percentage points.
Qianhai Open Source Chinese Medicine Stock A was established in March 2018, the current fund manager is Fan Jie, a common equity fund under Qianhai Open Source Fund, the top ten heavy stocks at the end of the first quarter are all invested in the biomedical industry, and the cumulative return from its inception to May 9 (the same below) is 150.88%.
Qianhai Open Source Public Health Stock A was established in March 2021, fund manager Fan Jie has been managing since the establishment of the product, and joined Huang Zhiran two years later to co-manage, at the end of the first quarter, the fund's heavy stocks also invested in the biomedical industry, but the cumulative return since its inception was negative 63.77%.
Qianhai Open Source Chinese Medicine Stock A: Return of 150.88% since its inception
Founded in March 2018, Qianhai Open Source Chinese Medicine Stock is an ordinary equity fund under Qianhai Open Source Fund, with a fund size of about 1.416 billion yuan, and the current fund manager is Fan Jie, who has been in office since May 2019.
As of May 9, Qianhai Open Source Chinese Medicine Stock A has returned 150.88% since its establishment 6 years ago, outperforming the performance benchmark by more than 90 percentage points, ranking 5/276 in the same category. Fund manager Fan Jie's return exceeded 100%, outperforming the performance benchmark by more than 50 percentage points.
According to the first quarter report of 2024, the fund's stock investment accounted for 89.17%, and the top ten heavy stocks accounted for 71.57% of the fund's net value, and the holdings were relatively concentrated.
According to the first-level industry classification of Shenwan, the top 10 heavy stocks of the fund are all invested in the biomedical industry, including Baiyunshan, China Resources Sanjiu, Yunnan Baiyao, Pien Tze Huang, Jichuan Pharmaceutical, Lingrui Pharmaceutical, Tongrentang, Kunming Pharmaceutical Group, Kangenbei, and Jiangzhong Pharmaceutical.
Qianhai Open Source Public Health Stock A: Negative 63.77% return since inception
Qianhai Open Source Public Health Stock was established in March 2021, the fund investment type is ordinary equity, the fund size is about 139 million yuan, the fund manager Fan Jie has been in office since the establishment of the product, and joined Huang Zhiran two years later to co-manage.
In terms of performance, Qianhai Open Source Public Health Stock A has a cumulative return of negative 63.77% since its establishment 3 years ago, underperforming the performance benchmark by more than 20 percentage points, ranking 566/567 in the same category.
According to the first quarter report of 2024, the fund's stock investment accounted for 90.93%, and the top ten heavy stocks accounted for 44.27% of the fund's net value.
According to the first-level industry classification of Shenwan, the top 10 heavy stocks of the fund are all invested in the biomedical industry, including China Resources Sanjiu, Yirui Technology, Lingrui Pharmaceutical, Jichuan Pharmaceutical, Yifeng Pharmacy, China Biopharmaceutical, Tiantan Biotechnology, Jiudian Pharmaceutical, Akeso Biotechnology, and Jianfan Biotechnology.
Qianhai Open Source Fund: Does it treat holders differently?
According to publicly disclosed information, the chairman of Qianhai Open Source Fund is Li Qiang, the general manager is Qin Yafeng, and the chief inspector is Sun Chenjian.
The company's shareholders include Kaiyuan Securities Co., Ltd., Beijing Zhongsheng Jinqi Investment Management Co., Ltd., Beijing Changhe Century Asset Management Co., Ltd., and Shenzhen Hehe Investment Trust Investment Partnership (Limited Partnership), each holding 25% of the shares.
One of the key factors for holders to invest in a mutual fund is to look at the investment ability of the fund manager. Is it unfair to treat the assets of different funds managed by fund manager Fan Jie by more than 200 percentage points since the cumulative return of Qianhai Open Source Chinese Medicine Stock A and Qianhai Open Source Public Health Stock A since their establishment, and the cumulative return difference between the two funds since the fund manager Fan Jie managed in March 2021? Did Qianhai Open Source Fund and its managers live up to the trust of investors?
(Article Serial Number: 1788751674286936064)
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