Text: Tianfeng
Source: Fortune Unicorn
Recently, it was reported that Yang Cangbing, chairman of Haifutong Fund, is about to retire, and Li Jun, general manager of Haitong Securities, may also serve as chairman of Haifutong Fund. At the same time, Cao Liping, deputy secretary of the Party and Mass Work Department of Haitong Securities, will serve as the deputy secretary of the general party branch of Haifutong Fund Company. In an interview with a media outlet, HFT Fund said that everything is subject to the announcement, and there is no relevant announcement yet. Yang Cangbing's qualification certificate is still registered in HFT Fund, and everything is normal.
With the development of the domestic mutual fund industry, public fund companies have become important participants in the domestic financial market. However, it is worth noting that in the domestic public fund industry, there are still problems such as the deviation between the business philosophy of institutions and the construction of the modern financial system, the insufficient play of industry functions, and the low compliance awareness and level of fund managers.
01
The performance of Fan Tingfang's carbon neutrality fund fell by more than 54%
It is worth noting that Fan Tingfang became famous around 2020, and it was also a big year for funds, and major fund companies launched their own top fund managers, and Zhang Kun, Ge Lan, and Cai Songsong also benefited from this. At that time, HFT Fund also issued 3 fund products for Fan Tingfang in succession. In December 2020, he co-issued HFT Growth Value Blend with fund manager Huang Feng, issued HFT Carbon Neutral Blend in September 2021, and issued HFT Growth Pilot Blend in December 2021.
It is also with the issuance of 3 funds that Fan Tingfang's management scale has risen, reaching a peak of 6.516 billion yuan at the end of 2021. However, although the three funds have greatly increased the scale of Fan Tingfan's management, the performance of these three products under Fan Tingfan's management is not satisfactory. If the performance of the fund is not satisfactory, the scale of the fund will also decline one after another, and the fund management scale is 2.42 billion yuan so far.
(Data from Tiantian Fund Network as of May 10)
Let's take a look at the performance of HFT Carbon Neutral Mixed A Fund, which has been managed by Fan Tingfang alone since its establishment, but its tenure return is -54.54%, the fund was established on September 24, 2021, and now has a scale of 209 million yuan. As of May 10, the net value of the fund unit was 0.4546, with a return of -54.54% since its inception, a return of -12.66% this year, and a positive return of 6.14% in the past 3 months, but a return of -14.47% in the past 6 months, a return of -33.22% in the past 1 year, and a return of -37.61% in the past 2 years.
In the past 1 year, the downside risk of the fund is 23.0738%, which is greater than the average of its peers; The maximum drawdown is 47.0945%, which is greater than the average of its peers; Considering the fund's downside risk and maximum drawdown ranking among similar funds, the fund has a high risk over the past year. In the past 3 years, the downside risk of the fund is -, which is less than the average of its peers; The maximum drawdown is 66.4820%, which is greater than the average of its peers; Considering the fund's downside risk and maximum drawdown ranking among similar funds, the fund has a high risk over the past year.
Let's review how Fan Tingfang operated, and the author found that the fund held 189,400 shares of CATL in the fourth quarter of 2021, 189,400 shares in the first quarter of 2022, 180,500 shares in the second quarter of 2022, 126,300 shares in the third quarter of 2022, and 97,500 shares in the fourth quarter of 2022. It holds 102,300 shares in the first quarter of 2023, 255,400 shares in the second quarter of 2023, 255,400 shares in the third quarter of 2023, and 255,400 shares in the fourth quarter of 2023.
In the first quarter of 2024, it held 255,400 shares, however, throughout the holding cycle, the fund seems to have bought CATL at a high point, and then held it until now, falling all the way down and holding it all the way, and the CATL stock price fell by 61.34% from October 8, 2021 to May 8, 2024. However, on April 15, CATL released its financial report for the first quarter of 2024, showing that the total operating income was 79.77 billion yuan, a year-on-year decrease of 10.41%; the net profit attributable to shareholders of the listed company was 10.51 billion, a year-on-year increase of 7%; The net profit after deduction was 9.25 billion yuan, a year-on-year increase of 18.56%. On the same day, Moody's upgraded CATL's rating to A3 with a stable outlook.
This is the second consecutive quarter that CATL has experienced a year-on-year decline in operating income, and in the fourth quarter of 2023, its operating income fell by 10% year-on-year. In the case of declining power battery prices and the difficulty of improving the company's market share in the power battery market, CATL is bidding farewell to the state of rapid growth. Performance has declined for two consecutive quarters, but CATL has topped the fund's top 10 heavyweights.
The author also found that the fund also held 1,351,700 shares of Taotong Technology in the first quarter of 2023, 1,529,500 shares in the second quarter of 2023, 1,529,500 shares in the third quarter of 2023, and 966,900 shares in the fourth quarter of 2023. However, the fund's stock price has not risen since it held Autel Technology, falling by 38.29% from January 3, 2023 to March 30, 2024. As a carbon neutral fund, why hold Taotong Technology.
The author has paid attention to the fact that the fund has been holding the Soviet test in 2023, but by the first quarter of 2024, it has lost its position in the Su test test. From the details of the position, it can be seen that in the first quarter of 2023, the stock price was between 26-31 yuan per share, and in the second quarter of 2023, it held 1.632 million shares, and in the third quarter of 2023, it doubled its position to 2.6058 million shares (the stock price continued to fall sharply).
In the fourth quarter of 2023, it held 2,605,800 shares, and by the first quarter of 2024, it had no holdings. Throughout the holding period, although the stock price of the Su test test has rebounded, it has been falling as a whole, and it has hit a low level, from January 3, 2023 to March 29, 2024, the stock price of the Su test test test has fallen by 51%. Can you stand this kind of operation rhythm?
The author also found that the fund held 262,500 shares of Sungrow in the fourth quarter of 2021, but in the first quarter of 2022, it lost its position and was estimated to be liquidated, during which Sungrow fell by 24%. In the fourth quarter of 2022, it bought 663,700 shares of Sungrow, 663,700 shares in the first quarter of 2023, 663,700 shares in the second quarter of 2023, 477,700 shares in the third quarter of 2023, 219,100 shares in the fourth quarter of 2023, and 350,600 shares in the first quarter of 2024. From October 10, 2022 to May 8, 2024, Sungrow's stock fell 5% during the holding period. If Sungrow continues to rise, it will be beneficial to the performance of the fund, and if the stock price of Sungrow continues to fall, it will also have an impact on the performance of the fund.
(Data from Tiantian Fund Network as of May 10)
The performance of the fund is losing, and the people naturally complain, and some people say that they don't want to give him any more time, and more than 50% of the return is out of standard, and the full redemption will not provoke him. Some people also said that the market has risen by 49 points, and this fund has fallen, and it is really convinced, losing more than 47 points in a year, although the market is not good, this fund has lost too much.
Some people even said that the fund bought at an issue price of 1 yuan, with a loss of 54%, still has the face to come out to defend it, and it is still worthy of being a fund manager? The author also found that the fund raised 812 million yuan at the beginning of its establishment, but soon after its establishment, the fund shares were continuously redeemed, with 103 million shares redeemed in the second quarter of 2022 and 322 million shares redeemed in the third quarter of 2022. As of March 31, 2024, HFT Carbon Neutral Hybrid A had net assets of 209 million yuan at the end of the period, a decrease of 14.36% from the previous period.
02
HFT Fund's risk control system failed
The fund lost money by betting heavily on the Soviet trial
(Data from Tiantian Fund Network as of May 10)
In addition to the poor performance of HFT Carbon Neutral Mixed A Fund, the author also found that the performance of Fan Tingfang's largest fund, HFT Growth Value Mixed A, which was established on December 17, 2020, and currently has a fund size of 1.052 billion yuan. As of May 10, the net unit value of the fund was 0.5702, with a return of -42.98% since the establishment of the fund, a return of -5.24% this year, a return of 14.45% over the past 3 months, a return of -10.09% over the past 6 months, a return of -13.01% over the past 1 year, a return of -16.48% over the past 2 years, and a return of -37.18% over the past 3 years.
The net value of the fund has withdrawn sharply, which is related to the fund's stock selection losses. The author looked at the quarterly holdings and found that the fund held 11.4701 million shares of Huahai Pharmaceutical in the first quarter of 2021 (the stock price is in the stage of falling from a high level, and the timing is inappropriate when the stock price is not stable. ), held 13,086,600 shares in the second quarter of 2021, 7,248,800 shares in the third quarter of 2021, and 5,782,400 shares in the fourth quarter of 2021.
It held 3,359,600 shares in the first quarter of 2022, 4,870,100 shares in the second quarter of 2022, 6,206,200 shares in the third quarter of 2022, and 3,903,600 shares in the fourth quarter of 2022. By the first quarter of 2023, Huahai Pharmaceutical's position has been lost, and it is estimated that it will be closed at a low level. The author found that during the entire holding period, Huahai Pharmaceutical's stock price fluctuated greatly, and the stock price of Huahai Pharmaceutical fell by 40% from January 4, 2021 to March 30, 2023.
The author also found that the fund held 163,600 shares of Tuojing Technology in the second quarter of 2023, 212,600 shares in the third quarter of 2023, 265,900 shares in the fourth quarter of 2023, and 289,600 shares in the first quarter of 2024, however, the price trend of Tuojing Technology stock was not stable during the holding period, and the stock price of Tuojing Technology fell by 36% from April 3, 2023 to May 9, 2024.
In 2023, the company achieved operating income of 270,497.40 million yuan, a year-on-year increase of 58.60%; the net profit attributable to shareholders of the listed company was 662.5838 million yuan, a year-on-year increase of 79.82%; The net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was 312.1197 million yuan, a year-on-year increase of 75.29%, and the profitability continued to increase. However, despite the growth of performance, the stock price of the fund was at a high level when it held Tuojing Technology, and if the stock price could rise, it could make up for the losses in the early stage, and if the stock price continued to fall, it would also affect the performance of the fund.
The author also found that the fund also holds 2,330,500 shares of Autel Technology in the first quarter of 2023, 2,810,700 shares in the second quarter of 2023, 2,500,400 shares in the third quarter of 2023, and 1,130,700 shares in the fourth quarter of 2023, and has lost its position in the first quarter of 2024. However, when the stock price of Autel Technology showed signs of decline at the beginning of 2023, the fund began to buy and hold, and the stock price fluctuated wildly throughout the holding period, with the stock price of Autel Technology falling by 38.29% from January 3, 2023 to March 30, 2024.
(Data from Tiantian Fund Network as of May 10)
The performance of the fund was lost, and some people complained that just after the opening period of the year, when they saw that they held Moutai in a heavy position, Moutai was already 2900, and they didn't have to think that Moutai would rise to 100,000 bottles! Existing people have been fooled and bought a car, but the result has fallen again and again. There are also people who say that they are really speechless when they encounter such a base, and they still lose so much. Some people even said that now 5 auto stocks are falling, and Xiaopeng Motors has fallen the most.
The author also looked at it, The fund held 1,128,300 shares of Xiaopeng Motors (Hong Kong stocks) in the third quarter of 2023, when the stock price was around HK$53 per share, and in the third quarter of 2023, there was a wave of upward movement, but after the fourth quarter of 2023, the stock price of Xiaopeng Motors fell sharply, and when the stock price fell sharply, the fund chose to increase its holdings to 1,271,200 shares in the fourth quarter of 2023, but by the first quarter of 2024, it had lost the position of Xiaopeng Motors, and it may have been closed by the distant decline. From July 1, 2023 to March 28, 2024, the stock price of Xpeng Motors fell by 35.8%.
(Data from Tiantian Fund Network as of May 10)
The author also found that the performance of the HFT Growth Pilot Mixed A Fund, which is similar to the name of HFT Growth Value Mixed A, also fell by more than 45%, and the HFT Growth Pilot Mixed A Fund was established on December 7, 2021, and the current fund size is only 94 million yuan. As of May 10, the net unit value of the fund was 0.5493, and the fund has returned -45.07% since its inception, -8.78% this year, 8.15% over the past 1 month, -11.89% over the past 6 months, -23.85% over the past 1 year, and -26.07% over the past 2 years.
The author found that although the fund did not hold stocks for a long period of time in the early days of its establishment, some stocks fell sharply. German Nano, which held 48,300 shares in the first quarter of 2022, held 66,600 shares in the second quarter of 2022, and lost its holdings in the third quarter of 2022. However, from January 4, 2022 to September 30, 2022, the German Nano stock price fell by 42.63%. Judging from the stock trend of German Nano, the fund bought at the high level of German Nano, and the stock price has been falling during the holding period, but fortunately, it will stop the loss in time after the third quarter of 2022, if it has been held, it is estimated that it will have a greater impact on the net value of the fund.
The author found that the fund held 117,100 shares of Farah Electronics in the first quarter of 2022, 117,200 shares in the second quarter of 2022, 91,300 shares in the third quarter of 2022, and 67,000 shares in the fourth quarter of 2022. In the first quarter of 2023, there is no position in Farah Electronics. However, the fund's stock price fluctuated wildly during the holding period, with Farah Electronics falling by 37.17% from January 4, 2022 to March 30, 2023.
The author even found that the fund held 216,500 shares of Sungrow in the fourth quarter of 2022, 223,800 shares in the first quarter of 2023, 161,200 shares in the second quarter of 2023, and 74,200 shares in the third quarter of 2023, and by the fourth quarter of 2023, there was no holding of Sungrow. However, during the holding period, the Sungrow stock price fell by 20.80% from October 8, 2022 to December 30, 2023.
It is worth noting that the fund also holds the Su test test, and the author found that the fund held 459,000 shares of the Su test test in the fourth quarter of 2022 (at this time, the stock price was at a stage high of 30 yuan per share, and the stock price began to fall in the first quarter of 2023). In the first quarter of 2023, it chose to double its position to 808,700 shares, held 721,000 shares in the second quarter of 2023, 706,200 shares in the third quarter of 2023, and 706,200 shares in the fourth quarter of 2023. In the first quarter of 2024, it held 380,200 shares, however, during the fund's holding period, the stock price of Su Shi Trial has been falling, falling by 53.57% from October 10, 2022 to May 10, 2024.
The author found that in addition to the poor performance and serious losses of Fan Tingfang's fund, the overall performance of HFT Fund was also unsatisfactory. HFT Fund's operating income in 2023 will be 1.164 billion yuan, down 10.05% year-on-year, and its net profit will be 417 million yuan, down 8.75% year-on-year. In addition, in addition to Fan Tingfang's poor performance, the author found that the performance of Jiang Yong, the fund manager of HFT Fund, is also not good, and the author will continue to pay attention.