Editor's note: Recently, the State Council issued the "Several Opinions on Strengthening Supervision and Risk Prevention to Promote the High-quality Development of the Capital Market", proposing to comprehensively strengthen the investment and research capacity building of fund companies, enrich the types of investable assets and investment portfolios of public funds, and change from scale-oriented to return-oriented investors.
Bread Finance Research found that as of May 10, 2024, the net value of 3 products under Baoying Fund has fallen by more than 30% since its establishment.
Among them, Baoying high-quality growth mix is more typical. The net value of the fund's A share has fallen by 46.58% since its establishment more than 2 years ago, and the total scale has shrunk by more than 60%. The analysis of the holdings found that the fund's holdings were more frequently swapped, and the heavy position in the power equipment industry was frustrated.
In addition, Baoying New Energy Industry Hybrid Initiator A and Baoying Growth Select Hybrid A have suffered cumulative losses of more than 30% since their establishment, and the rights and interests of investors have been damaged.
3 products still lose more than 30% since their inception
As of May 10, 2024, there are still 3 products under Baoying Fund (the initial caliber of the fund) that have lost more than 30% since their inception. Among them, Baoying Quality Growth Mixed A was the top decliner, with a cumulative net value decline of 46.58% over the past 2 years since its establishment.
In addition, Baoying New Energy Industry Hybrid Initiator A and Baoying Growth Select Hybrid A have accumulated losses of more than 30% since their establishment.
From the perspective of fund profits, the above three products have caused investors to lose a total of 837 million yuan since their establishment. As a fund manager, Baoying Fund can still guarantee income from drought and flood, and has collected a total of 54.296 million yuan in management fees.
Baoying Quality Growth Mix A: 46.58% loss since its inception
Baoying Quality Growth Mixed Fund is a partial equity hybrid fund under Baoying Fund, with a scale of about 290 million yuan in the latest reporting period.
The fund was established on October 11, 2021, and the fund managers are Hou Jiamin and Li Jianwei. As of May 13, 2024, the cumulative operating time is approximately 2.6 years.
In the more than 2 years since its establishment, the net value of the fund's A share unit has fallen by 46.58%, underperforming the performance benchmark by 31 percentage points, ranking 2049/2306 in the same category. In the past 1 year, the yield of this product is negative 24.70%, ranking 3412/3752 in the same category, and in the past 2 years, the yield of this product is negative 26.33%, ranking 2593/2986 in the same category.
Since its establishment, the scale of the fund has declined sharply, from 798 million yuan at the beginning of its establishment to 290 million yuan at the end of the first quarter of 2024, with a cumulative shrinkage of 508 million yuan, a shrinkage of more than 60%.
Position analysis: frequent stock swaps, heavy positions in the power equipment industry suffered
At the end of the first quarter of 2024, the proportion of Baoying's high-quality growth mixed stock holdings to the fund's total assets was 90.21%, a decrease from the end of 2023. The top 10 heavy stocks accounted for 50.20% of the fund's net asset value, and the concentration of holdings decreased slightly.
At the end of the first quarter, the fund's heavy stocks included Shijing Technology, CATL, Shenghong Shares, Dike Shares, Sungrow, Leapmotor, Follett, Huaguang Huaneng, Deye Shares, and Foster. According to the first-level industry classification of Shenwan, the top ten heavy stocks are mainly concentrated in the power equipment industry.
As of the close of trading on May 13, the power equipment sector has fluctuated and fallen in the past 1 year, and the CSI All-Index Power Equipment Index (931932. CSI) fell by 28.00%. Among the related stocks of Baoying high-quality growth mixed heavy positions, the share prices of Shenghong shares, Deye shares, Foster and Follett were the top decliners, falling by 34.87%, 23.09%, 19.53% and 14.97% respectively in the past one year.
From the perspective of position changes, half of the top 10 heavy stocks at the end of the first quarter of 2024 are the first heavy positions in the quarter, and the shareholding changes are more frequent.
Recently, the China Securities Regulatory Commission's "Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First-class Investment Banks and Investment Institutions (Trial)" pointed out that the long-term return of investors should be enhanced. Urge industry institutions to strengthen the service concept, continue to optimize investor services, strictly implement the investor suitability system, improve the investor protection mechanism, effectively improve investors' sense of gain and satisfaction, and continue to maintain the public's trust and confidence in the industry.
Many of the fund company's products have fallen by more than 30% since their establishment, and some products have even fallen by more than 40%, do managers, senior executives and the management of fund managers pay attention to enhancing investors' long-term returns? Is it aligned with the interests of investors?
(Article Serial Number: 1789954444461477888)
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