Another top-tier fund manager collapsed: taking over at a high level, pitting the people!

Sharp eyes on finance

2024-05-16 14:32Posted on the official account of Beijing Ruiyankan Finance

There are talented people from generation to generation, each leading the way for hundreds of years. This sentence should be changed to "each leading the way for two or three years" in the public fund industry.

The advent of every top fund manager comes mostly from the soaring net worth of their net worth in the past two or three years, but as long as you look at it for a long time, most of them will be eaten up by traffic.

Xie Zhiyu, the absolute top class

Fan Yan, who "transferred" from Yuanxin Yongfeng Fund to Wells Fargo Fund some time ago, although she has also withdrawn significantly in the past two years, is still much better than some so-called top peers, so she will be favored by Wells Fargo Fund, which is a large institution but has suffered a huge loss of more than 100 billion in the past two years.

Fan Yan is very famous in the fund circle, in addition to her previous performance, it also has a lot to do with her husband who is also a top fund manager.

Fan Yan's husband is Xie Zhiyu, vice president in charge of investment research at Industrial Securities Global Fund.

Fan Yan and Xie Zhiyu are both alumni of Fudan University, Fan Yan holds a master's degree in management and Xie Zhiyu holds a master's degree in economics.

As mentioned in the article two days ago, Fan Yan has been in charge of the Yuanxin Yongfeng Plus Life Fund since October 28, 2015, with a return of about 190% and an annualized return of about 13%.

So, compared with the alumni wife, how is Xie Zhiyu's performance?

During the A-share bull market in 2015, Xie Zhiyu's Xingquan Herun Fund yielded nearly 90%, which made his reputation begin to rise. It is also since 2015 that Xie Zhiyu has frequently won the Golden Bull Award, known as the "Oscar of the Fund".

Many awards have made Xie Zhiyu famous, and investors who chased him to buy funds came one after another. On one day in early 2018 alone, the Xingquan Heyi Fund he was in charge of attracted more than 30 billion yuan in a single day, shocking the capital market.

It can be said that Xie Zhiyu is earlier than Zhang Kun and other top firefighters.

After experiencing the 2019-2021 public fund bull market, Xie Zhiyu's fund completely exploded.

The net unit value of the Xingquan Herun Mixed Fund under his management has more than doubled from less than 1 yuan in 2019 to more than 2.08 yuan in April 2021.

The exploding and straight-rising net worth curve has made countless investors worship Xie Zhiyu as a god, worship him, and buy his fund with their heads.

By the end of 2021, the scale of funds managed by Xie Zhiyu has reached 96.3 billion, and another 100 billion fund manager in China is about to emerge!

With such a large fund scale, Xie Zhiyu's management fees have been soft, and he will earn more than 2 billion yuan in management fees alone in 2021.

After the fire, there will be huge losses, and the problem stocks will be taken over at a high level

2021 is the peak of Xie Zhiyu, and his performance will plummet in 2022. At that time, the four funds he managed had a cumulative loss of more than 24 billion yuan, a loss of almost 30%, significantly underperforming the Shanghai Composite Index, which was -15% in the same period.

In 2023, Xie Zhiyu will suffer another Waterloo, and his Xingquan Herun will fall by 9.33% for the whole year, with a loss of 2.392 billion yuan, and the A share of Xingquan Heyi under his management will fall by 15.89% and C by 16.39%, with a loss of 2.828 billion yuan.

Xie Zhiyu gave people the impression that his level was extremely superb, but he actually suffered a big loss for two consecutive years, why was the turning point so big?

In view of the increasing number of illegal incidents such as rat warehouses and black box operations of fund managers such as Cai Songsong and other fund 规️ managers, we might as well take a look at what makes Xie Zhiyu's operation questionable.

Xie Zhiyu left Xingquan Trend Investment Blend Fund in August 2023 and became the fund manager of the fund on October 20, 2021.

During this period, to be precise, in the second quarter of 2023, Xie Zhiyu newly entered 1.86 million shares of Pan Micro Network through Xingquan Trend.

Pan Micro Network is a typical problem stock, which was put on risk warning in April 2022 because of the audit report issued by an accounting firm with a negative opinion, and then it continued to fall to the limit.

At the end of 2022, Pan Micro Network was directly issued a warning letter by the Shanghai Stock Exchange for borrowing from related parties in violation of regulations and failing to disclose the information on the impairment of large assets in a timely manner.

In terms of performance, before Xie Zhiyu entered the market, the net profit attributable to the parent company in the first quarter of 2023 was only 575,500 yuan, a year-on-year decrease of 96.20%; The net profit after deducting non-profits was a loss of 7.1465 million yuan.

Whether it is corporate governance or company performance, Pan Micro Network is a mess, but Xie Zhiyu was stunned to buy a lot.

Moreover, Xie Zhiyu is obviously a high-level increase on the pan-micro network!

Pan Micro Network rose from more than 30 yuan in the second half of 2022 to the highest 93.29 yuan in April 2023, and Xie Zhiyu added this stock in the quarter with the highest stock price. After that, there was a huge and trending decline in Pan Micro Network, which once fell below 30 yuan at the beginning of 2024.

fell from more than 90 yuan to more than 20 yuan in less than a year, and the bubble blown by Pan Micro Network finally burst, and Xie Zhiyu happened to take over when the bubble was blowing at its maximum.

With such an operation, Xie Zhiyu's Xingquan Trend performance is naturally very bad, and in the less than two years he has been in charge of this fund, the return to clients is -27%.

Did the performance be too poor, the losses too much, and the anger of the people, Xie Zhiyu resigned from the Xingquan Trend fund?

Enter San'an Optoelectronics at a high level and buy heavy stocks

After all, Pan Micro Network is a small-cap stock and is not famous, and Xie Zhiyu's operation of San'an Optoelectronics makes people vomit blood.

Xie Zhiyu built a large position in San'an Optoelectronics in the third quarter of 2021, when he bought 1.65 billion yuan with Xingquan Herun at a cost of about 39 yuan, and with Xingquan Heyi bought 1.117 billion yuan at a cost of about 37 yuan.

The author looked back at the stock price chart of San'an Radio and Television, and was simply stunned, because its highest price in history happened to appear in the third quarter of 2021, which was 44.77 yuan on August 4 of that year.

Since then, the share price of San'an Optoelectronics has fallen all the way, and has now fallen to around 12 yuan, which is 73% lower than the highest price in history!

However, Xie Zhiyu was very head iron all the way down all the way to buy, someone calculated at the end of last year, just taking over San'an Radio and Television at a high position, so that Xingquan Herun and Xingquan Heyi lost nearly 2 billion yuan.

In the past 2023, San'an Optoelectronics' performance has declined sharply, with a net profit of 367 million yuan, a year-on-year decrease of 46.5%.

As of the first quarter of 2023, in Xingquan Heyi Mixed A, the largest fund currently managed by Xie Zhiyu, San'an Optoelectronics, which has both performance and stock price, still ranks as the fifth largest heavy stock with a shareholding ratio of 3.61%.

Continuously taking over the pan micro network and San'an Optoelectronics, what kind of magic medicine does Xie Zhiyu sell in this gourd?

For Kimin, this operation is undoubtedly poison!

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