In the post-Bai Bingyang era, BOCI Securities is now "talent shortage"

Text: Wu Ideal

Source: Fortune Unicorn

In the past two years, active equity fund managers have frequently jumped jobs, and powerful fund managers are increasingly offering to the head. As a result, the Matthew effect of public funds is gradually clear, the fund companies that gather talents are star-studded, the old owners are often left with chicken feathers, and it is difficult for new stars to appear in a short time.

According to the information on the company's website, there are currently 16 current fund managers in the company, but the number of fund managers is still fixed income fund managers, of which 5 fund managers manage at least 5 funds, but they are not active equity fund managers. The fund manager behind them is Lin Pengcheng, who manages 4 products, and this fund manager who has served for more than 5 and a half years is the manager of active equity funds.

However, compared to the doubling of the three products he managed when his old club Shen Wanling Xin was in charge, all the funds he managed at BOC Securities have now fallen sharply, especially the earliest management of BOC Securities Technology Innovation Blend has retreated by about 60%.

01

Bank of China Securities Select Industry fell by 6% for three consecutive years

Looking at the 4 funds he manages, there are products that have not been left by Bai Bingyang for a long time, there are also sub-new funds that have been in charge since their issuance, and there are joint management funds that have been managed for a long time. Among them, the most tragic situation recently is the Bank of China Securities Select Industry, where he probably joined the fund manager duo as Zhang Shaohua's deputy, and later managed it alone from the end of 2022.

However, as of the end of the last trading day in May, the cumulative net value and the latest net value of the fund were only 0.3643 yuan, and the average net value of the product fell sharply for three consecutive years since its establishment, which directly led to the annualized return ranking fourth from the bottom of the same category. Judging from the changes in the heavy stocks in the fund's quarterly report, we can find out some of the reasons for this. As of March 31, six of Lin Bocheng's top 10 heavy positions were stocks in the new energy industry chain.

They are Sungrow, CATL, Deye shares, EVE Lithium Energy, Tianci Materials, Putailai, from the performance of the year, the best performance is less than 24% of CATL; The other four heavy companies are China Duty Free, Shenzhou Taiyue, China Micro Corporation, and Shanghai Electric Co., Ltd., three of which fell and only one of Shanghai Electric Co., Ltd. rose, but the proportion of the stock was only about 2.39%.

Compared with the heavy stocks in the previous quarter, we can find that Lin Bocheng has only three companies retained: CATL, Sungrow and EVE, which seems to prove his special insistence on new energy. However, the industry has entered a downward cycle under the change of supply and demand in recent years, and has been in a continuous downward trend for a long time, and it is difficult to regain the courage to lead the rise in the past.

In the fund's first quarterly report, he summarized his investment as follows: "From the perspective of long-term investment returns, combined with the current policy trends and the international environment, we have selected some important industries with broad growth space and high certainty, and obvious competitive advantages in the international or domestic market as the core positions of the portfolio, such as new energy vehicles, photovoltaics, energy storage, artificial intelligence software and hardware, humanoid robots, electronic semiconductors, pharmaceutical innovative drugs, etc. And select leading companies in related industries and segments for investment, in order to bring good long-term growth to investors. ”

02

The impact of Zhang Shaohua's departure is equivalent to that of Bai Bingyang

The BOC Securities Value Selection, which is currently managed by Lin Bocheng, is an old work of Bai Bingyang. In the last batch of management products that stepped down in February last year, except for Lin Bocheng who took over a product, Bank of China Securities Jurui Mix, Bank of China Securities Health Industry, and Bank of China Securities Advantage Manufacturing were handed over to three different fund managers, and the partial debt mixed base Jurui was managed by Lu Wenye, who is a fixed income fund manager.

The fund manager of the health industry was handed over to Li Mingwei, a beautiful woman who graduated with a doctorate and was once a resident doctor at the famous Ruijin Hospital in Shanghai. BOC Securities Health Industry Blend was also the first product she managed, but the net value of the fund has fallen by about 17.07% this year. Considering that she has been a fund manager for less than one and a half years, it remains to be seen how strong she will be.

In addition, the fund with the biggest contrast seems to be BOC Securities Advantage Manufacturing, which was established on July 8, 2021, and 2022 is the first natural year of Bai Bingyang's complete management, and the net value growth rate of the product for the whole year is 9.26%, ranking fifth among 697 funds of the same kind; In the following two years, with the departure of Bai Bingyang, the performance of the product also declined, especially in 2024 so far, the net value of the fund has fallen by about 20.62%, ranking 921st among 944 funds of the same kind, and the poor performance in the past two years has also led to a rapid drawdown of annualized returns of nearly 10%.

This fund manager, who has served for nearly one and a half years, is a talent cultivated by Bank of China Securities Asset Management. Judging from her resume, before she entered the financial industry, she worked in Beijing Soai Electronics Co., Ltd. and Lanzhu Electronic Equipment Co., Ltd.; This is similar to Li Mingwei, but can such current fund managers with industrial backgrounds really be comfortable in the public offering of funds in the management circle of ability? Time will give us the answer we want.

In addition, it should be pointed out that in addition to Bai Bingyang, the company's active equity team lost another fund manager Zhang Shaohua in November last year seems to be more heavy, this old man in the public offering industry has served for nearly 13 years, he has successively managed products in Shen Wanling Xin and Bank of China Securities Asset Management. But the problem is that his performance in BOC Securities Asset Management is far inferior to his old club, for example, the blended return of the preferred industry leader with the shortest management time is only about -45%. In his early years at Shen Wanlingxin, many of the graded funds he managed achieved positive returns.

After Zhang Shaohua left, the three funds he managed were handed over to two fund managers, two of which were handed over to the above-mentioned Lin Bocheng, which was also his old department in the Shen Wanling Xin era in his early years; Another BOC Securities preferred industry leader, succeeded him by fund manager Song Fangyun. Coincidentally, this is also a fund manager with an industry background.

Before entering the financial institution, he worked at Huawei Technologies Co., Ltd. as a product manager from March 2006 to September 2012. From October 2012 to April 2014, he worked in Shenzhen Fuscom Intelligent Technology Co., Ltd. as the R&D director. Judging from the results of the three funds managed since 2024, the latest year has fallen by more than 10%, and the worst performance is specialized and special new stocks, which have fallen by 24%.

Therefore, after Bai Bingyang and Zhang Shaohua, it may be difficult for BOC Securities Asset Management to find a suitable and powerful successor in a short time!