This week's "fight" in the new base issuance market may be very fierce. Not only will there be more than 40 new funds that will "compete on the same stage", but the strength of public offerings such as Hui Tianfu Fund, GF Fund, Boshi Fund, yinhua Fund and so on is "double arrow", and many products have appeared together.
At the same time, after several weeks of "silence", the "generation of famous generals" in the public offering industry have also come out of the mountains, including Sun Song of E Fund, Zeng Gang of GF Fund, Wang Keyu of Hongde Fund, and Cai Xiangyang of Huaxia Fund will be "new" this week.
Who will win in the "battle", and what kind of products will become the new "blockbuster"? It's worth watching.
<h2>
43 new fund fish entered the market
</h2>
According to Choice statistics, 43 new funds will be "competing on the same stage" this week (May 17 to May 21).
From the perspective of fund types, the main force of new issues next week is still equity products. Among them, the partial stock hybrid fund ranked first with 14 issuances; followed by passive index funds with a total of 9; and the partial debt hybrid, common equity funds and other equity products had 4 to 5 new issuance. At the same time, the debt base also maintained a certain degree of heat, and 8 new products were launched.
It is worth mentioning that after the May Day "Golden Week", the heat of the New Foundation issuance market has gradually rebounded, and next week not only the number of issuances returns to the level at the beginning of the year, including GF Fund, Hui Tianfu Fund, China Merchants Fund, Boshi Fund, including a number of strength public offerings, all of which are "double arrows" next week, bringing a number of new funds to enter.
▼The chart below shows the issuance of new funds next week
<h2>A number of "generation" fund managers "put on a dress"</h2>
In addition to the outbreak of quantity, the "bleak" New Base distribution market for a period of time has ushered in a "star-studded" "contest".
This week, several "veteran-level" star fund managers in the public offering industry will personally "put on a journey", including Sun Song of E Fund, Zeng Gang of GF Fund, Wang Keyu of Hongde Fund and Cai Xiangyang of Huaxia Fund, etc., which can be said to be "a generation of famous generals" in the industry. At the same time, the styles and areas of expertise of several people are also different, including stable partial stock players and "big winners" in the field of fixed income.
For investors who have experienced the turmoil in the early market, experienced veterans "entering the market" may bring them a certain sense of security. And this time several "incorruptible" competitions in different fields, who can finally "come out on top"? Worth looking forward to
<h2>Steady "veteran" Sun Song</h2>
Public information shows that Sun Song was the "elder" who entered the company at the beginning of E Fangda's founding and has been serving in E Fangda for 19 years. Before taking over the public offering product E Fangda New Normal Fund in 2018, Sun Song had been managing special accounts and pension products.
Perhaps it is the experience brought by the management account, the products managed by Sun Song are usually stable in investment style, through appropriate control of equity positions, with the help of stock selection with industry breadth and multi-dimensionality to disperse risks, adhere to value, and hedge market volatility and macro uncertainty with high-quality companies.
Wind data shows that as of May 16, since Sun Song took office, E Fangda's new normal has achieved a return of 141.59%, with an annualized return of 44.60%.
▼The following figure shows the fund currently managed by Sun Song
<h2>Zeng Gang, the "elder" of the fixed income field</h2>
Zeng Gang of GF Fund is also a "senior" fund manager with 21 years of experience in the securities industry, and is one of the bond fund managers with high "brand recognition" in the industry.
Public information shows that in 2001, Zeng Gang joined the self-operated department of Hongta Securities after graduating from Tsinghua University with an MBA. Subsequently, he successively worked in the bond business headquarters of Hantang Securities, Huabao Industrial Fund, Shanghai Electric Group Finance Company, and Huafu Fund, and opened his investment in the bond field and achieved excellent results many times.
In 2006, the "Masteel Separation Transaction Convertible Bond" can be regarded as a classic case of Zeng Gang's "fame", when Masteel issued the first convertible corporate bond in the market for "subscription and bond separation transaction". However, the prospects for this new product in the market are very divergent, and subscriptions are not enthusiastic. In this regard, Zeng Gang after careful study, judging as an opportunity, he suggested that the company take 90 million yuan to bid, and finally won the bid of 41 million yuan, the highest floating profit of 130 million yuan, and finally Masteel's actual profit of 98 million yuan.
Since then, he has just served in Huitianfu for a long time, taking over the management of too many "fixed income +" products of Huitianfu, and the performance is high. In recent years, he has switched to GF Fund, and this product will be a "flagship" product he raised in GF Fund.
▼The following figure shows the fund currently managed by Zeng Gang
<h2>Wang Keyu, who debuted at the peak</h2>
Many times, "debut is the peak" may not be a good description for fund managers, but for Wang Keyu of Hongde Fund, it is just an appropriate description.
According to the data, Wang Keyu was the fund manager and deputy director of the equity investment department of Changsheng Fund, an analyst of Guodu Securities, an analyst of Tianxiang Investment Consulting Co., Ltd., and a researcher of the Shanghai Representative Office of Yuanda Jinghua Securities.
In 2013, the first public offering product it managed, Changsheng Electronic Information, was "a blockbuster", and when the CSI 300 fell by 7.65% that year, changsheng electronic information industry won an annual return of 74.35% against the market, and won the second place in the active equity fund of the year.
Since joining Hongde Fund in 2015, Wang Keyu has become increasingly low-key, and the company's limelight has also focused on Wu Chuanyan in recent years. However, Wang Keyu's performance in recent years is quite remarkable. Up to now, the return of his representative work Hongde Preferred Growth is 154.83%, and the annualized return is 18.52%.
▼The following figure shows the fund currently managed by Wang Keyu
<h2>"Golden Generation" Cai Xiangyang</h2>
Among the remaining "golden generation" of Huaxia Fund, Cai Xiangyang is one of the few investment backbones that are still active.
According to public information, Cai Xiangyang has 15 years of experience in the securities industry, including nearly 7 years of experience in public fund management, and is currently the managing director of Huaxia Fund, with as many as 9 funds under management.
From the perspective of investment style, Cai Xiangyang is biased towards the value of the large market and the growth of the large market, and the investment characteristics are "insisting on value investment and selecting leading stocks". Steady operation, strict control of drawdown. The specific strategy is to select individual stocks from the bottom up, and the criteria for consideration are mainly reasonable valuation, high ROE, high barriers, good quality of operation and ability to create value for shareholders, and long-term holding and enjoyment of excellent company growth.
It is worth mentioning that unlike other multi-fund managers in the industry, all of the funds managed by Cai Xiangyang belong to partial stock funds. And fund contracts vary. Some are one-year holding period funds, some are two-year fixed opening funds, some are three-year fixed opening funds, some are flexible allocation funds, and some are "emphasis on absolute return" funds.
Such a large variety of funds, if treated with the "full copy method", it will be difficult to fully meet the contractual requirements, which also poses a huge test for the management ability of fund managers.
From the performance of the funds currently under management, it can be seen that there are large differences in the performance of the funds, and this new issuance has put forward a new test for the "veteran" in terms of scale and quantity, and the final result may also need to be verified by the market.
▼The following figure shows the fund currently managed by Cai Xiangyang
This article is from Wall Street Insights, welcome to download the APP to see more