Red Star Capital Bureau reported on August 6 that under the background of the recent continuous market adjustment, many public fund investors have set their sights on the fund products managed by the general manager of the fund company. As the soul of the fund company, the performance of the general manager as a fund manager while undertaking the company's daily management business has attracted attention.
According to incomplete statistics from the Red Star Capital Bureau, there are 12 general managers (including substitutes) who are still managing public funds in the market, many of whom are front-line investment researchers and have served as fund managers for more than 10 years. Just looking at the situation this year, the performance of these general managers to manage products is clearly differentiated, some are among the best in the company, and some are not only at the bottom of the company, but also at the bottom of the industry.
12 general managers of public offering are both management and investment research
Someone manages 10 products at the same time
According to incomplete statistics from the Red Star Capital Bureau, there are currently 12 general managers (including substitutes) who are still managing public offerings, managing a total of 49 products, with a total scale of more than 60 billion yuan. Among them, there are the largest number of general managers from the individual public offering, with a total of 7, respectively from Ruiyuan Fund, Hexu Zhiyuan Fund, Boyuan Fund, Pengyang Fund, Oriental Alpha Fund, Huiquan Fund and Zhuque Fund. This is also related to the characteristics of individual public offerings, which are usually the core figures of the investment research team by the general manager, and the limited number of fund managers of the company.
Specifically, the general manager with the largest scale of management products is Zhang Feng from Shanghai Orient Securities Asset Management Co., Ltd., with a scale of more than 20 billion yuan. Among them, Zhang Feng and fund manager Wang Zhuo jointly managed Dongfanghong Qiheng three-year holding (A/C) of the latest scale of 10.052 billion yuan, the product A share of the return of 11.68% during the year, the performance not only ranked second in the company, but also ranked in the top 2% of more than 4,000 partial stock hybrid funds in the whole market (shares are calculated separately).
Zhang Feng is a front-line investment research personnel, and his management performance is not accidental. According to the quarterly report, in the context of the continuous rise in dividend assets in the first half of the year, Zhang Feng significantly increased his holdings in Zijin Mining (601899. SH), and in the second quarter, it reduced its holdings in Yangtze Power (600900. SH) and CNOOC (0883.HK), in addition, he also increased its positions in China Resources Sanjiu (000999.SZ) and Baosteel (600019. SH), Sinopharm Accord (000028. SZ）。
The performance is also outstanding Rao Gang, the general manager of Ruiyuan Fund, who co-manages Ruiyuan Stable Allocation with fund manager Hou Zhenxin for two years, with a return of 6.20% within two years, ranking first in the company and ranking 16/724 in the market. According to the data, Ruiyuan Fund was established in 2018, and 5 fund managers, including Rao Gang, manage its 4 products, supporting a scale of about 40 billion yuan. Rao Gang has been a fund manager for more than 16 years and is a fixed income veteran.
Yang Aibin, the founder and general manager of Pengyang Fund, manages a total of 10 funds, mainly partial debt products, and is also the general manager with the largest number of products under management. Among them, the top two products are Pengyang Huili A and Pengyang Hongli A, with annual returns of 0.52% and 0.89% respectively, and their performance is in the lower middle of similar products.
Zhong Mingyuan, the general manager of Boyuan Fund, is also the founder of the company, and he manages 4 funds, among which the annual returns of Boyuan Enhanced Interest Rate Bond A, Boyuan Zhenxiang 3-month Fixed Bond A, and Boyuan Enhanced Return A jointly managed by others are 3.59%, 3.53%, and 3.52% respectively, and the annual return of Boyuan Double Bond Profit Increase A, which is managed separately, is -3.56%.
The performance of multi-person management is at the bottom of the company
Liu Ming and Xu Jiahan both lost more than 30% during the year
Not all of them did well, though. Red Star Capital Bureau noticed that due to the continuous adjustment of the market and other factors, some general managers of public offerings have not performed well in the management products since the beginning of this year, and even ranked last in the company, including Liu Ming, Xu Jiahan, Liang Yongqiang and other well-known bigwigs.
Among them, Liu Ming, the founder and general manager of Oriental Alpha Fund, managed Oriental Alpha Select A and Oriental Alpha Zhaoyang A with annual returns of -30.34% and -33.45% respectively, which not only ranked at the bottom of the company, but also ranked last in the industry.
The performance of 8 products of Oriental Alpha Fund during the year Screenshot from wind
The Red Star Capital Bureau noticed that Liu Ming wore many hats. According to the data, Liu Ming is an asset management veteran, a front-line investment and research personnel, and once served as the deputy general manager of Dacheng Fund, and participated in the preparation of Oriental Alpha Fund in 2015. Currently, he is also the Investment Director, Head of Finance, Chairman of the Investment Decision Committee of Oriental Alpha Fund, and also serves as the investment manager of two private asset management plans.
The Tianzhi Quantitative Core Select A managed by Xu Jiahan, the general manager of Tianzhi Fund, returned -31.62% for the year, which was also at the bottom of the company, and the other Tianzhi low-carbon economy with the longest management time returned -12.43% for the year.
According to the data, Xu Jiahan joined Tianzhi Fund in September 2007 and was promoted from an investment researcher to a senior executive step by step. In March 2023, he was promoted from investment director to deputy general manager, and in December of the same year, he was "converted from deputy to regular", achieving "two consecutive jumps" during the year. At present, he is also the longest-serving fund manager of the company, and also serves as the company's financial director and investment director.
Liang Yongqiang, the general manager of Huiquan Fund, has a management scale of 1.206 billion yuan, accounting for more than half of the company's total scale. Since the beginning of this year, the performance of the four products he has managed has been lagging behind in the company's products, among which the representative product Huiquan Strategic Preferred A ranks first in the bottom with an annual return of -26.26%. When Liang Yongqiang was the general manager of China Commercial Fund, he also did both management and investment research.
The general managers who ranked at the bottom of the company in terms of management performance during the year also included Liang Yuejun of Zhuque Fund and Xu Lirong of Guohai Franklin Fund. Among them, 7 of the 9 products of the Vermilion Bird Fund are managed by Liang Yuejun, and the winning A of Vermilion Bird Enterprise ranks first from the bottom with an annual return of -16.92%; The 5 products managed by Xu Lirong all had negative returns during the year, among which the largest Guofu potential portfolio A returned -15.71% during the year.
Liang Yuejun and Xu Lirong serve as the company's general manager and fund manager, as well as investment director. However, since the first quarter of 2023, the scale of Liang Yuejun and Xu Lirong's management has declined for 6 consecutive quarters. On July 23 this year, Liang Yuejun also stepped down from the Suzaku Industry Smart Selection due to work arrangements.
Among all the general managers who also serve as fund managers, Wei Dong of Guolianan Fund has the longest tenure and is also one of the few "double ten veterans" in the market (that is, fund managers have served for more than 10 years and have an annualized return of more than 10%). On June 26 this year, Wang Cheng, the former general manager of Guolianan Fund, retired, and the position of general manager was replaced by Wei Dong, the company's executive deputy general manager and chief investment officer. Wei Dong has managed Guolianan Select, a representative product since 2009, and the loss margin has been close to 10% since the beginning of this year.
Red Star News reporter Jiang Ziwen
Edited by Deng Lingyao
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