Text: Tianfeng
Source: Fortune Unicorn
Recently, a video claiming to be a female employee of a futures company spread on major social platforms, revealing that she had had in-depth relationships with men from a number of financial institutions within a year, including Yongying Fund, Schroder Fund, Bank of China Fund, etc. Although the content of the video presentation is impressive, the author is most concerned about the real performance of fund managers.
The author looked at the performance of the fund managers of the Yongying Fund and found that the performance of the equity products of the Yongying Fund was not satisfactory. Among them, Zhang Lu's Yongying New Energy Smart Hybrid Initiation A has lost as much as 56%, and Yongying High-quality Selected Mixed Initiation has also fallen by more than 60% since its establishment. The author also found that recently, Yongying Fund once again contrarian the trend of the layout of active equity new products - Yongying Rong'an Hybrid, the fund is planned to be helmed by Gao Nan, chief equity investment officer of Yongying. In this context, is the Yongying Rong'an mix smooth?
01
Zhang Lu's fund has a loss of up to 56%
Zhang Lu's new energy fund is betting high
According to the official website of Yongying Fund, Zhang Lu used to be a quantitative researcher at Shanghai Orient Securities Asset Management Co., Ltd., a quantitative researcher and fund manager at Huatai Securities (Shanghai) Asset Management Co., Ltd., an investment manager at Ruifang (Shanghai) Investment Management Co., Ltd., an investment manager at Yongying Fund Management Co., Ltd., and is currently a fund manager of the Index and Quantitative Investment Department of Yongying Fund Management Co., Ltd.
(Data from Tiantian Fund Network as of August 1)
Up to now, the scale of funds under management is 480 million yuan, and the best tenure return of funds under management is -5.07%. Zhang Lu currently manages 5 funds, but in recent years, the performance of these 5 funds is not satisfactory, 3 funds have fallen by more than 20% this year, of which the largest decline is Yongying Advanced Manufacturing Intelligent Selection Hybrid A/C, with yields of -25.14% and -25.32% respectively; In the past 2 years, there have also been 3 funds that have fallen by more than 39%, of which the largest decline is Yongying New Energy Smart Hybrid A/C, with yields of -55.92% and -56.26% respectively.
(Data from Tiantian Fund Network as of August 1)
According to the daily fund network, Yongying New Energy Smart Hybrid Sponsor A was established on June 17, 2022, and the net value of the fund unit was 0.4385 as of July 31, which has been cut in half from the net value. The return rate since the inception of the fund is -56.15%, the return this year is -18.02%, the return is -12.49% in the last 3 months, the return is -36.47% in the last 1 year, and the return is -55.92% in the last 2 years.
(Data from Tiantian Fund Network as of August 1)
The author found that the fund was initially managed by Zhang Lu alone, and in the 2 years and 28 days of his management, the return on tenure was -53.84%; From July 15, 2024 to the present, it has become co-managed by Zhang Lu and Hu Ze, with a tenure return of -5%. Does the addition of Hu Ze also mean that Zhang Lu may withdraw from management in the future, and Hu Ze may manage the fund alone?
(Data from Tiantian Fund Network as of August 1)
The author looked at the quarterly holdings and found that the stocks held by the fund in the first two years were all new energy stocks, but there were certain problems with the timing of the fund's purchase, which also led to the fact that most stocks were bought at a high level, and after the purchase, the price of the relevant stocks fell, and there was no timely stop loss during this period. However, in the first quarter of 2024, all the top 10 heavy stocks have been replaced. Moreover, the positions in the first quarter of 2024 and the second quarter did not coincide, and almost all of them changed.
The author found that the fund held 03,700 shares of CATL in the third quarter of 2022 and 3,200 shares in the fourth quarter of 2022. It holds 4,600 shares in the first quarter of 2023, 31,700 shares in the second quarter of 2023, 30,000 shares in the third quarter of 2023, and 21,800 shares in the fourth quarter of 2023, but in the first quarter of 2024, it does not have a position in CATL. However, throughout the holding period, CATL's stock price declined, falling by 35.38% from July 1, 2022 to March 30, 2024.
The author also found that the fund held 14,400 shares of Tianqi Lithium in the third quarter of 2022 and 10,900 shares in the fourth quarter of 2022. It holds 10,200 shares in the first quarter of 2023, 48,400 shares in the second quarter of 2023, 45,300 shares in the third quarter of 2023, and 25,700 shares in the fourth quarter of 2023. In the first quarter of 2024, Tianqi Lithium's position will suddenly be lost.
The author found that when the fund was bought, the stock price of Tianqi Lithium was at an all-time high, and at this time it chose to buy, and then, the stock price has been falling in the later period, but the fund has not stopped losses and has been increasing its position, which has led to a 60% drop in the stock price from July 1, 2022 to March 29, 2024 during the holding period.
The author even found that the fund also held 11,000 shares of EVE in the third quarter of 2022 and 10,700 shares in the fourth quarter of 2022. It holds 9,200 shares in the first quarter of 2023, 93,300 shares in the second quarter of 2023, 73,300 shares in the third quarter of 2023, and 37,000 shares in the fourth quarter of 2023. In the first quarter of 2024, there will be no stock position in EVE. During the fund's holdings, EVE's stock price also plummeted, falling by 60% from July 1, 2022 to March 29, 2024.
It is worth noting that the fund held 13,400 shares of Huayou Cobalt in the third quarter of 2022 and 9,800 shares in the fourth quarter of 2022. In the first quarter of 2023, it held 11,200 shares, held 53,200 shares in the second quarter of 2023, and lost its position in the third quarter of 2023, in this holding range, the stock price of Huayou Cobalt fell by 60.60% from July 1, 2022 to September 28, 2023. In the fourth quarter of 2023, another 36,100 shares were bought, and by the first quarter of 2024, there was no position, but the stock price still fell by 27.70% during this period.
The author even found that the fund held 17,000 shares of Tianci Materials in the third quarter of 2022 and 8,100 shares in the fourth quarter of 2022. It holds 25,700 shares in the first quarter of 2023, 96,800 shares in the second quarter of 2023, 99,200 shares in the third quarter of 2023, and 44,200 shares in the fourth quarter of 2023. However, during the entire period when the fund held Tianci Materials, after the stock price rose to a high of 62 yuan on July 1, 2022, the stock price fell, and the stock price fell by 63% from July 1, 2022 to March 29, 2024.
(Data from Tiantian Fund Network as of August 1)
In addition to the performance of Yongying New Energy Smart Mixed Sponsorship A Fund, the author found that the performance of Yongying High-end Equipment Smart Hybrid Sponsorship A was also not good. Yongying High-end Equipment Smart Selection Hybrid Sponsor A was established on July 15, 2022, and as of July 31, the net value of the fund unit was 0.6049, with a return rate of -40.56% since the establishment of the fund, a return rate of -23.17% this year, a return rate of -5.70% in the past 3 months, a return of -22.34% in the past 1 year, and a return of -40.43% in the past 2 years. The author found that the fund has been managed by Zhang Lu alone, and in the 2 years and 18 days under his management, the return on tenure was -39.51%.
The author found that the fund held 16,700 shares of Zhenhua Technology in the third quarter of 2022 (during this period, the stock price of Zhenhua Technology was at a high level of about 130 yuan), and in the fourth quarter of 2022, it held 14,300 shares (the stock price began to fall at the end of the fourth quarter after experiencing range-bound fluctuations). In the first quarter of 2023, it held 17,800 shares (the stock price fell, but the fund chose to increase its position. ), holding 11,000 shares in the second quarter of 2023, has no position in the third quarter of 2023, and it is estimated that the stock price has fallen too fast and can only be closed first. During this period, the stock price fell by 39.47% from July 1, 2022 to September 28, 2023.
The author also found that the fund held 12,600 shares of Western Superconductor in the third quarter of 2022, 11,900 shares in the fourth quarter of 2022, 13,000 shares in the first quarter of 2023, and 17,100 shares in the second quarter of 2023, and had no position in the third quarter of 2023.
In terms of drawdown rate, in the past 1 year, the downside risk of the fund is 26.3225%, which is greater than the average of its peers; The maximum drawdown is 42.0350%, which is greater than the average of its peers; Considering the fund's downside risk and maximum drawdown ranking among similar funds, the fund has a high risk over the past year. In the past 3 years, the downside risk of the fund is -, which is less than the average of its peers; The maximum drawdown is 51.5281%, which is greater than the average of its peers; Considering the fund's downside risk and maximum drawdown ranking among similar funds, the fund has a high risk over the past year. In terms of overall performance, the performance of Zhang Lu's fund is not satisfactory.
02
Wing Win Fund executives are mired in real estate stocks
Deputy General Manager Li Yongxing's fund lost 45%
According to public information, Yongying Fund was established in November 2013 and is a Sino-foreign joint venture banking public offering, with the two major shareholders being Bank of Ningbo and OCBC Bank of Singapore Co., Ltd., with a capital contribution ratio of 71.49% and 28.51% respectively. As of the end of the second quarter of 2024, the management scale of Yongying Fund is 492.935 billion yuan, and the non-stock scale is 320.571 billion yuan; However, the scale of equity funds and hybrid funds was 4.742 billion yuan and 17.359 billion yuan, accounting for less than one percent.
The author found that although the scale of Yongying Fund is close to 500 billion yuan in recent years, the performance of equity products in recent years has not been satisfactory. In addition to the loss in the performance of Zhang Lu's fund, the performance of Li Yongxing's fund also suffered a large loss. According to the official website of Yongying Fund, Li Yongxing used to be a researcher and fund manager of Bank of Communications Schroder Fund Management Co., Ltd.; Chief Investment Officer of Jiutai Fund Management Co., Ltd.; Assistant to the General Manager of Winwin Fund Management Co., Ltd.
(Data from Tiantian Fund Network as of August 1)
He is currently the deputy general manager of Winwin Fund Management Co., Ltd. and a director of Winwin International Asset Management Co., Ltd. At present, the scale under management is 2.400 billion yuan, and the best tenure return of the fund under management is 29.83%. However, in recent years, Li Yongxing's funds have suffered losses, and there are currently 7 funds under Li Yongxing, but 5 funds have lost money in the past 3 months.
There are also 5 funds that have suffered losses this year, of which the largest loss is Yongying Hui Tianyi Mixed A/C, with a yield of -8.99% and -9.21%; In the past 1 year, 6 funds have suffered losses, of which the largest loss is Yongying Hui Tianyi Mixed A/C, with a return of -33.62% and -33.89%; In the past 2 years, 6 funds have suffered losses, among which the largest loss is Yongying Hui Tianyi Mixed A/C, with returns of -36.92% and -37.42%.
(Data from Tiantian Fund Network as of July 31)
Then let's take a look at Li Yongxing's largest loss-making fund, Yongying Hui Tianyi Mixed A Fund, which was established on March 16, 2021, and the net unit value of the fund as of July 31 was 0.5448 (3.69%). The current scale is 225 million yuan. The return rate since the inception of the fund is -45.52%, the return this year is -8.99%, the return is -2.16% in the last 6 months, the return is -33.62% in the last 1 year, the return is -36.92% in the last 2 years, and the return is -41.40% in the last 3 years. The fund has been managed solely by Li Yongxing, who has a return of -45.52%.
In terms of drawdown rate, in the past 1 year, the downside risk of the fund is 20.5327%, which is greater than the average of its peers; The maximum drawdown is 36.8057%, which is greater than the average of its peers; Considering the fund's downside risk and maximum drawdown ranking among similar funds, the fund has a high risk over the past year. In the past 3 years, the downside risk of the fund is 17.8177%, which is greater than the average of its peers; The maximum drawdown is 49.5742%, which is greater than the average of its peers; Considering the fund's downside risk and maximum drawdown ranking among similar funds, the fund has a high risk over the past year.
It is worth noting that the fund held 3,218,400 shares of Gemdale Group (top 10) in the fourth quarter of 2021, 3,440,800 shares in the first quarter of 2022 (top 10 first), 3,550,900 shares in the second quarter of 2022 (top 10), 3,550,900 shares in the third quarter of 2022, and 4,115,800 shares in the fourth quarter of 2022.
It holds 4,751,800 shares in the first quarter of 2023, 4,751,800 shares in the second quarter of 2023, 4,751,800 shares in the third quarter of 2023, and 4,751,800 shares in the fourth quarter of 2023. In the first quarter of 2024, it held 4,751,800 shares, however, the author found that in recent years, the entire real estate industry has entered a difficult period, and the stock price of Gemdale Group has also been affected, with the stock price falling from a minimum of 15 yuan per share to about 3 yuan per share, and the stock price has fallen by 67.22% from October 8, 2021 to June 28, 2024.
It is worth mentioning that the fund has held 1,721,900 shares in the second quarter of 2021, 2,013,300 shares in the third quarter of 2021, and 2,013,300 shares in the fourth quarter of 2021. It held 2,013,300 shares in the first quarter of 2022, 2,013,300 shares in the second quarter of 2022, 2,013,300 shares in the third quarter of 2022, and 2,013,300 shares in the fourth quarter of 2022.
It holds 2,013,300 shares in the first quarter of 2023, 2,013,300 shares in the second quarter of 2023, 2,013,300 shares in the third quarter of 2023, and 2,013,300 shares in the fourth quarter of 2023. It holds 2,013,300 shares in the first quarter of 2024 and 2,013,300 shares in the second quarter of 2024. However, the price of Ping An Bank's shares fell sharply during the fund's holding period.
When the fund bought Ping An Bank shares in the second quarter of 2021, the price fluctuated at 19-23 yuan/share, but when the fund bought, the stock price showed a wave of upward attack, and the price began to plummet after rising to 23.92 yuan/share, and now the price has fallen to about 10 yuan/share, and the stock price fell by 47.45% from April 1, 2021 to August 1, 2024.
It is worth noting that the top ten heavy stocks in the second quarter of 2024 are China Merchants Shekou, and the author looks at the quarterly holdings and finds that the fund has also been held until now. The fund held 2,234,200 shares of China Merchants Shekou in the fourth quarter of 2021, 2,234,200 shares in the first quarter of 2022, 2,234,200 shares in the second quarter of 2022, 3,046,600 shares in the third quarter of 2022, and 3,419,900 shares in the fourth quarter of 2022.
In the first quarter of 2023, it held 3,070,700 shares (the first in the top ten), in the second quarter of 2023 it held 3,070,700 shares (the first in the top ten), in the third quarter of 2023 it held 2,778,300 shares, and in the fourth quarter of 2023, it held 2,778,300 shares. In the first quarter of 2024, it held 2,640,400 shares (the first in the top ten), and in the second quarter of 2024, it held 2,640,400 shares. However, the author found that during the holding period, the stock price of China Merchants Shekou fell by 28.58% from October 8, 2021 to August 1, 2024.
The author even found that the fund held 1,792,900 shares of Huafa in the first quarter of 2023, 1,792,900 shares in the second quarter of 2023, 1,792,900 shares in the third quarter of 2023, and 1,792,900 shares in the fourth quarter of 2023. It holds 1,792,900 shares in the first quarter of 2024 and 1,888,200 shares in the second quarter of 2024.
However, during the entire holding period, the stock price fell by 29.80% from January 3, 2023 to August 1, 2024. Judging from the performance, it is not ideal. If the stock price continues to fall in the later period, it will have a greater impact on the net value of the fund. The first quarter of 2024 will be disclosed on April 30. In the first quarter of 2024, the company achieved a total operating income of 7.000 billion yuan, a year-on-year decrease of 41.46%; the net profit attributable to the parent company was 349 million yuan, a year-on-year decrease of 35.34%; deducted non-net profit of 338 million yuan, a year-on-year decrease of 39.41%; The net cash flow from operating activities was 577 million yuan, a year-on-year decrease of 94.74%.
From the perspective of the fund's timing ability, the γ of the fund's timing ability is 0.0002, which is 1691/4364 of similar funds, and the median value of timing ability is -0.0053 compared with similar γ. Among them, 354 funds showed the ability to choose the right time, 832 funds showed the ability to choose the right time, and 3178 funds did not reflect the ability to choose the right time.
From the perspective of the fund's stock selection ability, the α is -0.0269%, ranking 3056/4364 of similar funds, and the stock selection ability is average, compared with the median value of the same kind of stock selection ability α is 0.0046%. Among them, 510 funds reflected the ability to select stocks correctly, 203 funds reflected the ability to select stocks incorrectly, and 3,651 funds did not reflect the ability to select stocks.
(Data from Tiantian Fund Network as of August 1)
If the performance of the fund declines, the size of the fund will also drop significantly. The fund raised 745 million yuan at the beginning of its establishment, but since the second quarter of 2021, there has been a problem of fund shares being redeemed, and shares have been redeemed every quarter since then. As of June 30, 2024, Yongying Hui Tianyi Mixed A had net assets of 225 million yuan at the end of the period, a decrease of 4.27% from the previous period. Compared with the beginning of its establishment, the scale of the fund has decreased by 520 million yuan in just over three years.