Behind the high turnover rate and large losses of a large number of products under Soochow Fund, there is a heartwarming story!
In "Soochow Fund and Soochow Securities Can't Say the Secret! (1)" in which we focused on the fund managers of Soochow Fund's "Efforts".
The article concludes with the question of whether some people redouble their efforts in the face of a change in the rules of the game, or do they stop at the right time?
Judging from the results, Soochow Fund has indeed improved, but it is still making a lot of contributions to major shareholders.
Soochow Fund's commission in the first half of the year decreased by 40% year-on-year
According to iFinD data, in the first half of this year, the total commission of Soochow Fund was 18.7227 million yuan, a year-on-year decrease of nearly 40% compared with 30.0618 million yuan in the same period last year.
From the perspective of brokerage seats, Soochow Fund contributed 4.4429 million yuan in commissions to the major shareholder Soochow Securities in the first half of the year, compared with 8.6353 million yuan in the same period last year, a year-on-year decrease of nearly 50%.
However, the turnover rate of Soochow Fund's products is still high. According to ifind data, the scale of Soochow Fund equity fund is 670 million yuan, and the scale of hybrid fund is 7.188 billion yuan, but the total amount of stock transactions in the first half of the year was 22.091 billion yuan, and the scale of stock transactions/equity products was as high as 2.78.
Ruiyuan Fund, which is equivalent to the stock transaction amount and commission of Soochow Fund, has an equity fund size of 38.655 billion yuan, a total stock transaction amount of 23.831 billion yuan, and a stock transaction amount/equity product scale of only 0.61.
It is also worth mentioning that although the Soochow Fund has improved, Soochow Securities' own fund has "gone to the next level".
Although Soochow Securities only holds a hybrid fund for one year, although the scale is only 88 million yuan, the stock transaction amount in the first half of the year is as high as 789 million yuan, and the stock transaction amount is 9 times the scale of equity products!
With such efforts, although the scale of Soochow Yuying's one-year holding mixed has decreased slightly, the commission has increased a lot, with a total commission of 764,400 yuan in the first half of this year, compared with 652,500 yuan in the same period last year.
It's a bit exciting to see what kind of level we can achieve throughout the year.
Fund manager of Soochow Fund
In the past two years, several fund managers of Soochow Fund have distinctive characteristics, and their long-term performance is not bad.
The most representative is Liu Yuanhai, whose tenure performance of many of his funds ranks in the top 5% of its peers.
The reason why Liu Yuanhai's performance is so outstanding is mainly due to his performance in 2021 and 2023, and the representative product is that Soochow Mobile Internet outperformed the CSI 300 Index by 56% and 55% respectively.
Liu Yuanhai's investment has two characteristics, one is a high turnover rate, and the other is a concentrated position, and there seem to be very few successful fund managers in the industry who have both investment characteristics.
Because such an investment strategy will face two problems:
First, due to the excessive concentration of the industry, the performance is unstable, and the cost of error correction is large
From the perspective of the natural year, in 2022, due to the heavy losses caused by betting on new energy, Soochow Mobile Internet ranked last.
From a more subdivided perspective of time, the quarterly ranking of Soochow Mobile Internet in the past 5 years has also changed greatly, often ranking either in the bottom 10% or in the positive 10%, which is too cruel for ordinary investors.
Second, it is difficult to accommodate too large a scale of funds.
When the fund manager manages a large scale, he will face many problems, such as it is difficult to find a target that suits his logic, so he will either lower the standard or open the boundary, but no matter which one will dilute his previous investment logic.
In addition, after the scale reaches a certain level, the impact of frequent trading on the stock price will gradually become obvious, which will also increase a certain cost.
These problems have been reflected in the body of Soochow Mobile Internet, and while the scale has risen in the past two years, the turnover rate of products has also dropped significantly.
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