Text/Liu Zhentao
The well-known fund manager of Ping An Fund loves to launch a new product!
Recently, a fund called "Ping An Industry Trend Mix" under Ping An Fund is being issued, and the fundraising date is from September 13, 2024 to December 12, 2024, and the fundraising period is up to 3 months. The fund manager of the fund is Shen Ai Qian.
Shen Ai joined Ping An Dahua Fund (the predecessor of Ping An Fund) in 2014 and began to serve as a public fund manager in July 2016, serving as a fund manager for more than 8 years.
As of the end of June 30, 2024, Shenai has managed a total of 6 fund products (multiple shares are combined), with a management scale of 4.870 billion yuan and a best return of 97.14%.
From 2019 to 2021, the fund products managed by Shenai have achieved excellent results for three consecutive years. For example, Ping An Strategy Pioneer Blend, which has been managed for more than 8 years before Shenai, has increased the net value of the fund by 75.33%, 67.52%, and 74.98% respectively from 2019 to 2021, and the cumulative return of the fund is as high as 614.21% at the end of 2021.
The fund products under management have performed well for three consecutive years, and Shenai has become famous in the market. Ping An Fund also began to promote Shenai to the market, taking advantage of the opportunity to issue new products.
Starting from 2021, there will be new fund products issued every year. In the three years from 2021 to 2023, Shenai issued 4 products, and at the end of 2023, the number of fund products under his management reached 6, and the scale of management reached a peak at the end of the first quarter of 2023, with a scale of 8.87 billion yuan.
In the past two years, the performance of the products managed by Shenai has declined, the four newly issued fund products have accumulated losses during their tenure, and the performance of the old funds under management has also retreated significantly.
According to the data of Tiantian Fund Network, the 4 funds issued by Shenai from 2021 to 2023 have negative returns under his management, with cumulative losses of more than 15%.
Among them, Shenai issued Ping An Quality Preferred Blend in December 2021, and he managed the fund for 2 years and 271 days, with a cumulative net value decline of more than 40%.
In terms of the old funds managed by Shen Ai before, Ping An Strategy Pioneer Blend is his masterpiece, and he has managed the product since he was a fund manager for more than 8 years. From 2022 to 2023, the net value of Ping An Strategic Vanguard Mixed Fund fell by 18.65% and 21.42% respectively. As of the end of September 24, 2024, the fund has fallen by 11.02% since the beginning of 2024.
In recent years, Ping An Strategic Vanguard Mix has continued to decline, and the cumulative performance of the fund has retreated sharply, from a cumulative increase of 614.21% at the end of 2021 to 306.59% today. The return on management positions before God's love also retraced to 97.14%.
Judging from the performance in 2024, data from Tiantian Fund Network shows that the 6 funds managed by Shenai before love all fell, with a decline of more than 11%.
In recent years, the performance of the funds managed by Shenai has suffered losses or significant drawdowns, which has also led to the shrinkage of his management scale. At the end of June 30, 2024, the scale of management before Shenai was 4.87 billion yuan, a decrease of 4 billion yuan compared with the peak in the first quarter of 2023.
What happened when the performance of the products managed by Shenai fell and retraced?
According to public information, the fund products managed by Shenai have gradually increased, and the positions of different thematic investment products and multiple products tend to be the same.
Taking the second quarter of 2024 as an example, the top 10 heavy stocks of the fund are the same for the 6 funds managed by Shenai Qian, whether it is the theme of transformation and innovation, or quality optimization, etc. This leads to the fact that when the direction of the fund's investment is in the market outlet, the fund has achieved good results, and when it does not fit the market style, the fund product may lose money, and it is easy to have a situation of both prosperity and loss.
Shenai has issued a new fund this time, and the number of products under its management has increased to 7, will the holdings of new products tend to be consistent with the funds under management? How many investors will accept the order? Time will tell!
It is worth noting that the performance of the fund products managed by Shenai has fallen sharply in recent years, which is also a microcosm of the performance of equity products of Ping An Fund.
Ping An Fund was established in January 2011, 13 years ago. Wind data shows that as of the end of June 30, 2024, the public offering management scale of Ping An Fund reached 662.563 billion yuan.
Although the public offering scale of Ping An Fund is as high as more than 600 billion yuan, there is a problem of uneven development of stocks and bonds.
According to the data, as of the end of June 30, 2024, the scale of equity products of Ping An Fund was 15.068 billion yuan, the scale of hybrid products was 20.443 billion yuan, the scale of bond products was 212.735 billion yuan, and the scale of currency products was 402.266 billion yuan. The total scale of equity products and hybrid products is only 35.511 billion yuan, accounting for less than 10%.
Judging from the performance of equity and hybrid products, in the past three years, the performance of equity and hybrid products under Ping An Fund has fallen significantly, and the net value of many products has fallen by more than 40% in the past three years.
(Screenshot of some product performance)
In the field of fund management, equity investment ability is generally regarded as a key indicator of professionalism. Since 2018, regulators have adjusted the performance evaluation criteria for mutual funds, especially when publishing the performance of money market funds that exclude money market funds in performance rankings. This change aims to show the comprehensive strength of fund companies more objectively and realistically.
The unbalanced development of Ping An Fund's stocks and bonds also means that the company's ability in the field of equity investment still has room for improvement.
What do you think about the issuance of new products by the well-known fund manager of Ping An Fund?