Author | Zheng Li
Source | Unicorn Finance
Stimulated by a series of favorable policies, before the National Day, the A-share market once soared, and the Shanghai Composite Index exceeded 3,300 points, hitting a new high this year. After the National Day, the stock market turned to a shock adjustment.
As one of the two equity products of Dacheng Fund Management Co., Ltd. (hereinafter referred to as "Dacheng Fund"), one of the "old ten" in the past, Dacheng Leading Power A and Dacheng National Security Theme Flexible Allocation Hybrid A have fallen by 13.37% and 16.08% respectively in the past month, and are the only two active equity funds in the market with a loss of more than 10%.
After the rapid rise of the A-share market, the market has entered a period of shock adjustment, which has made fund managers who have not experienced this round of market dilemma. enter, or open a position at a high level; Retreat, or go short. How to maintain a rational and objective position building strategy is very important for fund managers, whether it is in a rebound or a reversal market.
1
2 products fell by more than 10%,
Netizen: "I didn't catch up with eating meat, I caught up with being beaten"
Dacheng National Security Theme A and Dacheng Leading Power A are both managed by fund manager Wang Shuai, and the two products rank second to last among similar funds. In contrast, the average increase of similar products was 16.45% and 13.6% respectively.
Under the "lightning bull" market, 2 products underperformed the average of the same category, which can't help but make investors question why the 2 products under Dacheng Fund fell so abnormally?
Unicorn Financial noted that Dacheng Leading Power A was established on August 28 with an initial offering scale of about 256 million yuan. In terms of investment scope, the fund can invest in A-share stocks, Hong Kong Stock Connect underlying stocks, bonds, etc.
At present, the product is still in the opening period. It is reported that the timing of opening a position is mainly decided by the fund manager, and the team provides sector and individual stock recommendations.
From the perspective of the net value curve, from the inception of the fund to October 8, the net value curve of Dacheng Leading Power A has almost shown a horizontal line, that is, the fund has not opened a position before October 8, while the CSI 300 index rose 22.25% in the same period, perfectly missing the rise at the end of September.
After the National Day holiday, affected by the strong performance of the market, Wang Shuai began to chase up. But he bought it at the high point of the market. In the five trading days that followed, Dentons' Leading Power A lost 12%, while the CSI 300 index fell only 2% over the same period.
Judging from the performance of various sectors after the National Day holiday, no sector fell by more than 12%, so Wang Shuai is likely to open a position at a high level at the opening on October 8, which led to a decline in net value. Then it was put on the "top of the mountain".
Another product managed by Wang Shuai, Dacheng National Security A was established on May 4, 2016, with a current scale of only 43 million yuan, with a yield of 28.4% since its establishment, and a return rate of -17.11%, -11.33% and -29.45% in the past six months, one year and three years respectively.
Source: Tiantian Fund Network
Judging from the stock positions held by Dacheng National Security A, in the second quarter, the top ten stocks of this product were almost liquidated, with a position ratio of only 0.97%. As of September 30, the net value of the product fluctuated little during the day, and although the three major indexes rose across the board, the net value of the product increased by only 0.07%.
On October 9, Dacheng National Security A showed signs of increasing its position. Since October 9, the market has undergone a phased adjustment. As of October 18, the fund's net value hit a new low of 1.284, down 14.85% since below October 8.
Some netizens questioned that judging from the net value performance, it is possible that the product chased higher at the high point on October 8! Can Mr. Wang or the company explain?
On the investor exchange platform of Tiantian Fund Bar, some netizens complained: "I didn't catch up with the meat, but I caught up with the beating", "This base is toxic", "The customer service or manager didn't come out to explain the reasons behind the recent performance of this fund?" ”……
However, at present, neither Dacheng Fund nor fund manager Wang Shuai has responded to the large decline in the product.
According to public information, Wang Shuai was a researcher at GF Securities from March 2017 to September 2019. He joined Dacheng Fund in September 2019 and served as the assistant fund manager of Dacheng Small and Mid-Cap Hybrid Securities Investment Fund (LOF), Dacheng Shengshi Select Flexible Allocation Hybrid Securities Investment Fund, Dacheng Industry Pioneer Mixed Securities Investment Fund, and Dacheng Technology Consumer Equity Securities Investment Fund, and is currently the fund manager of the Equity Investment Department.
From December 1, 2021 to July 25, 2023, Wang Shuai served as the manager of Dacheng Blue Chip Stable Mixed Fund; Since November 27, 2022, Wang Shuai has served as the manager of Dacheng Internet Thinking Mixed Fund; Since June 1, 2023, he has served as the manager of Dacheng Science and Technology Innovation Theme Hybrid (LOF) Fund; Since September 27, 2023, he has served as the manager of the National Security Theme Fund of Dentons.
At present, Wang Shuai manages a fund scale of 3.6 billion yuan, but the performance of the 9 products he has managed is not good, only one product has a positive return of 10.77%, and the rest of the products have a loss. According to the data at the end of the second quarter, Wang Shuai's heavy stocks are mainly concentrated in the technology industry.
Source: Canned Gallery
How to find the right rhythm in market fluctuations to test the investment and research level of fund managers, and blindly following the trend to chase the rise is a taboo in investment.
2
A number of funds "stand guard" at a high level
Around the National Day, the Shanghai Composite Index rose sharply, especially on October 8, when the Shanghai Composite Index was "1,000 shares up and down" in early trading; But then it fell all the way, and the Shanghai Composite Index closed up 4.59% on the day. In order to avoid "not being able to buy after the limit" and affecting the timely listing of the fund, it is not uncommon for some funds to buy full positions at the opening of the market, resulting in "standing guard at a high position".
Source: Canned Gallery
For example, China Merchants Asset Management's China Merchants Asset Management Zhida Quantitative Stock Selection Hybrid, which was established on September 24, 2024, has risen less than 1% from the fund's inception to September 30, while the CSI 300 Index has risen by 25%. On October 9, the mixed net value of China Merchants Asset Management Zhida Quantitative Stock Selection fell by 3.68%.
Wanjia public ETF also fell into the whirlpool of public opinion for a while due to the high position. The product was launched on September 11 and launched on October 9. According to the regulations, ETFs need to open positions before listing. However, on September 25, the stock position of this product was 11.9%, and on September 30, it rose by 1.4%, and the index rose by 6.46% over the same period. On the penultimate trading day of the listing, the fund's position was still low, and it could only fill the position on October 8 to guarantee the listing.
On October 8, under the excitement of the market, Wanjia public ETF fell by more than 2%, causing dissatisfaction among investors. As of October 18th, the product had a one-month yield of -6.28%.
According to the situation of a staff member of Wanjia: on October 8, the opening price of A-shares soared, and according to the original rhythm of position building, it must be full today before it can be listed. In order to list the product normally, and at the same time worried about the limit and unable to buy and not be able to fill the position, the fund manager chose to buy in the morning, and the market sentiment pulled back in the afternoon, so the net value was dragged down.
Source: Canned Gallery
The fund manager of the above product is He Fangzhou, who joined Wanjia Fund in June 2022 and officially served as the fund manager in May 2024.
A similar situation exists in IB Digital Economy Smart Selection A Fund. The fund was launched on September 5 and has been within 1% of its gains for the next 10 trading days. As of October 18, IB Digital Economy Smart Selection A rose to 2.29%, but the increase was significantly behind the 6.63% of the CSI 300 Index.
The Tianzhi Trend Select Mix, managed by fund manager Liang Li, is suspected to have started to reduce its position in July and began to increase its position at the end of the bull market.
According to the estimated data of Flush iFinD position, from the beginning of July to September 27, Tianzhi Trend Select Mix reduced the stock position from about 95% to about 10%, and this period of time is the continuous downward range of the market, and the Shanghai Composite Index fell all the way from about 3,000 points to 2,700 points. Due to its low positioning, the fund only gained 3.6% in the last week of September.
Since September 30, the fund has begun to increase its position, but from the post-holiday to October 11, when the market is correcting, the fund has fallen by 12.72%. Since October 12, the fund has risen from the lowest decline of 9.41% to 0.59%, although the increase is significantly lower than the 23.78% increase of the CSI 300.
There are not a few fund managers who have increased their positions in a rising market. According to statistics from Huafu Securities, as of September 30, the proportion of equity investment in open-end funds reached 68.27%, an increase from 64.82% at the end of August.
Under normal circumstances, new funds will not build positions too quickly, and must first establish a certain safety cushion before fund managers will gradually increase their positions. On the other hand, if the investment target rises strongly in the early stage, entering the market may mean taking over.
The founder of a private equity institution in Shanghai told the Economic Observer that the recent sky-high transactions and subsequent pullbacks all show that the long-short divergence has intensified, the nature of the game is strong, the valuation repair and the market game coexist, and the short-term policy is closely followed, the income is kept, and the market capital trend is closely tracked.
In contrast, Dacheng Zhuoyuan Vision, managed by Xu Yan, adopted a low-position strategy, and even during the A-share surge in late September and early October, its net value growth was extremely limited, with only a slight increase of 1.6%. Xu Yan himself admitted the hesitation and challenges in investment decision-making in the interim report, and as the chief equity investment officer of Dacheng Fund, he has a deep understanding and influence on the market.
Yan Xu's extensive experience and important position within Dacheng Fund have made his investment strategy and market views have a profound impact on the equity department of Dacheng Fund. The seven funds he manages at the same time are large, accounting for a significant proportion of the company's equity fund size.
The market is fast-changing and difficult to figure out. In the magnificent market, how to grasp the rhythm of investment tests the fund manager's ability to choose the time, the ability to think independently, and the test of the bull and bear market.
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