Wen | Qilin Editor| Yuan Chuan
Although he is a veteran of the public offering industry, the development momentum of the Golden Eagle Fund has been tepid, and the asset management scale has been ranked in the middle and lower reaches of the industry for many years.
Only in the past two years of the big year market, the Golden Eagle Fund seems to have improved slightly. As of the end of the second quarter of 2021, the non-cargo scale of the Golden Eagle Fund was close to 30 billion, an increase of more than 8 billion yuan over the end of last year. At the same time, many funds have performed well. In the first three quarters of 2021, 4 equity funds of the Golden Eagle Fund ranked in the top 50 of the market, with yields of more than 50% during the period.
However, while the performance is outstanding, the Golden Eagle Fund has also encountered questions about betting on the track and frequently changing hands. The personnel changes that have been attracting much attention from the market are also constrained by the bumpy development of the Golden Eagle Fund. To some extent, where the Golden Eagle Fund will go in the future depends more on the game ability within the management.
The turnover rate is high, and the performance of its funds is mixed
In 2020, 12 equity funds in the Golden Eagle Fund had a turnover rate of more than 7 times. Among them, the turnover rate of the "Golden Eagle Multiple Strategy" managed by Fan Yong has reached more than 25 times; the turnover rate of the "Golden Eagle Technology Innovation" managed by Chen Ying is close to 19 times, and the turnover rate in the first half of 2021 is also as high as 8 times; and the turnover rate of the "Golden Eagle Strategy Configuration" managed by Han Guangzhe is more than 11 times. The high turnover rate has brought good performance, but it is worth noting that several high-turnover products of the Golden Eagle Fund are often small in scale, which is conducive to the repositioning operation of the fund manager. However, as the scale grows, the difficulty of rebalancing of fund managers will also become greater.
In addition, the same fund manager has re-positioned stocks in different tracks in different products under its management, which is suspected of betting on the track. For example, Ni Chao, deputy director of research, currently manages a total of 5 funds, of which 2 are partial stock hybrid funds and 3 are flexible allocation funds. Although managed by the same person, the performance of Ni Chao's 5 products is very different.
As of the end of September, the "Golden Eagle Industry Advantage Mix" has yielded 56.5% this year. In the second quarter, its top five heavy stocks were Zhongke Electric, Ronbay Technology, Ningde Times, Huayou Cobalt and LONGi Shares, which shows that the reason for its outstanding performance is that it bet on this year's popular new energy vehicle track. However, the "Golden Eagle Constituent Stocks Preferred" yield is -3.7%. The top five heavy stocks in the second quarter were Oriental Wealth, Fuyao Glass, Bank of Ningbo, Huayou Cobalt and China Merchants Bank, and it is not difficult to see that the fund mainly repositioned the banking and financial sectors.
More notably, performance is not the main factor driving the growth of the company's scale. For example, the "Golden Eagle National Emerging" managed by Han Guangzhe won the championship in the performance of equity products in the first half of this year, but the fund share only increased slightly by 0.57 billion shares; the "Golden Eagle Industry Advantage" also performed well, but the fund share since this year has not increased but decreased.
On the contrary, the range yield of "Golden Eagle Smart Life" in the first three quarters was -7.5%, but the fund share increased by more than 2.3 billion. According to the product's interim report, the net asset value of "Golden Eagle Smart Life" has been less than 50 million for more than 60 consecutive working days, becoming a mini fund. At the end of June, an institutional client subscribed to the fund in large quantities, accounting for more than 20% of the shares. This may be related to the company's use of help to protect the shell of funds.
Personnel changes are frequent and the outlook is uncertain
More important than the eye-catching short-term performance, what the market is more concerned about is the frequent personnel shocks of the Golden Eagle Fund.
Golden Eagle Fund was established in Guangzhou in 2002, and the founding shareholders included Guangzhou Securities, Sichuan Southern Hope Industry, Guangzhou Pharmaceutical and Midea Electrical Appliances. Among them, Guangzhou Securities holds 40% of the equity and is the largest shareholder of the company. In 2010, Sichuan Southern Hope Industry withdrew, and Guangzhou Securities acquired 9% of its equity, further increasing its shareholding ratio to 49%.
In the early stage of development, most of the managers of the Golden Eagle Fund came from the former Guangzhou Securities, and the previous chairman and general manager had previously held important positions in Guangzhou Securities. Only the third general manager, Yin Kesheng, was an exception. At the beginning of 2010, Yin Kesheng became the third general manager of Golden Eagle Fund through global competition, and he was previously the executive vice president of Penghua Fund. At that time, the message conveyed by the Golden Eagle Fund to the outside world was that it hoped to start from the management and promote the market-oriented operation of the company.
The shareholders have high hopes for Yin Kesheng and are given the task of achieving a management scale of more than 10 billion yuan by the end of 2010. When it took over at the beginning of the year, that number was just 5.3 billion. Unfortunately, Yin Kesheng, who shouldered heavy responsibilities, did not lead the Golden Eagle Fund to stand out, and he retired after the expiration of his first term.
In 2014, the Golden Eagle Fund once again welcomed a general manager from Guangzhou Securities - Liu Yan. Prior to joining, Liu Yan was the General Manager of Guangzhou Securities Asset Management Headquarters. Under his leadership, the Golden Eagle Fund ushered in the golden five years of development, and the non-monetary scale once jumped from 8 billion yuan to nearly 30 billion.
However, product defaults, equity transfers and other events have occurred one after another, and the development momentum of the Golden Eagle Fund has taken a sharp turn.
The first domino that fell was that in 2016, a number of asset management plans of the subsidiaries of the China Golden Eagle Fund defaulted, and the outstanding principal and interest exceeded 300 million yuan. At that time, Guangzhou Securities was preparing for an IPO, and the market generally believed that Guangzhou Securities, as the majority shareholder, would come out to help. According to media reports, Qiu Sanfa, then president of Guangzhou Securities, said at the investor communication meeting that "Guangzhou Securities holds 49% of the equity of the Golden Eagle Fund and will assume corresponding responsibilities to promote the progress of the incident."
But the knight in white may be someone else. At the end of 2017, Dongxu Group acquired 66.19% of the equity of the Golden Eagle Fund by transferring the original shares and increasing the capital, and suddenly became the controlling shareholder of the Golden Eagle Fund. While the amount of capital contribution remained unchanged, the shareholding ratio of Guangzhou Securities dropped to 24.01%. After the above equity changes, the Golden Eagle Fund has transformed into a private enterprise public offering.
After Dongxu Group officially entered the market, the Golden Eagle Fund ushered in a new round of personnel changes. Li Zhaoyan, chairman of Dongxu Group, became the new chairman of Golden Eagle Fund. Since August 2018, the chief inspector and two vice presidents have left one after another, of which the former deputy general manager of Guolian An, Man Li, served as the company's vice president at the end of August and left in a hurry three months later. At the end of 2018, Liu Yan stepped down as general manager.
At the same time, Liu Zhigang joined the Golden Eagle Fund and began a rocket-like promotion path. In October 2018, Liu Zhigang joined the Golden Eagle Fund and was appointed deputy general manager less than two months later; in February 2019, Liu Zhigang became the fifth general manager. Before joining the Golden Eagle Fund, Liu Zhigang had many years of experience in public offering, successively serving as product director and fund manager.
When Liu Zhigang first became general manager, there was an interesting vignette. In July 2019, a red-headed document inside the Golden Eagle Fund leaked showing that Liu Zhigang had a dispute with Yang Bo, then general manager of CDB Taifu, in his Beijing office, who questioned him "why he was fighting shareholders." Why did the general manager of another fund company issue a question to Liu Zhigang on behalf of the shareholders? Time has passed, the hidden feelings behind it are no longer known, and this matter is like a stone thrown into the lake, which only briefly stirred up a ripple.
During his tenure, Liu Zhigang did not lead the Golden Eagle Fund to continue to reach new heights, and the asset scale shrank by more than 8 billion. In March 2020, Liu Zhigang stepped down as general manager for only half a year. Yao Wenqiang, then vice president of the company, became the sixth general manager and has been until now.
To this day, the Golden Eagle Fund's senior management team is still in frequent change. Since the beginning of this year, the company has appointed 3 new vice presidents through external appointment and internal promotion. At the same time, the former inspector General Xu Jiaojiao left, and liu Sheng, the company's former chief information officer, took the position of Inspector General.
It is not difficult to see that the frequently changing senior management team and the bumpy development of the Golden Eagle Fund are mutually restrictive.
In 2019, affected by the "one participation and one control" policy, Guangzhou Securities transferred all its equity in the Golden Eagle Fund to Yuexiu Financial Holdings. Judging from the current shareholding ratio, Dongxu Group is in an absolute controlling shareholder position. However, from the perspective of voting rights distribution, including 3 independent directors, golden eagle fund currently has a total of 9 board members, and its Middle East Xu Group and Yuexiu Financial Holdings each occupy 2 director seats. From this point of view, the current Golden Eagle Fund may no longer be a "one-word hall" for a single shareholder, and where it will go in the future will depend more on the ability of management.
Yao Wenqiang is also a public recruitment veteran, and how to lead the Golden Eagle Fund to get rid of the "poor student" queue needs to be further observed.