Reporter Xie Yiguo, intern reporter Liu Jing, reported
In fact, this topic, the reporter has given a prediction in the article "The arrogance of the Xingquan Fund, losing 980 million yuan to collect 800 million management fees, and the turnover rate is a new low. Dong Chengfei's departure has its possibility and its inevitability, after all, the performance of Dong Chengfei's fund is there.
Some Jimin said that his sudden announcement of his departure has made many investors who hold his fund very anxious, can these two funds still be taken? The reporter found that since the beginning of this year, the personnel of the Industrial Securities Global Fund has changed greatly, and something will happen every three to five. The industry has also been rumored that the internal struggle within your company is very fierce, resulting in a large loss of talent? As a result, the performance of your company's products has also been greatly withdrawn? Could it be that Dong Chengfei's departure is also related to the personnel struggle?
On the afternoon of October 12, a screenshot of the circle of friends named "Xingquan Liu Xi" spread in the financial circle, and "Xingquan Liu Xi" wrote, "Goodbye to you, in the so-called two-month structural bull market, it is the fault of the market or the fault of our cold window reading for 20 years." I think we're all right, it's the world that stinks! Family and friends, I'm okay, I'm not going to do stupid things." For the above questions, the reporter also asked about the relevant matters of the Industrial Securities Global Fund for the first time, but the Industrial Securities Global Fund has not replied.
The global brain drain of Industrial Securities is serious
In view of Dong Chengfei's departure, how the two fund products he manages will operate in the future has naturally attracted much attention from the outside world, and the total scale of Xingxin Vision Dingkai Hybrid and Xingquan Trend Investment Hybrid (LOF) exceeds 60 billion, and the sudden change of fund manager of such a large-scale fund is also a challenge for the new fund manager. In this regard, the Industrial Securities Global Fund responded that Dong Chengfei left office for personal reasons.
After Dong Chengfei leaves the fund manager, he will still serve as the head of the fund management department and the research department, and the follow-up matters shall be subject to the company's announcement. After leaving office, Xingquan Trend Fund will hire Xie Zhiyu and Dong Li to take over as fund managers, and jointly manage with the original fund manager Tong Lan; Xingxin Vision Fund will be managed by Housewarming. However, compared with Dong Chengfei, the new fund managers have shallow qualifications, especially housewarming.
According to the Daily Fund Network, Xie Zhiyu has been working for Industrial Securities Global Fund Management Co., Ltd. since July 2007, successively serving as a researcher, investment manager and fund manager. He is currently the assistant general manager, the investment director of the fund management department, and the fund manager.
Dong Li served as a system engineer in the technical department of Guoxin Intelligent Co., Ltd. from July 2002 to August 2003, an analyst and fund manager of Harvest Fund Management Co., Ltd. from June 2008 to October 2016, an investment manager of Huaxia Jiuying Asset Management Co., Ltd. from November 2016 to August 2017, and joined Industrial Securities Global Fund Management Co., Ltd. since August 2017.
Although Dong Chengfei has been known for his steady investment style in the past 15 years, under the background of the intensification of plate rotation this year, Xingxin New Vision Fixed Open Hybrid and Xingquan Trend Investment Mix has performed poorly during the year. According to Flush, as of October 21, Xingxin Vision's annual yield was -5.36%, and Xingquan Trend Investment was -2.42%. Due to the decline in performance, Dong Chengfei was once questioned as "incorruptible and old", and some market investors even called him "off the course".
However, there are also views that the Asset Management Association of China requires the public offering to announce positions within 15 working days of the end of the quarter, and seeing that the deadline is approaching, the managers have reached the moment of pk performance and ranking. Fund performance is still quite a lot of pressure on the fund manager, before the Bank of Communications Yang Hao is not because of poor performance, suffered from depression.
In particular, in the second quarter of this year, the return rates of Xingquan Trend Investment and Xingxin New Horizons, which are not managed by Dong Chengfei, are both negative, ranking nearly the bottom among similar funds. At this time, choosing to leave is also the best time, perhaps the performance of the two funds in the third quarter has not improved. As for whether Dong Chengfei will run to private placement after leaving his job, it is expected that this possibility is greater.
A fund executive revealed that in the fund industry, the Industrial Securities Global Fund has always been famous for value investment, before that, Yang Dong, former general manager of the Industrial Securities Global Fund, and the "Xingquan Five Absolutes" were talked about in the industry, they were "Zhongshentong" Yang Dong, "Eastern Evil" Wang Xiaoming, "Western Madness" Chen Yangfan, "Southern Emperor" Yang Yun, "Northern Hero" Dong Chengfei, "Old Naughty Boy" Fu Pengbo, and du Changyong, a veteran figure who must not be mentioned.
However, this group of well-known investment managers of the "value faction" gradually went to the sea to start a business in the following years to set up a "personal department" public offering or private offering, which caused a big blow to the Industrial Securities Global Fund. Therefore, the reason why Dong Chengfei's departure has attracted much attention from public opinion is not only because of his deep qualifications, but more importantly, his departure marks the farewell of the last fund manager of the "golden generation" of the Industrial Securities Global Fund.
Xie Zhiyu frequently stepped on thunder
Can the Circumstantial Global Fund stand alone?
It is understood that there were five outstanding Xingquan in that year: Wang Xiaoming, Fu Pengbo, Yang Dong, Du Changyong and Dong Chengfei. Fu Pengbo went to Ruiyuan, Wang Xiaoming, Du Changyong and Yang Dong had already gone private, and Dong Chengfei, who was now replacing Du Changyong, would also leave Xingquan. For the Industrial Securities Global Fund, none of the previous five absolutes remained, and Xingquan has since entered the era of Xie Zhiyu. So, can Xie Zhiyu shoulder this heavy responsibility?
In addition, will the two funds continue to be recognized by investors in the future? Dong Chengfei's two large-scale fund products under his management will operate has attracted much attention, and the total scale of Xingxin Vision Dingkai Hybrid and Xingquan Trend Investment Hybrid (LOF) exceeds 60 billion, and the sudden change of fund manager of such a large-scale fund is also a challenge for the new fund manager.
Wind data statistics show that as of October 20, since the beginning of this year, the total amount of fixed increase in public funds has reached 67.144 billion yuan, an increase of 140.78% compared with the same period last year. Among the public offering institutions participating in the fixed increase, there is no shortage of star fund managers. However, the reporter found that in recent years, the Industrial Securities Global Fund has frequently stepped on the thunder.
In particular, on August 16 this year, with the launch of "Brother Who Cut Through Thorns" directly installed an "accelerator" for the company's stock price, it has fallen by more than 27.04% in just two months, during which it has not only been involved in the "QianFeng Incident", "Happy Base Camp Optimization and Upgrade" and "Huo Zun and Li Yundi Incident", which have led to a further decline in stock prices after the outbreak of these events.
On October 22, the 11th (part 2) of Mango TV's "Brother with Thorns" was launched on time, in which Li Yundi's shots have been coded and processed. In addition, the first episode of the show has also been re-launched. A few days ago, Li Yundi was administratively detained by the Chaoyang Public Security Bureau for prostitution in accordance with law. On October 22, the China Performance Industry Association issued an announcement to morally reprimand Li Yundi for his illegal acts and to require member units to boycott his practice in accordance with the provisions of the Measures for the Administration of Self-Discipline of Performing Artists in the Performance Industry.
(Data source: Mango Super Media announcement on August 12)
In the fixed increase of Mango Super Media, star fund manager Zhou Yingbo of Ceibal Fund and Xie Zhiyu of Industrial Securities Global Fund are among them. CeIBS Fund was allocated 16.061 million shares with an allocation of nearly RMB800 million, while CISI Global Fund was allocated 14.0534 million shares with an allocation of more than RMB700 million. The issue price was 49.81 yuan per share, and on August 24, the listing date, the Industrial Securities Global Fund subscribed for 14.05 million shares for 700 million yuan, and the floating loss of the Industrial Securities Global Fund exceeded 90 million yuan according to the intraday price of 42.55 yuan on October 22.
It is understood that Mango Super Media has continued to fall from a high of 93.01 yuan / share to 41.91 yuan / yuan since January 22, and the stock price has fallen by 53.99%. In December last year, Alibaba Venture Capital received 93.6479 million shares of Mango Super Media at a price of 66.23 yuan per share, spending a total of about 6.2 billion yuan. As of September 23, the closing price of Mango Super Media was 41.31 yuan / share, down 37.6% compared with the price of 66.23 yuan / share of Ali Chuang Investment. If sold at the current price, Alibaba Venture Capital will lose more than 2.3 billion yuan.
At the same time, Huayu Software announced on August 29 that on March 22, Shao Xue, chairman and general manager of the company, opened an investigation for suspected illegal bribery and imposed a lien on March 21. On the evening of September 1, Huayu Software issued an announcement that it had received a "Notice of Case Filing" from the Beijing Municipal Supervision Commission on the morning of the same day, and filed a case for review and investigation of the violations of discipline and law that it was suspected of giving bribes by its units.
According to the data, the number of funds holding Hoau Software in the first quarter was only 10, accounting for 3.61% of the outstanding shares; in the second quarter, it increased to 58, accounting for 7.36% of the outstanding shares. Among them, the highest shareholding ratio is the Industrial Securities Global Fund, which has 10 funds holding shares, holding a total of 34.5271 million shares, accounting for 4.8% of its current shares.
Xingquan Trend Investment (LOF) holds 14.5481 million shares, accounting for 2.02% of the outstanding shares. From August 26 to October 21, Hoau Software fell by 38.65%. As of October 21, Huayu Software closed at 10.92 yuan / share, down 1.71%. Although Hoau Software achieved operating income of 2.154 billion yuan in the first half of the year, an increase of 157.04% year-on-year. However, its profitability has not yet fully returned to the levels of its pre-pandemic heyday. Moreover, the stock price trend of Huayu Software has not stabilized, and there are still signs of a new low.
Minmetals Capital (600390.SH) announced that as of September 21, 2021, the reduction period of the Industrial Securities Global Fund's shareholding reduction plan has expired, and it currently holds 205 million shares of Minmetals Capital shares, accounting for about 4.56% of the company's total share capital. In addition, in addition to Mango Super Media and Huayu Software, the Industrial Securities Global Fund also suffered a farce of "waste prince", which triggered a sharp decline in the stock price of Wanzhou International.
It is reported that on the evening of June 17, WH Group suddenly announced that it would remove Wan Hongjian from all company positions, including executive directors and vice presidents of the group. The announcement shows that the reason for his removal from office was his misconduct against the company's property, and the dismissal agenda was signed by three-quarters of the company's serving directors. In mid-July, Wan Hongjian was interviewed by the media to make public the "inside story" of the recall incident in mid-June.
On August 17, Wan Hongjian threw out a long article "Wan Hongjian: Father and Wanlong in My Eyes", which pushed the incident to a climax, and on August 18, WH International's stock price fell by 11.41%. It also led to a 5.53% decline in the development of Shuanghui on the day. However, in addition to the extraordinary excitement of some people who eat melons, there are also a group of fund managers in a panic, according to the reporter's incomplete statistics, there are 7 funds under the Industrial Securities Global Fund, including Xingquan Heyi Hybrid (LOF) A, Xingquan Herun Hybrid (LOF), Xingquan Business Model Preferred Hybrid (LOF), Xingquan CSI 300 Index (LOF) A, Xingquan Social Value Three-Year Holding Mix, Xingquan CSI 800 Six-Month Holding Index A, Xingquan Organic Growth Mix, The total stock market value exceeds 2 billion yuan.
According to the stock price of 31.80 yuan at the end of the second quarter, the stock market value of Xingquan Heyi Flexible Allocation Hybrid, Xingquan Herun Hybrid and Xingquan Business Model Preferred Hybrid was 745 million yuan, 528 million yuan and 432 million yuan respectively. The five heavy-position funds under CIIC Global hold a total market value of 1.949 billion yuan for Shuanghui Development. Of the three largest funds, 2 are managed by Xie Zhiyu.
It is understood that the current fund managers of Xingquan Heyi Flexible Allocation Hybrid are Xie Zhiyu and Yang Shijin, Xingquan Herun Hybrid is managed by Xie Zhiyu alone, and the Preferred Hybrid Fund Fund Manager of Xingquan Business Model is housewarming. That is to say, Xie Zhiyu managed the two funds with a total market value of 1.278 billion yuan, with a floating loss of 221 million yuan in one and a half months, becoming the fund most affected by the development of Shuanghui.
In addition to Xie Zhiyu, several other fund managers who succeeded Dong Chengfei, on July 10, 2018, the first fund under the sole management of housewarming, Xingquan business model, preferred to mix, from the perspective of investment style, housewarming also adheres to the characteristics of diversified investment, involving many industry leading stocks, including insurance, chemical, machinery manufacturing, power equipment, medicine, home appliances, etc.
Judging from the heavy stocks in the first half of this year, Housewarming did not participate in the speculation of emerging sectors, but insisted on holding traditional industries such as home appliances, banks, and hotels, which also made its performance during the year particularly similar to Dong Chengfei, and as of October 19, the preferred annual yield of Xingquan's business model was -4.21%. It can be seen that after taking over the new vision of Xingxing, housewarming will most likely still take value stocks and blue-chip white horse stocks as the investment direction.
And Dong Li previously managed the fund only Xingquan light asset mix (LOF), compared to the above several fund managers, Dong Li's style is slightly balanced, but even so Dong Li did not buy new energy sector stocks, but for semiconductors, consumer electronics favored, in the first half of the heavy stocks, Shunluo Electronics, Unigroup Guowei, North Huachuang, Zhongying Electronics, Sunwoda are held, but most of the positions are still in the traditional sector of the bank, hotel, entertainment, home appliances, etc., therefore, as of October 19, The annual return rate of Xingquan Light Assets was only 3.63%.
In recent years, the scale of the Industrial Securities Global Fund has grown rapidly, with its scale of only 187.677 billion yuan at the end of 2018, and by the end of last year, the scale of management increased to 448.057 billion yuan, more than doubling. According to the data, the number of global funds of CIIC is 63, and there are 28 fund managers. The company's products are mainly hybrid and currency-based, of which hybrid funds account for about half.
Xie Zhiyu is also currently managing four funds, from the second quarter of the top ten heavy stocks to see the style is quite consistent, most of the heavy stocks are cross-holding, in addition to the Hong Kong stocks Tencent Holdings, China Resources Beer, Sunny Optical Technology, A shares are mostly banks, home appliances, hotels, chemicals, chips, such as Haier Zhijia, Jin Jiang Hotel, Ping An Bank, Wanhua Chemical, Jingchen shares, Industrial Bank, while machinery, medicine is slightly allocated.
Xie Zhiyu also said in the interim report that he will still adhere to the investment strategy of selecting individual stocks from the bottom up, select excellent companies with core competitiveness, and pay attention to the balance between the company's short-term valuation and long-term investment value, and strive to bring stable returns to holders. However, if you look at the performance of the funds under management this year, it is inevitably a bit disappointing.
(Source: Daily Fund Network.)
As of October 22, it can be seen from the above data that the funds managed by Xie Zhiyu are all negative, with the annual returns of Xingquan Heyi Hybrid (LOF) A and C being -3.55% and -4.01%, the annual yield of Xingquan Herun Hybrid (LOF) being -1.35%, and the return of Xingquan Whole Society Value Three-Year Holding Hybrid is -0.25% this year. The Xingquan Trend Investment Round (LOF) has returned -2.11% this year. Just as the so-called "no hundred days of red", this year there is no shortage of veteran star funds suffered From waterloo, and the performance of star fund managers during the year is even more abundant, such as Zhang Kun of E Fangda, Xiao Nan, Liu Yanchun of Invesco Great Wall, Yang Hao of Bocom Schroder and other products have poor performance.
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