The Paper's reporter Ge Jia
The disclosure of the fund in the second quarter entered the peak period, and a number of well-known fund managers wrote small essays in the quarterly report, reflecting on their own operations, and even directly apologized to the holders.
Zhang Kun, the "public offering brother" E Fund, is an active practitioner of this round of self-reflection, and three other fund managers who manage the fund of more than 30 billion yuan - Yang Hao and Wang Chong of the Bank of Communications Fund and Liang Hao of Penghua Fund, have subsequently joined the team of self-reflection and even directly apologized for their performance.
Zhang Kun: Looking back at my previous judgments, I found that there were many mistakes
As of the end of the second quarter, Zhang Kun's management scale reached 134.478 billion yuan, a slight increase from 133.109 billion yuan at the end of the first quarter.
"Looking back at my past judgments, I found that there were many mistakes." Zhang Kun wrote in the second quarterly report of E Fonda Small and Mid Cap.
Zhang Kun expressed concern about future uncertainty in the quarterly report, believing that the difficulty of judging the competitive landscape of the industry in the next 5 years may only increase. On the whole, if it is correct, it may only get a mediocre rate of return, but once it is wrong, it faces a lot of losses. In such a distribution of odds, it is obviously a difficult move for investment.
Zhang Kun pointed out that some companies, in the case of various assumptions are fulfilled, may be able to earn a discount rate or a slightly higher yield than the discount rate in the next 5 years, but once they are wrong, they may face a 30% or even 50% stock price decline.
"I often look at the portfolio like this, if the stock market is suspended and trading resumes after 5 years, how much of the expected compound yield each business can bring, from the current judgment, the expected return decline in the next few years may be inevitable." Zhang Kun said in the quarterly report.
According to public information, Zhang Kun, with a master's degree, his experience is relatively simple, he joined E Fund in July 2008, and once served as an industry researcher in the research department and an assistant fund manager in the fund investment department. Four years later, on September 28, 2012, Zhang Kun began to take charge of his first public fund. The investment manager has been an investment manager for 8.82 years now.
Wind data shows that as of now, Zhang Kun's investment manager has a term of 8.82 years.
How are the funds managed by Zhang Kun performing?
Wind data shows that Zhang Kun currently has 4 funds under management, and as of July 20 this year, 2 have positive returns and 2 negative returns, with a return range of -14.82% to 4.93%. If the quarterly performance is counted separately, the return ranges of the four funds are:-4.74% to -0.73% in the first quarter and -9.79% to 10.62% in the second quarter.
Zhang Kun's 2021 performance in the managed fund, source: Wind
Yang Hao: The performance of the fund is weaker than the performance benchmark, and there is persistence and reflection
Yang Hao is the head of the active equity investment of bocom Schroder Fund, and is known as the "three musketeers" of BOCOM along with Wang Chong and He Shuai.
However, Yang Hao's performance in the second quarter was not satisfactory, and he served as the fund manager of 3 funds such as BOCOM regular payment double interest balance, BOCOM core drive, and BOCOM New Vitality.
Wind statistics show that Yang Hao's net value return in the second quarter of this year is 1 positive and 2 negative, and the yield range is between -0.42% and 0.33%, and the similar ranking is almost at the bottom.
In addition, the size of the three funds managed by Yang Hao declined in the second quarter, with the latest being 32.595 billion yuan, a decrease of 4.119 billion yuan from the previous quarter.
"The fund's performance in the quarter was weaker than the performance benchmark, and we have persevered and reflected." Yang Hao wrote in the quarterly report that the market style has changed rapidly this year, and the fluctuation of US bond interest rates around the Spring Festival has led to an adjustment in the overall market, and relatively high-valued stocks have fallen significantly. But in the second quarter, as domestic investment and consumption data fell short of expectations, and service industries such as Internet platforms and K12 education were rectified, the market turned to worry about the domestic economy peaking and liquidity was more abundant than expected. In this context, the consideration of the competitive advantage, business model and valuation safety margin of the target company in the market gives way to the consideration of the current prosperity, the valuation difference between the growth style and the value style has widened significantly, and some high-prosperity growth stocks have rapidly discounted according to the final valuation method, moving to another extreme.
Yang Hao said, "Our reflection is that the matching balance between short-term and medium-term trading (portfolio management) and medium- and long-term investment needs to be optimized. The investment framework we have told investors in the past is multidimensional: industry prosperity, industry life cycle, business model, social value and economic value. Under different macro quadrants and valuation comparisons, the priorities of each dimension are actually different. In the future, while doing a good job in selecting individual stock targets, we will do more industry comparison and investment period comparison to improve the investment efficiency of large funds. ”
According to public information, Yang Hao has a master's degree, joined the Bank of Communications Schroder Fund in 2010, and was a former industry analyst. Five years later, in August 2015, Yang Hao began to take charge of his first public fund, and the investment manager has been in charge for 5.94 years.
Wang Chong's 2021 performance in the management fund, source: Wind
Wang Chong: Deeply sorry to the fund share holders
Wang Chong not only reflected on investment in the quarterly report, but also expressed his apologies.
"From the second quarter, the overall performance of the fund portfolio was not good, and some heavy stocks in the portfolio fell significantly, and we expressed our deep apologies to the fund share holders." Wang Chong said in the quarterly report that he missed the sharp rise in high-growth and high-valued stocks such as new energy (vehicles).
Wang Chong further said that he has been deeply reflecting on whether it is that the research and cognition are not in place, or the pricing level of the market is far beyond the buy-and-hold standards within the investment framework that he adheres to.
"As far as our current fund portfolio is concerned, these non-popular industry companies have a clear competitive advantage from a three- or four-year perspective, and the dynamic valuation of their stock prices matches the current performance, and there is no obvious overdraft of performance expectations in the next few years, these reasonably valued stocks are expected to achieve better annualized yields in the next few years, and the combination they constitute is also the basis for future funds to achieve a certain rate of return." Looking forward to the third quarter of 2021, Wang Chong said that he will adhere to the diversification of the industry, select individual stocks, reverse investment, try to control the drawdown, and strive to bring steady returns to fund share holders.
As of the end of the second quarter of this year, the three funds managed by Wang Chong were BOCOM Select, BOCOM Schroder Ruifeng III, and BOCOM New Growth; the above three funds achieved positive returns in the second quarter, but ranked in the middle of the same category, with a yield range of 2.09% to 4%.
Although the performance return failed to lead, Wang Chong's assets under management at the end of the second quarter of this year did not shrink, but increased slightly, from 33.153 billion yuan at the end of the first quarter of this year to 34.750 billion yuan at the end of the second quarter, an increase of 1.597 billion yuan respectively.
Public information shows that Wang Chong is a doctor of finance at Peking University. He joined BOCOM Schroder Fund in 2008 and was an industry analyst and senior researcher. Six years later, on October 22, 2014, Wang Chong began to manage his first public fund, and the investment manager has been 6.75 years.
Liang Hao: During this period of stock selection, I made some mistakes
As a representative fund manager of Penghua Fund, Liang Hao also had a relatively mediocre performance in the second quarter, and the net share growth rate of Penghua Emerging Industries, which he managed alone, was only -0.41%, and the performance benchmark growth rate in the same period was 11.50%.
In this regard, Liang Hao said in the second quarterly report that the second quarter is the tenth anniversary of the establishment of Penghua Emerging Industry, but he ushered in the worst performance quarter in the history of the fund, encountering unprecedented pressure and challenges.
Liang Hao said that he had recently made some mistakes in stock selection, but these mistakes did not account for a high proportion of the overall portfolio, and he cleaned up in time, and the loss for the overall portfolio was not serious. What really makes the fund lag behind are the companies that are still holding positions and think it is worth waiting. This unprecedented backward experience and the shortcomings exposed in the process also inspired Liang Hao and his team to devote themselves to learning.
Wind data shows that as of the end of the second quarter, Liang Hao had a total of 6 funds under management, with a scale of 32.928 billion yuan, a decrease of 4.395 billion yuan from 37.323 billion yuan at the end of the first quarter.
Compared with the first three fund managers, Liang Hao has the most extensive experience in the industry, he is a doctor of economics from Chinese Min University, he once worked in the Telecommunications Research Institute of the Ministry of Information Industry, engaged in industrial policy research, and joined Penghua Fund in May 2008 to engage in research and analysis, serving as a senior researcher and fund manager assistant of the Research Department. Three years later, in July 2011, Liang Hao began to take charge of his first public fund, and his investment manager has been more than 10 years old.
Editor-in-Charge: Wang Jie
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