The financial circle is heavy! Dong Chengfei will officially step down as fund manager, or bid farewell to CIIC Global! The next step is a high probability of going private, who will take over the 60 billion scale fund?

At the end of the convergence and dispersion, the rumor of Dong Chengfei, deputy general manager of the Industrial Securities Global Fund, has been fermenting in the market for more than half a year, and finally released a clear signal today.

Brokerage China reporter learned that Dong Chengfei will step down as fund manager, and the Xingquan Trend Fund he manages will hire Xie Zhiyu and Dong Li as fund managers, and jointly manage with the original fund manager Tong Lan; Xingxin Vision Fund will be managed by housewarming. A source told the Chinese reporter of the securities company that Dong Chengfei will run away from him with a high probability.

Dong Chengfei, 2003 master's degree graduation that is, joined the Industrial Securities Global, when the company was just established, he started from the researcher, successively served as an industry researcher, fund manager assistant, fund manager, deputy director of the management department, now manages the Xingquan trend investment mix, Xingxin new vision set to open the mixed two products, the total management scale of more than 60 billion, 18 years in the industry, has been one of the best in the market, the longest time in the fund manager, his investment and management style are with the deep imprint of the Industrial Securities Global Fund.

He issued an open letter to the holders today, talking about the excitement and nervousness of just taking over the Xingquan Global Vision Fund, and also looking back on the ups and downs of the fifteen years of public fund management career, "Along the way, gains and losses are rare accumulation and growth, and there are many feelings and harvests." ”

Dong Chengfei said, "As the company's investment research team tends to mature and stable, forming a relatively perfect talent echelon, I also want to make some changes, temporarily bid farewell to fund management, spend more time on precipitation and growth, and try to make some new explorations in investment." ”

Dong Chengfei thanked the holder and thanked the company for cultivation

Dong Chengfei said in the letter that the first thing to write this letter is to thank Xingquan Trend, Xingxin Vision, and every former and current holder of Xingquan Global Vision, Xingquan Business Model and Xingquan Social Responsibility Fund that I have managed, and thank you for your trust and support to me and our company. In this era of vigorous development, I am deeply fortunate to engage in a career that I love, and I am fortunate to have the love of many holders, and I am sincerely grateful.

"In early 2007, when the company decided to let me manage the Xingquan Global Vision Fund alone, the excitement and nervousness still seemed to be felt today. Remember the first three years of being a fund manager, the pressure lingered, but as the fund management time became longer and longer, slowly adapted to this rhythm, the mentality was much calmer, the perception of investment has also been significantly improved, and the time dimension of looking at the problem is more long-term. Fifteen years of public fund investment management career, through the fluctuations of the macroeconomic environment in 2007-2009, the low return period of 2010-2013 consecutive years, the explosive market in 2014-2015, and the more open and mature A-share market since 2016, along the way, gains and losses are rare accumulation and growth, a lot of feelings, more gains. ”

Dong Chengfei said, "The Industrial Securities Global Fund is the first company I have worked for since graduation, and the company's responsibility-oriented corporate culture, simple and focused investment and research atmosphere, and the experience of mutual support and common growth with excellent colleagues are all valuable assets in my life." Thanks to the cultivation and trust of several leaders of the company, I am also proud to be able to participate in the preparation of the company and witness the development of the company. In my mind, industrial securities global funds are the best public fund companies in China so far, and there is no one. Investing is practice and requires continuous improvement. In this way, I encourage myself and all of you to 'rejuvenate all people'! ”

Long-distance runners with annualized returns of nearly 20%

Dong Chengfei, born in 1977, graduated from the Department of Mathematics of Shanghai Jiao Tong University with a master's degree in science. In September 2003, Yang Dong, the former general manager of Industrial Securities Global, recruited him from Jiaotong University to the company, and since then, he has started from an industry researcher and an assistant fund manager, and has gradually grown into the deputy general manager of Industrial Securities Global, and is also one of the few long-distance runners in the market with more than 10 years of investment experience and an annualized return of nearly 20%.

In February 2007, Dong Cheng informally stepped into the position of fund manager, and the first fund under management was Xingquan Global Vision. At that time, it was a bear market, which made him form a reverence for the market from the beginning of his career, a strong sense of risk control, and also achieved his steady and balanced investment style and strong ability to control drawdowns.

Dong Chengfei once summed up his investment philosophy in a public speech: "I remind myself all the time, whether in a bull market or a bear market, I must do risk-return matching, in layman's terms, I will compare its cost performance when buying stocks, I will do cost-effective comparisons in different assets, compare cost-effectiveness in different industries, and compare cost-effectiveness in the same industry." ”

Therefore, Dong Chengfei's fund may not be obvious in the bull market, but its relatively stable and balanced style allows him to perform relatively well in bear markets and shock markets, thus accumulating quite excellent returns under the power of compound interest.

With his representative work Xingquan Trend Investment as an example, on October 28, 2013, Dong Chengfei took over Xingquan Trend Investment from Wang Xiaoming and has been managing it for nearly 8 years. As of October 18, 2021, Dong Chengfei's cumulative return on appointment was as high as 324.49%, and the annualized return was 19.86%.

The other fund he manages, Xingxin, was established at the high point of the bull market in 2015, and has a return of 93.19% and an annualized return of 11.01% so far, which is called a fund that can be bought at the high point of the market by the basic people.

As of the end of his departure, Dong Chengfei managed two funds, namely Xingxin Vision and Xingquan Trend Investment, with a total management scale of 60.615 billion yuan as of the end of the second quarter of 2021.

Who will take over two large-scale products?

The most concerned issue for the holders is that after Dong Chengfei stepped down as the fund manager, who will take over the two products of Xingquan Trend Investment Hybrid and Xingxin New Vision.

The Industrial Securities Global Fund responded to the Chinese reporter of the securities company that the Xingquan Trend Fund will hire Xie Zhiyu and Dong Li to take over as the fund manager; the Xingxin New Vision Fund will be managed by housewarming.

It is worth mentioning that Xingxin Vision Fund is the first floating rate product of Industrial Securities Global Fund, and after the future change of fund manager, it will operate according to the fund contract, and the investment scope, investment strategy, rate structure and other elements will remain unchanged.

Xie Zhiyu, Dong Li and Housewarming all have more than 10 years of investment and research experience, and have gone through many rounds of bull-bear conversion, creating good value returns for investors in the medium and long term.

Xie Zhiyu currently serves as assistant general manager and investment director of INDUSTRIAL Securities Global Fund. As of September 28, 2021, its management representative product Xingquan Herun achieved an annualized return of 26.47% over a period of more than 8 years.

Dong Li currently serves as the deputy director of the company's research, and manages the company's research department with Dong Chengfei, and is currently the fund manager of Xingquan Asset Light Fund.

Housewarming currently serves as a fund manager for Xingquan Business Model. In the three years from July 2017 to July 2020, he managed the Xingquan Trend Fund together with Dong Chengfei. Independently managing the Xingquan Business Model Fund since July 10, 2018, Galaxy Securities statistics show that as of September 28, 2021, its management of xingquan business model has an annualized return of 29.77% in more than 3 years.

As for the reasons why Dong Chengfei himself stepped down as fund manager, the Industrial Securities Global Fund responded, "I am ready to take a break for a while, and then I may do more exploration and thinking on investment ideas and tools." ”

In response to the matter of Dong Chengfei leaving the fund manager, the Industrial Securities Global Fund said, "After Dong Chengfei leaves the fund manager, he will still serve as the leader in charge of the fund management department and the research department, and the follow-up matters shall be subject to the company's announcement." ” 

Brokerage Chinese reporters learned from market sources that Dong Chengfei will run away from private interests in the future.

The data shows that the voluntary departure rate of investment research personnel including investment, research and trading of industrial securities global fund in 2018-2020 is 9%, 2% and 1% respectively, which is lower than the industry average.

"Zhongshentong" Yang Donghe "Xingquan Five Perfections"

In the asset management jianghu, Yang Dong, former general manager of the Industrial Securities Global Fund, and "Xingquan Five Absolutes" are the industry's favorite, they are "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.

Wang Xiaoming was the first fund manager of Xingquan Trend Investment, and in the more than 2 years from November 2005 to February 2008, he returned more than 500%, and created a myth that the net value of the fund doubled in 100 trading days. In 2014, Wang Xiaoming "ran privately" and founded Xingju Investment.

Du Changyong was the fund manager of the first product issued by the Industrial Securities Global Fund in 2004, the Xingquan Convertible Bond, which was ahead of its concept at that time and shined in the subsequent bear market environment, laying a solid foundation for the future development of the Industrial Securities Global Fund. In 2015, Du Changyong established his own portal and founded Rui County Assets. In July last year, Xingju Investment and Ruijun Assets merged, becoming the first merger case in the private equity industry, and Wang Xiaoming and Du Changyong reunited.

"Zhongshentong" Yang Dong, at the age of 33, served as the general manager of the self-operated department of Industrial Securities, invested for ten years without a year of loss, was responsible for the preparation of the Industrial Securities Global Fund in 2003, and gradually built the company into a "boutique" asset management company with excellent active management capabilities in the following ten years. In 2007, the Shanghai Composite Index exceeded 6,000 points, Yang Dong in the form of an open letter to persuade the base people to redeem, this move is the first case in the industry, in 2015 the market rose wildly, Industrial Securities Global once again expressed concern about the market, twice voiced for Yang Dong to win the market "the most conscientious fund general manager" reputation. In 2017, Yang Dong officially left office and founded Ningquan Assets.

"Old naughty boy" Fu Pengbo, because he was a lecturer at Shanghai University of Finance and Finance in his early years, was affectionately known as "Teacher Fu" in the industry, and he was also a grandmaster-level figure in the public offering industry, and Chen Guangming once studied under him. Pengbo Fu joined CIS Global in 2009 and took over the Xingquan Social Responsibility Fund, which he took over from January 2009 to March 2018. The return of 9-year tenure exceeded 420%, ranking first in the same category. In 2018, Fu Pengbo and Chen Guangming jointly founded the Ruiyuan Fund.

"Beixia" Dong Chengfei is the fund manager who grew up in this star-studded environment and is also Yang Dong's disciple. He became the equity fund manager of Xingquan Global Vision in 2007, and the fund manager who grew up in the bear market has his pessimistic nature, which also achieves his stable and balanced investment style and strong ability to control drawdowns.

If Dong Chengfei officially leaves office, it also means that the Industrial Securities Global Fund has completely bid farewell to the "Yangdong era", and the "boutique" model of "small and beautiful" has become the "past tense" of Industrial Securities Global.

"Boutiques" are moving towards "big platforms"

In the more than ten years of Yang Dong's management, the Industrial Securities Global Fund has never been a hero on scale, internal management can be called "inaction and governance", the company atmosphere is extremely relaxed, in the context of the industry's scramble to issue new products and do large-scale, industrial securities global "only one product a year", is regarded as a "utopia" in the industry.

The asset management industry has entered the era of "chasing deer", the "boutique" model has become more and more unable to adapt to the current development needs, "big platform" is the general trend of the industry, but also the head fund company continues to deepen the moat, benchmarking the direction of international asset management giants, for the "old Xingquan" people, this also means that they need to bear the "pain" of transformation.

"At the shareholder level, we definitely hope that the company's scale and profits will be further improved." Industry insiders said, "Yang Dong is very pure and affectionate, he only pays attention to investment research, and other aspects are ignored." ”

This management style has a far-reaching impact on Dong Chengfei himself, and The school recruited Dong Chengfei, who joined the Industrial Securities Global Fund, until Yang Dong left office in 2017, has been in the company for 14 years, accustomed to the company's long-term relaxed environment, and only speaks based on performance. In 2018, the fifteenth anniversary of the Industrial Securities Global Fund, Dong Chengfei expressed in the company's video promotional video, "I think the company still wants to do the original 'small and beautiful' company."

For investment, "small and beautiful" is a good thing, but the development of each company has different stages and trajectories, the future of the Industrial Securities Global Fund also hopes to win more licenses, in the torrent of the era of asset management, to the head of the fund company closer is the development goal of the Industrial Securities Global Fund.

After Yang Dong left office in 2017, Manor Fang served as the general manager of the Industrial Securities Global Fund, and Lan Rong served as the chairman of the Industrial Securities Global Fund and stepped down in November 2020, allowing the Industrial Securities Global to successfully pass the handover period. In November last year, Yang Huahui, chairman of Industrial Securities, officially became the chairman of Industrial Securities Global Fund. A silent change is proceeding in an orderly manner.

Ha Manor Fang has 29 years of investment experience, and in 2005, he became the vice president of Industrial Securities, in charge of the company's self-operated investment, research, institutional, fixed income and other business segments. In 2016, she became the Chairman of CISI Global Fund, and in January 2017, she was also appointed As General Manager, and later transferred to General Manager.

Previously, she mentioned in an interview with the media that "the public offering industry has a history of more than 20 years of development, but it is only a beginning, and the future prospects are still very broad." From this perspective, the real challenge for public funds in the future is how to provide better asset management services for a huge number of investors. Therefore, no matter how the industry trend changes, public fund companies should still focus on managing assets for customers, adhere to customer value-oriented, and create the core competitiveness and moat of investment management capabilities. ”

According to the data, as of the end of the first quarter of 2021, the cumulative profit of 40 funds under the Industrial Securities Global Fund for customers exceeded 154.7 billion yuan, exceeding the cumulative issuance scale of all funds under the company of 142.1 billion yuan, which is rare in the industry; the average single fund profit was 3.870 billion yuan, ranking first among the 36 fund companies comparable in the same period.

It is worth mentioning that in the first half of this year, the net profit of the Industrial Securities Global Fund was as high as 1.376 billion yuan, second only to the three fund companies of E Fund, Hui Tianfu Fund and ICBC Credit Suisse Fund, although the scale and revenue of the Industrial Securities Global Fund are not the first echelon of the industry, but in terms of net profit data, it has become a well-deserved head fund company.