Text/Liu Zhentao
As long as there are people, there are rivers and lakes! The fund market is like a jianghu, every fund company is a sect, and the star fund manager is the representative figure in the sect, which is well known by the jianghu people.
He Shuai, Wang Chong, and Yang Hao are the star fund managers of BOCOM Schroder Fund (hereinafter referred to as "BOCOM Fund"). Because of the outstanding performance of the fund once managed, the three were known as the "Three Musketeers of bocom".
However, in 2021, the Three Musketeers "folded" the two. Some jimin complained in the fund community, "Since then, there have been no 'three musketeers' in the jianghu, leaving only the legends of the past." ”
The first three quarters of 2021 have come to an end, and the data of the daily fund network shows that as of September 30, the first fund in the whole market rose by 91.24%, the bottom fund fell by 37.03%, and the difference in the middle reached more than 120%.
As of September 30, He Shuai's three funds in management have risen by more than 8%, of which the mixed increase of the theme of continuous growth of bocom has reached 11.19%; wang Chong's three funds in management have "completely destroyed", of which BOCOM Ruifeng's three-year closed mixed decline has reached 5.85%; Yang Hao is the worst of the three musketeers, not only in the management of the three funds "completely destroyed", and the fund fell by more than 14%. The mixed allocation of Bocom's new vitality flexible configuration fell by 19.66%.
According to public information, as of June 30, 2021, the total size of bocom funds under management was 452.806 billion yuan. He Shuai's scale in management was 14.821 billion yuan, with the highest return during his tenure reaching 272.67%; Wang Chong's scale in management was 34.750 billion yuan, with a maximum return of 395.37% during his tenure; Yang Hao's scale in management was 32.595 billion yuan, with a maximum return of 185.47% during his tenure. The total management scale of the three people reached 82.166 billion yuan, accounting for 18% of the total size of the BOCOM fund.
From the perspective of professional experience, the cumulative tenure of the three people is 6 years, and the performance of long-term history is good, so why this year, the three musketeers will "fold" the two?
We looked at the funds that the three people were in charge of and found that this was related to the target of their choice of position.
For example, the fund managed by Yang Hao, as of the end of the second quarter, the three funds increased their stock asset allocation and continued to choose a high proportion of operation.
Although the top ten heavy stocks in Yang Hao's management fund at the end of the second quarter are mostly manufacturing industries, such as Shiyuan Shares, Sanhuan Group, Zhongtian Technology, etc., the allocation ratio is low at about 40%, and he also has a heavy position in Mango Super Media, SF Holdings, Hikvision, and Absolute Taste Food.
This year, Yang Hao's position target has fallen significantly during the year, especially in the third quarter, which has fallen significantly. In the third quarter, the cumulative decline of Mango Super Media reached 36.46%, the tasteless food reached 19.47%, and Hikvision reached 14.37%, which seriously dragged down the performance of the fund.
According to the data of the daily fund network, in the third quarter of 2021, Yang Hao's funds under management fell by more than 13%. Among them, the mixed allocation of the new vitality of bocom fell by 18.84%. The performance of the fund in the third quarter seriously dragged down the performance of the fund during the year, causing Yang Hao's fund to fall sharply in the first three quarters.
Yang Hao's performance in the management fund has fallen sharply, making him face two challenges. On the one hand, the fund suffered a massive redemption during the year.
Taking the flexible allocation mix of the new vitality of the Bank of Communications as an example, at present, the third quarterly report of the fund has not been disclosed, and it is impossible to see the latest data, but in the half year of 2021, it has shrunk a lot. At the end of 2020, the total size of the fund reached a peak of 16.092 billion yuan. As of June 30, 2021, the total scale was only 12.826 billion yuan, and in half a year, the scale shrank by 20%.
On the other hand, Yang Hao encountered a lot of complaints from the basic people. In the fund community, there are jimin complaining, "Who believes that I have repositioned two Yang Hao's funds, and the loss is miserable!" There are also jimin complaining, "My stock has not lost seventeen points, and the fund looks at a new low." Don't spit on who you spit on? ”
It is worth noting that on September 4, BOCOM Fund issued two personnel adjustment announcements, adding Tian Yulong as the manager of BOCOM's new vitality flexible allocation hybrid fund, and hiring Feng Qing as the core-driven fund manager of BOCOM, and the two jointly managed the above two funds with Yang Hao.
According to the 21st Century Business Daily, there are many sources circulating in the market that the reason for the increase in the employment of fund managers for the two products may be related to the suspected depression of star fund manager Yang Hao. However, the BOCOM Fund did not respond.
Just before the National Day holiday, bocom fund announced that another fund managed by Yang Hao, BOCOM, regularly pays double interest balance mix and also hired Huang Ding as a fund manager. At this point, the fund that Yang Hao is managing has a "deputy".
There are usually several reasons for hiring additional fund managers: Poor performance in the management fund, it is necessary to increase the number of helpers to reverse the passive situation; 2. The fund manager may want to leave the job, need to be excessive; 3 the fund company talent considerations, to the old to lead the new; 4. the fund company in order to expand the scale, hire a new fund manager, the original fund manager to issue a new; 5 the original fund manager scale management is too large, need to help for assistance.
Judging from Yang Hao's management of the fund, it seems that the recruitment of new fund managers is related to the poor performance of the fund this year.
The rivers and lakes are vast and varied, and only the income is the last word for the fund to stand in the rivers and lakes. If it does not bring sustained benefits to the kikmin, even the cattle character will eventually be "abandoned" by the kimin.