Yesterday, there was another major event to be recorded in the history of domestic public offerings, E Fangda Feng Bo's new fund - E Fangda Competitive Advantage Enterprise raised 237.4 billion yuan on the first day, refreshing the record of 135.7 billion yuan set by Wang Zonghe last year, becoming the largest product in the history of China's public offering funds. According to the fund's fundraising ceiling of 15 billion yuan, it is expected that its final placement ratio will be about 6.3%.
What are the characteristics of Feng Bo's fund and why is it so popular? Investors who have not grabbed it, what products can they buy to replace? In this issue, we will talk about it.
Yesterday's explosive fund, the reason why it can set a record, and E Fangda's sales publicity ability and the current market high sentiment correlation is very large. Of course, it is also inseparable from the blessing of star fund manager Feng Bo.
Feng Bo is a veteran in the circle, with 15 years of experience in the securities industry and more than 11 years of fund manager management experience, currently managing 3 funds, with a total management scale of 14.5 billion yuan. Its representative fund is E Fangda Industry Leading Hybrid (110015), which has been in the company since January 1, 2010, and has been in place for 11 years now, with a cumulative yield of 382.37% and an annualized return of 19.24%.
Feng Bo is also a very "dedicated" fund manager, which is rare to have the same fund under management for more than 10 years, and there are currently only 16 equity fund managers. Among them, Feng Bo's annualized yield in the past 10 years ranked third, at 21.17%, the first was Wang Zonghe, who had an annualized rate of 21.94% in the past 10 years, and the second place, Zhao Xiaodong, had an annualized rate of 21.31% in the past 10 years.
Source: wind, Good Buy Fund Research Center; data as of: 2021.1.18
Although Feng Bo's long-term performance is good, we also see that his past performance has not been very stable, such as ranking at the bottom of the same category in 2014 and 2016, and even outperforming the CSI 300 Index.
Source: Good Buy Fund official website; data as of: 2020.12.31
In fact, in the early years, Feng Bo was still groping for his own style, and his performance stabilized from the past 2-3 years. From the perspective of shareholding concentration, the concentration of shareholding before 2018 was low, between 30% and 50%. After 2018, the concentration of shareholdings is relatively high, fluctuating between 50% and 60%. At the same time, its turnover rate has decreased to a very low level after 2017. From the current position, Feng Bo basically does not choose the time, and the configuration of the combined industry after 2017 is very stable.
Source: wind; data as of: June 30, 2020
Judging from the maximum drawdown of Feng Bo's term of office, among the 16 fund managers who have served for more than 10 years, it is not very prominent, and it also belongs to the larger drawdown, reaching 53.6%, which is similar to the drawdown of Zhu Shaoxing, Wang Zonghe, Wang Xu, Liu Ziqiang and others.
Therefore, although Feng Bo is a fund manager with excellent long-term performance, there are also many fund managers in the market who have the same excellent performance or can be said to be better.
Therefore, investors who have not grabbed the new base should not be too uncomfortable.
First of all, from the perspective of the top ten heavy stocks of Feng Bo's own old fund, like other fund managers who have dragged on too much, the overlap of the fund positions managed by the management is inevitably high.
Source: Good Buy Fund official website; data as of: September 30, 2020
Therefore, if the new foundation is not grabbed, investors who are optimistic about the fund manager may wish to choose his old fund, and they have more advantages in the subscription rate.
In addition, from the perspective of its position, it has great similarities with Zhang Kun and Xiao Nan of the same fund company, and they are all heavy liquor. It is only Feng Bo's holdings that have increased Hong Kong stocks, as well as electronics and pharmaceutical biology in the industry. In a similar position style, we find that fund managers such as Wang Zonghe and Zhu Shaoxing who have served for more than 10 years are not much different from Feng Bo's position industry, and may be used as an alternative fund.
Yesterday, Feng Bo's new base was sold, and the scale of fundraising on the first day reached 237.4 billion yuan, refreshing the record of 135.7 billion yuan set by Wang Zonghe last year, becoming the largest first-offering product in the history of China's public funds, with a placement ratio of 6.3%. Maybe many investors only buy a little bit, or even miss this fund, don't worry. We also found alternative products in the market, first of all, its old fund, followed by the same company's Zhang Kun, Xiao Nan's fund, the same heavy liquor, in addition, in the management of funds for more than 10 years of fund managers, Wang Zonghe, Zhu Shaoxing and their position industry allocation is not much different, investors can pay attention to.
Well, that's it for this issue. Have you subscribed to Feng Bo's new base? Earn while learning, just buy a business school. Welcome to leave a message below to communicate~
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Disclaimer: The content of this article is based on publicly available information research and does not constitute investment advice. Investors should make prudent decisions and bear risks independently.
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