Qianhai Open Source Fund ranked downward, and yesterday gloated to disintegrate

Edit | Yu Bin

Produced | Chaoqi.com "Yu See Column"

In 2022, the fund fell worse than stocks. After walking the stage of Gao Ge's progress, the yield of equity assets under the open source of the former sea of ​​open source this year was 2.5%, the decline has reached a record high since 2018. It is also the first time that the company's asset scale has reached 100 billion yuan. The Qianhai Open Source is currently ranked 20%of all fund companies.

Qianhai Open Source Fund's performance has been dim. In the first quarter of 2022, the size of Qianhai Open Source Fund fell 13.3%month -on -month.

Win rate myth no longer

Cui Yilong, who shined last year, is the star manager who has received the most attention. The Qianhai open source public cause and Qianhai open source new economy A's annual yield on the top of the same rank top topped the list.

The reason why Cui Yilong achieved a good results last year was to heavy positions and new energy -related stocks. The young fund manager is the gambling channel. If you win, just like Zhao Ye, he hops for shares.

However, Cui Yilong's "Champions" halo only stayed in 2021, and this year's performance was greatly dive. The top ten heavy stocks of Cui Yilong were at the beginning of the year of 2022, and none of them were red.

In 2022, both electrical equipment and new energy sectors encountered Waterloo. Due to Cui Yilong's preference for the new energy sector, the position is highly concentrated in the middle and lower reaches of the new energy sources. In the first half of the year, the sector fell by about 25%. name.

Similarly, Qianhai Open Source New Economy A has also maintained high positions in the past year, and the top ten heavy stocks accounted for more than 56%of the net value of the fund. And the market value of the stock accounted for more than 85%of the net value of the fund.

Although the top ten heavy warehouse stocks in Qianhai Kaiyuan New Economy A escaped the Hong Kong stocks, they failed to escape the plunge of electrical equipment and new energy sectors.

Cui Yilong also acknowledged that he had lost a lot in his recent foreign speech, but chose to hold it firmly in this position and not sell it. Ji Min said that this was Cui Yilong's "mouth hard" and did not buy it.

At the same time as the "newcomer" championship has stagnant, Qianhai Open Source Fund's equity investment veteran Qu Yang also lost its performance during the management of the fund.

Compared with the newcomer Cui Yilong, Qu Yang, who joined Qianhai Open Source Fund Management Co., Ltd. in July 2014, has a higher popularity in the industry and is the pillar of Qianhai open source. Therefore, the number of funds managed by Quyang also has more funds.

Qu Yang's investment scope and industry span is very large, the style is very different, and it is very challenging. Qu Yang's record in the past few years is brilliant, and the entries that appear with them are often the words "all -around pitcher" and "stock god".

However, Qu Yang, the MVP fund manager who won multiple honors, has become a "fund destroyer" in the eyes of the foundation.

As of the first half of 2022, the ten funds managed by Quyang all fell to negative during the year. Except for Qianhai Open Source Gathering A year, A/C ranked in the top 50%of similar funds. 30%, the net value fell more than 20%.

Since the establishment of the Qianhai Open source, the total scale of the first eight years has maintained a good momentum. In 2022, the scale of Qianhai Open Source Fund has shrunk. In the first quarter of this year, the total scale shrunk by 21 billion yuan, a shrinkage of 13%.

Even though the time was extended to one year, the yields of stocks, hybrids, and bond funds in Qianhai for nearly a year were 13.79%, negative 9.40%, and 3.04%, respectively, which were lower than similar average.

On many fund communication platforms, "stay away from Qianhai open source and stay away from Cui Qu" has become an unique persuasion slogan.

Qianhai Open Source was mediocre in 2022. When the stock selection was "low", the investment track was more concentrated and unable to escape.

Before the first quarter, the investment concentration of the fund's fund's fund reached 3%, while the industry average was only about 1.59%. Another significant feature is that the fund's stock market earnings up to 102 times, that is, when the stock selection is relatively neglected, the stock price is relatively "expensive".

Only when the stock market earthquake comes, can we know who is the mirage.

The team is unstable and the heart shakes

A few years ago, with the two star fund managers, Qu Yang and Cui Yilong, the performance of Qianhai's open source often won the crown, and its funds often appeared on the recommendation agencies of major third -party funds. Therefore It is also increasingly richer. In 2021, it successfully exceeded 100 billion yuan, ranking second only to Haofitong Fund.

Quite high -profile marketing, and the company's "fundamentals" are good. Even if Qianhai open source is not a head fund company, it is also welcomed by the foundation. Therefore, it is also a star fund company of the previous two years.

In June of this year, Qianhai Open Source Fund issued a public announcement on the company's management. Wang Zhaohua resigned as the chairman of the chairman due to work changes, and Li Qiang served as the company's new head.

After the resignation of senior officials such as entrepreneurial veterans, Qianhai Open Source in the next stage of development, it has attracted the attention of the market and the foundation. But the most shocking outside is the legendary figure of Qianhai Kaiyuan Fund, Wang Hongyuan, and Wang Hongyuan also officially resigned from the company's directors.

As soon as Wang Hongyuan left, it means that during the eight years, he made 24.8 billion Kimin. Wang Hongyuan's version of Qianhai's open source era came to an end. But the changes at the top -level personnel are not the most troublesome place for Qianhai Open Source Fund.

At the beginning of the establishment of Qianhai's open source, relying on the implementation of the business department and the equity incentive mechanism, which was still in the industry at that time, which attracted many people. Including the "Public Fund Legend" Wang Hongyuan, "Star Economist" Yang Delong, and Gong Fangxiong, who left JP Morgan Chase, also joined Qianhai to open source.

Prior to this, another digging overseas background person was Xie Yi, former vice president of HSBC Bank Stock Research Institute and investment banking department.

However, soon the industry's colleagues gradually adopted the equity incentive system. Qianhai Kaigui lost a major advantage in the recruitment of talents. In the case of only the middle reaches of the industry, the number of fund managers in Qianhai's open source was increasing.

Beginning in 2018, members of the core team of Qianhai's open source jumped one after another, with a departure rate of 23%. Talent is the top priority of a fund company. This personnel turbulent from 2020 to 2021, causing Qianhai's open source vitality. Core team -Liu Xiang, chief market officer, Lu Chaoming, director of the marketing department, and Xie Yi, executive investment director, and other employees took away several employees.

In the column of "Team Stability" by CHOICE's fund company, Qianhai's open source for nearly a year was 0.07, and the countdown industry was countdown.

At the same time, the company's overall performance lags behind the industry average. As of July, more than 70 % of the product yields are still negative. Cui Yilong's fund has not stopped falling. The slump that cannot be recovered on the road.

At present, there are about 30 fund managers in Qianhai open source. The size of the assets is close to 1.4 billion yuan. The management scale of Qu Yang and Cui Yilong occupied half of the management scale. Relying on the development model of the two star fund managers of Cui and Qu, the hidden dangers of Qianhai open source are heavy. For example, Cui Yilong once reached 41 billion yuan in asset management in October to December last year, and the season's "gold absorption" was nearly 18 billion yuan, and by the first quarter of 2022, another 7.666 billion yuan.

Once the performance of the star fund manager fluctuates, the company's total asset size also fluctuates. It can be said that it can be described as Xiao He, and Xiao He is defeated.

Direct selling APP spend money not to please

In July of this year, the APP of the Direct Trading Platform of Qianhai Open Source Fund was renamed "Fund Planet". Qianhai's open source seems to want to use this to save a little bit of decline.

According to the person in charge of Qianhai Open Source Fund Star APP, a new change has been added to this upgrade, that is, the foundation of the foundation needs to "hold the certificate" to purchase the foundation, which improves the threshold of using APP users.

Fund companies do direct sales apps, and the cost is relatively large, mainly personnel, drainage, supervision and operation and maintenance. App operation and new users are not the strengths of fund companies, so it is difficult to easily promote the APP. For Caminan users, they are more popular with various third -party funds APPs, and many even use it directly on WeChat mini -programs or Alipay for saving trouble.

For fund companies, if the sales scale of direct sales channels is not as good as and input -output is not proportional, then continuing to maintain the operation of the direct selling app is under great pressure.

Debon Fund terminated the operation and maintenance services of its own fund APP mobile phone application software in 2020. Coincidentally, since this year, the British Fund and Fang Zhengfang have announced the suspension of their own direct selling apps.

The Internet traffic is topped, and the cost control of traffic has become a problem. The cost of acquiring a active and effective new customer is not less than 500 yuan, which has become a heavy burden on the expansion of many fund companies. Many small and medium -sized fund companies will choose to stop loss in time after weighing the pros and cons, and abandon the direct sales APP, and rely on securities firms, banks or third -party sales channels for the Internet.

At present, the entire industry is transforming from asset management to wealth management. For public fund companies, direct sales channels must be a big weapon if it is used well. However, this module is still in the process of transformation. For Qianhai's open source, solving direct sales problems is still long -term.

Conclusion

In recent years, fund managers have frequently left and the overall operations have declined. The personnel earthquake superimposed supervision survey has all been tested by Qianhai Open Source Fund. Even so far, this year's number of new funds has not seen the trace of Qianhai's open source.

For Qianhai's open source, excessive dependence on Cui and Qu is too risky, and eggs should not be placed in the same basket. On the other hand, the company's resources are inclined to individual fund managers, and the interests of employees are difficult to take into account, and it is not conducive to team stability.

In order to avoid greater pressure on the future growth, Qianhai's open source may adjust the consistent high -profile style. Adjust the team allocation, concentrate resources to optimize the investment strategy, or continue to improve the core ability of investment and research core capabilities. After all, it is the hard power to make money for Kimin.

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