The fund's loss of "stars", Kenmin eats enough

The "National Fund Manager" fell out of favor, and investors had a mouthful in the exchange group. When the Penghua Fund created stars at the beginning, he probably did not expect that the sequelae came so fast.

Author 丨 Li Yan

Edit 丨 Han Zhongqiang

On the table of public funds, there are many players, but there are also a lot of "king fried" into "three".

Penghua Fund is counted.

Two years ago, Penghua Fund co -produced Wang Zong into a "National Fund Manager", with 41.6 billion funds with two new Fund Fund. Today, Wang Zonghe has handed over two answers of different degrees of loss. In particular, the recently rebounding of the fund is not as good as the broader market, and it has been disclosed by investors.

In the first half of 2022, compared with the star fund manager in the market, Wang Zonghe's performance was behind. Wang Zonghe's fund income was slightly better than Gram within one year, and Li Xiaoxing, Xiao Nan, Zhou Weiwen and others were significantly behind, and they lag behind a star fund manager when the market rebounded in the near future.

In mid -May, Youpenghua Fund employees kicked the investors out of the investment exchange group and were ridiculed by the group "the performance pulled the gesture and kicked people." The stars fell down the altar, and investors were quite resentful, and the kicking incident became the fuse of investors' discharge.

Star -making brings a lot of income to fund companies, but there are various sequelae.

01 Sequelas of Star Creating

Investors of Penghua Fund "Fried Pot".

A few days ago, a user posted information from other fund companies in an investor exchange group at Penghua Fund. When investors in the group thought that this was a normal communication, an employee of Penghua Fund stated toughly that "the group banned advertisements and offenders kicked out the group chat."

Subsequently, investors in the group were kicked, and members of the group "broke the defense" directly. Speaking employees were abused: "Even if the fund pulls his hoe, people can pull their cents.

In fact, the kicking incident in the group is just a fuse, and the reason for the excitement of the group is the "fund pull".

Among them, Wang Zonghe, the "National Fund Manager", became the focus of investors.

The sadness and joy of human beings do not communicate with each other. Now, the investors of the Chongcang Wang Zonghe Fund will only have one feeling -all rises are noisy.

Starting from April 27th, the A -share bottoming back rebounded, and the continuous rise has brought some of the citizens to return, and even some people have made a small profit. But the Kimin people holding Wang Zonghe Fund did not enjoy this feeling.

As of June 30, the Shanghai Stock Exchange Index and the GEM index rose by 17.74%and 30.69%from the April 27th low. Wang Zonghe's two largest funds: Penghua Innovation and Penghua's ingenuity will increase by 10.07%and 13.56%, respectively.

"Is this fund manager a sleepwalking?" A question mark emerged on the head of the future investor who bought Penghua's innovation.

Penghua Innovation was formerly known as "Penghua Innovation in the next 18 months of closed hybrid funds", and the Ant Warfare Fund was used as a publicity point to become the "explosion" of 2020. At that time, the five theme funds were divided into 5 powerful fund companies, and all configured the "Star Fund Manager". Wang Zonghe was the hottest of the five people.

Before the release, Wang Zonghe preferred to win the two Taurus awards with Penghua's pension industry and Penghua Consumption, and became the deputy general manager of Penghua Fund. It was once known as the "National Fund Manager". Penghua's ingenuity, which was released in the same year, subscribed more than 13 million in a day, setting the highest subscription record, shocking the fund circle.

In the end, Penghua's innovation in the future attracted a total of 2.26 million investors to participate in the subscription, with a scale of 12 billion yuan. The industry was not only in the market, but also admired the marketing methods of Penghua Fund.

Before the release, Wang Zonghe was highly anticipated. In the capital market, not all good wishes can be realized. The future performance of Penghua's innovation has shown investors.

Beginning in February 2021, Penghua's future net worth of innovation has been in a decline. Since its establishment, it has fallen by 34.48%since its establishment and 8 months. As of June 30, 2022, the fund net value was 0.6552 yuan. Become the largest decline in the same theme fund.

Performance makes investors can't help spitting, and lack of effective communication makes investors feel anxious.

In the market, fund managers often speak out publicly, spread their own investment philosophy, and conduct benign communication with investors. Especially when the net value performance is not good, communication can play a role in investor education and soothe the emotions of investors.

But Wang Zonghe has been "lost" for a long time.

In the public account of Penghua Fund, the article about Wang Zonghe stayed in July 2020. The Penghua Fund Wealth was in the latest live broadcast of the four quarters of Wang Zonghe Fund on February 2, 2021.

The fund report that has always been regarded as a fund manager and investor communication window was considered lack of sincerity by investors.

Investor Xiao Wang, an excerpt from Penghua's innovation in the future report: "We believe that some companies' declines are caused by fundamental changes, and some have little to do with fundamental changes."

"Is there any third case?" Xiao Wang couldn't laugh and laugh.

Analysis of nutritional analysis is easily placed in the report. Such communication not only does not allow investors to receive effective information, but also makes people who are in a state of loss feel anxious. The city community asked the Penghua Fund on whether Wang Zonghe recently had a public vocal scheme, and no response was received as of press time.

The result of anxiety is disappointment. When it was first released, Penghua's ingenious selection and Penghua's future subscription share reached 29.6 billion and 12 billion respectively, respectively, and now it has fallen to 14.7 billion and 7.2 billion respectively. As of the end of the first quarter of 2022, there were 9 funds with a total of 23.908 billion yuan, which was less than half of the peak. When the new fund was issued, publicity was usually overwhelmed, but after a loss, the fund manager was silent. The two different reactions really confirmed the classic: investment is risky, and it is necessary to be cautious when entering the market.

02 Expansion capacity circle is blocked

Behind the large retracement, Wang Zonghe's expansion capacity circle was blocked.

Before becoming a fund manager, Wang Zonghe's research directions were food, beverages, agriculture, forestry, animal husbandry and fishing, commercial retail, paper packaging, etc. These areas are Wang Zonghe's core ability circle.

After becoming a fund manager, Wang Zonghe defined himself as a fund manager with a value -growth type. The hopes of self -reporting are the value of enterprises through continuous operation and growth, and earning money for the long -term free cash flow and profit growth of enterprises.

Combining the previous experience, Wang Zonghe's fund is biased towards the characteristics of long -term holding and the industry prefer food and beverages. In 2019 and 2020, Penghua Pension Industry and Penghua Consumption are preferred at the forefront of the market in terms of income and ranking.

However, the market is not static, and the experience of successful success cannot be completely copied into future investment.

Holding positions has become the most spitting of investors.

As of the end of the first quarter of 2022, there were 5 banks in the top ten heavy warehouses of Penghua's innovation in the future, including three of the "six major banks". Essence

Earlier, the most appeared in Penghua's innovation in the future was liquor, and Guizhou Maotai, Wuliangye and Gujing Gongjiu were heavy.

In Penghua's future recruitment manual, the definition of the future theme of innovation is "In the process of China's economic structure transformation and industrial upgrading, innovation is the driving force and support, and innovation growth is used as the core competitiveness of enterprises and enhanced development. Power and maintaining competitive advantages, so as to achieve sustainable development of high -quality enterprises. "

Some investors questioned, "Who can tell me the relationship between banks and innovation?"

Facing the name of "Innovation Future", the content of innovative enterprises in heavy warehouse stocks is low. In the future, it is like being covered by fog, and the direction cannot be seen clearly.

Wang Zonghe once said in the interview: "I will not keep these things I make money. In the future, the most valuable fields will turn it into my own capacity circle."

Falling in actual investment, the expansion of this capacity circle is somewhat different.

In the third quarter of 2021, Yaoming Kangde and Longji appeared in the top ten heavy warehouses of Penghua's future innovation. In the fourth quarter, the Ningde era and BYD entered the top ten heavy warehouses. After Wang Zonghe bought, these companies began to fall. Yaoming Kant continued to decline after the high point on July 16, 2021, and Ningde Times and BYD fell after the high point in the fourth quarter.

After falling, Wang Zonghe did not adhere to his long -term holding style, but chose to hold a large -scale positioning in a quarter and missed the rebound. In the first quarter of 2022, Wang Zonghe reduced the positions of the Ningde era half, while BYD and Longji shares directly withdrew from the top ten heavy stocks. And two stocks rebounded more than 50%in the second quarter, BYD reached a record high.

In these strange fields, Wang Zonghe frequently "chased the rise and fall", not only to take over at a high position, but also at the low position, and the reverse operation made investors call "unclear."

Some comments pointed out that the "gold content" of Wang Zonghe's Taurus Awards is not high. The main reason is that the two funds are not large at the time of winning, only one billion yuan. Compared with other fund managers of 10 billion yuan, they face less pressure. It is worth mentioning that in the second half of 2019, Wang Zong unlocked several funds with an annualized return of less than 10%. The retained fund's annualized return was high, setting an image of excellent performance.

In fact, after being successfully created as a "National Fund Manager", Wang Zonghe's performance in the management fund has been greatly retracted.

The tide receded and found out who was swimming naked.

03 Create a new star

If Penghua's innovation in the future is a microcosm of Wang Zonghe, then Wang Zonghe is a microcosm of Penghua Fund.

In recent years, the mixed funds of Penghua Fund have been under similar average.

A more intuitive performance is that the share growth rate of the Penghua Fund's hybrid products has decreased, and the overall decline in assets.

In the third quarter of 2020, Penghua Fund's mixed product share growth rate reached 96%, asset growth reached 78%, and the first quarter assets increased by more than 60 billion yuan. However, from the beginning of 2021 to the first quarter of 2022, the share of such products had a negative growth in two quarters, and the assets were negatively growing in four quarters.

Penghua Fund needs a person to reverse the situation, but it is difficult to produce another "Wang Zonghe" from the inside. Yan Siqian, who has just jumped from the ICBC Credit Suisse Fund, became the best candidate.

Yan Siqian is one of the star fund managers who grew up with the new energy field and are called "new energy sisters".

During the work of ICBC Credit, Yan Siqian managed two funds, namely ICBC ecological environment and ICBC New Energy Vehicle.During the three and a half years of the New Energy Vehicle of Managing Industry Bank, Yan Siqian created a 306%return, and the annualized return reached an amazing 55.62%.In May 2022, Penghua Fund officially announced that Yan Siqian's joining was directly the general manager of the three ministries of equity investment, and the fund manager of Penghua Shanghai -Hong Kong -Shenzhen -Shenzhen -new growth was taken over.On June 21, the Penghua Fund announced that the new energy vehicle theme fund will be launched, and Yan Siqian will be commanded by Yan Siqian.As soon as the news came out, Yan Siqian's fans expressed their "support".

During the period, Yan Siqian publicly explained his investment concepts many times and participated in the live broadcast of Penghua Fund.After the announcement was issued, the official website of Penghua Fund and the wealth of the wealth hung up the promotional slogan "Powerful List, honored the first", and created momentum for Yan Siqian's new fund.

(Interture from Alipay)

Familiar formulas, familiar tastes, and familiar "stars", Penghua is back.

(Except for the sources alone, the above pictures are from Visual China)

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