A Survey Of Fans Of "Star Fund Managers": Do Holders Begin To "Vote With Their Feet" And "Hot Money Curse" Again?

According to a survey conducted by the 21st century economic report, many fund companies conducted strong and continuous marketing with the help of market outlets at the beginning of the year, which brought a lot of holders' increment. However, the fund's performance is not good and it is facing the "voting with feet" of the holders.

Take the active equity funds with a scale growth of more than 2 billion as of June 30 this year (the date of establishment of the fund is up to December 31, 2019) as an example. There are six funds (by share Statistics) including Galaxy Hemei life, Penghua Hongkang A / C, Haifutong stock and GF trend preferred a / C. since this year, the return as of September 16 is still less than 10%.

This change has brought a series of impacts on channel sentiment such as banks.

According to industry insiders, some channels have cooled down in the recent promotion of equity funds.

A direct response is that some funds in the fund-raising period are facing difficulties in issuing, and even announced the extension of the fund-raising period. On September 16 alone, there were both announcements on the selection of best growth of Beixin Ruifeng and growth selection of Haifutong.

And in this kind of change, the enlightenment is not only here.

Strange circle of "scale rising, performance not rising"

As of June 30, among the active equity funds with a scale growth of more than 2 billion since this year (the date of establishment of the fund is up to December 31, 2019), the one with the worst performance in the year was galaxy and American life.

According to the 21st Century Capital Research Institute, Galaxy and midlife was founded on November 22, 2018, and the fund's return so far this year as of September 16 was 1.02%.

However, in the first half of this year, the size of the fund has increased by more than 2.1 billion yuan.

Before the scale explosion, at the beginning of this year, the scale of life in galaxy and America was only 128 million yuan. According to the data, in the whole year of 2019, the return of galaxy and the United States life is 24.43%, while the performance benchmark of the fund in the same period is 24.87%, and the fund fails to meet the performance benchmark.

Compared with the total scale of 234 million yuan when the fund was issued, the scale of the fund will be 128 million yuan by the end of 2019.

Why can a poor performance fund abandoned by investors grow by as much as 2 billion in the first half of this year?

According to a survey by 21st century economic reporter, Galaxy and the United States changed their fund managers in February this year, or it was the main trigger.

The fund manager from the former Yuan Xi, changed to Zheng Weishan and Lou Huafeng. Zheng Weishan is the eighth star fund manager in the income list in 2019. The galaxy innovation growth managed by him will achieve 97.12% return in 2019.

With the blessing of star fund managers, Galaxy and American life have obviously realized tens of times of scale growth with the help of this "east wind".

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According to the reporter's investigation, at that time, Galaxy fund also made a lot of continuous marketing investment for the new management of galaxy and beauty life by Zheng Weishan. It is obvious that the galaxy innovation and growth managed by Zheng Weishan will be "bundled" to highlight its performance in 2019.

Among them, 748 million households in the United States hold about 1.748 billion shares, accounting for about 0.784 billion shares. At the end of 2019, there were only 212 holders of the fund, of which individual investors accounted for only 2.61%.

In other words, the new holders of galaxy and American life since this year are mainly individual investors.

But this year's performance of this fund will disappoint these individual investors.

According to the semi annual report data, the net share growth rate of galaxy and midlife in the past six months was 3.08%, while the benchmark yield of performance comparison in the same period was 3.85%.

In fact, Zheng Weishan has been the fund manager of Galaxy innovation and growth since May 2019, which is his first time as a fund manager. In February this year, Zheng Weishan began to take over the life of galaxy and the United States. In May, he served as the fund manager of the new fund of galaxy Zhenxuan multi strategy.

"Through short-term performance packaging or even concocted star fund managers, investors are difficult to distinguish." On September 17, the investment director of a large fund company in Beijing pointed out.

In addition to galaxy and Meili life, Penghua Hongkang, Haifutong stock and Guangfa trend optimization have all fallen into an embarrassing situation of "Deviation" between scale and performance.

The test of performance sustainability

According to the data of 21st Century Capital Research Institute, the return of Penghua Hongkang A / C shares is 2.06% and 1.95% as of September 16 this year, and the scale of the fund has increased from 110 million yuan at the end of last year to 2444 million yuan in the first half of this year; the return of Haifutong stock is 3.34% up to September 16 this year, and the scale of the fund has increased by 2.579 billion yuan in the first half of this year In the first half of this year, the scale of the fund increased by 5.641 billion yuan, while the A / C share income of the fund was 6.1% and 5.82% respectively as of September 16.

Another logic that institutions are reluctant to accept is becoming a reality.

Although a period of brilliant performance can attract a large number of customers and earn high management fees in a short period of time, the negative impact on the fund is also very obvious if the performance of the fund fails in the following year or more.

According to a survey conducted by 21st century economic report reporters, while fund companies rely on management fees to "guarantee revenue through drought and flood", the holders will "vote with their feet" quickly.

The background is that many channels have high access threshold for public funds. For some fund companies with large performance fluctuation and insufficient performance sustainability, channels are strictly controlled.

Our reporter learned that a public offering fund with good performance last year has been unable to enter the "fund circle" of a top channel for a long time. The reason is that the channel has high requirements for performance sustainability.

"The channel should also be responsible for its own customers. Once the performance loss of the funds vigorously marketing appears, it will damage the reputation of the channel itself, and also lead to the loss of customers. So some institutions have high requirements for screening funds. " A reporter from a listed bank in East China told a reporter.

"We are also very strict in selecting funds. Our goal is to select high-quality products with excellent historical performance, clear investment logic, strong investment research platform and sustainable future probable performance." The person said.

It points out that performance sustainability is crucial, and they prefer fund managers with excellent long-term performance, significant excess return and strong performance stability. For fund managers with outstanding historical performance, they will learn about their investment and research experience, ability circle, investment philosophy, stock selection logic, portfolio construction methods, etc., and comprehensively select fund managers with clear investment logic.

History repeats itself again?

From the past experience, some fund holders have been completely locked up after falling below the net value of $1, and the fund companies "earn management fees in vain".

At the same time, the performance of hot money funds is not good, and some holders will "vote with their feet" quickly, which will turn the fund into a "mini fund".

For example, the "three swordsmen of Chinese businessmen" in Mingzhen fund circle earlier.

As early as 2010, Shengshi, a Chinese businessman jointly managed by sun Jianbo, Zhuang Tao and Liang Yongqiang, achieved a return rate of 37.76%, and won the public offering income champion of that year by nearly 7% over the second place, and defeated Wang Yawei, the star fund manager.

After the "three swordsmen of Chinese businessmen" became famous in the first World War, the market also gave a warm response. According to the data, at the beginning of 2010, the growth scale of the prosperous age of Chinese businessmen was only 2 billion yuan. By the end of 2010, it had increased to 12.6 billion yuan, an increase of 530%.

The scale of management of Chinese funds has also expanded rapidly. At the end of 2009, the management scale of Chinese business fund was about 13 billion yuan. One year later, its scale has exceeded 40 billion yuan, with an increase of nearly 30 billion yuan. Among them, the issue of more than 10 billion Chinese strategy selection, is to add a fire to it.

A year later, however, the situation deteriorated sharply.

The growth performance of Chinese merchants in Shengshi fell from the previous champion to 27.92%, ranking the bottom of the list. At that time, the Chinese business strategy selection of the popular fund at that time also ranked lower than that of the 26% drop. The performance of the fund is not good, and the management scale of Chinese fund has also declined significantly.

Another example is Ren zesong, the "first brother of public offering", whose management of China Post strategic emerging industry ranked first in the whole market in 2013.

However, in the period of "excellent fund management" in 2015, the fund management of taijimatsu also fell rapidly, and even turned to the peak of fund management in 2014.

"Blockbuster funds tend to appear in the past outstanding star fund manager's new products, or the stage of a better rise in related theme products." Executive vice president of the fund, Shi Ying.

Shi Jing pointed out that investors must understand the importance of making good capital planning before investment, and understand that the volatility of equity funds is often more than 20%. If the holding time of funds is very short, no matter which excellent fund manager management is, it may bring losses to customers.