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皇冠电子游戏网址:Xingquan Funds frequently leaves the ranks of the soldiers as running water

时间:2018/3/26 17:40:27  作者:  来源:  浏览:0  评论:0
内容摘要: In 2018, the A-share market oscillated frequently. Many people in the industry expect this year's market operation to be difficult, but on ...

In 2018, the A-share market oscillated frequently. Many people in the industry expect this year's market operation to be difficult, but on such a severe occasion, the company's fund company has experienced the departure of its core research personnel. Last week, Fu Pengbo, the deputy general manager of the company, resigned and will no longer be transferred to the company's other jobs. For Hing entire fund, this not only caused the company to lose a senior executive, but also lost the management return of the top 1 fund manager.

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Actually, in the past one or two years, neither the core investigative strength nor the senior management of Xingquan Fund Company has been gradually disappearing. Prior to the departure of Fu Pengbo, the company already had general managers Yang Dong, deputy general managers Xu Tianshu, Du Changyong, Chairman Lan Rong, star fund managers Chen Yangfan, Yang Yuebin, Zhong Ming and other figures have left. In sharp contrast to this, from the end of 2014 to the end of 2017, the public fund management scale of Xingquan Fund has increased from RMB 91.97 billion to RMB 159.742 billion. However, up to now, the total of 15 fund managers have challenged the management capabilities of the outside world. There is a serious mismatch with the scale, which also casts a shadow over the performance of the company’s equity products.

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Excellent fund managers and executives resigned in succession The fund was unable to stop

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In recent years, Hing entire fund, whether it is senior management or investment research team, is in the state of accelerated personnel turnover, high-frequency exchange of blood. Just recently, the news of the resignation of the deputy general manager of Xingquan Funding Co., Ltd. was confirmed by the government. According to the Announcement on Dismissing the Deputy General Manager issued by the Xingquan Fund, Fu Pengbo left for personal reasons on March 21, and will no longer be transferred. Other company jobs. Fu Pengbo spent 9 years in Xingquan, and management returns ranked first in the market. His total social responsibilities managed by Xingquan exceeded 97% since 9 years ago. He is the core investigative talent that Hing entire fund deserves.

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According to public information, Fu Pengbo was born in 1962 and has nearly 25 years of securities practice. He has served as lecturer in the Department of Economics and Management of Shanghai University of Finance and Economics, and manager of corporate finance department of Shenyin Wanguo Securities Co., Ltd., Orient Securities (11.950, -0.17) , -1.40%) Head of the Asset Management Department of the Co., Ltd., Chief Strategist of the Institute, Chief Strategist, Huitianfu Fund Management Co., Ltd. In July 2008, Fu Pengbo joined Xingye Global Fund Management Co., Ltd., and has successively served as fund manager, assistant to general manager, deputy director of fund management department, deputy general manager and director of research department, and has rich investment research experience.

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Prior to leaving, Fu Pengbo also managed a hybrid fund product “Xingquan Social Responsibility”, since its in January 2009, as of January 21, 2018, in nine years, the fund accumulated The returns exceeded 437%, annualized returns were 19.58%, and the largest retracement in the last three years was 47.37%. The annualized return for the past nine years was nearly 20%. The performance was far ahead of the market average, with 208 partial shares hybrid fund. Ranked No. 1 in China and ranked first in all actively managed equity funds.

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From the point of view of investment performance, Fu Pengbo is undoubtedly a “golden signboard” for the Xingquan Fund. Not only is it committed to the improvement of the Xingquan Fund Investment Research System, but it has also made obvious contributions to the establishment of its good brand reputation. Under Fu Pengbo’s management, Xingquan’s social responsibility has also become one of Xingkuo’s signature products. This time his departure is undoubtedly a major loss to the Xingquan Fund. According to media reports, some investors have already begun to consider redeeming Xingquan's social responsibilities.

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Fu Pengbo is not the first general to resign from the fund. In fact, the news of the departure of the core personnel of the Xingquan Fund has been quite common in recent years. On January 20, 2017, Xingquan Fund announced the statement that Yang Dong resigned as the general manager of the company. This heavy news was a rock in the investment circle at that time. Yang Dong founded the Xingquan Fund, and was a veteran of the Xingquan Fund. He used to be Industrial Securities (6.360, -0.05, -0.78%) General Manager, Assistant to the President, and Investment Director of the Investment Department. Since then, the Fund has always been the general manager.

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Yang Dong, I must mention is that in June 2007 when the A-shares broke through 6,000 points, Yang Dong warned the fund investors of the risk, "pains" the fund holder to redeem the equity fund , based on this, The fund is also known as the "Conscience Fund Company." The management of Xingdong Yang did not have the same goal as large-scale projects like other fund companies. He said that good brands must be based on long-term good performance. After the brand is established, the independent value of the brand will follow. The highlights, sometimes not entirely dependent on good performance, but a sense of trust. Yang Dong witnessed several rounds of bullish rotation and the departure of fund managers. By 2017, this pillar has also chosen to leave Xingquan, which is inevitably embarrassing.

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The departure of Yang Dong can be said to have opened the curtain for the resignation of the core executives of Xingquan Fund. In March of the same year, Xu Tianshu, former deputy general manager of Xingquan Fund, officially announced his departure on the blog on March 1st; former Chairman Lan Rong. Because the “Company Arrangement” resigned from the position of chairman and legal representative of Xingquan Fund on May 9, 2016; in 2003, Wang Xiaoming, who served as deputy general manager and investment director, resigned from Xingquan Fund, and left in February 2014.

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What's worse is that not only have the core managers gone one after another, but the Xingquan Fund Investment Research Team has also faced a problem of staff turnover in the past few years. In January 2015, Chen Yangfan, the original star fund manager of Xingquan Fund, chose to leave the company. After leaving the company, Chen Yangfan chose to establish a private equity company to “strengthen” in the private equity industry. In April of the same year, Xingchang Fund's "Veteran-level" figure Du Changyong resigned from the vice president's position. At the same time, Du Changyong also served as the fund manager of Xingquan Fund's first fund Xingquan convertible bonds . After resigning, Du Changyong established the Ruijin Assets, a private equity fund management company, on May 8, 2015. In July 2017, the fund manager Yang Yuebin and the fund manager Zhong Ming of the Xingquan Green Investment Mixed Fund (LOF) resigned for personal reasons.

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"Little Marathon Car" Xingquanyiyi sells 30 billion yuan a day

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According to the reporter of China Economic Net, Xingquan Fund has always been a distinctly funded company in the industry. In the early days of its establishment, the company proposed a small and beautiful boutique line. Since then, it has been sticking to this strategy and has been on a scale. Not aggressive. However, this strategy has encountered challenges as core executives and investigators have changed frequently in recent years.

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According to statistics from China Economic Net, public fund management of Xingquan Fund maintained a steady and small growth before 2014, but from the end of 2014 to the end of 2017, its scale has increased from 91.797 billion yuan to 159.742 billion yuan. In three years, it has increased by more than 74%.

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In January of this year, the company's Xingquanyiyi Mix Fund was to create a record of 30 billion yuan a day. However, in the face of such a rapid expansion, the number of fund managers under Xingquan Funds seems to be slightly higher. weak. According to the company's current total of 15 fund managers, the average size of each fund manager to manage is 12.59 billion yuan, which is tantamount to "small horse-drawn cart." From the inspection, it can be found that the phenomenon of “overkill” by fund managers of Xingquan Fund is not uncommon, and this is largely inseparable from the shortage of talents for the company's investment research.

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Insiders said that with the faster and faster fund issuance , the fund manager's cultivation speed seems to be far behind, coupled with the brain drain is inevitable, a delay, cross-border delay is not new thing. And has a large number of fund managers had enough energy to manage the funds? The facts show that the performance of products managed by “one-on-many” fund managers is uneven.

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The data shows that the average age of the 15 fund managers under the Xingquan Fund is only 2 years and 48 days. It can be said that most of them have very limited experience, and in the case of inexperience, they have to manage more funds. This is also a big challenge for them.

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According to the statistics from the China Economic Net, according to the current 10 hybrid funds under the Xingquan Fund, as of March 22, the growth rate of the cumulative unit net worth for this year was less than 2%, of which, the cumulative unit net growth rate was less than 1 There were 8% of the funds, and 3 of the funds had negative returns during the year. The highest drop was Hing Quan's organic growth (340008), a drop of up to 2.15%.

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Xingquan Organic Growth was established on March 25, 2009. As of December 31, 2017, its fund size was 5.378 billion yuan. The fund's previous performance has been performing well but this year it began to decline, which may The decline in Awkwardness is inseparable. According to the top ten heavyweight stocks in the fourth quarter of last year, Xingquan organic growth holds heavy positions holding lead puzzles (7.490, 0.17, 2.32%), Ophelia Technologies (19.710, -0.07, -0.35%), blue Synopsys (24.310, 0.21, 0.87%), three optical (24.790, -0.13, -0.52%), Yili (29.070, 0.77, 2.72%), Lungi shares (34.860, 0.83, 2.44%), Lixun Precision (23.550, -0.31, -1.30%), Wuliangye (70.420, -0.95, -1.33%), Yuhong (40.640, -1.14, -2.73%), Chinese rock (15.460, -0.05, -0.32%), while these stocks are in decline in recent state, and fell more than 4% had seven.

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From the perspective of the fund manager, the fund managers who have grown organically have undergone many changes. After 2014, the number of changes was as many as five. After the fund was managed by Chen Yangfan alone, it may have been limited to 2014. In November of this year, a fund manager was added. The fund was jointly managed by Chen Yangfan and Li Longjun. In less than a month, the fund added another fund manager Wu Shengtao. At this time, the three people jointly managed; another month or so, At the beginning of 2015, Chen Yangfan withdrew, and the fund was managed by Li Longjun and Wu Shengtao. It is also a common talent training mode for the “old people with new people”. It is equipped with a senior fund manager and 1-2 new fund managers. After the "newcomer" society, the "elderly people" gradually withdrew. By the end of 2015, the fund was managed by Ji Yuele, a fund manager. Frequent changes to fund managers not only reflect the status quo of Hing entire fund talent shortage, but also very detrimental to the growth of their fund performance.

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The other fund has a full selection of hybrids (163,411). Although the accumulated unit net value growth rate was 0.48%, the net value of the fund fell by 1.54% on March 22nd alone, drawing the attention of investors.

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Just last month, *STJin(6.740, 0.00, 0.00%) triggered a mandatory termination of listing due to continuous losses for 4 years. After the full annual report is disclosed in April, it is very likely to become the 2018 A delisting stock. This is a company that has suffered losses for many consecutive years, but it allowed Xingquan Fund to spend 1.5 billion yuan in 2014 and subscribed for 198 million shares. Although the Tingxeng shares had been lifted on September 22, 2017, the shares of the company could not be traded because *ST Jean suspended its listing on May 26, 2017. The 189 million shares of the Xingquan Fund can only be punished. Hands. At present, *ST Jean's stock price stayed at 6.74 yuan/share, according to the fixed price increase, Hing entire fund has lost 11%.

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Xingye Global Fund Management Co., Ltd. (formerly known as “Xingye Fund Management Co., Ltd.) was established on September 30, 2003. The registered capital of the company is RMB 150 million, of which Industrial Securities Co., Ltd. accounted for 51% of registered capital. Insurance International companies account for 49% of registered capital. (Reporter Kang Bo Li Rong)

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Hing entire fund company hybrid fund year performance list

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No. Securities Code Securities referred cumulative net unit growth rate (%)
1340008 Xingquan organic growth -2.15
2163406 Xingquan Herun grade -1.78
3163409 Xingquan green investment -0.53
47_89456_170_6 5473_9163412 Xingquan asset-light 0.21
5340001 Xingquan convertible bonds 0.41
6163411 Xing Xing full featured 0.48
7001511 new vision 0.77
8163402 Xingquan investment trends 0.777_89456_21 6_65473_9
9163415 Xingquan business model preferred 1.29
10340007 Xingquan social responsibility 1.74

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