With the strong rise of the stock market in the first half of 2019, the issuance of new funds in the first half of the year also reached a new high. According to the data, in the first half of this year, the total fund raised by new fund issuance was 479.325 billion yuan, and the top 20 fund companies accounted for more than 67% of the total fund raised. From the number of fund issuance, the number of new funds of 14 fund companies, such as Huaxia Fund, Ping An Fund, Southern Fund and Huaan Fund, was more than 10 in the first half of the year.
According to the data, Wanjia Fund was founded in February 2006 and is a Shanghai-based securities firm. Although unlike the old fund companies such as Nanfang, Huaxia and Jiashi, which were founded before 2000, Wanjia has a history of 17 years since Tiantong Fund, whose predecessor was founded in 2002.
By the end of June 2019, the management scale of 10,000 funds was 92.037 billion yuan, with 66 funds (share consolidation statistics), 18 fund managers and 47.539 billion yuan, ranking 38th out of 135 fund companies.
By analyzing the composition of all kinds of funds in ten thousand funds, we can find that compared with 2017, the total size of the funds increased by about 21.451 billion yuan, with a growth rate of 34%. Among them, the equity category increased by 3.419 billion yuan, and the monetary type increased by about 13.516 billion yuan. That is to say, although the scale of equity category is also growing, the growth is slow, and the growth of IMF is dominant. The rapid growth of the scale of IMF has led to the rise of the size of the entire fund company.
This method of rapidly enlarging the size of the IMF, thus driving the rapid growth of the total assets of the fund companies, has become a magic weapon for small and medium-sized fund companies to rapidly expand their scale. It is only through the impulse of the size of the IMF that the total size of the capital management rises, but at the same time, it does not bring much tangible benefits to the fund company in terms of net profit.
Data from: Tonghuashun iFinD, unit of 100 million yuan.
As we all know, the proportion of management fees of equity funds in all kinds of funds is much higher than that of monetary funds. Taking Wanjia quality as an example, the extraction ratio is listed as 1.5%, while the management fee of IMF is 0.33%, and that of Wanjia currency B is 0.33%. This point can also be clearly shown in the management fee income, for example, 10,000 currencies B, the scale is 13,414.5 billion yuan, and the management fee income in fiscal year 2018 is 42.82 million yuan. The quality of equity funds is 3.056 billion yuan, and the management fee income is 56.6 million yuan in 2018. The scale is only a quarter of the other partys, but the management fee income is more than 10 million yuan more than the other partys.
In order to improve the net profit of fund companies, it is imperative to vigorously develop equity funds, increase their proportion in the management of fund companies, and realize that the two legs of fixed-income funds and equity funds walk together.
Half of the fund managers are inexperienced and will be under pressure.
From the current market situation, the phenomenon of fund managers procrastination has become common, but the fund managers of ten thousand funds obviously have to be more hard, not only a Procrastination of three, but also a Procrastination of N. Those veterans are N + N. The first N represents the number of funds managed independently, and the second N represents the number of funds managed jointly with others.
Take old generals Su Moudong and Mohaibo for example, Mohaibo manages six funds independently plus three jointly managed funds, and Su Moudong manages seven funds independently plus three jointly managed funds. The work intensity and performance pressure of fund managers of Wanjia Fund can be seen.
Fund managers have limited energy. If a person manages too many funds, can he do everything? Does this also reflect from another aspect that 10,000 funds have not done a good job of talent reserve while facing the huge growth of capital management scale? The fund managers in the company have not been trained more, while the excellent fund managers outside have not been absorbed, so the shortage of talent causes the situation of the fund managers in a protracted way.
Faced with the frequent flow of talent in the fund industry and the lack of talent in the investment and research team, the fund industry has taken some measures to vigorously support young fund managers. Analyzing the experience of these 18 fund managers, we can see that eight of them have a working life of less than two years, and five of them have a working life of less than one year. They are promoted from the positions of researcher or assistant fund managers to fund managers. There are six employees with two to four years of service, while only four employees with four to six years of service.
Veteran General Mohaibos Overburdened Performance Differentiated Obviously
Look up Mohaibos resume. Since 2010, he has been a researcher, strategist and investment manager of Fortune Securities, Bank of China International Securities. In March 2015, he joined Wanjia Fund Management Co., Ltd. and is currently Director of Investment Research Department. Mohaibo delays 11, which requires high comprehensive management ability, and each fund has to spend a considerable amount of energy to manage, which results in a large difference in fund performance under management.
Among them, the best performance is Wanjia Selection, with a performance return rate of 44.79% since May 2015. The poorest performance is the Wanjia Mixed Selection Fund, which was established in December 2017 and has achieved a performance return of - 16.09% since its inception. This fund has risen by 7.67% and - 18.95% in this year and nearly a year respectively, while the Shanghai and Shenzhen 300 have risen by 18.33% and 9.82% in the same period. It ranks 2023/2793 and 2635 48 in the same category, far behind the average increase of the same kind and 300 in the same category, far behind the Shanghai and Shenzhen 300 in the same ranking.
Looking at the 2018 report, the turnover rate was 287%, but the high turnover rate did not bring good performance. The persistent poor performance has led to the shrinking of the size of the fund. By the end of 2018, there were 448 million shares and 339 million net assets, but by the end of June 2019, the total share had shrunk sharply to 182 million, the net assets had shrunk to 145 million yuan, and the total share had shrunk by 157 million yuan in a short half year.
Referring to Mohaibos fund, we have to say that 10,000 social responsibility companies will open A/C in 18 months. The fund was established on March 21, 2019. This is the first contract in China that stipulates that 5% of net management fee income (after-tax) will be used for public welfare. The idea is to draw lessons from international leading investment strategies related to social responsibility, establish an original scoring model of social responsibility, select listed companies with strong sense of social responsibility and excellent corporate governance, and strive to obtain long-term excess returns.
In addition to the theme of social responsibility, the fund also has a distinct feature, that is, to adopt an 18-month regular open operation mode. Mohaibo, a fund manager, said that by adopting an 18-month opening strategy, fund managers would be able to lay out their positions in the medium and long term, reduce turnover rates, and screen out high-quality industries and stocks with real prospects for development, so as to obtain Alpha returns beyond the market.
But as of July 18, 2019, Wanjia Social Responsibility opened A for 18 months. The net value of the fund was 0.94, and the growth rate since its establishment was - 6.35%. The net value of social responsibility of Wanjia was 0.94 in 18 months, and the growth rate was - 6.5% since its establishment. The main reason is that it happened in March this year, the short-term rise of the stock market is too large, and there are some adjustments. After the establishment of the fund, the rapid construction of warehouses at a high level is precisely due to the overall market pullback, with negative natural growth rate. But this is a short-term factor. In the long run, investors can only wait to see if the director can bring excess returns.
In April this year, Fang Fang, chairman of Wanjia Fund, said one day that in the changeable market environment in recent years, Wanjia Fund continued to lead the market by relying on its hard core strength. In the future, Wanjia Fund will not forget its initial intention, as always focusing on the continuous improvement of investment management capabilities, and return investors with long-term stable investment performance.
Admittedly, the past performance of Wanjia Fund is also good, but this mainly depends on several star fund managers. Nowadays, many old people have left, and young people account for an absolute number of fund managers, which is obviously not a good thing for the capital market with more violent fluctuations and more complex situation.
The current general manager, Jing Xiaoyun, came to Morgan in 2016. According to the data, he worked in Shanghai Finance Securities Company and Shanghai Securities Co., Ltd. successively, and from January 2011 to July 2016, he was the vice president of Morgan Fund Management Co., Ltd. On July 28, 2016, the successor served as general manager of Wanjia Fund for one day.
Source: Liable Editor of Jin Zhengyan Research Institute: Liu Song_NBJ9949