What have the eight companies behind the Big Mac fund experienced in the past five years?

category:Finance
 What have the eight companies behind the Big Mac fund experienced in the past five years?


Riding the wind

Life depends on KangBo.. In the fund industry, no one knows this better than e-fonda.

Before 2015, e-fonda was the third largest player in the industry for a long time (non monetary scale). In the first half of 2015, e fund issued two new development funds with a scale of 10 billion, and its partial stock active fund jumped from 42.9 billion yuan to 148.1 billion yuan. With a growth rate of 245%, it has achieved a 100 billion level expansion and become the largest non monetary fund company.

Since this year, the newly established active partial equity fund of e fund has reached 66.5 billion yuan, which is far ahead of its peers.

Among them, the issuance scale of e-fontas balanced growth reached 27 billion yuan, and the issuance volume of a fund exceeded 95% of the total issuance volume of active equity of peer companies.

Although huitianfu, a Shanghai based fund company, is thousands of miles away from e-fonta, its development pace is quite similar, which can be called God synchronization.

The above chart shows the change of non monetary scale between e-fonda and huitianfu in recent ten years. It can be seen from the figure that the wave rise curves of the two companies are very similar, but the amplitude is different.

They are good at riding the wind. In 2015, huitianfu medical issued 26.1 billion yuan, following the new silk road of e-fonda. Since this year, huitianfu has issued four partial stock hybrid funds, three of which are over 10 billion.

In terms of specific fund types, the gap between huitianfu and e-fonda has been significantly narrowed in recent years. However, there is still a big gap between the index stock type and bond type. The following is a comparison of the scale changes of the partial stock initiative:

Calm waves

A fund manager who has worked at Jingshun Great Wall for nearly 10 years told the interface news reporter that he always remembered the words of the general manager when he was in the induction training: prefer to take a long stream of water rather than break the bank..

Jingshun Great Walls management scale in the past ten years has also been changing.

Before 2015, Jingshun Great Walls partial stock active fund was not as good as e-fonta, sometimes even better than e-fonta. However, in the first half of 2015, Jingshun Great Wall was thrown out of 800 streets: from 46.8 billion yuan to 58.2 billion yuan, an increase of 24%, an increase of 11.4 billion yuan. The growth rate is only one tenth of that of e Fonda. As shown in the figure below:

That is to say, in addition to the Shanghai Hong Kong Shenzhen selection, the scale of Jingshun Great Walls active equity has almost no increase in the first half of 2015. Looking back at that years performance, in 2015, when the market doubled its base, there was no active fund under Jingshun Great Wall to double its income. On the other hand, many big blue chip and value style funds have been wildly redeemed by investors due to their slow rise in bull market.

Market shock waves split shore, Jingshun Great Wall is always calm. As can be seen from the above figure, the scale of equity biased funds of Jingshun Great Wall is relatively stable from 2016 to 2019.

However, on the total amount of calm, the number one is also harvest fund. The following is a graph of non monetary scale over the past decade, of which blue is Harvest Fund:

Because harvest itself is a super ship. The figure below shows the change chart of management scale of partial stock active fund of Harvest Fund in recent 10 years. It can be seen that the previous seven years have been relatively stable rise:

However, since 2018, the scale trend of partial stock initiative of Harvest Fund has been fluctuating downward, which has not recovered significantly with the recovery of the market.

The big ship is steady and seems to have less momentum. However, as can be seen from the personnel change data, harvest is trying to make itself younger.

In the past five years, Jiashi has three personnel indicators that are the first in the industry: a total of 27 people have left the company, 50 new fund managers and 61 current fund managers (wind data, June 1, 2015 to June 4, 2020)

During this period, some fund managers just left Jiashi. Dong Li and Ji Wenhua have successively invested in Xingzheng Global Fund. Li Huasong went south to Shenzhen and became equity investment director of Ping An fund.

Borrowing debt expansion

ICBC Credit Suisse fund has two highlight moments in five years.

The first highlight moment was in the second quarter of 2015, when the number of partial active funds exceeded 100 billion (105.1 billion yuan) for the first time. In the current quarter, ICBC Credit Suisse Internet plus, which is jointly managed by Liu Tianren and Wang Shuojie, was launched, with an initial offering of nearly 20 billion yuan. However, the later performance of the giant fund broke the hearts of the people: since its establishment, the biggest drop has been 74%, and its net value is less than 50%, becoming the worst one of the eight funds in that year.

After the addition of ICBC Internet, ICBC Credit Suisse no longer has the initiative rights and interests to burst funds, and the relevant scale fluctuates and falls. It was not until 2019 that the performance of active equity funds began to climb slowly again.

The second highlight is in the first quarter of 2017. At the end of the quarter, the scale of ICBC Credit Suisse Bond Fund exceeded 300 billion. The breakthrough came from institutional customized funds: a 90 billion scale bond base was established in this quarter, and ICBC Fengchun fixed to open bonds in half a year. The fund has set a new record that has not been broken so far, becoming the largest product in the history of public funds. However, only half a year later, the holders withdrew most of the funds, leaving only 1.8 billion yuan of the product.

Compared with equity funds, the development of ICBC Credit Suisse in recent years depends more on the expansion of bond funds.

According to winds data in the first quarter of 2020, the non monetary scale of ICBC Credit Suisse is RMB 214.7 billion, including RMB 50.4 billion for partial stock initiative, RMB 12.8 billion for index stock and RMB 142.5 billion for bond. Bond funds account for 66%.

Different from the market impression, the increment of Dongzheng asset management in recent two years also comes from the contribution of bond funds.

In the public fund circle, Dongzheng capital management came late and became famous early. In January 2014, Dongfang Hongcai issued the first public fund. Just more than a year later, Dongfanghong has achieved a 10 billion level burst of funds, known as Dongfanghongs China advantage. Today, the funds return is 88%. It is also the best performing fund among the 10 billion funds in 2015.

Since 2014, the management scale curve of Dongfanghong non monetary fund has increased slightly with a 45 degree oblique line. The withdrawal is small and the increase is large, just like a blue chip equity fund.

In fact, most of Dongfanghongs scale does come from the contribution of partial active funds. The latest non monetary scale is 121.6 billion yuan, of which 69.5 billion yuan is partial active.

The fastest growing stage is 2017. In that year, the concept of beautiful 50 was popular, which was highly consistent with the industry leading style preferred by Dongfanghong. Six of the top 10 mixed fund performance lists in that year came from Dongfanghong.

However, since 2018, the size of the partial stock fund of the asset management of Dongzheng has fluctuated greatly, with little increase. According to wind data, the scale of partial equity funds in the first quarter of 2018 was 73.5 billion yuan, but in the first quarter of this year, it fell to 69.6 billion yuan.

o open or find a new path or snap course

The first wave peaked in the second quarter of 2015, when the non monetary scale was 259.8 billion yuan.

The second wave is now the new height of Wells Fargo fund, with a non monetary scale of 272.8 billion yuan.

Of the non monetary scale of Wells Fargo fund in 2015, 60% came from index stock fund. At that time, Wells Fargo fund had 10 hierarchical funds, covering state-owned enterprise reform, military industry, industry, gem, securities, mobile Internet, new energy vehicles, coal, banks and even sports. Among them, there are many products with a scale of more than 10 billion, and the largest one has a scale of 56 billion yuan.

But the rich country fund did not fail. Since 2019, the scale curve of Wells Fargo fund has picked up again.

That is to say, the first wave peak comes from the contribution of rating funds, and the second wave peak comes from the contribution of bond funds.

The partial stock active products of Wells Fargo fund also show the trend of Jedi counterattack after experiencing the shock and fall. The current scale is 89.6 billion yuan, which is also the companys new record. From the beginning of 2019, the scale of partial active funds has doubled.

In line with the new high is the phased performance. According to the wind fit performance statistics, Wells Fargo funds performance in 2019 and this year is the best of the eight companies. (data as of June 22)

Stars fall

China Post Fund was once famous for three swordsmen. Ren zesong became a white horse fund manager in Jimins mind by virtue of his good performance in 2013, 2014 and 2015. However, the plot began to reverse in 2016: many heavy stocks exploded, Ren zesong left the public offering, and Deng Lixin was investigated. Three swordsmen disintegrated and the former general manager died suddenly China Post Fund has entered an eventful autumn. In March 2018, the new management carried out radical reform on the original investment and research system, and put forward the reform plan of the investment and research system with the concept of absolute income as the core. As can be seen from the above figure, from the end of 2018, the scale of China Post Fund has stabilized and entered the climbing period again. Source: editor in charge of interface news: Yang Bin_ NF4368

China Post Fund was once famous for three swordsmen. Ren zesong became a white horse fund manager in Jimins mind by virtue of his good performance in 2013, 2014 and 2015. However, the plot began to reverse in 2016: many heavy stocks exploded, Ren zesong left the public offering, and Deng Lixin was investigated. Three swordsmen disintegrated and the former general manager died suddenly China Post Fund has entered an eventful autumn.

In March 2018, the new management carried out radical reform on the original investment and research system, and put forward the reform plan of the investment and research system with the concept of absolute income as the core. As can be seen from the above figure, from the end of 2018, the scale of China Post Fund has stabilized and entered the climbing period again.