Many people are overjoyed by the crazy structural market this year, and for professional institutional investors, there are countless funds with an increase of more than 50%. But under such circumstances, the performance of some experienced and top 10 billion private equity fund companies is disappointing.
According to the data, Yingxue investment has a total of 18 funds updated during the year, but seven of them have suffered losses. As of July 17, 2020, the loss of CITIC Trust Yingxue Shuangxue 2 was 18.45%, which reduced the cumulative yield of the fund established on May 29, 2013 to 6.85%, and the annualized yield was less than 1%.
Short term has always been the observation index criticized by institutional investors, but even if viewed in a long time, the fund still has nothing to do with excellent funds. Because its yield in the last five years, the last three years, the last two years, the latest year and the last half year were - 56.02%, - 52.49%, - 52.18%, - 37.03%, - 18.62% respectively.
The range of net worth withdrawal is an important indicator to measure the stability of the fund. However, the maximum historical withdrawal value of Yingxue Shuangxue 2 is as high as 64.42%, which occurred on July 3 of this year. However, this day is the time for the Jedi to rebound. No matter from the perspective of small and medium-sized enterprises index or from the long-term downturn of Shanghai Stock Exchange 50 index, this day is in the process of rising Frost snow 2 this completely opposite performance is really puzzling.
In addition, the net value performance of Yingxue No.1 and Yingxue flexible hedging No.1 of industrial trust were - 6.05% and-5.03% respectively in the year, and the data deadline was June 30, 2020 and July 17, 2020, respectively. Different from the long stock strategy of Yingxue Shuangxue 2, Chuang Jin Hexin Yingxue No.1 is a fixed income strategy, but the historical maximum withdrawal value is also 10.32%.
From the historical rate of return, we can see that the main loss of Chuang Jin Hexin Yingxue No.1 comes from this year. The data shows that the performance in the last three years, the last two years, the latest year, the last half year, the last three months and the last month are 12.76%, 7.28%, - 1.29%, - 6.05%, - 8.59%, - 9.60% respectively. But from the performance of public bond funds, most of them are profitable in the same period.
Yingxue flexible hedge No.1 is also a stock strategy long fund. Since its establishment on May 25, 2015, the cumulative yield has been 24.28%, with an average annualized rate of about 4%, which can only be regarded as average performance, but the maximum withdrawal value is 22.52%.
In addition, Yingxue Changying No.1 and Yingxue baizhangbing No.2, which are 34.32% and 31.78% respectively, have a higher historical withdrawal value.
From the perspective of fund managers, most products are operated by Zheng Yu, who is also the legal representative and chairman of Yingxue investment. Zheng Yu has 17 years of investment experience. He was the head of Guosheng securities self support department. He has rich experience in stock investment and bond investment, and is proficient in various trading strategies. In April 2012, he established Yingxue investment.
Zheng Yus investment style is biased towards growth stocks, based on the accurate bottom-up stock selection ability, fearing market challenges and daring to reverse investment. A big rise in stocks is the biggest negative, and a big drop is the biggest positive. Zheng Yu once said that reverse investment seems to run counter to the views of most people in the market, but it is the most appropriate price to buy when most people sell and sell when they all buy in the market.
In terms of position, Zheng Yu frankly said that his shareholding concentration is relatively dispersed, and the maximum position is no more than 10%, which is to improve the probability of winning the purchase of stocks, and then reduce the risk and obtain stable returns. At the same time, the holding period of Zheng Yu will be longer, and the turnover rate is not high.
In addition, the investment research team of Yingxue investment also includes Wang Peng and Liu Yidong. Wang Peng once worked in China Research Department of UBS group; from December 2004 to June 2009, he worked in Harvest Fund Management Co., Ltd., served as social security portfolio fund manager from November 2006 to July 2007, and Fenghe value securities investment fund fund fund manager from July 2007 to May 2009; he joined noan fund management Co., Ltd. as deputy investment director in June 2009, and is now Yingxue investment Partner / deputy general manager of the company.
Liu Yidong is the co director of Yingxue investment research department and the joint director of investment business of the new third board. He once worked in Lucent technology R & D department, engaged in the development and testing of switch signaling; VIP enterprise management consulting (Shanghai) Co., Ltd. served as the senior Consulting Manager, responsible for a number of merger and acquisition projects; Shanghai Dehui Investment Management Co., Ltd., as a partner, was responsible for equity investment of several projects, and is now the deputy general manager of Yingxue investment.
High net value of fund, hidden danger of withdrawing deposit, difficulty in redemption of participating management products
For fund investment, high volatility has always been a risk factor that professional investors try to avoid. However, in Yingxue investment, the value is so large that people cant believe it, and it also buries hidden dangers for the company.
At the beginning of this month, according to the economic observer, an investor purchased a product called Foreign Trade Trust - special products of Ruizhi selected Yingxue bond (phase B) (hereinafter referred to as Reich selected Yingxue bond special product B) in the bank in March 2019, with a purchase amount of 2.9 million yuan. Now, more than 2 million products in the investors account can not Redemption, and a number of investors who bought the product also encountered the same problem.
It is reported that the trustee of the product is China Foreign Economic and Trade Trust Co., Ltd. (hereinafter referred to as foreign trade trust) and the investment consultant is Yingxue investment. In the subsequent communication between these investors and relevant institutions, the relevant person in charge of Yingxue investment said that the series of products mainly invested in credit bonds. After liquidity risk, it is currently in liquidation, and the scale and loss amount of specific credit bonds can not be disclosed at present. In the later stage, we need to make further inquiry on the bonds held in the market. If the market is better, the liquidation period may be accelerated. In addition, Xiwang Groups default bonds held by the product are also actively involved in the communication and disposal.
According to the reporter of China economic network, the latest net value of special B period of Ruizhi selected Yingxue bond disclosed by the third party platform is only until February 21, 2020, and the accumulated unit net value at that time is 0.9585 yuan, and its strategy is fixed income / pure debt strategy.
Foreign Trade Trust issued an announcement this month that the fund held 16 Xinhua bonds (136183), 19 new Hualian mtn001 (101900660. IB) and a series of bonds issued by Xiwang Group Co., Ltd., specifically including 15 Xiwang 01 (136066), 16 Xiwang 01 (136154), 16 Xiwang 02 (136497), 19 Xiji (155380), 18 Xiwang cp001 (041800382), 19 Xiwang scp001 (011900800), 1 9 Xiwang scp002 (011900931) and 19 Xiwang scp003 (011901154) were incorporated into the side pocket account of the fund on February 24, 2020. The side pocket account adopts the completely closed operation mode and stops the purchase and redemption of account shares. After the liquidity of the side pocket account is restored, the manager and the investment consultant shall, in accordance with the market conditions, dispose of the realized side pocket account assets in accordance with the principle of maximizing the interests of the fund assets, and timely pay the corresponding amount of the realized part to the fund holders of the side pocket account.
It is reported that at present, a number of bonds of new Hualian Holdings Co., Ltd. and Xiwang Group Co., Ltd. have substantially defaulted. Its bonds were also downgraded to C. After default, the bonds held by the above funds can not be traded in the secondary market, and they can only wait for the bond issuers to dispose of the default bonds.
In addition, a fund set up by Yingxue investment in 2015 also had problems. According to the public information of private funds of the fund industry association, the product is called Minsheng Tonghui frost snow asset management product, the fund manager is Shanghai Yingxue Investment Management Center (limited partnership), the trustee is China Minsheng Bank Co., Ltd., and the operation status shows that it is deferred liquidation.
The establishment time of the product is February 5, 2015, and the filing time is March 9, 2015, but the last update time of fund information is only until May 31, 2018.
According to the report of China business daily, Nanfang Silver Valley had reported to Shenzhen stock exchange that there was an association between several shareholders of Wantong technology, such as Zheng Yu, Liangshan, Liu Han, Wang Yadong, Li Zhen, Lin mushun, Fujian Guangju Information Technology Service Co., Ltd., Shanghai Yingxue Investment Management Center (limited partnership), Tibet Jingyuan Investment Management Co., Ltd., and so on Whether there is a relationship of concerted action or other interest arrangements between the parties concerned.
According to Wantong science and Technology Quarterly Report, Liangshan, Liu Han, Lin mushun, Wang Yadong, Fujian Guangju Information Technology Service Co., Ltd. and Tibet Jingyuan Investment Management Co., Ltd. mentioned in the above-mentioned Southern Silver Valley proposal are among the top ten shareholders or circulating shareholders of Wantong technology.
According to a number of media reports, after Southern Silver Valley became the owner of Wantong technology in 2018, shareholders with the same capital background continuously formed a second important force by introducing natural person shareholders or increasing their holdings. According to reports, the shareholders mentioned above have alumni relations with Zheng Yu, Lin mushun, Shanghai Yingxue Investment Management Center (limited partnership), Li Zhen, Liang Shan and Liu Han.
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