Change and reappearance of investment research talents
According to the latest disclosure by the CSRC, on October 19, Harvest Fund disclosed the fund manager change announcement of its eight funds (share consolidation calculation, the same below), covering five bond funds, two hybrid funds and one stock fund. Among them, 4 bond funds and 1 hybrid fund are new fund managers, including Lai Lihui, Yin ye and Liu Ning.
At the same time, Jiashi stable income bond dismissed Qu Yang due to business adjustment, and Jiashi new starting point flexible allocation mixed also dismissed Wang Xi and Yin ye for the same reason, and employed Liu Ning at the same time. In addition, harvest low price strategy stock fund manager Li Shuai left office for personal reasons, and Luan Feng took over.
According to the relevant change announcement, it is not difficult to see that although all the new fund managers mentioned above have more than 10 years experience in securities industry, in addition to Liu Nings relatively rich practical experience in public funds, Yin Yes management period has just reached 2 years, Lai Lihui and Luan Feng are new officials who have started to manage the company since August and October this year respectively Raise funds.
As for the reasons for the above situation, Harvest Fund told Beijing Business Daily that this large-scale adjustment of fund managers mainly involves two major directions: one is to supplement or adjust the products to excellent fund managers; the other is to match fund products to investment teams with corresponding styles. However, whether it is the upgrading of investment research strategy or the adjustment of fund managers, the most direct goal is to consolidate and enhance the combat ability of the existing investment research team, continue to improve the fund performance, and ultimately benefit the investors.
In fact, this is also the case that after the end of July this year, Harvest Funds products again appear intensive changes in fund managers. It is understood that within less than half a month from July 21 to August 1, the fund managers of 12 active equity funds under Harvest Fund have changed, including the market hot products such as harvest healthcare stock and harvest consumer choice stock.
Prior to this, that is, in early July, there was market news that Harvest Fund intends to substantially reduce investment and research personnel and other relevant news. Subsequently, Harvest Fund said that for the companys new decade investment and research strategy to upgrade the personnel changes. However, it is undeniable that since the beginning of the year, the fund managers of Harvest Fund have been changing continuously, and they have been more frequent since June. According to incomplete statistics of public data, as of October 19, there were 56 fund managers changed successively in Harvest Fund during the year, accounting for more than a quarter of 200 products in the same period. Among them, as many as 40 funds changed after June.
02. Internal adjustment
In the view of industry insiders, for a fund company, the change of investment research talents is of course common and indispensable. However, whether there are other factors behind such a rapid and large-scale change, and whether it is conducive to the normal operation of fund companies and their products remains to be discussed.
In view of the frequent changes of fund managers, a fund industry researcher in Beijing said that since 2019, the structural market of A-share market has become prominent, and the money making effect of public funds is mainly concentrated in a few industries, which leads to the performance differentiation of fund managers. Under the evaluation mechanism of survival of the fittest, long-term poor performance is the main reason for some fund managers to change.
Yang Delong, chief economist of Qianhai open source fund, also pointed out that on the one hand, the current assessment of fund managers is relatively strict, and some fund managers with poor performance may also be removed or changed. On the other hand, at present, a fund manager can only manage 10 products at the same time. Under the limit of quantity, the surplus products need to be transferred to others for management. In addition, when the fund company intends to appoint star fund manager as the fund manager of new products, it may also be allowed to leave his post from some of its managed products.
From the perspective of the impact on fund companies, a public fund practitioner admitted that if fund managers leave their posts in a large area of fund companys products, mainly for personal reasons, it will not rule out the impact on the investment and research of the company, but if it is mainly due to internal adjustment such as product layout or issuance, the impact will be small. According to the statistics of 56 fund changes mentioned above by Beijing Commercial Daily, it is found that, in addition to 20 additional fund managers, the rest 36 fund managers have been dismissed, or both the recruitment and dismissal of fund managers have been announced. Among them, 32 funds have been dismissed due to business adjustment, accounting for 88.89%, and only 4 products have been dismissed due to personal reasons.
However, according to wind data statistics, as of October 19, there were as many as 8 fund managers who left their posts and had no public fund products under management during the year, ranking first among the 142 fund companies that can be counted in the whole market, including Qi Haitao, Shao Qiutao, Cai Desen and other veterans who have worked in Harvest Fund for more than 10 years. Beijing Commercial Daily reporters interviewed whether the eight fund managers were still working in the company after they left their posts, as well as the latest situation. However, as of the time of publication, no reply was received.
The development of the new decade remains to be examined
The clear upgrading of investment research strategy in the new decade and the continuous internal personnel adjustment during the year all reveal the determination of Harvest Fund to improve its investment research ability. The reasons for these actions can be found in the performance and scale changes of various products of Harvest Fund in recent years.
Taking the secondary classification as an example, compared with the average performance of the past three years, wind data shows that, as of October 19, among the 61 actively managed stock funds and hybrid funds (shares are calculated separately, the same below) under Harvest Fund, except for 21 ordinary equity funds, which outperformed the average 67.39% of the same category with an average net value growth rate of 69.17%, 14 partial stock hybrid funds have been included in the statistics 21 flexible allocation funds, 3 partial debt hybrid funds and 2 balanced hybrid funds all underperformed the average performance of the same kind in varying degrees. Among them, flexible configuration type lost 14.15 percentage points, balanced mixed type lost 13.09 percentage points, partial stock mixed type and partial debt mixed type also lost 9.75 and 2.16 percentage points respectively.
It is worth mentioning that, with the unknown performance of its active products in recent three years, Harvest Fund, as one of the old ten, has experienced a counter trend decline in the scale of non monetary funds when public equity funds have been greatly developed. Wind data shows that by the end of the first half of 2020, the scale of non monetary funds under Harvest Fund (excluding the market value of ETF feeder funds) was about 259.36 billion yuan, down 1.88% from 264.327 billion yuan at the end of 2019. At the same time, the size of the Monetary Fund increased by 26.3% from 248.112 billion yuan to 313.368 billion yuan. As a result, the proportion of cash funds monetary fund scale to the total scale by the end of the first half of this year was as high as 54.71%, the highest among the old ten, exceeding 53.42% of Penghua Fund, and the remaining eight were all below 50%.
Looking at the product structure of Harvest Fund in recent years, it is not difficult to find that this veteran of public offering, which has been established for more than 21 years, has been far ahead of the original equity fund, and now the monetary fund has gradually occupied half of the country. According to the data, as of the end of the fourth quarter of 2017, the scale of stock funds superimposed on hybrid funds still accounted for 52.3%. However, since the end of the second quarter of 2018, after the first 50% of the total management scale of the monetary fund, except for the end of the fourth quarter of 2019, its hegemony position is hard to shake.
For the head office, large scale is on the one hand, strong performance is on the other hand, large does not necessarily represent strong. Therefore, the head office should continue to pay attention to and do a good job in the performance of its products in order to maintain its advantages. Yang Delong also said that at present, there is obvious differentiation in the public fund industry, and the most important thing for head institutions is to improve their investment and research ability and product performance, so as to live up to the expectations of the holders. At the same time, we should also enhance the brand value and popularity of the company, and do a good job in the maintenance of channel resources, so as to maintain the competitive advantage. From June to now, the start-up time for the upgrading of investment and research strategy of Harvest Fund in the new decade is still short. It will be time to verify how it will develop in the future and what changes it will bring to harvest fund. Source: Yang Qian, editor in charge of Beijing Business Daily_ NF4425
Yang Delong also said that at present, there is obvious differentiation in the public fund industry, and the most important thing for head institutions is to improve their investment and research ability and product performance, so as to live up to the expectations of the holders. At the same time, we should also enhance the brand value and popularity of the company, and do a good job in the maintenance of channel resources, so as to maintain the competitive advantage.
From June to now, the start-up time for the upgrading of investment and research strategy of Harvest Fund in the new decade is still short. It will be time to verify how it will develop in the future and what changes it will bring to harvest fund.