discordcryptogames| To replace 5 fund managers in 7 days, what is Pengyang Fund doing?
editor 2024-04-29 13:01:44 Nature 22
Text | produced by Yang Fan | the way of making money in the world
Recently, the speed of replacement is quite like "Walking Horse Lantern".DiscordcryptogamesHey, what happened to this fund company?
On April 25, Pengyang Fund replaced another fund manager. The company issued a notice that Shi Hongjun no longer serves as Pengyang Yuanhe quantitative market preferred fund manager because of the need of work.
Taking into account that since April 18, within a week, Pengyang Fund has replaced five fund managers of its seven funds (An and C shares are calculated separately, the same below).
This intensity is obviously a little unusual.
(source: Tiantian Fund Network)
Is there going to be any big move for the Pengyang Fund? How is the performance of this fund company?
The veteran is overwhelmed.
The seven replacement funds correspond to five fund managers, including three retirees and two additional hires.
In addition to Shi Hongjun, the other two outgoing fund managers are Jiao Cui and Chen Zhongwen.
The two additional hires are Ma Chao and Wang Kai.
Summary of personnel changes in seven funds
(source: company announcement)
The most frequently involved in this series of personnel changes are Shi Hongjun and the funds he manages.
Tiantian Fund Network shows that Shi Hongjun is currently the general manager of the quantity Investment Department and the director of index investment, with a cumulative tenure of nearly 5 years, which can be regarded as a veteran.
Although the overall performance of the fund managed by Shi Hongjun is OK, there are also products at the bottom of the list, such as the North 50 component Index and the China Securities Digital economy theme ETF.
(source: Tiantian Fund Network)
Compared with Shi Hongjun, Chen Zhongwen and Jiao Cui have older seniority, both serving for more than six years.
Chen Zhongwen is currently the executive general manager of the fixed income department and the director of cash strategy. He is in charge of fixed income products, mainly bond funds.
Jiao Cui's products include bond and hybrid funds, but most of the latter are partial debt products.
Compared with three veterans, Ma Chao has been in office for less than two years, and the best return during this period is only 0.Discordcryptogames.81%, Wang Kai has only been in office for 11 days, and he is a complete recruit.
It is worth noting that although there are 25 fund managers under the Pengyang fund, the above three veterans are in charge of 67 products, with assets totaling 78.5 billion yuan, accounting for 72% of the total size of the Pengyang fund.
Thus it can be seen that the degree of reliance of the Pengyang Fund on the three veterans can also be understood as reducing the burden for the veterans.
But from another point of view, the Pengyang Fund also urgently needs to train the reserve force.
Structural imbalance is difficult to correct
Pengyang Fund, the full name of Pengyang Fund Management Co., Ltd., was established in 2016.
Unlike the vast majority of public funds, Pengyang Fund is the country's first "private to public" fund company, the company's ownership structure is also quite unusual.
At present, Yang Aibin, founder and general manager of Pengyang Fund, holds 45.15% of the shares, while the founding team and core backbone hold about 70% of the shares.
This is quite different from those public fund companies that rely on brokerages, banks and other financial institutions.
(source: company website)
Since 2019, the Pengyang Fund has maintained an overall upward trend in terms of management scale, which looks quite good.
(source: Tiantian Fund Network)
However, on closer inspection, we will find that the size of the company mainly depends on the fixed income business. In the total scale of 108.8 billion, the fixed income products are close to 91.9 billion yuan, accounting for more than 84%. Among them, the bond type exceeded 79.9 billion yuan, accounting for 73%, and the monetary products nearly 12 billion yuan, accounting for 11%.
Moreover, at present, the fixed income scale is still growing, and the proportion has a further increasing trend.
By contrast, equity is not only small, but also shrinking.
Take the hybrid product as an example, its scale peaked at the end of 2021, which was about 36.3 billion yuan. At present, it has reduced to less than 13.4 billion yuan, and has shrunk 63% in more than two years.
(source: Tiantian Fund Network)
Some people in the industry told the "World Finance Road" that the reason for the relatively high proportion of fixed collection products by fund companies is usually that small and medium-sized fund companies may be relatively insufficient in terms of capital attractiveness, channel resources, and research capacity. Force fixed income products can enable them to expand their scale as much as possible, reduce costs and increase efficiency under the condition of limited resources.
However, this is obviously not in line with the current policy orientation.
It is in 2019, when the size of the Pengyang fund began to climb significantly, that regulators particularly emphasized the importance of developing equity funds.
The new "National Nine articles" released a few days ago once again clearly requires that "vigorously develop equity public offering funds and greatly increase the proportion of equity funds."
However, it seems that Pengyang Fund does not take the requirements of management seriously. Will the Pengyang Fund be improved in the future? At present, it is difficult to know the answer, because the company's equity products do not perform very well.
Poor equity performance
The characteristic of Pengyang Fund, which obviously focuses on fixed income products, is reflected not only in scale, but also in product performance.
In the company's total of 171 funds, 43 funds have negative returns since their establishment, and they are basically equity products. Of these, 16 have lost more than 30% since their inception.
Take Pengyang Vanguard mix, which is currently at the bottom of the list, as an example, the fund was established in September 2021 and its performance has been nearly halved for more than two years.
No wonder investors complain in the fund bar.
Pengyang digital economy pioneer mixed with a good-sounding name, the current fund managers are Zhao Shihong and Shi Hongjun, in the fund prospectus, the stock investment direction is clear for the digital economy.
The digital economy has been one of the vents of the capital market in the past two years, but strangely enough, the fund's medium-and long-term performance is not satisfactory.
(source: Tiantian Fund Network)
In the Pengyang Digital economy Pioneer mixed 2023 Annual report and Quarterly report, fund managers spent a lot of space reviewing the economic situation at home and abroad, which seemed to be "sensible", but did not answer investors' most concerned reflection on the gains and losses of fund operation.
Let's take a look at the founder and general manager of Pengyang Fund, Yang Aibin, who is also a fund manager.
Yang Aibin is in charge of fixed income products, leaders are good at this kind of business, you can also see from another point of view, why in Pengyang fund equity products are more marginalized.
The performance of fixed income products should have been positive, but perhaps the usual management work is a little heavy. The performance of Yang Aibin's fixed income fund in the past year is mostly negative, and most of the performance rankings in each cycle are obviously behind.
(source: Tiantian Fund Network)
What is even more speechless is that just a month ago, Yang Aibin's bond fund also "trampled" Shuanghui development (000895).
On March 27, the share price of Shuanghui Development fell sharply because of the unsatisfactory results released in 2023.
(source: Sina Finance)
At that time, Yang Aibin's seven bond funds all held Shuanghui Development.
Overall, Pengyang Fund took less than 8 years to reach a scale of around 100 billion yuan, ranking among the middle and upper reaches among more than 200 fund companies. It is not easy.
However, the above-mentioned industry insider told Tianxia Caidao that if fund companies cannot change the problem of over-focusing on fixed income business, they may face the challenges of relatively concentrated risks and single investment strategies, and lack adaptability in a changing market environment. and flexibility. Moreover, the competition for homogenization of fixed-income products is fierce. If the company is unable to provide competitive fixed-income products, it may also face the test of loss of market share.
How far can Pengyang Fund go? Can the company make up for the shortcomings in equity investment as soon as possible? Can young fund managers take on the lead as soon as possible? Everything still needs to be tested by time.