Unexpectedly, the veteran fund manager driver with 12 years of experience also made the mistakes of retail investors and couldn’t help chasing high, becoming one of the worst funds since the Year of the Ox.
The new fund was established less than a month ago and lost nearly 18% in 12 trading days
It only takes two days to open a position?
The thing is like this, a fund called Hui’an Balanced Advantage Mix was just established shortly before the Spring Festival. It is estimated that taking a short distance is more uncomfortable than a loss, so it quickly builds a position and holds a group of stocks. Unexpectedly, after the Spring Festival, the market will come to a 180° After the big change, Baotuan stocks suffered a heavy hammer, losing nearly 15% in only 9 trading days!
What’s the specific situation? Let’s take a look at the net worth performance. The fund went into effect on February 9th, and the net worth increased by 1.34% on the 10th. After the Spring Festival, the net worth was announced on the 19th and 26th. After the Spring Festival came back, the net worth was announced on the 19th and 26th. I know, after the holiday to the 26th, there were only 6 trading days in total, and it dropped by 15%!
On the evening of the 4th, the latest net value has been as low as 0.8244, which is a loss of nearly 18% in 12 days!
Public information shows that Hui’an Balanced Optimal Mix will be on sale on February 1, and announced on February 3 that it will end the fundraising early.
With the help of China Merchants Bank’s powerful channels, the final raised scale was 820 million yuan, which was subscribed by 12,638 investors. The results are still quite good.
Why did it fall by nearly 18% in less than a month after its establishment. According to analysis by industry insiders, it is very likely that two days before the Spring Festival, that is, February 9th and 10th, the new fund will have completed the position, and the position is still relatively heavy. The purchase may be Baotuan stocks, otherwise there will be no such a large amount after the festival. Decline.
Why is it so fast to open a position? Such aggressive tactics are relatively rare. According to the fund manager, new funds generally do not open positions too quickly. A certain safety mat must be established before fund managers will gradually increase positions. On the other hand, the initial increase of investment targets is strong, and The market may mean taking the market, and not entering the market may lead to the risk of running short.
Fengjing Capital Fund Manager Wu Yuefeng shared an opinion on Weibo today: Some fund companies have been putting pressure on fund managers, and you have significantly underperformed the index and peers. How do you provide channels to customers? The average holding period on Alipay is only 40 An account from the user who is still on a blind date?
One of the fund managers talked to me with a gloomy look, saying that the leaders encouraged them to sell these industries with a valuation of several ten times, including many low-value sectors including games, to chase other hot companies, and to educate them repeatedly. Leading companies enjoy endless valuation premiums, and the continuous rise is logically based. They are advised to play down the concept of valuation, pay attention to the logic of the runway, and learn to use DCF to predict the market value in 2025.
What kind of person is the fund manager Zou Wei?
Public information shows that the fund manager of Hui’an Balanced Optimal Hybrid is called Zou Wei. The current chief investment officer and managing director of Hui’an Funds is a veteran with 20 years of experience in securities and funds. Previously, Wei Zou worked at Great Wall Securities, and joined the Harvest Fund Research Department in June 2003, where he served as a fund manager, leader of the theme strategy group, and managing director. In December 2017, he joined the Hui’an Fund.
Zou Wei currently manages three funds, namely “Hui’an Yuyang Dingkai Hybrid, Hui’an Industry Leading Hybrid, and Hui’an Hongyang Three-year Holding Period Hybrid” with a total scale of only 1.28 billion yuan.
In addition, he has worked for more than 10 years as a fund manager with an annualized return of more than 10%. As of January 4 this year, among the 2,000 or so public fund managers, only 42 fund managers met, and Zou Wei was one of them!
The fund company’s promotional materials stated that Zou Wei is a restrained fund manager, not only from a clear understanding of his own ability boundaries, but also from his understanding that “scale” has a huge impact on “performance”. In order to maximize the return of the fund and to allow investors to obtain a tangible return on investment, he would rather give up the size of the fund and give up high management returns.
According to the fund company, Zou Wei’s current representative work, “Hui’an Industry Leading Mix”, has a scale of only 112 million yuan. Instead, the daily limit for each user is 1,000 yuan, which has only been relaxed to 100,000 yuan, which shows restraint.
According to the 2020 Four Seasons Report: Hui’an industry leader since its establishment on August 28, 2019, as of December 31, 2020, has accumulated 68.15% of revenue!
According to the data, Hui’an Yuyang, which is under management, will open the latest ten largest mixed holdings, including CATL, Yiwei Lithium Energy, and Tongwei.
The company just issued an apology
Ask investors for more time
Faced with various questions from the holders, a certified “Hui Xiaoan” made an official response-“First of all, I apologize to everyone. Our fund has added congestion to everyone. Everyone who bought Hui’an Fund is our customer. , We will be responsible to the end.”
According to “Hui Xiao’an”, the optimal configuration of Hui’an Balance is similar to Zou’s other products, the three main tracks are new energy, photovoltaic, and military. Both are very good long-term tracks, and the performance of individual stocks is very good. However, this time it is true that we were lucky in timing, opening positions were relatively quick, so the drawdown was also relatively large.
“However, we are confident, because the bottom layer of stock funds is stocks, and the bottom layer of stocks is the enterprise and the economy. This essence will not change, and thank you all for your patience and giving us some time.” “Hui Xiaoan” said, although this The handshake is not a pleasant one, but you will not be disappointed by making them this friend, and they will work hard to do a good job in the follow-up.
In addition, the Hui’an Fund wrote an article “Your Trust, We Always Keep in Heart” to apologize to investors in the evening. The article pointed out that the withdrawal of the fund made Hui’an Fund deeply disturbed. Hui’an Fund stated that despite the substantial retracement of the fund, it still firmly believes that many long-term tracks and assets have fallen to better prices, and begged investors for more time.
I’m sorry that Hui’an Fund recently appeared to be “named” in a not very good way. We used to think that through time, everyone will slowly pay attention to our “fixed income +” products are very cost-effective; or pay attention to our quantitative investment and index enhancement products are very bright. However, it is a pity that many friends have paid attention to us recently, but Huian Equilibrium Optimum has a relatively large retracement of the fund.
Hui’an Equilibrium Optimum was established on February 9. Based on the long-term optimism of the track and the judgment of short-term liquidity, we firmly made the investment layout. However, during the Spring Festival, the price of resource products rose, leading to rising inflation expectations, panic spreading, and market fluctuations suddenly increasing. As a result, the net value of Huian’s equilibrium and preferred mix also saw a large retracement. In the short term, this product has caused a certain degree of floating losses for investors who trust us, which makes us deeply disturbed. Because the most rare thing in the world is trust, especially the trust of partners and customers, which is even more precious. Here, we would like to express our deep apologies to all friends and investors who pay attention to the Hui’an Fund for this reason!
In addition to restlessness, we still maintain a firmness and confidence. Investment is a long-distance race, and confidence is more precious than gold. Since the establishment of Hui’an Fund, we have always kept in mind our responsibilities and entrusted by you, and dare not slack in the slightest. Investment is not only an intellectual challenge, but also a test of human nature. Joy, anger and sorrow are the enemies of investment. On the road of continuous growth, you can only do your best to achieve a clear conscience.
Under the violent market volatility, many long-term tracks and assets have begun to fall at better prices. Adhering to long-termism, adhering to the long-term track and not drifting, and resolutely holding China, are our sacred needles for responding to market fluctuations and maintaining a firm heart. So, I hope everyone will give us some time. In the past few years, we have been committed to making investments in a down-to-earth, down-to-earth manner. Recently, although individual products are a bit staggering, I still hope that friends can understand: We have not dared to neglect our trust in everyone. Especially for new friends, although the handshake this time may not be pleasant, we will make follow-up efforts so that you will not be disappointed to make us this friend.
Thank you all, let’s go for it!
N multi-star funds fell as much as 20% after the holiday
How arrogant I was years ago, how sad I will be after years
On March 4, the index collectively went down, the ChiNext Index fell nearly 5%, and the White Horse stocks plummeted continuously. Affected by this, #基金# rushed to the fourth place in the hot search. Jimin lamented, “How arrogant I was before, and how sad I will be in the next year”!
The fund manager has calculated that after the Spring Festival of the Year of the Ox, there are so many funds that have fallen by more than 20%.
Since 2020, public offering funds have frequently been out of the circle and have been heatedly discussed. “Post-90s” and “post-00s” have entered the market for “speculation”. At the same time, the number of new fund issuances and initial shares have reached the highest level in history, and fund returns have risen and fallen. It affects countless people’s nerves.
The fund manager believes that choosing investment funds to indirectly participate in stock market investment, thereby reducing the risk of individual stock investment, but this does not mean that the fund is an investment that makes a profit without losing money. We still have to look at it rationally. There are risks in any investment. Don’t be overwhelmed by the current fund investment fever. Thinking about making quick money in fund investment, it is often easy to fall into a state of large losses. Learn to hedge and diversify fund risks in order to obtain more profit possibilities.
Some fund managers remind investors that there are many disciplines that need to be followed when investing in funds, one of which is very important, that is: Don’t turn around and leave at the trough, and don’t come in admiringly at the peak.
Some new foundations lack intuitive experience of fund investment risks. Once the fund they buy loses, they will feel anxious, and then immediately redeem them to stop the loss. In fact, fund losses are not terrible, and market volatility is common. Even the best funds can’t do everything smoothly.
In addition, when the fund loses money, it is also a good opportunity for investors to re-examine the fund, because when the stock market is rising unilaterally, it is difficult to find whether the market is too good or the level of fund managers is high, and it is also an opportunity when the market adjusts.
If the investor holds an active equity fund, the easiest way to judge when the fund loses is to compare the fund with its performance comparison benchmark or the Shanghai stock index. If the fund loses money, it still outperforms the performance benchmark and the Shanghai Composite Index. , Then the downside factor is likely to come from the weak market. If you underperform the performance benchmark and the Shanghai Composite Index, you can first ask the question mark in your mind about the level of active management, and then observe for a period of time. If this continues, you must redeem the stop loss in time or switch to other funds.
If investors hold passive index funds such as ETF funds, they don’t have to panic when they lose money. Short-term market fluctuations are normal. If you are still optimistic about the long-term performance of the index, you may wish to continue holding it and wait for the market to pick up.