China's hottest fund company has completely fallen off the altar

Sharp eyes on finance

2024-06-05 17:07Posted on the official account of Beijing Ruiyankan Finance

Success is also Yu Bao, defeat is also Yu Bao. After the annualized rate of return has entered the "1" era, investors have redeemed and the scale has fallen below one trillion, how can Tianhong Fund, which relies heavily on Yu Bao, rely on its bunch of mini funds to support the trillion scale?

If there is no Yue Bao, Tianhong is not as good as Wanjia

I can't remember when I withdrew all the money in Yu'e Bao, probably because I saw that the seven-day annualized rate of other money market funds was higher than that of Tianhong Fund, and the withdrawal did not need to go through the barrier of Alipay's handling fee.

Yu'e Bao has a wide range of user groups, and there should be many people who have similar experiences with Brother Ruiyan, which can be clearly seen from the historical changes in the scale of the Tianhong Yu'e Bao Money Market Fund linked to Yu'e Bao, as the yield continues to decline, investors are also redeeming all the way.

In 2013 and 2014, when Yu Bao first came out, the annualized rate of seven days once reached a height of 7%, and many people around him took hundreds of thousands of money from their families to invest in it, and there was an actual income of 20-30 yuan a day, and almost a day's meal money was there. It is also because of this that by the first quarter of 2018, the scale of Tianhong Yubao Money Market Fund once approached 1.7 trillion, and actually exceeded 1.68 trillion.

However, after the first quarter of 2018, as the income of Yu Bao fell again and again, the seven-day annualized rate first fell below 4%, then fell below 3%, and then 2%, and now it has officially entered the "1" era, with the latest seven-day annualized rate of return of 1.5590%, and the latest scale has dropped from nearly 1.7 trillion to around 700 billion!

(Data source: Tiantian Fund Network)

(Data source: Tiantian Fund Network)

Emaciated camels are bigger than horses. Although the scale of Tianhong Yue Bao has shrunk from nearly 1.7 trillion yuan to around 700 billion yuan, and the scale has shrunk by nearly one trillion yuan, it is still the largest money market fund in China, and it is the "pillar" of Tianhong Fund, a fund company.

As of the first quarter of this year, the total scale of Tianhong Fund under management was 1,138.108 billion, ranking fifth among all fund companies. However, it should be noted that if the impact of Tianhong Yubao, a giant product, is excluded, then the management scale of Tianhong Fund is only about 390 billion, which is tens of billions smaller than the 10,000 funds with a management scale of 421.877 billion and ranking 25th!

(Data source: Tiantian Fund Network)

It is conceivable that if Yu'e Bao's income continues to decline and the scale of Tianhong Yu'e Bao Money Market Fund continues to shrink, Tianhong Fund may have to retreat to the list of second- and third-tier funds, just like before Yu'e Baohuo, Tianhong Fund at that time was still an unknown small fund company.

Tianhong consumption liquidated, a bunch of mini Kira sounded the alarm

It is true that excluding the balance of the Bao Tianhong Fund, there is still a management scale of more than 390 billion, although it is a little smaller than the Wanjia Fund, but it is still nearly 100 billion larger than the Great Wall Fund and Huabao Fund, which is still quite powerful.

However, if we continue to exclude all money market fund products, then the scale under management of Tianhong Fund will only be 314.039 billion, because the latest total scale of Tianhong Fund's money market fund will reach 824.068 billion, which naturally includes the giant Yu Bao.

It seems that it is still larger than the Great Wall Fund and Huabao Fund, but it is really difficult to get a product among the equity products of Tianhong Fund!

At present, Tianhong Fund only counts equity, hybrid, index and other equity products, a total of 205 products, of which 112 products are mini funds with net assets of less than 50 million, and more than half of the equity products are mini products.

The smallest is less than 1 million!

(Data source: Tiantian Fund Network)

(Data source: Tiantian Fund Network)

Some time ago, on May 13, Tianhong Consumption, a mini fund under Tianhong Fund, finally announced its liquidation, because the scale of the fund touched the agreement in the fund contract that "if the net asset value of the fund is less than 200 million yuan after it has been effective for 3 years, there is no need to convene a general meeting of fund holders to deliberate, and the fund contract shall be terminated", the fund contract will be automatically terminated and the fund will be liquidated.

(Screenshot of Tianhong Consumption Fund announcement)

As of the date of liquidation of Tianhong Consumer Fund, its scale was only 14 million, and the highest scale was 48 million when it was officially established.

(Data source: Tiantian Fund Network)

I don't know if the liquidation of Tianhong Consumer Fund was due to its untimely birth or the result of mismanagement by its fund manager?

Speaking of which, the Tianhong Consumption Fund also came into being against the consumer fund boom at that time, and was established on March 30, 2021, when Jimin shouted to Zhang Kun "Kunkun flies bravely, iKun will always follow", and the result is that all the heavy stocks at the beginning of this fund were basically bought at the highest level in history, with a cumulative loss of more than 15.72 million in the three years since its establishment.

As soon as Tianhong Consumption was established, it bought Gujia Home Furnishing as the largest heavy stock, but it plummeted by more than 30% two quarters later, and gradually reduced its position to the eighth largest heavy stock with the sharp fall. After two quarters of establishment, in the third quarter of 2021, Kweichow Moutai was bought as the largest heavy stock, and as a result, it was bought at the second highest point in the history of Moutai's stock price, and the fund manager did not admit defeat until the fund was liquidated, and Moutai was its largest heavy stock, but the number of positions has dropped from 2,600 shares to 1,300 shares.

(Screenshot of Gujia Home Floss's stock price trend)

This is basically the case with other heavy stocks of Tianhong Consumer Fund, Chenguang Shares, Wuliangye, Zaisheng Technology, Kouzijiao, Haida Group, etc., which were all heavy stocks of the fund, but they were basically bought at the highest point or the second highest point in history!

(Data source: Tiantian Fund Network)

Yu Yang, the fund manager of Tianhong Consumer Fund, is really a magical fund manager.

The only equity product that has exceeded 10 billion yuan, with a loss of 30% in 1 year

If a mini fund wants to grow into a large-scale fund with a scale of 10 billion, in addition to relying on the "current situation" of the good market, it also has to rely on real fund income to attract investors to subscribe for investment, but as far as the operation of Tianhong Consumer Fund Manager is concerned, it can only be said that it is not wronged to be liquidated, but it is a miserable loss to the people.

Of course, Tianhong Fund is not the only fund that has lost its people!

The fund was officially established on January 28, 2021, with a scale of only 946 million at the beginning of its establishment, but after the soaring market of new energy and photovoltaic in 2021, the scale has reached 9.661 billion at the end of that year, 9.718 billion by the end of the second quarter of 2022, and 10.328 billion by the end of the second quarter of 2023.

(Data source: Tiantian Fund Network)

It is indeed not easy for a passive index fund with a scale of less than 1 billion yuan when it was established to grow into a 10 billion scale fund in just 2 and a half years, but it is indeed created by the "current situation" of the photovoltaic industry, because this fund tracks the CSI photovoltaic industry index, and the heavy stocks will always be popular stocks in the photovoltaic industry such as LONGi, Sungrow, Tongwei, TCL Zhonghuan, and JA Technology.

As a result, with the fading of the photovoltaic boom in the past two years, the Tianhong CSI Photovoltaic Industry Fund has lost more than 30% in the past year alone, directly losing the scale to today's 7.063 billion, and the cumulative loss of the people in the past three years has made the people lose more than 4.154 billion, and the loss in the past two years has exceeded 5.2 billion!

(Data source: Tiantian Fund Network)

The fund itself that passively tracks the index is blameless, and the return depends on whether the market gives you or not. However, for Tianhong Fund, Tianhong CSI Photovoltaic Industry, the only equity product that has exceeded 10 billion yuan, is equivalent to the "pillar" of Tianhong Fund's equity products, just like Yu Baozhi and Tianhong Fund as a whole.

However, at present, both Yu'e Bao and Tianhong CSI photovoltaic industry are shrinking, who will Tianhong Fund rely on to support its trillion-dollar management scale and the title of the head fund company in the future?

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