A few days ago, the second quarter report of the public fund in 2024 has been fully disclosed.
According to wind data, the market size in the second quarter hit a new high, exceeding 30.71 trillion yuan, an increase of 1.87 trillion yuan from the end of the first quarter of 2024, an increase of 6.47% from the previous quarter. The number of new funds is 314, raising a total of 347.004 billion yuan!
Taking stock of the results of the entire second quarter, the once brilliant champion competition fund has now fallen off the altar, is it a good way out for star fund managers to step down and resign? Experienced veterans, making the yield of the bond base fall below -20%, is it a problem of ability or attitude?
The market scale has reached a new high!
According to wind data, as of June 30, 2024, the scale of public funds reached 30.71 trillion yuan, an increase of 6.47% from the previous quarter.
Source: Wind Database, June 30, 2024
According to wind data, as of the second quarter of 2024, the fund market is still the highest in the market size of money market funds, with a total scale of up to 13 trillion, followed by bond funds and hybrid funds that have attracted much attention this year, with 10 trillion and 3.3 trillion respectively.
The reason for the rapid growth of currency funds and bond funds is inseparable from the continuation of the bond bull market, and they are also sought after by the majority of people!
According to the month-on-month growth rate of fund size, alternative investment funds topped the list with a growth rate of 34.81%, followed by bond funds with a growth rate of 13.62%, according to wind data, the asset size of bond funds increased by 1.27 trillion yuan in a single quarter!
According to the wind database, in addition to bond funds, the scale of overseas investment funds and commodity funds increased significantly in the second quarter, which benefited from the bullish overseas market and commodity market, as well as the influx of stock ET.
In the first half of the year, affected by the overall volatile performance of the stock market, equity funds, mainly equity funds and hybrid funds, experienced a decline in the scale of management to varying degrees. Among them, the hybrid fund fell by 4.1% from 3.71 trillion yuan at the end of 2023 to 3.33 trillion yuan, falling below the new low of the management scale in 2020!
The research team of Changjiang Securities mentioned in the research report that "active equity funds are still being redeemed at an accelerated pace in 2024Q2", among which, "the net redemption amount in the second quarter ranks third in the net redemption amount in a single quarter after 2005, second only to 805.1 billion in the third quarter of 2015 and 279.7 billion in the first quarter of 2024." ”
It is difficult not to trigger speculation about the liquidity crisis of active equity funds, and whether there is a hidden danger that the decline will lead to the redemption of the people, thereby triggering a liquidity crisis?
According to the Wind database, we select the growth rate of the weighted unit net value of active equity fund products in the period from April 1, 2024 to June 30, 2024 (only the main code is counted, and fund products with a scale of less than 200 million are excluded), and the ranking is as follows:
Source: Wind, June 30, 2024
According to the data, Qianhai Open Source Shanghai-Hong Kong-Shenzhen Yuxin A ranked first with a net value growth rate of 14.52%, and ICBC Shanghai-Hong Kong-Shenzhen Select Mixed A ranked second with a yield of 14.17%. The yield of the two products in the second quarter exceeded 14%, and both of them were heavily positioned in Hong Kong stocks with high dividends and bonuses.
At the same time, according to the wind database, we also selected the growth rate of the net value of the weighted unit of active equity fund products from April 1, 2024 to June 30, 2024 (only the main code is counted, and fund products with a scale of less than 200 million are excluded), and the bottom ten lists are as follows:
Source: Wind, June 30, 2024
According to wind data, the bottom dozens of fund products all fell by more than 15%, and the bottom-ranked Taixin Industry Select A fell by more than 20% in the second quarter.
As the representative work of Dong Qingshan, a veteran of Taixin Fund, Taixin Industry Select has ranked among the top 10 active equity funds in the whole market in 2023, becoming the largest equity fund managed by Taixin Fund. But now, due to the heavy position in the media industry, the performance ranking is at the bottom, which can be described as "success and failure".
After 12 years of hard work, is resignation a way out?
As a star fund product, Dong Qingshan and the Taixin Industry Selection he manages have a peak past.
According to wind data, as of December 21, 2024, Taixin Industry Select still leads non-QDII active equity funds with a yield of 44.51%, which can be said to be among the best in the market fund rankings.
Source: Wind, December 21, 2023
However, on December 22, 2023, traditional media was hit by regulators, and Media EFT plummeted by 6.85% on the same day, while Taixin's single-day net value fell by 6.3%.
Source: Wind, 31 December 2023
Without this wave of limelight, Dong Qingshan would still be the seeded player competing for the top fund manager in 2023.
Taixin Industry Selection and Dong Shanqing also complement each other. The fund was launched in February 2012 and is now in its 12th year.
Dong Qingshan also officially announced his resignation on May 29 this year, and will no longer serve as the fund manager of Taixin Industry Select Mix due to "personal reasons". On June 4, 2024, Taixin Fund announced that Dong Shanqing would no longer manage Taixin Internet + and Taixin Smart Selection Growth due to "personal reasons".
Superimposed on the two funds that stepped down on May 29, Dong Shanqing's funds managed by Taixin Fund were cleared.
Twelve glorious years, press the pause button!
And Taixin Industry Select A, which left Dong Qingshan, has also achieved worrying results
According to wind data, Taixin Industry Select A's financial report for the second quarter of 2024 suffered a loss of 172 million yuan in the quarter, with a net asset value of 547 million yuan at the end of the period and a net unit value of 1.43 yuan, a cumulative decrease of 21.91% in the quarter; The net subscription and redemption in a single quarter was -56.511 million shares.
We observe the fund's position details and find that the first of the top ten holdings disclosed in 2024 is Wanda Film, with a market value of 77 million yuan, accounting for 9.31% of the fund's holdings. Starting from the second quarter of 2023, Wanda Film will gradually increase its shareholdings, ranking among the top ten holdings from the first quarter of 2024.
Source: Wind, June 30, 2024
According to Wanda Film's annual report, the operating income in 2023 will be about 14.620 billion yuan, a significant increase of 50.79% compared with the same period of the previous year, and an increase of more than 4.9 billion yuan year-on-year; The net profit attributable to shareholders of the listed company was about 912 million yuan, and the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was about 719 million yuan, and the company successfully turned losses into profits for the whole year.
This may be the reason why the fund manager chose Wanda Films, but behind the turnaround, the company's debt ratio is still a problem, and the fundamentals supporting the stock price are also questionable. The fund products that once reached the top have now fallen off the altar, I wonder if Dong Qingshan will have a trace of reluctance in his heart, leave with excellent performance, and whether stepping down is a good way out for the once smash hit star manager?
Fixed income products fell by more than 20%, and the performance of veterans was also worrisome
In 2024, the A-share market will be volatile and volatile, and stable bond funds will become the first choice for many funds to hedge. However, there are still some large bond funds that have not performed as well as they should.
According to the wind database, we selected the growth rate of the net value of the weighted unit of bond products from April 1, 2024 to June 30, 2024 (only the main code is counted, and fund products with a scale of less than 200 million are excluded), and the bottom 10 lists are as follows:
Source: Wind, June 30, 2024
According to the data, Minsheng Jiayin Enhanced Income A topped the list with a decline of -6.9%. The fund product is a hybrid bond secondary fund, and the return in the past three years has not been satisfactory. As of July 31, 2024, the return rate of this product has fallen by more than 20% in the past three years, ranking last among similar fund products (584/595).
Source: Wind, July 31, 2024
Funds like Minsheng Jiayin Enhanced Income are not unique in Minsheng Jiayin.
The three fund products managed by Xie Zhihua, Minsheng Jiayin Enhanced Income, Minsheng Jiayin Xinxiang and Minsheng Jiayin Tianrun have all had negative investment returns in the past three months. The cumulative earnings performance of the bottom products in the second quarter in the past three months was also not satisfactory, with a decline of 9.04%.
Source: Wind, August 1, 2024
Xie Zhihua has been in the industry for 18 years and has 12 years of experience in public fund management. He joined Minsheng Jiayin in 21 years, and has managed public offerings such as pure debt, partial debt hybrid, and money market funds, and is currently the fixed income director and fund manager of Minsheng Jiayin. It stands to reason that such an experienced veteran should not have such a result.
We have observed that from the second quarter of 2023, the scale of Minsheng Jiayin's debt base has grown by leaps and bounds. According to the quarterly report data, by the end of the second quarter of 2024, the management scale of bond funds has reached 103.6 billion, successfully joining the 100 billion club.
According to the data of the 2023 annual report, Minsheng Jiayin collected a total of more than 600 million yuan in management expenses last year. Whether the aggressive increase in scale is intended to collect management fees and make a profit.
Source: Wind, August 1, 2024
With such rapid growth but poor performance, should fund houses, management and fund managers pay more attention to these products?
Bond funds, which have always been famous for their steady investment, have such a wide range of performance returns, how can they not chill the majority of people?
(The market is risky, so you need to be cautious when investing!) This article is not intended as an investment reference guide, and readers need to be responsible for their own investment! ）