In the first half of this year, the products of Qianhai United Fund were particularly "brilliant"!
According to iFind data, there are a total of 14,475 funds in the whole market, and 3 funds of Qianhai United Fund rank in the top 10 in terms of commission size, among which Qianhai United Yongjun Mix and Qianhai United Runfeng Mix are the top two, and Qianhai United Advanced Manufacturing Mix also entered the top 10.
Source: iFinD
Interestingly, Qianhai United Yongjun Mix, Qianhai United Runfeng Mix and Qianhai United Advanced Manufacturing Mix all performed well before, but they collectively let themselves go this year without changing fund managers.
Why is this all of a sudden? Whether this is a distortion of human nature or a moral degradation, let's take a look at it.
What is the commission size ratio?
Here is a let's first popularize science what is the commission size ratio, which refers to the ratio of the total commission paid by the fund in a certain period of time to the average fund size.
The larger the commission size ratio, the more frequent the fund manager's rebalancing, and correspondingly, the higher the transaction costs that the fund holder may have to pay.
For example, if a fund's commission size ratio is more than 4%, it means that for every $100 of funds purchased by investors, more than $4 is used to pay trading commissions.
According to the research of relevant institutions, the investment strategy with frequent transactions will not only not have excess returns, but will need to bear higher transaction costs and market shock costs, which will erode the fund's returns.
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In addition, there are many unclear "unspoken rules" behind the high turnover rate, when fund companies and fund managers are addicted to this, do they still expect them to put the interests of investors first?
As soon as the institution leaves, it will let itself go?
Next is to get into the topic, let's talk about Qianhai United Yongjun Mix, Qianhai United Runfeng Mix and Qianhai United Advanced Manufacturing Mix.
According to iFinD data, in the first half of this year, the commission ratio of Qianhai United Yongjun Mixed was as high as 4.8%, the turnover rate was as high as 3413%, and the loss was as high as 26.38%.
However, it is surprising that the Qianhai Combined Swimming Mix has been performing well until 2024.
According to iFind data, Qianhai United Yongjun Mixed was established on January 29, 2018, and its performance from 2019 to 2023 is quite beautiful from the perspective of natural years, outperforming the CSI 300 Index.
Judging from the turnover rate data, the investment method of Qianhai United Swimming Mix before 2024 is not "unrestrained", and the turnover rate even fell below 100% for a time.
So what happened to make Qianhai United Yongjun Mix suddenly change from Wu Yanzu to Zhao Benshan?
The first thing that came to my mind was to change the fund manager, but this reason is not valid.
According to the data, the current fund manager of Qianhai United Yongjun Mix is Zhang Yongren, who has been managed for 4 years and 126 days, and even if the performance is so unbearable this year, it still outperforms the benchmark by 3.65%.
In the continuous search for clues, the scale data of Qianhai United Swimming Mix has attracted the author's attention.
The author found that at the beginning of the establishment of Qianhai United Yongjun Mix, the proportion of institutions was as high as 80%, and the two institutions each bought 200 million.
In the first quarter of 2023, Institution 1 will all be cleared, and Institution 2 will also start to sell in the fourth quarter of 2023.
Qianhai Combined Swimmer Mixed A data
Qianhai Combined Swimmer Mixed C data
At present, a total of 480 investors hold Qianhai United Swimming Mix, retail investors hold about 886,000 shares, and Qianhai United employees hold about 315,700 shares.
When the institution is held, it behaves well, and as soon as the institution retreats, it begins to rejoice... Isn't it inappropriate?
Even if you think that the 886,000 shares held by retail investors are too little, don't you consider the 315,700 shares held by your own employees? are all colleagues who look down and don't look up, how can they give each other an explanation?
A similar phenomenon also occurs in Qianhai United Runfeng Mix and Qianhai United Advanced Manufacturing Mix.
Institution 1 of Qianhai United Runfeng Mixed will also be cleared in the first quarter of 2023, and Institution 2 will also be cleared in the first quarter of 2024.
The institutional investors of Qianhai United Advanced Manufacturing Mix retreated earlier, with Institution 1 liquidating in mid-2022 and Institution 2 liquidating in the first quarter of this year.
What's not quite authentic is that the employees of Qianhai United Fund have also been selling Qianhai United Advanced Manufacturing Mix very early.
Contradictions in Qianhai United Fund data
There is also a very twisted data, don't look at the three funds of Qianhai United Yongjun Mix, Qianhai United Runfeng Mix and Qianhai United Advanced Manufacturing Mix, in fact, the overall enthusiasm of Qianhai United Fund in the first half of the year was insufficient.
According to the financial report data, the peak scale of the hybrid fund in the three natural years from 2021 to 2023 is 5.337 billion yuan, 4.834 billion yuan and 3.843 billion yuan respectively.
In addition, the turnover rate of a single fund can also be seen from the efforts of Qianhai United Fund in this regard.
This also helped Qianhai United Fund to basically maintain a stable commission while its equity assets were declining year by year, with total commissions of 13.1896 million yuan, 13.7782 million yuan and 12.6173 million yuan from 2021 to 2023 respectively.
However, if calculated according to the 1.026 billion yuan hybrid fund disclosed in the first quarter of this year, the turnover rate of equity assets of Qianhai United Fund has dropped to 233%.
The drop is certainly a good thing, but what is the reason behind such a sudden change in the data? This has to be thought through.
The operation of the Qianhai United Fund has been completely defeated
At the end of 2020, the total scale of the company was once close to 50 billion yuan, but now the scale is only 10.119 billion yuan, a shrinkage of nearly 80%!
It should also be noted that there are only 8 funds in Qianhai United Fund with a scale of more than 50 million yuan, in other words, only 8 of the dozens of funds under it have no risk of liquidation for the time being.
However, it can be seen from the holder structure of these 8 funds that 3 fund institutions account for as much as 99%, which means that institutions determine the life and death of these funds.
It is particularly noteworthy that Qianhai United Chunfeng has an 87-month fixed opening bond scale of 8.076 billion yuan, accounting for 99.99% of the institutional total, and Xinjiang Qianhai United Haiying has a monetary scale of 936 million yuan, accounting for 99.37% of the institution.
Considering that the Qianhai United Fund has a total scale of about 10 billion yuan, if the institutions of these two funds retreat, then not only the two funds will be at risk of liquidation, but I am afraid that the Qianhai United Fund itself will also face the risk of "liquidation".
Perhaps due to the overall rout of revenue, the equity of Qianhai United Fund has been "disliked" one after another.
In August this year, the Beijing No. 3 Intermediate People's Court conducted a judicial auction of part of the equity of Qianhai United Fund through the Ali asset platform, and the subject matter was all 30% of the shares held by Shenzhen Jushenghua Co., Ltd., a major shareholder of Xinjiang Qianhai United Fund Company, which was the third auction after the first listing in March and the second listing in July.
In the end, Yueshang Logistics, the second largest shareholder of Qianhai United Fund, was auctioned for 37.8422 million yuan, with a discount of 44%.
However, Yueshang Logistics also has three pieces of information on the person subject to execution, involving loan contract disputes, construction project contract disputes and sales contract disputes, with a total amount of 3.063 billion yuan.