Fund manager’s employment has averaged less than 2 years
The average fund manager’s employment is less than 2 years. Nanhua Fund’s bond-based income industry countdown in 2019. The average bond-based yield of heavy warehouse corporate bonds and convertible bonds is as high as 25%. Due to the lack of experience of fund managers, it is difficult to grasp this market.Nanhua Fund’s bond-based average yield is only 2.
09% “Investor Raiders” Cao Jianming In 2019, the overall performance of the debt base is quite dazzling.
Wind data shows that as of December 31, 2019, the average return on the underlying bond base of 130 fund companies has been converted to 5.
86%, an annual increase of 29.
However, the average rate of return of the Nanhua Fund Subordinated Bond Fund is only 2.
09%, ranked third from the bottom of 130 fund companies.
The bottom of the bond-based average income industry According to the official website of Nanhua Fund, as of the end of 2019, there are 17 funds under Nanhua Fund with a total size of 48.
1.6 billion, including 10 debt bases, with a total size of 46.
9.3 billion, accounting for 97.
”Investor’s Strategy” combed the financial report of Nanhua Fund from its establishment in November 2016 to the end of 2019. It was found that from the end of the third quarter of 2018, the proportion of debt-based funds in the total size of its fund was around 90%, which became the revenue of Nanhua FundAbsolutely the main force.
However, its debt-based returns have been poor since 2019.
Wind data shows that in the past 6 months, the average return in the past 1 year was only 1.
17%, all lower than the industry average.
The average yield in 2019 is 2.
09%, the industry’s bottom third.
As shown in the following figure: “Investor Strategy” has sent a letter to Nanhua Fund regarding the reasons for the poor returns of the subsidiary debt base, but has not received a response.
Position errors or poor yields are mainly due to public information that, due to the high corporate bond and convertible bond yields (as shown in the figure below), the first three quarters of 2019, fund holdings of corporate bonds and convertible bonds continued to grow.
Wind data show that at the end of the third quarter of 2019, 130 fund companies belonged to a statistic 2113 bond base, and held a total of 1397 corporate bond bonds and convertible bonds.
USD 3.7 billion, ranked at the end of the first quarter and increased by 18 at the end of the second quarter.
2% and 23.
Among them, the average value of the top 10 yielding funds is heavy warehouse convertible bond funds, with an average yield of more than 30%. Among the top 100 yielding funds, they hold a total of 1,000 corporate bond bonds and convertible bonds.
100 million yuan, accounting for 71 of the total shares.
58%, with an average return of 19.
The Nanhua Fund’s financial report shows that from the end of the first quarter to the end of the third quarter of 2019, the share of corporate bonds held by its bond base has remained at about 6%, while the share of convertible bonds has always been zero.
According to statistics of Investor Strategy, after excluding the factors of huge redemption and adjustment of assessment methods, it was found that failure to seize the opportunity of high corporate bond and convertible bond yields, or the main reason for the poor profitability of Nanhua Fund’s consolidated bond base.
Insufficient investment research 重庆耍耍网 capacity or public data shows that position errors are manifested not only in Nanhua Fund’s public debt base, but also in its equity funds, highlighting possible shortcomings in its investment research capacity.
Nanhua Fund’s financial report shows that its affiliate, Nanhuarui Yangchun Debt, was originally an unlimited debt base. Prior to January 16, 2019, it was called Nanhuaruiyi Hybrid and was an equity fund.
Nanhua Fund’s financial report shows that as of the end of the third quarter of 2018, the fund has allocated 25.
24% of equity assets. By the end of the fourth quarter, the proportion of equity investments had changed to zero, and all of them turned to fixed-income investments and resale financial assets.
According to wind data, at the end of the third quarter of 2018, South China Ruiyi had mixed positions in Taiji shares, Northern Huachuang, Shiji Information and other medical and information stocks. From the evolution trend of the above stocks, since the beginning of 2019, Taiji sharesAnd North China Chuang were up 73.
59% and 117.
71%, the increase of Shiji Information also reached 46.
Since the makeover, Nanhuarui Yang’s pure bond yields have not been good. The A and C segments have yielded 1 in the past year.
74% and 1.
64%, the global rankings are in the bottom.
An insider of a large fund in Shanghai analyzed that the stock market in the third quarter of 2018 was still in a negative state. The stocks held by Nanhua Ruiyi had a different degree of decline, which was an important reason for the fund manager to choose to clear the position., But also missed the opportunity for the overall stock market to rise in early 2019. If the fund manager insists on long-term value investment and has deep experience in itself, 2019 will have a great return.
Nanhua Fund’s poor investment research capabilities may be seriously inadequate with the experience of its fund managers.
Looking forward to the data, as of November 22, 2019, Nanhua Fund has a total of 7 fund managers, but the average working life is only 1 year and 65 days.
That said, before joining Nanhua Fund, these fund managers had little product management experience.
Even the most senior of them, Liu Fei, has only 2 years of fund management experience.
”Investor Strategy” has sent a letter asking Nanhua Fund about the investment research capacity building and lack of experience of fund managers and future solutions, but has not received a response.
Yes, “Investor Strategy” will continue to pay attention.