The fall of the "star".
1
Beauty lost money
Another "beautiful fund manager" failed.
In January 2024, A-shares experienced a "bloody storm". The Shanghai Composite Index set a record for the longest consecutive monthly decline in history. Countless retail investors and institutions suffered losses that made them doubt their lives.
Against this background, someone compiled a list of declines in fund products in January 2024.
Judging from the table, the top three in the decline list are Taixin Small and Medium Cap Select, Penghua Carbon Neutral Theme A and Jianxin Electronics Industry A, with single-month declines of more than 31%.
▲Source: Bay Area 007
In the table, there is another name that has attracted everyone's attention: Yan Siqian.
Who is Yan Siqian? Information from Tiantian Fund Network shows that Yan Siqian once served as an analyst at Huachuang Securities, a securities business manager at Bank of China International, and a fund manager at ICBC Credit Suisse Fund Research Department. Joined Penghua Fund Management Co., Ltd. in January 2022 and currently serves as the general manager, investment director and fund manager of Equity Investment Department III.
It can be said that Yan Siqian is a foreign aid recruited by Penghua Fund. Data shows that the best fund return during his tenure was as high as 306.25%. It is worth mentioning that Yan Siqian is also a well-known "beautiful fund manager" and once made a name for herself in the industry with her good looks.
But looking at her current performance, it is not as eye-catching as her appearance, a green prairie.
Looking at specific products, Penghua Carbon Neutral Theme Mix A, which is on the list this time, has fallen 24.68% in the past three months and 22.70% since its establishment. Penghua Shanghai-Shenzhen-Hong Kong Emerging Growth Mix A has fallen 24.59% in the past three months and 54.91% in the past three years. There is also Penghua New Energy Vehicle Hybrid A, which has fallen 24.52% in the past three months and 45.57% since its establishment.
Even more exaggerated is Penghua Innovation Future Mix (lof), which has fallen 41.80% in the past year and 68.75% in the past three years. can no longer be described as cut in the waist, but cut at the knees. The performance of
is basically ranked at the bottom of similar products. For example, the ranking of Penghua Innovation Future Hybrid (lof) in the past year was 3472/3549, and in the past three years it was 1649/1651.
Back then, Yan Siqian became famous with the ICBC New Energy Vehicle Hybrid A, and was once dubbed the "New Energy Goddess". After joining Penghua Fund, Yan Siqian was once called the goddess of new energy and the first sister of new energy, and she was in the limelight for a while.
But who would have thought that new energy has suffered a heavy decline in the past two years, and the goddess of new energy back then has already fallen. No wonder some people say that in the investment world, appearance may be the most unreliable.
2
The fall of “National Fund Manager”
Digging along Yan Siqian’s fund products under management, you can find many interesting things.
Take Penghua Innovation Future Hybrid (lof) as an example, Yan Siqian can be regarded as the "takeover". data shows that the product was initially helmed by Wang Zonghe and began raising funds on September 25, 2020, and was once popular. After just one day, the fund reached the upper limit of 12 billion yuan in fundraising and had to end its fundraising early.
Amid the craze, Penghua Innovation Future, a company with a scale of 12 billion, was established and started a closed operation for 18 months. The announcement showed that the number of effective subscription accounts for this fund reached 2.866 million.
At that time, Wang Zonghe was in the limelight. It can be imagined that the more than 2.8 million investors were full of expectations. But the ideal is very full, but the reality is very skinny.
18 months later, the fund's net value fell to 0.6, which meant that the loss had reached 40%. If were held until now, the net value of the fund would have further dropped to around 0.3, a loss of nearly 70%.
In other words, if you invested 1 million in this fund product at the beginning of its establishment, if you hold it until now, you will only have about 300,000 left - a loss for a house in a third-tier city.
watched the product plummet. In March 2023, Penghua Fund announced that Wang Zonghe resigned as the manager of Penghua Innovation Future Fund due to "company work arrangements".
Wang Zonghe’s successor is Yan Siqian. I thought that the "goddess of new energy" could turn the tide, but no one thought. In less than a year since Yan Siqian took charge of Penghua Innovation Future Mix, the fund has fallen as high as 38.99%. The decline of has almost caught up with "predecessor" Wang Zonghe.
In just over three years, the former tens of billions of funds have fallen by nearly 70%, and many investors have gone crazy.
In the past two years, doubts have arisen one after another on platforms such as stock bars. Some investors named Wang Zonghe to complain -
"Penghua Wang Zonghe maliciously operated positions, causing serious damage to client assets, and earned unjust gains from it"
"Real-name report of Penghua Fund Penghua Innovation Future Wang Zonghe's reverse operation has been high Buy low and sell low, causing us to suffer losses”…
Wang Zonghe was once known as the “National Fund Manager”. In July 2020, Penghua Craftsmanship Select Mix, managed by Wang Zonghe, was launched for the first time, with subscription funds reaching 137.1 billion yuan on the first day. This number set a new record for the issuance and subscription of a single public fund at the time. After
became a god in the first battle, Wang Zonghe's personal management scale soared directly from 3.334 billion yuan in 2019 to 52.284 billion yuan in 2020.
But the good times did not last long. Penghua Craftsmanship Selected Mix, which once promoted Wang Zonghe to the altar, has been falling continuously since June 2021. Penghua Craftsmanship Selected Mix a has fallen by 44.12% in the past three years. Investment People retreated like crazy.
Seeing the star fall, Penghua Fund even "hidden" Wang Zonghe in the face of doubts from countless investors. As of today, Wang Zonghe no longer has any fund products under management.
3
The miscalculation of the "star-making plan"
Wang Zonghe is not an isolated case.
According to TMTpost's analysis, from the third quarter of 2020 to the third quarter of 2021, Penghua Fund has had "hot hits" -
Penghua Consumer Preferred Mix managed by Wang Zonghe, Penghua Environmental Protection Industry Stock managed by Meng Hao, and Chen Xuanmiao Many products such as Penghua Epitaxy Growth Mix managed by Jiang Xin, Penghua Healthy and Environmentally Friendly Mix managed by Jiang Xin, and Penghua Value Advantage Mix managed by Xie Shuying have all reached their peak moments.
This is the highlight moment for Penghua Fund. Behind the "grand occasion" of , in addition to environmental factors, it is also inseparable from Penghua Fund's "star-making plan".
Wang Zonghe is a typical example. Before 2019, Wang Zonghe’s management scale did not exceed 10 billion, and he was once unknown. According to research by the Wealth Observation Room, starting in 2019, Wang Zonghe "dumped" products with poor returns, coupled with the company's marketing, packaging and publicity, and gradually became a "national fund manager."
was also praised on the stage, as were Liang Hao, Xie Shuying, Chen Xuanmiao and other fund managers. But looking at it now, the performance of these "stars" is hard to describe.
Take Liang Hao as an example. The performance of the current fund is very good. The once-all-powerful Penghua Emerging Industry Mix has lost 24.11% in the past year and 26.55% in the past two years.
The well-known "beautiful fund manager" Yan Siqian is also an epitome of them.
This huge gap is related to the strategy of Penghua Fund.
A few years ago, Penghua Fund adopted a decentralized layout. Taking several star fund managers as examples, Liang Hao focused on quantification, military industry, communications, etc., Meng Hao focused on new energy, Jiang Xin preferred consumption and medicine, and Chen Xuanmiao focused more on prosperity. Spend.
But in the later stage, many products of Penghua Fund were questioned for "style drift".
Let’s take a look at the positions of Penghua Innovation Future Mix (lof) at different stages. The fourth quarter of 2020 is like this -
The fourth quarter of 2021 is like this -
The fourth quarter of 2022 is like this again -
Typical is Penghua Consumer Leading Fund, which should mainly invest in consumer services according to the contract requirements industry, but in fact it is heavily stocking photovoltaics, electric vehicle batteries, etc., which also caused considerable losses.
's "selling sheep's head and selling dog meat" operation method once caused dissatisfaction among investors, which was even more obvious when losing money.
What’s interesting is that despite the dismal performance in the past two years, the management fees collected by Penghua Fund have been increasing.
According to statistics from Inspector Ducai, in 2013, Penghua Fund’s annual management fee income was only 640 million yuan. By 2022, this number has become 3.823 billion yuan, nearly 6 times the original! Also in 2022, Penghua Fund’s investment losses were as high as 24.627 billion yuan.
Objectively speaking, Penghua Fund has a very solid foundation. As one of the "old ten" companies in the industry, its management scale once exceeded 920 billion yuan, but now it has dropped a bit, and it still has nearly 800 billion yuan.
However, the product losses are so huge and the management fees are so high. Investors really want an explanation -
How come the basic citizens bear huge losses, but the fund company can maintain income despite droughts and floods? This issue of
deserves deep thought by the entire fund industry.
