Economic Observer Network reporter Hong Xiaotang On August 3, Penghua Fund issued an announcement that its fund manager Nie Yixiang resigned from the positions of three fund managers who were managing products in one breath.
According to the announcement of Penghua Fund, Nie Yixiang, the fund manager of the three funds of Penghua Innovation Growth, Penghua Huizhi Preferred and Penghua Hong Kong Stock Connect CSI Hong Kong Bank, has resigned. The reason for his departure is the company’s work arrangement.
According to public information, Nie Yixiang is a doctor of science and has served as senior project manager of American Storm Communication Consulting Co., Ltd., trader of American Loganstone Capital Hedge Fund, assistant economist of the United States Futures Trading Regulatory Commission, and investment manager of Penghua Fund International Business Department. Sponsor of BOCI Securities Investment, Deputy Director of International Business of Guohai Franklin Fund, and Fund Manager of Tianhong Fund; joined Penghua Fund Management Co., Ltd. in January 2017, and currently serves as Deputy General Manager of Research Department and Fund Manager.
The reporter learned that the above-mentioned three products that Nie Yixiang resigned from as a fund manager were all jointly managed by him and others. Among them, Penghua Innovation Growth was previously jointly managed by Nie Yixiang and Gao Song; Penghua Huizhi Selection was previously jointly managed by Nie Yixiang, Liang Hao, and Zhu Rui; Penghua Hong Kong Stock Connect CSI Hong Kong Bank was previously jointly managed by Nie Yixiang and Zhang Yuxiang.
The returns of Nie Yixiang’s employment in the above three products are all losses. Among them, Penghua Hong Kong Stock Connect CSI Hong Kong Bank has a return of -11.33% during Nie Yixiang’s tenure, but the fund is a passive index fund, and the fund manager’s active management It doesn’t matter much.
Penghua Huizhi Select is managed from January 8, 2021 to the close of the day before Nie Yixiang’s departure, and its return on office is -16.22%; Its return on employment is -15.49%. These two products are partial equity hybrid funds.
The reporter learned that although Penghua Huizhi Optimization and Penghua Innovation Growth are products jointly managed by Nie Yixiang and others, it can be seen from the comparison of these two Penghua innovation-driven positions that they manage separately, the top ten heavyweight stocks still partially overlap. .
Among them, the second quarter report of 2022 shows that Penghua Huizhi Preferred and Penghua Innovation-driven top ten stocks managed by Nie Yixiang have a high degree of overlap, including Satellite Chemical, AVIC Heavy Machinery, Fushun Special Steel, Zhenhua Technology, AVIC West The seven heavyweight stocks of Fei Lihua, Feilihua and Huawu Co., Ltd. overlapped.
In the second quarter, Penghua Innovation and Growth hired Takamatsu, who had recently moved from Minsheng Jiayin Fund to Penghua Fund. New fund managers were added quarterly. When the new fund manager took over, the market had rebounded from the bottom in a V-shaped rebound for one month. The three tracks of high prosperity and high growth of photovoltaics, new energy vehicles, and auto parts rebounded by an average of 40%, and the dynamic valuation has returned to this year. 30-40 times. In this context, the fund manager adopted a strategy of rapidly reducing the original portfolio of military stocks and gradually increasing positions in the high-boom track, so they did not fully enjoy the benefits of the high-boom track in June.
The manager of Penghua Innovation Growth Fund stated in the second-quarter operation analysis: In mid-June, there was a clear diffusion of prosperity within the three high-prosperity tracks, the performance of third- and fourth-tier and upstream resource standards was active, risk appetite continued to improve, and dynamic estimates The value is further raised. Considering risk control, fund managers began to gradually increase their positions in pro-cyclical products with low attention, including construction machinery, household appliances, and medicine, in order to balance the portfolio.
However, as of the end of the second quarter, the fund’s top ten stocks also included AVIC Heavy Machinery, Enjie, Dexin Transportation, and Zhenhua Technology. Four stocks overlapped with Penghua’s innovation drive.
“From the perspective of heavy holding stocks, Penghua Huizhi Choice may still be managed by him before Nie Yixiang leaves office, and Penghua’s innovative growth may be managed by two fund managers separately.” An investment researcher from a large public offering institution in South China believes.
After leaving office, Nie Yixiang only managed one fund of Penghua Innovation Drive alone, and this fund was the earliest product managed by Nie Yixiang in Penghua. Nie Yixiang has managed the fund since June 6, 2018, with a return of 60.88% and a fund size of 157 million yuan.Return to Sohu, see more
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