Home Business Top star fund manager Dong Chengfei’s resignation scale of 60 billion yuan Xingquan trend, Xing new vision, follow-up management? |Dong Chengfei|Fund Manager|Xingquan_Sina Technology_Sina.com

Top star fund manager Dong Chengfei’s resignation scale of 60 billion yuan Xingquan trend, Xing new vision, follow-up management? |Dong Chengfei|Fund Manager|Xingquan_Sina Technology_Sina.com

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Original title: How to manage the trend of Xingquan Xingquan and Xingxin Vision of top-tier star fund manager Dong Chengfei’s departure scale of 60 billion?

See also the departure of the “top-tier” star fund manager.

On October 19, the 21st Century Business Herald reporter learned that Dong Chengfei, the star fund manager of China Industrial Securities Global Fund, will step down as a fund manager.

According to data, Dong Chengfei has been managing public funds since 2007, and it has been nearly 15 years. At present, Dong Chengfei manages Xing’s new vision to open two mixed funds and Xingquan trend investment mixed funds. As of the end of the first half of this year, the latest management scale is 60.615 billion yuan.

In the past 15 years in the industry, Dong Chengfei’s investment style is known for his steadiness. His “representative” Xingquan Trend Fund has achieved an annualized return of 20.98% as of June 30, 2021 since its management on October 28, 2013.

After Dong Chengfei’s departure, how the two large-scale fund products under his management will operate has attracted much attention. After all, the scale of Xingquan Trend Investment as of the first half of the year was 38.419 billion yuan, and the scale of Xingxin Vision as of the first half of the year also reached 22.196 billion yuan. For these two tens of billions of funds, the successor should have certain management difficulties.

Regarding the follow-up arrangements, the China Industrial Securities Global Fund told the 21st Century Business Herald that after Dong Chengfei’s departure, Xingquan Trends Fund will hire Xie Zhiyu and Dong Li to take over as fund managers and jointly manage them with the original fund manager Tong Lan; Xing has a new vision. The fund will be managed by Housewarming.

60 billion top-tier fund managers leave

“Dong Chengfei’s departure is due to personal reasons. The company will respect Mr. Dong Chengfei’s decision and sincerely thank him for the great value and outstanding contribution he created in fund investment management.” Xingquan Fund said.

Dong Chengfei personally explained to the outgoing fund manager, “As the company’s investment and research team becomes more mature and stable, and a relatively complete talent echelon has formed, I also want to make some changes. I will say goodbye to fund management for the time being and will spend more time. For precipitation and growth, try to make some new explorations in investment.”

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According to data, Dong Chengfei has joined Xingquan Fund since 2003 and began to manage Xingquan Global Vision Equity Fund in February 2007. After serving as a fund manager, he has managed 7 funds in total, and the one with the longest management time is Xingquan Global Vision Equity Fund. This fund Dong Chengfei has managed for nearly 9 years, with a return of 368.02% and an annualized return of 18.92%.

The one with the highest annual return is the Xingquan trend investment of its management. Dong Chengfei started to manage this fund in October 2013, and it has been nearly 8 years. As of October 18, Dong Chengfei managed Xingquan Trend Investment’s return during his tenure of 324.49% and an annualized return of 19.86%.

However, Dong Chengfei’s performance this year is not ideal.

Wind data shows that Xingxin Vision’s return as of October 18 this year is -4.37%, ranking the bottom 15% among similar funds; Xingquan Trend Investment’s return as of October 18 this year is -1.22%, similar The ranking is about the bottom 20%.

“At the beginning of this year, when the market was hot, based on concerns about market valuation and the continuity of high corporate profitability, we reduced the proportion of equity allocation and maintained a relatively low equity position relative to peers. Looking back at half a year, it should be said. The general direction of this operation is still correct. But what far exceeds expectations is the market’s pursuit of the booming industry, and the fund has very little involvement in this aspect.” Dong Chengfei explained in the fund’s semi-annual report.

The data shows that Dong Chengfei’s operations in the first half of the year are indeed cautious, and he has reduced his stock positions for two consecutive quarters. Among them, as of the end of the first half of the year, the net share of Xingxin Vision’s stocks dropped from 69.45% at the end of last year to 57.14%, and the share of Xingquan Trend Investment Hybrid (LOF) stocks dropped from 79.63% at the end of last year to 63.98%. .

In fact, a reporter from the 21st Century Business Herald learned that at the beginning of the year there was a summary of Dong Chengfei’s roadshow. At that time, Dong Chengfei showed a relatively cautious view, saying that he had entered a defensive play.

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“I still remember the pressure lingering in the first three years of becoming a fund manager, but as the time of fund management gets longer and longer, I gradually adapt to this rhythm, my mentality is much calmer, and my understanding of investment is also obvious. To improve, the time dimension of looking at the problem is also more long-term.” On October 19, Dong Chengfei wrote in a letter to fund holders.

“Fifteen years of investment management career in public funds have experienced fluctuations in the macroeconomic environment from 2007 to 2009, successive years of low returns from 2010 to 2013, the explosive market from 2014 to 2015, and a more open and peaceful market since 2016. In the mature A-share market, gains and losses have been a rare accumulation and growth along the way,” said Dong Chengfei.

3 new fund managers hired for a smooth transition

In fact, the market has a lot of speculation about Dong Chengfei’s departure. Whether Dong Chengfei will leave Xingquan Fund after leaving the post of fund manager, the question remains to be resolved.

“After Dong Chengfei leaves as the fund manager, he will still serve as the head of the fund management department and the research department. For follow-up matters, please refer to the company’s announcement.” On October 19, China Industrial Securities Global Fund responded. Dong Chengfei did not respond publicly.

Later that day, Xingquan Fund released a fund manager change announcement to make the news public. The announcement showed that Dong Chengfei continued to serve as the company’s deputy general manager and director of the research department after leaving the fund manager.

It is worth noting that if the fund manager is suddenly changed, it will take time to test whether the two funds can continue to be recognized by investors in the future. After all, the combined scale of the two funds is more than 60 billion, which is not easy for the successor.

According to the arrangement of Xingquan Fund, after Dong Chengfei leaves the post of fund manager, Xie Zhiyu and Dong Li will take over the Xingquan Trend Fund under his management; Xingquan Vision Fund will be managed by the move.

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According to the data, Xie Zhiyu currently serves as the assistant to the general manager and investment director of Xingquan Fund, and is another top star fund manager of Xingquan Fund. He has served as a fund manager since 2013 and currently manages 4 funds. As of the first half of this year, his management scale exceeds 70 billion.

Statistics from Galaxy Securities show that as of June 30, 2021, Xingquan Herun Fund, a representative product managed by Xie Zhiyu, has achieved an annualized return of 28.92% in more than 8 years of management.

“Dong Li is currently the deputy research director of the company, and works with Dong Chengfei to manage the company’s research department. He currently manages the Xingquanqing Assets Fund. The relocation is also Dong Chengfei’s old partner. From July 2017 to July 2020, he worked with Dong Chengfei for three years. Manage the Xingquan Trend Fund together,” said a person from the Xingquan Fund.

Wind data shows that Xingquan Light Assets managed by Dong Li has returned 3.48% this year, ranking it at about 50%. It has managed Xingquan Light Assets since November 2017, and the return on employment in the past four years has been 70.6%, and the annualized return is 14.65%.

Housewarming currently manages Xingquan’s optimal business model, with a return of 134.69% and an annualized return of 29.71% since taking office in July 2018. However, this fund has performed poorly this year, with a return of -4.93% as of October 18, ranking behind 25% of similar funds.

As of the end of the first half of this year, the latest management scale of Dong Li and Housewarming was 7.294 billion and 19.676 billion respectively.

“Since its establishment, the company has been very focused on strategy. It has always focused on building excellent active investment capabilities, and has cultivated and introduced many outstanding investment and research talents. Currently, the company’s investment, research and trading personnel account for more than 41% of the total employees. The relatively high allocation in the industry is in line with the company’s positioning of investment capabilities as its core competitiveness.” A person from Xingquan Fund said.

(Author: Jiang Shiqiang Editor: Zhu Yimin)


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