According to the detailed data of fund net value, the fund started to open positions on June 5, with a unit net value of 1.05438+00 yuan; On June 12, the net value of the fund reached 1.0340 yuan, with a weekly increase of 3.3%; On June 19, the unit net value dropped sharply to 0.8690 yuan, with a weekly decline of 15.96%, and the Shanghai Composite Index fell by 13.32% in the same week.
Obviously, the fund opened its positions very quickly, reaching its peak before the plunge, so that the weekly net value fell more than the Shanghai Composite Index.
In the following weeks, the fund maintained a high positive correlation with the Shanghai Composite Index. In the week of July 3rd, the Shanghai Composite Index fell 12.07%, and Penghua Pharmaceutical Technology fell 15.73%. Obviously, the fund did not lighten its position and still maintained its top configuration.
In the week of July 10, the Shanghai Composite Index rose by 5. 18%, but the fund still fell by 8.86%, and its unit net value fell to 0.5860 yuan.
Opening positions quickly and adjusting positions slowly are important reasons for the failure of the fund. Its fund manager is Liang Dongdong, who has 6 years of securities experience. 20 12 10 joined penghua fund as a senior researcher in the research department, engaged in industry research. 2065438+Since September 2004, he has been the fund manager of Ren Peng Hua Health Care Stock Fund.
Extended data:
Penghua Medical was established on September 23, 20 14. As of September 23rd 15, its net value was 1.0 12 yuan, which was highly sought after by the market. However, from June 15 to September15, the declines of Penghua Medical Technology and Penghua Medical were similar, accounting for 57. 16% and 58.49% respectively.
It is worth noting that Penghua Medical Care Fund is also stipulated in the fund contract, and the position limit is high. The proportion of investment portfolio is: stock assets account for 80% ~ 95% of fund assets; Shares issued by listed companies investing in the health care industry account for no less than 80% of the assets of non-cash funds.
For his poor performance, Liang Dongdong said frankly in the semi-annual report of Penghua Medical:
"In the first half of the year, A shares experienced a rare roller coaster market. In the first half of the year, under the leadership of internet plus and the Belt and Road Initiative, the A-share market stepped out of an unprecedented bull market. But in the second quarter, the market soared and plummeted, and the strength exceeded everyone's expectations. Especially in late June, the adjustment caused by deleveraging led to a serious loss of market funds, which triggered a drastic adjustment.
Medical care can better grasp the hot spots in the market when it is rising, and has achieved good benefits. However, the performance is average when it falls. Although the manager has also taken some measures, including lightening positions and allocating blue chips, the effect is not obvious because the fund contract stipulates high positions. "
It is worth noting that the reason why the two funds managed by Liang Dongdong performed poorly has long been a clue. In an interview with Zhonglu Fund in July 10, he said that in view of the market situation in the second half of the year, "from the current attitude of the government, the determination to rescue the market is great, and the bottom of the policy is just around the corner. Next, some high-quality stocks can go independently, so that they can open positions at the right time. "
References:
The scale of People's Daily Online-Penghua Fund was "halved", and the graded fund suffered a big loss.