"Investment Times" researcher Qi
Although the closing price of Zheshang Securities (60 1878). SH) As of April 9th, it was 1 1.95 yuan/share, which was 1. 19 times higher than the 52-week low. Everyone with discerning eyes knows that this is more due to a series of favorable expectations, including the science and technology innovation board, which triggered the overall market of the brokerage sector. In fact, the market value of the company has approached 40 billion yuan. Last year, the revenue and net profit decreased by 19.87% and 3,075,438+0% respectively.
What is more troublesome is that the radish brings out the mud. With the release of its 20 18 annual financial report, the loss bill of its subsidiary Zheshang Fund also surfaced. According to the data, in 20 18, Zheshang Fund realized an operating income of 93152,200 yuan, but its net profit was-21848,400 yuan, which was 323.32% lower than that in 20 17.
Relying on the strength of the Monetary Fund, the scale of public offering management of Zheshang Fund once exceeded 60 billion. However, under the background of stricter supervision and the gradual withdrawal of outsourced funds, its management scale has collapsed-by the end of 20 18, it has slipped to 213.6 billion yuan, with a shrinkage ratio as high as 65%.
The poor operating performance is accompanied by the resignation of the fund manager. Recently, Zheshang Fund announced that Tang Hua, the fund manager, left his job due to job changes. It is reported that Tang Hua not only manages fund products, but also serves as the general manager of the company's stock investment department.
Regarding the company's scale changes, performance losses and other issues, the Investment Times recently sent an interview letter to the public mailbox of Zheshang Fund. As of press time, it has not received a reply.
The company's performance has fallen sharply.
According to the annual report of Zheshang Securities, the total assets of Zheshang Fund at the end of 20 18 were 280 million yuan, and the net assets were1.1.20 million yuan. In that year, the operating income was 93 152200 yuan and the net profit was -2 1848400 yuan, which was 323.32% lower than that in 20 17 years.
The main reason is the decline in fund management fees caused by performance losses and shrinking management scale. Wind data shows that the management scale of the company at the end of 20 18 was 213.6 billion yuan, which was1529.4 billion yuan lower than that at the end of 20 17, with a decrease of 42%. In addition, due to the stock market downturn last year, the company's active equity funds were the most affected, and the management scale was even reduced to less than 654.38+0 billion yuan, while the net profit was only-654.38+0.26 billion yuan. At the same time, in 20 18, the company also liquidated a mixed fund with partial shares, which further affected the management scale.
According to statistics, there are 5 active equity funds under Zheshang Fund. Among them, the growth of Zhejiang Juchao industry, the product with the largest shrinking management scale, shrank by 702 million yuan only last year. As of April 5, 20 19, the fund's yield in the past year was -3.93%, ranking 500/6 19. 20 18 annual report shows that the fund lost 93.7656 million yuan last year.
Under the background of weak stocks and strong debts last year, bond products have become a rare profit point for fund companies. The total annual net profit (share calculated separately) of the eight bond funds under Zheshang Fund is 694 million yuan, but although the performance is good, the downward trend of management scale is still difficult to change. For example, Zheshang Wind Power Enhanced Bond was established on August 28th, 2008+2065438. At the beginning of its establishment, the management scale was 428 million yuan, and by the end of last year it was only137 million yuan, a decrease of 29100 million yuan.
The management scale of Zheshang Fund has not been large since its establishment. It was not until 20 15 that Wanxiang appointed Xiao Feng, a former public tycoon, to join and lay out the monetary fund that it began to improve. According to the data of Tian Tian Fund Network, the management scale of the company reached a peak of 60.966 billion yuan at the end of the first quarter of 20 17, but it has been shrinking since then except for a slight increase of 457 million yuan in the third quarter of 20 17.
Good Buy Wealth Research Director once said that the shrinking management scale of fund companies is generally caused by poor performance. Zheshang Fund's short-term performance is not bad, and its long-term performance is also problematic.
Yang Delong, chief economist of Qianhai Open Source Fund, also told the Investment Times reporter that the losses of small and medium-sized fund companies are mainly related to the sluggish market and insufficient fund investment management capabilities. If the fund's performance continues to be poor, investors will choose to redeem it, resulting in lower management costs and losses for the fund company.
Stock funds are weak.
Last year, the capital market was generally depressed, and it was inevitable that stock funds would lose money. However, even if the time was prolonged, Zheshang Fund did not hand over the ideal answer sheet.
Take the growth of Zhejiang merchants' tide gathering industry as an example Established in May 1 1, the fund is the first equity product under Zheshang Fund, which has experienced five fund managers including Jiang Peizheng, Fang Wei, Ni Quansheng and Tang Hua. However, Wind data shows that as of April 5, the yield of the fund since its establishment is 43.4%, which is lower than the average level of partial stock hybrid funds.
It is worth mentioning that on February 26th, Zheshang Fund announced that Tang Hua, the fund manager, had left his job due to job changes. "Investment Times" researchers found that at present, Tang no longer manages any fund products. Since he took over the growth of Zhejiang Juchao Industry on July 22nd, 20 15, the rate of return during his tenure was only-12. 12%.
One of the main reasons for high stock positions or poor fund performance. In this regard, its fund manager explained in the annual report that "90% of the positions in the first half of the year belong to our underestimation of market risk assessment, and we did not lighten our positions in time to avoid the risks that could have been actively avoided, while we still maintained 90% of the positions in the second half or the fourth quarter, and even slightly increased our positions mainly reflected our active choices after comparing the implied income of large assets."
"Investment Times" researchers found that Tang Hua has always loved the pharmaceutical and banking sectors, and these varieties were found in the top ten awkward stocks at the end of last quarter.
Among the current stock fund managers of Zheshang Fund, there are Cha, Ni Quansheng, Zhou Jincheng, etc. Cha and Ni Quansheng also served as the general manager of the intelligent investment department and the deputy general manager of the stock investment department respectively.
However, the flexible allocation rate of return of Zhejiang businessmen involved in tea management is not ideal. As of April 5, the fund's yield in the past year was -2.39%, ranking as1374/1684; The yield in recent two years is -3.59%, ranking 1 176/ 1346. Since the establishment of this fund in May 20 1 1, 2065438, the rate of return has only been 1.9%.
The researchers of Investment Times noticed that Tang Hua, Kato, Cha Xiao Lei and Ni Quansheng all had experience in Bosera Fund. After Xiao Feng joined Zheshang Fund, he immediately recruited a number of Bosera Fund departments to join, thus forming the core of the company's investment and research team.
The success or failure of relying on outsourcing
The management scale of Zheshang Fund depends on the expansion of money fund, but unfortunately, the good times are not long. At present, its cargo base scale is also constantly "slimming".
Take Zhejiang merchants' daily gold coin B as an example. By the end of 20 18, the management scale of the Fund was 9.623 billion yuan, a decrease of1430.3 billion yuan compared with the same period of last year. From the perspective of the holder structure, the fund was held by institutional customers at the beginning of its establishment, which is highly similar to the characteristics of outsourced products.
At the same time, the researcher of Investment Times also noticed that among the 16 public offerings owned by Zheshang Fund,1only has institutional investors holding more than 90%. Among bond funds, seven funds, including Zheshang Xianghui, Zheshang Huinan, Zheshang Huili and Zheshang Huiying, are suspected of outsourcing products, and even the new thinking and flexible allocation of Zheshang in stock funds are no exception.
As the old saying goes, success is Xiao He, and failure is me.
Of course, the participation of institutional investors will help the rapid expansion of fund management scale, but if it can't bring rich returns to the former, it will turn around and leave in an instant.
?