Following the heated discussion caused by the application for listing on November 5th, five "Ant Placement" funds proposed a more convenient exit plan.

why can't the innovative future fund with ants be redeemed directly, but should be converted into class B shares to withdraw?

Investors finally have "freedom to withdraw"

The new solution mainly includes the following points:

1. Five innovative future funds will set up new Class B shares, and the holders can convert their existing shares into Class B shares after submitting the application, and automatically redeem and withdraw.

2. The opt-out period is one month (from November 23rd, 22 to December 22nd, 22). After that, Class B shares will be cancelled, and holders who have not opted out will continue to hold the original shares.

3. Exempt the fund management fee, custody fee and sales fee from the establishment of the fund to December 22nd to benefit investors.

This means that investors can handle it in three ways: continuing to hold, withdrawing after transferring to B share, and trading on the floor after transferring to custody.

Prior to this, many citizens called for "closing to open" in order to meet the reasonable demand of fund withdrawal, because the innovative closed operation fund with ant strategic placement as its selling point had no placement target in the next 18 months.

However, on November 5th, five fund companies jointly put forward a plan to apply for listing. Because the listing transaction involves opening a stock account, complicated transfer custody operation, high probability of discount and other issues, many citizens do not buy it.

Now, the above questions have finally been solved perfectly, and investors finally have the "freedom to quit".

should I go or stay? Can't generalize

After solving the problem of "can you quit", investors also need to calm down and think about "whether to quit".

It needs to be explained in advance that after losing the profit from the strategic placement of ants, the five innovative future funds are five ordinary 18-month closed hybrid funds. Therefore, investors also need to return to the essence of fund investment and re-examine the investment ability and level of fund managers and fund companies.

In the final analysis, investors may need to ask themselves: Do you still trust these fund managers without the stable income of ant matching?

Of course, it is undeniable that no matter the five fund companies, E Fund, Huaxia, Central Europe, Penghua and Huitianfu, or the five fund managers, Hao Chen, Zhou Yingbo, Wang Zonghe, Lao Jienan and Zhou Keping, they are well-known in the industry, which is also the result of careful consideration by ants and fund companies.

However, after careful comparison, there are still considerable differences among the five fund managers in terms of qualifications, investment style, risk control and large fund management ability.

Therefore, to go or stay is not a general question, and different fund managers have different answers.

1. Investment style and qualifications

The investment style of a fund manager affects the investment direction, asset allocation and risk preference of the fund, and is closely related to the fund performance.

For example, E Fund Hao Chen is a growth-oriented investment style, specializing in TMT, medical biology, advanced manufacturing and other fields, with a relatively balanced industry allocation. The average annualized income of fund managers in the past eight years is around 18%.

Wang Zonghe of Penghua is a veteran consumer. He once managed a consumer fund for nearly 1 years, with an average annualized income of about 16%.

Mr. Lao Jienan of Huitianfu prefers the value style. In the past, he mainly held large-cap stocks and medium-cap stocks, and rarely allocated small-cap stocks. His industries were mainly concentrated in the fields of food and beverage, bank insurance and material chemistry, with an average annualized income of about 16% in the past five years.

China-Europe Fund has chosen teamwork, in which Zhou Yingbo, the leader, has an investment philosophy of industry rotation and bottom-up combination. Among the other two fund managers, Shao Jie is good at TMT and new energy, while Liu Jinhui focuses on science and technology. Zhou Yingbo's average annualized income in the past five years is about 29%.

Comparatively speaking, Zhou Keping, Huaxia Fund, has a relatively junior qualification. He just started as a fund manager in January 219, and his main positions are in TMT and advanced manufacturing sectors.

under different investment styles, investment directions and even fund managers' qualifications, the operation of the five innovative future funds will be quite different, and the performance will also widen.

2. Management ability of large funds

The single scale of innovative future funds is 12 billion yuan. For fund managers, how to adapt to such a large management scale and such a rapid growth rate is a very challenging job.

Latest management scale:

Management scale at the end of 219:

Wang Zonghe of Penghua Fund is the largest of the five fund managers.

However, it is worth noting that at the end of 219, the management scale of Wang Zonghe was only 4.364 billion yuan. In less than one year, he issued five new funds (leaving two funds), and the management scale quickly increased to 55.426 billion yuan, an increase of 11 times.

Among the other four fund managers, the management scale of Zhou Keping has increased six times this year, that of Hao Chen and Lao Jienan has increased about two times, and that of Zhou Yingbo has increased .8 times.

although the fund scale expansion is not necessarily linearly related to the performance, it will increase the management difficulty more or less, especially for fund managers with high turnover rate, which means that many micro-operations will be difficult to carry out.

From the perspective of turnover rate, the turnover rate of Lao Jienan and Hao Chen is relatively low, especially for Lao Jienan's investment style, the impact of scale growth may be relatively small.

Zhou Yingbo's growth experience is quite special among the five fund managers.

unlike other fund managers' "sharp increase", Zhou Yingbo's management scale has been growing steadily since the second quarter of 217. At the end of 217, the scale at the end of 218 and the end of 219 were 4.545 billion yuan, 7.97 billion yuan and 24.973 billion yuan respectively, and the turnover rate also dropped from 6 times to about 2.5 times.

He also mentioned many times in the quarterly report that he has been troubled by the management scale since 219. In the latest quarterly report, Zhou Yingbo wrote:

We have experienced the continuous challenge of scale expansion for several quarters. Looking back, there are many improper responses. To sum up the experience and lessons we can't talk about for a long time, we think that the essence of investment should focus on stock selection.

On the one hand, we have made continuous focus on the major fields and industries we have invested in since the second quarter; On the other hand, in terms of shareholding concentration, we have also made a significant improvement since the third quarter. To sum up, we hope to do more subtraction and focus on the investment opportunities that are valued after research. At the same time, we have expanded the management team of the fund to cope with the expansion of the number and scale brought by new funds.

does this problem also exist in the investment of Wang Zong Hehe and Zhou Keping? And how will these two fund managers respond?

3. Ability to control retracement

Controlling retracement is a very important ability of fund managers, because it is more difficult to rise than to fall, and a 5% decline requires a 1% increase to return blood.

Let's take the five funds that have been managed by fund managers for the longest time as an example:

Zhou Yingbo, Lao Jienan and Hao Chen are the three fund managers with relatively good retracement control, with the maximum retracement controlled below 25% in the last three years, and the annual decline of the three fund managers in the big bear market in 218 is less than 2%, with high risk control ability.

According to the latest situation of the five funds, as of November 6th, the five funds have been invested and operated for about one month since their establishment, and their performance has been different. According to wind data, the average rate of return of the five funds since their establishment is about 1.5%, and the product with the highest rate of return is China Europe Innovation Future, which has earned more than 3% since its establishment on October 9.

Of course, one month is too short, and short-term performance can't explain anything. It remains to be seen what kind of transcripts the five funds can hand in at the end of the 18-month closure period.

This article is from the Blue Whale Foundation.