At the beginning of 2020, the bank's core-driven hybrid fund sold more than $50 billion a day, becoming the first popular fund in the new year. And in the past 2019, Ruiyuan growth value A, Xingquanhetai and other seven first public funds have become the \"network red \". These network celebrities, popular style fund behind, is the fund managers in A-share in the sound long-distance run.
In the stock market, we always expect to have a 10-fold bull stock. And as we sift through the dizzying array of wealth management products, we're always surprised that the investment gurus have more than double-digit annualized returns.
However, the choice of financial products is also based on skill and luck. Unfortunately, if you're picking on the equity fundamentals that you're investing in, you're going to be more miserable.
Recently, the Daily Economic News conducted an exclusive survey of some of East China Sea Securities'asset-management products that have operated for more than nine years. The survey found that if you choose these products in his home, you may be able to spit out a mouthful of old blood: not only to be able to barely maintain capital, but even to lose 20% of the principal! Even in terms of the best-performing products, the average annual return doesn't win even the various \"baby\" money funds!
This, exactly what kind of a group of brokerage financial products? Why do they have such incredible operations? Reporters conducted an exclusive investigation.
Why choose only these products? The reporter noted that East China Sea Dongfeng 5 was founded in April 2010, Choice data show that in all the market is still in existence, the same period of establishment or even earlier establishment of the securities management products, East China Sea Dongfeng 5 is one of the rare loss of several products, and the loss is not small!
In addition, at present, there are a large number of products under the East China Sea Securities Management Division, including \"East China Sea Dongfeng\" series of six:2,3,5,6,8 and 9. At present, East China Sea Dongfeng 5, East China Sea Dongfeng 6 and East China Sea Dongfeng 8 cumulative net value is still below 1 yuan, in a state of loss. Donghai Dongfeng No.2 and Donghai Dongfeng No.3 are the earliest of the company's existing products, the operation time has been 10 years; Donghai Dongfeng No.5 operation time is not short, there are three months will be 10 years.
The three products are stock or hybrid, almost all of which are designed in terms of asset ratio. After a long period of cattle bear testing, their achievements can more reflect the East China Sea securities management in a wide range of asset allocation, timing, stock selection and other aspects of investment operation ability.
As of January 3,2020, Dongfeng 5 had a net unit value of yuan and a cumulative net value of yuan, according to Wind. This also means that the East China Sea Dongfeng 5 has been running for more than nine years, has not yet returned to this, from the net value of 1 yuan is still 20%.
On August 16,2019, Dongfeng 3 in the East China Sea is on the eve of its establishment for 10 years, its unit net value is yuan, plus the previous accumulated seven dividends yuan, the cumulative net value is yuan. Since then, the cumulative net value of the product has been maintained at more than 1 yuan.
As of December 31,2019, East China Sea Dongfeng 2 had a net unit value of yuan and a cumulative net value of yuan, according to Wind data. In other words, Dongfeng 2 in the East China Sea has been running for 11 and a half years, earning nearly 36%, and the arithmetic annual average yield is only about%.
Donghai Securities website disclosure information shows that Donghai Securities customer asset management business by a special business branch, Donghai Securities Asset Management Branch specifically responsible. Donghai securities asset management branch currently has 52 employees. The branch has equity investment department, fixed income department, research department, marketing department, operations department, trading department, wind control department and product design department.
As investors, holding these three brokerages for more than nine years is clearly unsatisfactory. Because even if you buy the most spring, the most lazy, the least need to do multiple-choice questions XX Bao and XX Tong, as a currency fund for many years, the calculation is higher than the three brokerage wealth management products, and the risk of loss is very small.
Here's an example of East China Sea 2, the best-performing of the three wealth management products, comparing its earnings with those of the index and the public funds over the same period:
According to the asset management contract, Donghai Dongfeng 2's performance comparison benchmark is the Shanghai Stock Exchange index ×40% fund index ×60%. From June 13,2008, to June 12,2019, the cumulative net-worth growth rate was%, compared with a percentage point in the performance comparison benchmark of% for the same period, according to the second operating quarter report of 2019, previously disclosed by Dongfeng No.2.
Compare the performance of the public fund over the same period. Because the public fund company did not set up the money fund in 2008, so choose the money fund established in 2009 as the reference. Statistics show that a total of 19 monetary funds (A\/B separate calculations) have made more gains since their establishment than East China Sea Dongfeng 2, and that the latest 30 days B of Huitianfu was established on May 9,2012.
Take a look at the performance of the stock-debt-balanced public offering fund established in the same period, and the East China Sea Dongfeng 2 founded the most close to the establishment of the July 23,2008, HSBC Jinxin 2026, as of the end of 2019, HSBC Jinxin 2026 range income as high as%! Since then, new public equity balance funds have been established since 2013.
So what makes the average investor feel so embarrassed by the \"tall,\" mystifying brokerage wealth products? A reporter for the Daily Economic News investigated this.
Take Donghai Dongfeng 5, the worst of the three wealth management products, as an example: on January 7,2016, Donghai Dongfeng 5's cumulative net value fell below 1 yuan, opening the road to capital preservation. That year because the net fuse \"injury\" has not been repaired, and catch up with the weak market in 2018, Donghai Dongfeng 5 has been on the road to capital preservation for four years, still on the road,20% from the return of 1 yuan.
From 2010 to 2020, Donghai Dongfeng No.5 received positive revenue for a total of six years in 2010,2013,2014,2015,2017 and 2019, according to the data. At its inception in 2010, the product earned more than 14 per cent of the year; the year of the highest earnings was in 2014, when the earnings were%. However, East China Sea Dongfeng 5 recorded losses in four years in 2011,2012,2016 and 2018, with earnings of -%,-%,-% and -%, respectively.
“actually (East China Sea Dongfeng 5) the year of loss is not many, mainly is the year of making money to earn all small money, and the year of loss many times the loss is more than 20%, which shows that the wind control of the product is not good. In terms of relative earnings,[ East China Sea Dongfeng 5] fell about the same as the same type of public funds, and did not do well in the same type of public funds.” One big brokerage asset manager said.
\"[ East China Sea Dongfeng 5] lost so much money in 2016 that it's likely to have caught up with the January fuse and lost so much of its net value that it didn't add up to hit the market,\" the broker added. But the decline in net worth in 2018 is very large, indicating that it has no control over market risk.
Looking back on the East China Sea Dongfeng No.5's capital preservation road, the market forecast is insufficient, the stock exchange speed is too fast, the asset allocation ratio is unreasonable is causes its net worth repeatedly drops the important reason:
Reporters noted that by the end of 2015, Dongfeng East China Sea 5's equity financial assets accounted for%. Such a high position hurts the fuse in january of the following year. According to its announcement, net product value fell% in the first quarter of 2016, and net unit value and cumulative net value fell to the yuan and yuan at the end of the quarter, respectively.
In the first quarter of 2016, Zeng Xiangshun, the product's then-investment host, said the index of pessimism triggered by a fuse in January 2016 fell back in succession. Looking back on the performance of the past quarter, failed to accurately predict the market adjustment in January, the net product value was significantly affected.
The product's change of investment in the second quarter of 2016 was hosted by Liu Jun, while reducing the allocation of equity assets and maintaining a low-to-medium position operation for the last three quarters of 2016, failing to continuously and accurately grasp the plate wheel market.
2017 was the year of a structurally divided market, with low-valued white horse leading stocks up better and high-valued small and medium-sized companies generally down bigger. Dongfeng East China Sea 5 in the first quarter of that year sold such pharmaceutical stocks, transferred,,, and other state-owned reform and military companies. In the second quarter of 2017, Dongfeng 5 in the East China Sea further adjusted its structure, concentrating its position on large consumption and growth stocks with unique advantages, in exchange for,, and, etc.
And in the third quarter of 2017, Donghai Dongfeng No.5 changed its head to Yang Ying, and the investment style of Donghai Dongfeng No.5 also changed a lot, replacing eight of its top 10 heavy positions in the third quarter of that year, only retaining and, buying and other large financial concept stocks, as well as, and, and, and, and, and other cycle stocks. And in the fourth quarter of 2017, it was the transfer of cement and bank stocks to aviation stocks such as, and so on.
“（ East China Sea Dongfeng 5) to market sentiment forecast obviously insufficient, more cautious. The short period of ownership, the rapid pace of change, and a lot of the time of the quarter also shows that the degree of research on stocks is not high. Shanghai has a wealth of investment experience of public fund people said.
The A-share market in 2018, to the surprise of many, is basically silt. The pharmaceutical industry, which has long been seen as a hedge asset, also fell more than 14% overall in the third quarter of that year. Affected by this, Donghai Dongfeng 5 poor performance,2018 net loss of more than 26%.
At the end of the first quarter of 2018, Dongfeng 5 in the East China Sea had an equity asset allocation of up to 70 percent, then plummeted to% in the second quarter, and the proportion of equity assets returned to more than 40 percent in the third quarter. Its top 10 positions show that east china sea east wind 5 in the first quarter of that year is still insisting on aviation stocks, but in the second quarter staged a \"face change \", buying pharmaceutical stocks. Specifically, the position of the top 10 stocks, such as the six stocks are pharmaceutical stocks. In the second half of 2018, East China Sea Dongfeng 5 began to adjust the structure to reduce the proportion of pharmaceutical stocks, with the bank-based large financial medicine becoming the core variety of its allocation.
“'s market forecast is inadequate, early high positions, and midway too optimistic, ahead of the increase in positions, the market pessimism is continuing." The aforementioned brokerage investors in capital management said.
East China Sea East 2, owned by Donghai Securities, was established on June 13,2008. Among them, Donghai Securities with its own capital of 18 million yuan to participate in the subscription.
Above is the return on earnings for each full year since East China Sea's Dongfeng 2. According to Choice, the collection plans to make positive gains in six of the past 12 years and negative gains in the other six. Specifically, the highest return was in 2009, when the return was%. The worst-loss year was 2008, when net unit value fell more than 33%. In the past year of 2019, Dongfeng East China Sea 2 has struggled on the break-even line, culminating in only a% positive gain.
Looking back on operations over the past 11 years, Choice data show that the top unit net worth of Dongfeng 2 in the East China Sea is near June 12,2015, with cumulative net worth approaching $2; and the lowest point is near October 18,2018, with unit net worth of less than $.
Reviewing the annual performance since the establishment of Dongfeng 2 in the East China Sea,2018 is undoubtedly the most “affected ” year. The decline in net worth of more than 33 per cent of the year also led many investors to suspect that the assembly plan was full-time.
The announcement showed that on March 12,2018, Donghai Dongfeng 2 had equity financial product allocation as a percentage of assets, which fell to% on June 12 and further to% on December 12,2018.
“If the proportion of equity financial product allocation is not high, it must be that the equity asset allocation type belongs to the relatively large decline." A securities firm in Shenzhen said.
Judging from the three-quarter positions that Dongfeng 2 could look at in 2018, it favored small and medium-sized and environmentally friendly stocks in the gem in asset allocation, both of which led the decline in 2018.
In 2019, the bull market breathed in, and looking at the East China Sea East 2's 2019 net worth chart, there were few noticeable fluctuations, looking more like a \"electrocardiogram\" that stopped beating.
The answer to this net-worth trend is simple: it is short of good news for 2019. So how serious is the treading space? So to speak: East China Sea Dongfeng 2 completely evolved into a pure fixed income financial products in 2019. As of march 12,2019, there was only one equity financial product held by the conglomerate, while the second operating quarter of 2019 showed that huatai securities had been sold and no equity assets had been allocated since then.
If you read these three quarters of the operation report carefully, you will find that the 2019 East China Sea Dongfeng 2 asset allocation focus on the two categories of bank deposits and fixed income products, and long-term maintenance of more than 63% of the proportion, sometimes even more than 70%.
If you look closely, it is not difficult to find that East China Sea Dongfeng 2 fell before the dawn of the 2019 bull market. January 22,2019, East China Sea Dongfeng 2 change the sponsor, investment style from the main rights and interests change mainly fixed, at this time the Shanghai Stock Exchange index of 2500 to 2600 points, is the 2019 bull market on the eve of the beginning, and then A-share interpretation of the rally.
“In terms of a series of asset reports, product managers were too pessimistic about the A-share market, misplaced choices for large categories of assets and failed to correct them in time, causing the product to severely beat the A-share market. Moreover, changing the helm at the critical moment has led to a huge change in the style of the assembly plan. The aforementioned Shanghai public offering fund personage said.
Investors in the capital management of a securities firm in shanghai pointed out that the east china sea east wind 2 investment host only more than five months, the time is too short, its investment concept, investment style has not been effectively confirmed by the market. Now the average term of the fund manager is three years.
“（ East China Sea Dongfeng 2) two consecutive years of major misjudgement,2018 focus on equity products, holding environmental stocks led the market, but 2019 focus on bond products. This also shows that the stock debt balance product is a double-edged sword, the use of good is the weapon to defeat the market, the use of bad will hurt themselves, but this kind of continuous misjudgment is rare. Investors in a securities firm in Shenzhen said.
A senior public fund collector told the daily economic news that the 2019 bond market was lively, a structured bull market, where there was a divergence and the second-tier returns were good. If the product configuration is credit debt, the income should be good, of course, the allocation of convertible bonds is also good. Instead, allocation of interest-rate debt would be less profitable. Spreads on credit bonds fell faster last year, offering better investment opportunities.
On August 16,2019, Dongfeng 3 in the East China Sea was on the eve of its establishment for 10 years, with a cumulative net value of RMB. On September 4,2019, Donghai Securities issued an announcement that it had withdrawn its share of its own funds from August 21,2019 to September 3,2019. This also indicates that the redemption point of Donghai Securities is the product's capital preservation period.
In fact, this is not the first time Donghai Securities has reduced its own funds to participate in Donghai Dongfeng 3. As early as September 21,2016, Donghai Securities issued an announcement that it would adjust its share of its own funds in the total share of Donghai Dongfeng 3 assembly plan on September 28,2016, which has since opened the prelude to the withdrawal of Donghai Securities'own funds.
《 Daily Economic News reporters collated the East China Sea Securities earlier issued more than 40 withdrawals of its own funds, from which it can be found that East China Sea Securities'own funds in the opening of each quarter in the continuous reduction of East China Sea 3. Meanwhile, dongdonghai dongfeng 3's previous quarterly operations report also showed a shrinking share of products, so it can be considered that donghai securities's own funds are passively withdrawing from dongdongdongdongdong 3.
“Donghai Securities's own capital withdrawal is estimated to be due to the shrinking net asset value of its products. Because the average broker's own capital cannot exceed 20% of the product share, so as the product continues to be redeemed by customers, own funds have to withdraw." A securities firm in Shenzhen said.
According to the ● East China Sea Dongfeng 2 announcement, the size of the assembly was 100 million. And the latest third-quarter 2019 report showed Donghai Dongfeng 2 had a share of about 5.1 million as of September 12,2019. The net asset value is ten thousand yuan.
● The East China Sea Dongfeng 3 was established on 21 August 2009 on a scale of 100 million yuan, with a minimum participation of 100,000 yuan and an effective subscription of 10512 households. As of September 30,2019, the share of the product fell to 10,000.
● East China Sea Dongfeng 5 was established on April 26,2010, with a scale of 100 million. The latest third-quarter 2019 report shows the East China Sea has a share of Dongfeng 5, or about 100 million, as of September 30,2019. The net asset value is 100 million yuan.
“It's a very small size. In the actual operation, the size of the collection of products only 12 million yuan to bring not much income, but also occupy the company's resources. For this kind of product, we will take the initiative to clean up. A securities firm in Shanghai said.
\"It's true that some of the assembly plans are relatively small and have not been wound up,\" said one Shenzhen broker. For example, some products lost money, will not tell customers to wind up, generally put there. However, the conditions for the natural liquidation of brokerage asset management products are relatively loose.\"
Above, the East China Sea Dongfeng 2 has eight investment sponsors of the tenure and return on the period. In particular, Zhu Xi, the first leader, has served the longest term, nearly four years, with a return of% on his tenure and the highest of the eight at the helm. The second-highest rate of return was the third investment host, Ding Ying, who served for more than two years from January 24,2013 to March 31,2015, during which the gem was stronger and its return was%. From the term of office, the seventh investment host Chen Tianyue is the shortest, less than five months. So far, five of the eight previous East China Sea Dongfeng 2 investment sponsors have served less than a year.
According to the East China Sea Dongfeng 5 announcement statistics, East China Sea Dongfeng 5 the first leader is Wang Jinsong, serving from April 26,2010 to January 4,2012. Mr. Wang's return during his tenure was -%, according to Wind.
Since then, East China Sea Dongfeng 5 has changed its investment hosting four more times, with the longest serving second manager, Zeng Xiangshun, serving for more than four years from January 4,2012 to March 16,2016, with a return on the period of service of%. In the East China Sea Dongfeng No.5's previous investment host, Zeng Xiangshun is also the only in office to gain positive gains at the helm.
On October 28,2019, Donghai Securities announced that the original investment sponsor of Donghai Securities Dongfeng No.3 pooled asset management plan was co-owned by Yang Ying and Zhu Chenfei, and now it has been changed to Liu Jun as the investment sponsor since October 28,2019, according to the company's research decision due to the need of the work.
Interestingly, a previous record of the East China Sea Dongfeng 3 fund manager showed that the new \"boss\" was an old face, the third time he took over East China Sea Dongfeng 3, more than two years after his last \"helm\" East China Sea Dongfeng 3.
From the above table, it is not difficult to find that within 10 years, the East China Sea 3 investment sponsors a total of seven, Liu Jun is also the only three consecutive investment host.
More than half of “'s investments have been hosted for less than a year, partly explaining the poor performance. The former investment manager has just perfected the investment layout, the effect has not been reflected, the new investment manager has begun to transfer stock. The aforementioned Shanghai public offering fund senior investment and research personage said.
“The tenure is indeed too short, and there is usually a swap period for investment sponsors or fund managers. Large-scale products, in order to maintain product stability, its warehouse adjustment period of at least 3 months, products generally take about half a year to stabilize. You can't do anything at all in a short period of time, let alone reflect the investment style of investment hosting itself. A large brokerage asset management analyst said.
The “'s tenure as a domestic asset manager is relatively short compared to the average U.S. fund manager of more than five years, which is related to the appraisal mechanism, mainly depends on whether the capital management opportunities really carry out the long-term performance appraisal, and whether the evaluation indicators are chosen properly. But in recent years, as the capital markets have improved, some product managers have held on for more than a decade, and a group of high-quality professional investors have emerged. A senior public fund manager said.
In addition, the reporter also noticed that the investment of the above three financial products hosted by the company's own training, most of the growth path for the company researchers to the company management investment post, only individual investment hosted by other brokerage experience.
In response, the Daily Economic News reporter interviewed senior members of the public offering and brokerage management industry. \"Recognizing yourself and doing your homework well\" is the key to choosing the right product, and is an effective weapon given by the two seniors.
“Any investment and financial management should be based on the needs of customers, which requires investors to have a clear understanding of their risk preferences. For example: How high are the earnings expectations? How big is the upper limit that can withstand a wave retreat? The higher the product benefit, the better, but the higher the profit, the greater the risk. In fact, some people can't bear the volatility, which is why a lot of people buy bonds with a 5% yield. One investor with more than 10 years of experience said.
In his opinion, we should find the risk matching product after we find the customer's demand. The product's account manager must first have an in-depth understanding of the customer's benefits, risks and needs, and then select the best possible products that match the customer's risk, such as finding a relatively cost-effective or risk-adjusted product within an agreed income range. Some funds are of a longer nature, with a higher tolerance for volatility and a higher demand for earnings; if they are only a few months, half a year, or a year, then there is a need to control retreat and volatility. Investment has three key elements: investment return expectations, tolerance to volatility, and investment duration. These three elements can basically determine what products investors want to choose.
Finally, after the product sees through, the investment method and the investment strategy of the product should have the corresponding consideration. The product's investment methods and strategies are different for different risk requirements.
Whether it is good at short-term master, or long-term competition players, in the 2019 A-share of the river and lake are not short of the way to make money: Ke Chuang board new, clinging to 5G... It seems that you can enjoy a good time for your vacation ahead of time as long as you have a secret book in your hand.
As a reporter in the big capital management industry, every year in the fourth quarter will do some compulsory courses, to see the outstanding people who can stand out and those who are temporarily behind, gradually study a variety of financial products has become a habit and hobby.
After discovering the operation of Donghai Securities Dongfeng series products, some accidents are also somewhat surprised. The surprise is that a product that has been running for nearly 10 years can lose 20% of its value. When in-depth research, but found that the story is more interesting: a product of both attack and defense, bear market lead the decline plate, bull market more \"change\" to play debt. In interviews, as expected, many asset managers were surprised to hear it for the first time.
It's all said that bull short bear long is the characteristic of A-share, we need to see long-term, than long-distance, to see who can run longer, run farther. How many more years of life?