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明星基金经理“翻车”,800亿规模申万菱信,该如何突围?
Sou Hu Cai Jing· 2025-08-18 00:42
Group 1: Core Insights - The arrival of star fund manager Jia Chengdong at Shenwan Hongyuan Fund has garnered significant attention, especially given his previous management of nearly 900 billion yuan at China Merchants Fund [1][3] - Shenwan Hongyuan Fund has high expectations for Jia, promoting him to deputy general manager shortly after his arrival and launching a new equity product, the "Shenwan Hongyuan Industry Select Mixed Fund," which raised 1.219 billion yuan, the largest fundraising for the firm in the year [1][3] - However, the performance of the "Shenwan Hongyuan Industry Select Mixed Fund" has been disappointing, with a return of -8.23% since inception, significantly underperforming the Shanghai Composite Index, which rose nearly 10% during the same period [3][14] Group 2: Historical Context - Shenwan Hongyuan Fund, established in January 2004, is one of the earliest Sino-foreign joint venture fund companies in China, initially co-owned by Shenwan Hongyuan and Paris Asset Management [4][5] - The firm struggled to grow its assets under management (AUM) initially, with AUM not exceeding 15 billion yuan even during the 6124-point bull market by 2010 [5][6] - The introduction of structured funds, particularly leveraged funds, became a key strategy for Shenwan Hongyuan to capture market opportunities, leading to a peak AUM of 102.492 billion yuan in Q2 2015 [7][8] Group 3: Challenges and Current Status - The firm faced significant challenges during the 2015 stock market crash, leading to substantial losses and exposing design flaws in its structured funds, which ultimately led to a ban on new structured fund products [8][9] - Since then, Shenwan Hongyuan has struggled to find a successful growth strategy, with AUM stagnating at approximately 82.607 billion yuan as of mid-2023, failing to achieve further growth after reaching 80 billion yuan in 2024 [9][10] - The firm has not established a competitive advantage in either equity or fixed income products, resulting in a lack of clear direction for future growth [9][10] Group 4: Talent and Research Issues - A critical issue for Shenwan Hongyuan is the lack of a robust investment research and talent system, which has hindered its ability to adapt and thrive in the competitive market [11][15] - The average tenure of fund managers at Shenwan Hongyuan is lower than the industry average, indicating a potential instability in talent retention [11][12] - The firm has seen multiple fund manager departures, exacerbating its talent shortage, and leading to a reliance on external hires like Jia Chengdong, which has not yielded the desired results [12][14]
被骂“赌狗”,明星基金经理贾成东旗下产品两个月逆市亏8%!公司回应
Hua Xia Shi Bao· 2025-08-14 02:59
Core Viewpoint - The performance of the fund managed by star fund manager Jia Chengdong has raised doubts, as it has seen a net value decline of over 8% in two months, while the Shanghai Composite Index rose by 8.2% during the same period [1] Group 1: Fund Performance - The Shenyin Wanguo Industry Select Mixed Fund A, managed by Jia Chengdong, has dropped to a net value of 0.9177 yuan, resulting in a loss of 8.23% since its establishment on June 3 [1] - In the past month, the fund ranked 4773 out of 4776 similar funds, indicating poor performance [1] - As of August 8, the fund has experienced a 6.04% decline in the last month [3] Group 2: Manager's Background and Strategy - Jia Chengdong, who joined Shenyin Wanguo in December 2024, has previously worked at Guotai Fund and招商基金, managing nearly 18 billion yuan at his peak [3] - The fund's strategy involved a rapid 60% allocation shortly after its establishment, focusing on the "new consumption" sector, which later faced a downturn [3] - The fund's shift to bank stocks after the initial losses did not yield positive results, as it declined by 1% even when the bank sector rose by 2.22% [3] Group 3: Internal Performance Disparity - There is a notable performance disparity within Shenyin Wanguo, with another fund managed by manager Fu Juan achieving a one-year return of 100.59% [4] - The top holdings of Fu Juan's fund include stocks like Chaohongji and Pop Mart, with some individual stock gains exceeding 10 times [4][5] Group 4: Historical Performance - Shenyin Wanguo has a history of strong performance, with its quantitative small-cap fund achieving a 279.62% increase since inception, significantly outperforming its benchmark [7]
被骂“赌狗”,明星基金经理贾成东旗下产品两个月逆市亏8%!申万菱信基金回应
Hua Xia Shi Bao· 2025-08-13 07:02
Core Viewpoint - The performance of the newly launched fund managed by star fund manager Jia Chengdong has raised significant concerns, as it has underperformed the market shortly after its inception, leading to investor dissatisfaction and criticism of the fund's management strategy [2][4]. Fund Performance - The fund, Shenwan Lingshin Industry Select Mixed A, was established on June 3 and has seen a net value drop of 8.23% within two months, while the Shanghai Composite Index rose by 8.2% during the same period [2][5]. - As of August 8, the fund's net value was reported at 0.9177 yuan, ranking 4773 out of 4776 similar funds, indicating a poor performance relative to peers [2][5]. Management Strategy - Jia Chengdong's investment strategy involved quickly building a 60% position in high-flying "new consumption" stocks shortly after the fund's launch, which led to significant losses as the sector corrected [5][6]. - Following the losses in the new consumption sector, Jia shifted focus to bank stocks, which also faced a downturn, resulting in further declines in the fund's net value [5][6]. Internal Discontent - An employee from Shenwan Hongyuan Securities expressed dissatisfaction with the company's pressure to invest in the fund, labeling it a "political task" and criticizing the fund's operational style as reckless [3][4]. - The company has denied claims of coercion regarding investments and emphasized the importance of long-term performance over short-term results [4][6]. Comparison with Other Funds - In contrast to Jia Chengdong's underperforming fund, another fund managed by a different manager, Fu Juan, achieved a remarkable one-year return of 100.59%, highlighting a stark performance disparity within the company [6][8]. - Historical data shows that Shenwan Lingshin has had successful funds in the past, with one fund achieving a 279.62% increase since its inception, significantly outperforming its benchmark [8].
【机构调研记录】申万菱信基金调研万马股份
Zheng Quan Zhi Xing· 2025-07-31 00:09
Group 1 - The core viewpoint of the news is that Shenwan Hongyuan Fund has conducted research on Wanma Co., Ltd., focusing on its development strategy and business segments [1] - Wanma Co., Ltd. has a "one body, two wings" development strategy, with three main business segments: wire and cable, new materials, and new energy [1] - The company holds approximately 30% market share in chemical cross-linked and silane cross-linked insulation materials, with an annual production capacity of 60,000 tons for ultra-high voltage insulation materials [1] - Wanma's revenue projections for 2022, 2023, and 2024 are 4.654 billion, 4.872 billion, and 5.185 billion respectively [1] - The company has participated in several large hydropower projects, providing various types of cables and high polymer materials [1] Group 2 - Shenwan Hongyuan Fund was established in 2004 and currently manages a total asset scale of 82.64 billion, ranking 67 out of 210 [2] - The fund's non-monetary public fund asset management scale is 70.563 billion, ranking 59 out of 210 [2] - The best-performing public fund product in the past year is Shenwan Hongyuan LeRong One-Year Holding Mixed A, with a latest net value of 1.45 and a growth of 101.11% in the past year [2]