After five years of working in the Chinese Business Fund, Zhuang Tao, investment director of the Chinese Business Fund and manager of the Chinese Business Prosperity Growth Fund, will re-find his career. It is understood that he will switch to CITICPE.
An insider of the Huashang Fund confirmed the news and said, "There is still a process of separation procedures, respecting Zhuang's choice." Fund executives transferred from the secondary market to the primary market. Zhuang Tao was not the first person. Prior to this, Cheng Baoliang, the veteran of the China Merchants Fund and former general manager, left on June 14. The new owner is Shanghai Ruili Investment Co., Ltd., which is a local and foreign currency industry investment fund initiated by Shanghai International Group. Analysts believe that publicly funded talents have begun to join PE to reflect a trend in the financial market.
PE platform attraction
According to public information, Zhuang Tao joined the Huashang Fund in April 2006 and served as an assistant to the fund manager of a mixed fund of leading Chinese companies. The CITIC Industrial Fund that Zhuang Tao is about to join is a professional company engaged in investment business by CITIC Group and CITIC Securities. In 2010, operating profit increased by more than 200%, and currently manages 1 RMB fund and 1 USD fund. The total size of the RMB fund CITIC Mianyang Industrial Fund is 9 billion yuan, and the size of the US dollar fund is 990 million US dollars.
In fact, as early as the second half of 2010, the market began to spread wildly. Zhuang Tao was being cornered by another large-scale fund company in Beijing. "2011 performance champion Zhuang Tao will leave the Chinese Business Fund." But later I was denied. In 2010, Chinese business prosperity won the annual championship. The Chinese Business Fund did not highlight Sun Jianbo in its publicity, but instead deliberately emphasized the match of "Three Musketeers": Zhuang Tao and Liang Yongqiang are good at individual stocks, the market has a keen sense of smell, and Sun Jianbo is strategic.
However, in the eyes of market participants, before Sun Jianbo joined the Chinese businessmen, Zhuang Tao actually put more effort into the growth of the Chinese businessmen's prosperity. In fact, Liang Yongqiang focused more on the dynamics of the Chinese businessmen who were at the helm. Zhuang Tao played a crucial role in the surge in performance in 2009, but after 2010, Sun Jianbo gradually occupied the position of the soul figure in the Chinese business flourishing growth fund.
Rarely, the Chinese business flourishing growth fund also names three fund managers, namely Zhuang Tao, Sun Jianbo and Liang Yongqiang. In addition to Liang Yongqiang's focus on managing his own Chinese business dynamics, Zhuang Tao and Sun Jianbo had no other funds to manage. There is no clear division of labor between the two. When the growth of Chinese businessmen's prosperity was relatively small, Sun Jianbo and Zhuang Tao could still complement each other. However, after the growing scale of Chinese business people's prosperity, the conflict between the two's different investment styles gradually appeared in the fund operation.
When Chinese business people's prosperous assets exceed 10 billion, Sun Jianbo believes that the fund should obtain profits through position adjustment and industry allocation. He is optimistic about emerging industries, agriculture and resources. Zhuang Tao's expectations of the market are more pessimistic than Sun Jianbo's. He believes that if there is a problem with the industry's configuration, the impact on the fund's net worth will be too great.
Due to the divergence in investment style with fund manager Sun Jianbo, Zhuang Tao has turned his attention to preparing the company's special account business since 2010. Although the names of Zhuang Tao and Liang Yongqiang are still listed in the first two columns of the Chinese business flourishing growth fund manager, in actual operation, Sun Jianbo undertakes the main work.
It is worth noting that Zhuang Tao ’s title is the investment director of the Huashang Fund, and Sun Jianbo ’s official title is the general manager of the investment management department. It is difficult to distinguish who has the heaviest voice. Insiders of Chinese businessmen do not understand the initiation due to differences in investment style. "The earliest Zhuang Tao introduced Sun Jianbo to Li Xiaoan, chairman of the Huashang Fund. If Mr. Zhuang left because of differences, it would be unreasonable." But as a fund person believes, in the same fund company, facing a rising state, which is increasingly occupying the core position, what do you think?
It is understood that "Zhuang Tao's final decision to leave the Chinese businessmen is more attractive to the platform of CITIC Industrial Fund, and I heard that the treatment offered by the other party is very attractive. Now PE is so hot, if the executives of other public funds have changed This opportunity will certainly be considered. " Previously, one reason Cheng Baoliang resigned from China Merchants Fund was that he believed that equity investment actually represented an important future direction of development.
Public aura fading
In the view of the above-mentioned fund people, Zhuang Tao's resignation is not only related to personal choices, but also related to the poor performance of Chinese businessmen since 2011. In 2010, the Chinese Business Prosperity Fund defeated the fund's first brother Wang Yawei with an annual rate of return of 37.77%, becoming an out-and-out dark horse. However, since 2011, Chinese Business Fund has not continued to write the dark horse myth.
Statistics show that the average stock yield of 61 fund companies with comparable performance in the first half of 2011 was about -9.2%. The return rate of the partial fund of the Chinese Business Fund is only -13.9%, ranking only the last five.
According to the fund's second quarterly report, from the perspective of fund companies, among the open-end funds (excluding currency funds and QDII) that have published data, Chinese businessmen are one of the most serious loss-making fund companies, with a loss of 2.658 billion yuan. Among the top ten loss-making funds, Chinese business flourishes with the growth of -839 million yuan, and the Chinese business strategy ranks fourth and fifth with -830 million yuan. According to relevant statistics, as of the end of June, the overall ranking of the nine products of the Chinese merchants was quite low. Among the company's 9 products, the best performing is the bond fund, but it also ranks in the bottom 40% of the same type of fund.
Among the two stock funds, the champion product of 2010, Chinese Merchants, flourished in 2011 but lost 13.15% in 2011, ranking 263th among the 373 stock funds, ranking the bottom 30%; the Chinese business industry lost 18.46%, Ranked 356th. The three mixed funds, Chinese Business Strategy, Chinese Business Leaders, and Chinese Business Dynamics have lost 12.55%, 14.56%, and 20.68% respectively in 2011, ranking 127th, 154th, and 187th among 188 mixed funds, respectively. Chinese Business Dynamics Alpha ranked third among mixed funds in 2010 with a score of 24.64%, but it fell to the bottom in 2011.
Analysts believe that the reason why the Chinese businessmen performed well in 2010 was mainly due to the stepping into the sector and selecting individual stocks. Regarding the success in 2010, Zhuang Tao concluded that the series of actual combat strategies in 2010 basically got the market conditions, thanks to the investment style of fund managers who are proactive, proficient in layout, and courageous. However, since 2011, the style of market speculation has changed rapidly, the advantages of high-growth small and medium-cap stocks are no longer, and blue chip stocks have ushered in a repairing market. The Huashang Fund failed to switch its operation in time.
Fortunately, starting in the second quarter, the Huashang Fund has improved. "For small fund companies such as the Huashang Fund, the problems of investment research, risk control, and talent allocation have always existed after the overall scale has expanded dramatically, but they have been masked when the performance is good." Chief Analysis of Desheng Fund Research Center Shi Jiang Saichun said. The analysis believes that the fund industry only increases the quantity but does not increase the scale, and the fund-raising in the equity investment market has indeed grown rapidly. Now the aura surrounding the fund industry has begun to fade.
The above information source "Venture Investment" is authorized by the China Venture Capital Research Institute (CVCRI) to publish it. All rights reserved. Please indicate the source when reprinting.
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