As of June 30, the absolute returns of the company's equity funds in the past five years, seven years and ten years were 36.75%, -1.66%, and 66.53%, respectively, ranking 98/107 and 75/ among fund companies. 81, 66/67
Qi Wenjian, researcher of "Investment Times"
With the "closing" of the market in the first half of 2022, the "high school entrance examination" results of public funds are also freshly released.
Under the influence of multiple factors, the A-share market went out of a "V"-shaped trend in the first half of the year, and public equity funds also fell first and then rose.But some funds still failed to erase previous losses.
Wind data shows that as of June 30, Jinyuan Shun'an's value growth rate has been -32.61% this year, ranking 2,676th among 2,677 similar funds.The fund has recorded a gain of -21.9% since its inception.
In fact, in the first half of this year, there are 7 equity funds under the Jinyuan Shun'an Fund that can count the returns since the beginning of this year, and 6 of them have negative returns during the year.The company's equity funds have an average return rate of -7.48% in the first half of the year.
While the short-term performance is not satisfactory, the medium and long-term performance of the equity funds of Jinyuan Shun'an Fund is also relatively bleak.According to data from Haitong Securities (9.550, -0.12, -1.24%), as of June 30, the absolute returns of the company's equity funds in the past five years, seven years, and ten years were 36.75%, -1.66%, 66.53%, ranking 98/107, 75/81, 66/67 among fund companies, and 77/86, 54/60, 47/48 among small fund companies, all in the bottom position.
Perhaps affected by the performance of the fund, as a fund company established for 15 years, as of the end of the first quarter of this year, the scale of equity funds under Jinyuan Shun'an Fund was less than 1.3 billion yuan.
The performance of equity products differs by 53% from the beginning to the end
Since the beginning of this year, the A-share market has shown a volatile market, and the performance of public equity funds has also been "ice and fire".
According to the statistics of Wind data, as of June 30, the equity funds of Jinyuan Shun'an Fund that can calculate the return rate this year have a difference of 53.72% between the beginning and the end of the performance.
Among them, Jinyuan Shun'an Yuanqi has a return of 21.11% during the year, which is the best-performing product among the company's existing active equity funds, and also occupies a place among the top ten active equity funds in the whole market performance in the first half of the year.However, the outstanding results have not changed the status quo of the fund's scale of less than 1 billion yuan.As of the end of the first quarter of this year, the size of the fund was only 773 million yuan.
Unlike Jin Yuan Shun An Yuan Qi, Jin Yuan Shun An's value growth is a "disappointed person".Jinyuan Shun'an's value growth rate in the first half of the year was -32.61%, almost at the bottom of similar rankings.
It is worth noting that the performance of Jinyuan Shun'an at various stages of value growth is hardly optimistic.The returns of the fund in the past one year, two years and three years were -25.05%, -7.02% and 16.22% respectively, and the similar rankings were 1779/2050, 1011/1108 and 735/768 respectively.If you look at the long-term perspective, the total return of the fund since its establishment on September 11, 2009 is still negative, at -21.9%.
Judging from the historical performance of Jinyuan Shun'an's value growth, except for the slightly better performance in 2019 and 2021, other years basically ranked low among similar funds.The data shows that the annual returns of the fund from 2017 to 2021 are -25.13%, -29.13%, 48.92%, 31.27%, and 16.02%, respectively, with similar rankings of 435/436, 382/501, 251/634, 787/ 877, 419/1530.
In addition, Jin Yuan Shun An’s value-growing fund managers have changed very frequently. In the past 13 years since its establishment, there have been 11 fund managers under management, with an average tenure of 1.57 years.Kong Xiangpeng, the current fund manager of the fund, took over the management of the fund on April 28 this year.
In addition, Kong Xiangpeng also took over the growth momentum of Jin Yuan Shun An from the fund manager Jia Lijie on April 13 this year.The researchers of "Investment Times" noted that Kong Xiangpeng had managed the fund from June 28, 2017 to July 25, 2018, but the tenure return was only -3.88%.
In fact, as the longest established product among the existing funds of Jinyuan Shun'an Fund, the performance of Jinyuan Shun'an Growth Momentum is not satisfactory.
As of June 30, the growth momentum of Jinyuan Shun'an has yielded -20.4%, -10.33%, 16.51%, and 49.98% this year, the past one year, the past two years, and the past three years, respectively, and the similar rankings are 2112/2205, 1435/2115, 1198/1972, 985/1883.What is embarrassing is that Jinyuan Shun'an Growth Power has been established for 13.8 years, but the total return since its establishment is only 72.48%, which is 37.81 percentage points lower than the benchmark growth rate of performance in the same period.
In addition, researchers from Investment Times found that as of the end of the first quarter of this year, the value growth of Jinyuan Shun'an managed by the same fund manager and the growth momentum of Jinyuan Shun'an, 6 of the top ten heavyweight stocks were the same, and these two funds Not the same product.
Regarding product performance, positions, etc., "Investment Times" sent a communication letter to Jinyuan Shun'an Fund, but as of the time of writing, the company has not given any reply.
Product mix imbalance
Perhaps because of the poor performance of some of its products, the management scale of Jinyuan Shun'an Fund has grown slowly.
According to the data, Jinyuan Shun'an Fund was established in November 2006 and is one of the "securities department" public fund companies.In the company's scale, the main pillar is fixed income funds, and the scale of equity funds is stretched.Wind data shows that as of the end of the first quarter of this year, the management scale of Jinyuan Shun'an Fund was 24.645 billion yuan.The scale of non-monetary funds is 14.5 billion yuan, of which the scale of bond funds is 13.206 billion yuan, and the scale of equity funds is only 1.294 billion yuan.
The data shows that there are 6 fund companies established in 2006, and Jinyuan Shun'an fund management scale and non-monetary fund scale are ranked last.
According to the observation of the researcher of "Investment Times", since its establishment, the scale of equity funds of Jinyuan Shun'an Fund has been sluggish, and some equity funds have been reduced to mini funds.
The data shows that the company's equity products are all hybrid funds, with a total of 8 funds (all types of shares are combined), and the scale of a single fund is only Jinyuan Shun'an Yuanqi more than 500 million yuan.The growth momentum of Jinyuan Shun'an and the growth scale of Jinyuan Shun'an's value are only 16 million yuan and 18 million yuan respectively.
According to the fund’s first quarterly report, as of March 31, 2022, the growth momentum of Jinyuan Shun’an and the value growth of Jinyuan Shun’an have been recorded for 72 consecutive working days and 131 working days, respectively, with the fund’s net asset value being less than 50 million yuan.
While the scale of existing funds is not satisfactory, the issuance of new funds under Jinyuan Shun'an Fund is also not smooth sailing.In April this year, the company issued an announcement stating that the 3-month fixed-opening bonds of Jinyuanshun An Hongquan Pure Bonds will be raised on December 31, 2021, and the fund raising period will expire on March 30, 2022, failing to meet the "Fund Contract". "The fund filing conditions stipulated in the "Fund Contract" cannot take effect.
In addition, the company began to issue Jinyuan Shun'an Industry Select A/C on February 25, 2022. Although the fund ended the fundraising ahead of schedule, the fundraising scale was only 224 million yuan, and it was established across the threshold.
More importantly, "Investment Times" reviewed the products managed by fund managers and found that some equity fund managers of Jinyuan Shun'an Fund also managed bond products.For example, fund manager Zhou Boyang manages 4 funds including Jinyuan Shun'an High Quality Select A/C, Jinyuan Shun'an Fengli, Jinyuan Shun'an Fengying, Jinyuan Shun'an Fengshun Dingkai, etc. Among them, Jinyuan Shun'an Fengshun Dingkai is a medium and long-term pure debt type. fund.
The performance of equity funds under Jinyuan Shun'an Fund that can calculate the performance of the year
