Rebirth: Stockbroker, I have market data

Chapter 481: Star Fund Manager

As for Liu Qiang, another self-operated business director, he has not yet reported to the branch, but it has only happened in the past two days. Cui Zhian's new branch team has gradually taken shape, and he has started a new work process, while Xiao Jin seems to have He is still working hard in the middle of Fuxing, but his secret journey to Chencang has already begun.

On this day, Xiao Jin came to Hongsheng Building and met He Ping.

He Ping has been very busy recently, working on the investment company of Shi Enterprise Group. In addition, like Xiao Jin, he runs Qianjin Investment Company as his own career. After all, he is just a wage earner with Shi Yuzhen, and Going forward, he is one of the bosses.

Of course, He Ping's expertise is in the field of public equity funds, but after he left public equity funds and practiced alone, he could only do private equity. However, he has worked in public equity funds for many years, and many work habits cannot be changed in a short period of time. And in his words, how Like Xiao Jin, the experience of working in a state-owned enterprise is very unforgettable.

Since the first batch of public securities investment funds were publicly issued in 1998, the world of public funds has developed for [-] or [-] years. During this period, some "front waves" have been everlasting, but some have been short-lived and no longer brilliant; some " "Houlang" overtook in the corner, but "fell off the altar" during the bull-bear transition.

There has always been a shortage of star fund managers in the fund industry. So, in the world of public funds, do the times create heroes or do heroes create times?

In the era of chaos, the world was created!

In March 1998, the first two closed-end funds "Fund Kaiyuan" and "Fund Jintai" kicked off the pilot program of China's securities investment funds. Until April 3, Wells Fargo Fund was established, and it became one of the "old ten" in the public fund industry. The pattern was formally formed. A total of 1999 public funds were established that year, which tripled the number of funds established in 4.

Fund managers who were the first to "eat crabs" also packed their bags and "blazed new trails" in the emerging public fund arena.

从1998年到2000年，我国证券投资基金规模分别达到120亿、510亿和562亿元，当年初出茅庐的基金经理如今也成为了公募基金行业元老。

Once upon a time, veteran figures in the fund industry usually operated independently. At that time, a 20 billion fund achieved an annualized return of over 50% in its second year of establishment.

After 99, there were also brilliant annual returns of over 40%. Even if the market was unstable at that time, star fund managers could achieve the highest performance of 28.24% in three or four years, far exceeding the average of their peers.

There are also the big guys who have withdrawn from the investment arena. Their past records are still rumored to have achieved over 50% returns for many years, and their tenure returns have reached 44.13%!This result is still widely circulated today, but regarding his retirement, he said: "I have always been in the world and never left."

Of course, the fund industry is just like any other industry. The old generation fades away, and the new generation emerges and becomes king!

On September 2001, 9, my country's first open-end fund, Hua'an Innovation Fund, was officially established. The era when closed-end funds were dominant was over, and China's securities investment funds entered a new stage of development.

As licenses were gradually liberalized, the number of public fund companies established from 2003 to 2004 exploded, increasing to 23 in just two years.

Subsequently, A-shares ushered in a bull market, and the fund scale grew rapidly. It exceeded one trillion yuan in early 2007, and soared to 3.28 trillion yuan with the help of the bull market that year.

As people move higher, the continuous establishment of fund companies and the rapid expansion of fund scales have given new and old fund managers new opportunities to enter the world. During this period, more and more fundamentalists participated in offline roadshows, and even began to appear. Seeking fund managers’ signatures and other star-chasing behaviors.

In the second half of 2003, the total initial fundraising of a certain fund of CITIC Fund exceeded [-] billion, setting a new record for the first fund product raised and issued by a new fund management company, and a star fund manager was born.

However, the size of a fund can bring fund managers to the "sacred altar", but its rapid growth will also bring "backlash". In fact, since 2003, in the world of public funds, performance competition has quietly begun.

As A-shares fell into the quagmire of the bear market, the huge scale of funds put great pressure on fund managers. Large-scale public funds encountered Waterloo in 2005. Although they sold well, the annualized return rate was only - 1.64%, which can be described as "popular but not popular".

Also in 2003, Boshi Fund took advantage of the big market trend of blue chip stocks and won the active equity fund championship with an annual return of 34.35%. However, in 2004 after winning the championship, Boshi's value range return rate fell by 7.75%. In the following two years, It has also been "wandering" around the waist of the industry for many years, and its achievements have eclipsed everyone else's.

The general decline in fund performance is due to the bear market, but there are always people who can buck the trend and benefit the people, and there are many outstanding ones.

"Don't look for the phoenix among the black-bone chickens" is the investment secret of the new generation of fund managers. They prefer investing in growth stocks. The proposed strategy is to look at the acceleration of corporate performance growth and is not too concerned about whether the valuation is too high. Among the new generation of star fund managers It seems that only by looking for companies with both value and growth can we obtain high and stable returns.

In 2004, TEDA Fund bucked the trend and achieved an annualized return of 17%, becoming the active equity fund champion that year.

There is also Guangfa Steady Growth Fund, which withstood the shock and decline of the A-share market and became the champion of active equity funds in 16.93 with a return of 2005%.

The new generation of big bosses worked steadily, relying on their own "growth stock" secrets to become the annual champion fund manager, but basically failed to succeed. It was also from this period that the industry began to talk about the "champion curse" - fund performance after winning the championship was mediocre. .

However, there are exceptions. China AMC Large Cap Select Fund "reached the top" twice in 2007 and 2009. This fund conducted research on unpopular stocks such as stocks that have not undergone shareholding reform, restructuring concept stocks, asset injection concept stocks, and hidden asset stocks. The discovery helped the fund achieve an annualized rate of return of 2007% in 226.24. This single-year income record has yet to be broken by anyone.

However, everyone has their own ambitions and it is difficult to stay in the world. The above-mentioned big guys have basically faded out of the public equity fund world and rushed to private equity funds to make a career.

This includes He Ping. Public funds are subject to too many constraints. However, because there are too few mature investment varieties in the market, mainly stock investors and basic citizens invest in the secondary stock market. The two groups intersect and the scale is expanding. , and the scale of up-and-coming funds has grown ten times faster than the stock market.

The bull and bear cycle in the stock market is a great test of fund managers' ability to withstand stress and invest.

In 2008, the U.S. subprime mortgage crisis triggered a global financial crisis. Major capital markets around the world, including A-shares, were experiencing "bear infestations". That year, the Shanghai Composite Index fell to a low of 1664.93 points, and the index plummeted 65.39% throughout the year. It was also the largest annual decline ever.

In the rare bear market, public funds, mainly partial stock funds, were hit hard, and the net value of many funds was cut in half.However, "heroes emerge from troubled times", and fund managers with strong defensive capabilities also have their moment to shine.

It was at that time that Xiao Jin entered the game with a principal of 2000 yuan and joined the fight.

There are also a small number of fund managers who, while holding 80% of their stock positions, have harvested the smallest drawdown in the market - 24.46% - in a prudent style. They can be described as the best "goalkeepers" of the year among hybrid funds.

In 2009, with the country's 79.98 trillion investment and a series of measures to stimulate the economy, A-shares ushered in a large oversold rebound, with the Shanghai Composite Index rising by [-]% throughout the year.

Under the bull market, heroes emerged in large numbers, such as Huashang Fund, which emerged during this period. Huashang Shengshi Growth became the champion of partial stock funds that year with a return rate of 37.77%.

Time has entered 2011, and the fund has also entered a new segmented track, chasing the top.

The development of public funds has given birth to nearly a hundred fund companies and thousands of fund products, and there are many "newbies" who have flooded into the fund arena.

However, private equity funds are also developing. Their leaders are the big guys who have "retired" from public equity funds. Private equity funds have become their main battlefield. They are not subject to the constraints of public equity funds. You can ride freely.

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