In 2018, after the end of the blue-chip stock market, the three major indexes of A-shares started the decline mode. Under such a big situation, the senior tens of billions of private placements that received much attention from the marketfund companyOne of the peak investment has not been able to get rid of the fate of falling.
According to the statistics of the reporters, there are 7 products that Yongfeng Investment was established before 2018 and can obtain comparable data, but these 7 products fell across the board in 2018, and the declines exceeded 10%, no one.fundCan withstand the "cold winter" test. The representative product of Yongfeng Investment, Yunnan Trust-China Dragon Value, is precisely the company’s most loss-making product in 2018.Net value of fundIt fell 15.35% for the whole year.
After the baptism in 2018, the accumulated unit value of one fund of Yongfeng Investment has fallen below 1 yuan, that is, the National Gold China Dragon has a stable period of 4. According to the private placement network data, Guojin China Dragon's stable 4 years of 2018 year-on-year decline was 10.65%. As of December 28, 2018, the cumulative income since the establishment of the fund was -3.54%, and its cumulative unit net value. It is 0.9646 yuan.
7 products fell more than 10% last year
Shanghai Yongfeng Investment Management Co., Ltd. was established in July 2012. Its predecessor was the China Dragon Investment Team of Yunnan International Trust Co., Ltd. Asset Management Headquarters. It is responsible for the investment of China Dragon Series Trust Plan, a securities fund trust independently managed by Yunnan Trust. Management and operations. The China Dragon team was founded in 2003 and is a history of the Chinese private equity market.PerformanceThe longest management team.
In 2012, Zhao Kai, founder and chairman of Yongfeng Investment, led the China Dragon team to leave Yunnan International Trust to create Yongfeng Investment, and seized the opportunity of this bull market from 2014 to 2015. The scale quickly jumped from more than one billion yuan to one hundred. 100 million yuan. At present, Yongfeng Investment is mainly based on service institutional customers and has expanded to a large domestic scale.bankHead office,InsuranceCompanies, campus funds, and overseasQFIICustomers, etc., of which institutional customers accounted for about 85%.
However, the data shows that in the past 2018, all of the 7 funds disclosed by Yongfeng Investment had a loss of more than 10%, and the most loss was the Yunnan Trust-China Dragon Value, which fell 15.35% for the whole year.
According to the data, Yunnan Trust-China Dragon Value is the longest-established fund among the 7 funds, and is also the representative product of Yongfeng Investment. The fund was established on May 31, 2007, and the initial fundraising scale was 54.3 million yuan. As a fund that has been established for more than 10 years, the fund can be described as a bull and bear market. From the perspective of net worth, the value of Yunnan Trust-China Dragon has performed well overall. However, in 2008, the second half of 2015 and the stock market crash in 2018, the net value of the fund also fell sharply. It only benefited from the accumulation of many years ago. Even after repeated declines, as of December 28, 2018, the accumulated unit net value of the fund still has 2.2002 yuan, which is still far ahead of other products of Yongfeng Investment.
Although the cumulative unit net value is leading, but from the range of revenues in recent years, the value of Yunnan Trust-China Dragon is not good. In the four years since 2015, the fund has only risen in 2017, the remaining three years. Both ended in a loss.
As a turning point in 2015, the bull market in the first half of the year turned sharply in the second half of the year, resulting in the fund's negative income in the whole year of 2015, with a loss of 7.50%. After entering 2016, the fund's trend was relatively stable, but it continued in 2015. The trend of the correction in the second half of the year led to a 8.38% decline in 2016. In 2017, under the influence of the blue-chip market, the fund finally ushered in a big rise again, with a year-on-year increase of 25.81%. However, in 2018, the stock market once again fell into a pullback, and the fund also fell 15.35%.
Corresponding to the trend of net worth, the dynamic retracement of Yunnan Trust-China Dragon value exceeded -20% during the period of several market declines over the years. The largest historical retracement occurred on October 31, 2008, and the fund retreated on the same day. The range is -33.18%.
Yunnan Trust-China Dragon Value Fund Manager is Ma Hong. According to the reporter, Ma Hong is a master of economics and has 23 years of research and investment management experience in China's securities market. He has considerable experience in consumer goods, forestry, paper, furniture, packaging and other industries. In-depth research, specializing in the mining of the intrinsic value of enterprises and grasping the investment opportunities of the turning companies. At present, Ma Hong is the investment director of Yongfeng Investment, responsible for managing the China Dragon Value Series and RQFII accounts.
The Guojin China Dragon Steady Series under Yongfeng Investment is headed by Zhao Kai, the fund manager. Zhao Kai is the founder of Yongfeng Investment and has 22 years of investment research experience in the Chinese securities market. Zhao Kai is also one of the earliest private equity managers in China, and is known for its sturdy style in the private equity industry. Currently managing China Dragon, China Dragon Steady Series and QFII accounts, the flagship product China Dragon Trust is scheduled to be established in August 2003.
Guojin China Dragon's stable 4 net value is less than 1 yuan
Like many private equity funds, Yongfeng Investment has always advocated value investment. The company pays attention to the research on the fundamentals of the underlying company, emphasizes the bottom-up selection of stocks, and explores the underestimation opportunities brought by wrong pricing, while paying attention to position control and strict enforcement. Stop loss system.
It is reported that it has built a stock pool of about 300 high-quality companies in the familiar fields, covering financial, real estate, transportation, consumption, TMT, and pharmaceutical sectors. However, Yongfeng Investment is very low-key compared with other private equity funds. The company's products rarely enter the top ten listed stocks of listed companies.
According to the information collected by this reporter, its Yongfeng China Dragon Value Fund only entered in the second quarter of 2015.Jilin Forest Industry(600189) The 10th largest outstanding stock position, holding 1,295,200 shares, but soon disappeared in the next quarter. From the trend of Jilin Sengong secondary market, in the second quarter of the surge of China Dragon Value Fund, the stock rose by 75.97%, but from the third quarter, Jilin Sengong's share price continued to fall. However, the public data of the Yongfeng China Dragon Value Fund in the private placement network is only available until the end of 2017, so it is not included in the statistics.
It is worth noting that Guojin China Dragon Steady Phase 4 is the only product of Yongfeng Investment that has a cumulative unit net worth of less than RMB 1. However, the fund manager of the fund has not been disclosed on the private placement network. The data shows that Guojin China Dragon's stable 4 years of 2018 year-on-year decline was 10.65%. As of December 28, 2018, the cumulative income of the fund since its establishment was -3.54%, and its accumulated unit net value was 0.9646 yuan.
In addition to Zhao Kai and Ma Hong, the investment research team of Yongfeng Investment also includes Wang Qinghua, Yang Xiong, Li Lifang, Chen Dong, Qida and others, and their career years are generally longer.
Wang Qinghua has 18 years of research and investment management experience in China Stocks and Greater China Stock Market, and has accumulated many years of experience in China's macroeconomic and listed companies' industry research. He used to be the general manager of Shanghai Yongfeng Investment Management Co., Ltd., and has participated in the research and investment management of overseas Greater China hedge funds. He has a deep foundation in the research and investment of capital markets at home and abroad and the foundation of excavating advantageous enterprises.
Yang Xiong has 18 years of experience in China's securities market. He has served as Manager of Information Department of Shanghai ABC's Shanghai Securities Department, IT Industry Research Director of Jinxin Securities Research Institute, Deputy General Manager of Yunnan Trust Asset Management Headquarters, and Trust Manager of Yunnan Trust Golden Monkey Series Trust Plan; China Dragon Growth, China Dragon Selection and China Dragon Alpha Series.
Li Lifang has 17 years of research management and investment experience in China's securities market. Since 1999, he has been responsible for research in the financial, real estate and building materials industries. Since 2006Guojin SecuritiesDeputy General Manager of the Institute, presided over the research and management of the industry company department. Currently managing the China Dragon Progressive Series and QFII accounts.
Chen Dong has 19 years of research and investment experience in China's securities market. He has served as Hainan SDIC since 1999.AnalystHe is the chief strategist of Minfa Securities Research Institute and the chief strategist of Guojin Securities Research Institute. In 2010, he was appointed as Shanghai Qianshi Investment Management Co., Ltd.Company investmentDirector. Currently managing the China Dragon Balance Series and QFII accounts, and serving as the Investment Director of Yongfeng Investment.
Qida was from July 2004 to August 2006Non-ferrous metalAnalyst of the Institute of Technology and Economics; from August 2006 to January 2008, he was a trader at Guojin Securities Co., Ltd.; from January 2008 to March 2012, he was appointed as an asset management headquarters at Yunnan International Trust Co., Ltd. Member, analyst. In March 2012, he joined Guojin General Fund Management Co., Ltd. as an industry analyst and assistant to fund manager, engaged in industry research and analysis, and assisted fund managers in managing Guojin GM Guoxin flexible configuration.HybridInitiativeStock investmentfund.
It can be seen from the structure of the management team that the core investment researchers of Yongfeng Investment have averaged more than 10 years of employment. However, from the performance of the seven funds that are currently open, there are not many funds with a strong performance mat. In the increasingly competitive private equity industry and the increasingly volatile capital markets, Yongfeng Investment faces The pressure is also far more than 10 years ago.
(Article source: China Economic Net)