"Golden Securities Research" Southern Capital Center-Financial report interpretation of Sanyou / author Nanzhi / risk Control
On April 12, 2024, the new "National Nine articles" proposed to more effectively protect the legitimate rights and interests of investors, especially medium and small investors. In addition, the new "National Nine articles" also proposes to comprehensively strengthen the building of investment and research capacity of fund companies, enrich the investable asset classes and investment portfolios of public funds, and change from scale-oriented to investor return-oriented.
In the current fund industry, some fund managers are gradually becoming stars and idols. In order to enhance the market competitiveness of fund products, some fund management companies adopt the strategy of "making stars", which may promote the marketing of funds to a certain extent. However, the potential impact and risks behind this phenomenon are worthy of attention.
In this context, in the wave of artificial intelligence in recent years, Ma Xiang, the fund manager of Huidianfu Fund Management Co., Ltd. (hereinafter referred to as "Huitianfu Fund"), has a fund full of "scientific and technological innovation" attributes. Once "silently" ran out of good returns, similar ranking has been in the top three. However, a year later, as of May 17, 2024, the performance ranking of the "out-of-circle" product dropped sharply. In addition, Ma Xiang is in charge of a number of funds with negative returns for nearly a year, one of which is similar to its "out-of-circle" product investment goals, and the fund's performance has outperformed Shanghai and Shenzhen 300 in nearly a year.
First, Ma Xiang, a "science and technology investment expert", whose products are "full" of science and technology attributes, has fallen sharply in similar rankings in the past year.
Ma Xiang joined Huitianfu Fund in 2011 and served as an industry analyst, according to Oriental Wealth Choice. He has been the fund manager of Huitianfu Fund since March 2016. As of May 17, 2024, Ma Xiang is currently the fund manager of 9 funds, including 7 partial stock mixed funds and 2 flexible allocation funds.
According to the public information released on the official Wechat public platform of Huitianfu Fund on April 19, 2023, fund manager Ma Xiang's undergraduate and master's degree are both studying in the Electronics Department of Tsinghua University, and his graduation project is majoring in RF chip design. He has a deep understanding of the exponential change in science and technology, and is a "scientific innovation investment expert" to actively grow investment contestants. Since serving as a researcher, Ma Xiang has covered computer, media, communications, electronics, new energy, machinery and equipment and other industries.
The above content shows that the upstream of AIGC is mainly responsible for computing power and data supply, the middle reaches for model training, and the downstream is the specific application of artificial intelligence. Ma Xiang's Huitianfu Science and Technology Innovation flexible allocation mixed Securities Investment Fund (hereinafter referred to as "Huitianfu Science and Technology Innovation mixed A") is "full of" scientific and technological innovation attributes, ranking in the top three of its kind in the past year (April 1, 2022 to March 31, 2023), and in the past three years (April 1, 2020 to March 31, 2023).
However, Huitianfu's "beautiful" performance of technology and innovation hybrid A may decline by 2024.
According to Oriental Fortune Choice, as of May 17, 2024, Huidianfu Technology and Innovation Hybrid A has risen or fallen by-10.33% in the past year, outperforming the similar average of-7.69% and-7.13% respectively in the same period, ranking 1341 | 2210; up and down-16.71% in the past three years, outperforming the similar average rate of return of-16.15% in the same period, ranking 970 | 1915.
It can be seen that as of May 17, 2024, the ranking of Huitianfu Technology and Innovation mixed A's performance in the past year is not as good as that from April 1, 2022 to March 31, 2023.
Second, the rate of return of many funds has been negative in the past year, and the performance of another product with the attribute of "science and technology innovation" has outperformed Shanghai and Shenzhen 300.
It is worth noting that, in addition to the decline in the performance of Huidianfu's technology and innovation mix A, Ma Xiang manages Huitianfu Innovation growth to open mixed securities investment funds regularly in one year (hereinafter referred to as "Huitianfu Innovation growth in one year will open mixed A", and Huitianfuke Innovation Board will open hybrid securities investment funds regularly for 2 years (hereinafter referred to as "Huitianfuke Innovation Board 2 years fixed hybrid"), The performance of the mixed securities investment fund in the one-year holding period of the core industry of the digital economy (hereinafter referred to as "mixed An of the core industry of the digital economy in one year") Or it may also face the test of decline.
According to the data, as of May 17, 2024, Huitianfu's innovation growth has been set to rise and fall by 5.01% in June and-6.6% in the past year, while the CSI 300 has increased by 3.08% and-7.13% in the same period.
As of May 17, 2024, Huidian Fuke Chuangban has been open for two years and has risen or decreased by-9.17% in June and-19.22% in the past year, respectively, and it has also outperformed the yields of 3.08% and-7.13% respectively in Shanghai and Shenzhen 300 in the same period.
As of May 17, 2024, the annual holding period of Huidianfu's core industry in the digital economy rose or decreased by 0.99% in June and-10.55% in the past year, respectively, outperforming Shanghai and Shenzhen 300 with returns of 3.08% and-7.13% respectively in the same period.
It should be pointed out that according to Oriental Fortune (300059) Choice data, the investment goal of Huidianfu Science and Technology Innovation mixed An is to "adopt a bottom-up investment method, take fundamental analysis as a foothold, and under the premise of scientific and strict risk management, focus on investing in high-quality listed companies related to scientific and technological innovation, and seek the medium-and long-term steady appreciation of fund assets."
Huidian Fuke Venture Board has set a mixed investment goal of "based on fundamental analysis" in 2 years.Swordofdestiny2016Under the premise of scientific and strict risk management, we should focus on investing in high-quality companies listed by Science and Technology Innovation Board to seek the steady and long-term appreciation of fund assets.
The investment goal of mixed An in the one-year holding period of Huidianfu digital economy core industry is to "take fundamental analysis as the foothold, focus on investing in listed companies related to the core industry of digital economy on the premise of scientific and strict risk management, and strive to achieve medium-and long-term steady appreciation of fund assets."
In other words, from the investment goal point of view, compared with the above-mentioned "out-of-circle" fund Tian Fu Science and Technology Innovation mixed A, Hui Tim Fuke Chuangban 2 years fixed mixed or also "full" of scientific and technological innovation attributes.
All in all, Ma Xiang, a "science and technology investment expert", is also an active growth investment competitor, and his "out-of-circle" product Tian Fu Technology Innovation mix A ranks high in 2023 (statistical range: April 1, 2022 to March 31, 2023). By May 17, 2024, the yield of Huitianfu Technology and Innovation Hybrid A has been negative for nearly a year, and the ranking of the same kind has fallen sharply. Moreover, Ma Xiang has been in charge of a number of funds with negative returns in the past year, and one of them may also contain the attribute of "scientific innovation", which is similar to its investment goal of "out-of-circle" products, while the fund has outperformed Shanghai and Shenzhen by 300 in the past year. Under various visions, Ma Xiang's ability to engage in research may be tortured.
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