How can the FOF managers of Dacheng Fund "look down on" Xu Yan and Liu Xu?

FOF is the kind that Jimao has always been looking forward to, but today this dilemma is unexpected.

The reason behind this is very simple, which can be summarized as many FOF fund managers It's both delicious and fun 。

Let's talk about the fund Dacheng Pension 2040 (FOF) today.

1. Why don't you like Xu Yan and Liu Xu?

Source: iFind

According to iFind data, although Dacheng Pension 2040 (FOF) has been established for less than five years, four fund managers have been replaced. Chen Zhiwei's management has only 68 days without evaluation, and the other three relative and absolute performance are ranked in the bottom.

The author has always felt that the FOF of Dacheng Fund is relatively easy to manage. After all, it is OK to hold the thighs of Xu Yan and Liu Xu, two fund managers with long-term stable performance.

Source: iFind, Dacheng Pension 2040 (FOF) heavy position data

But I don't know why, the FOF fund managers of Dacheng Fund didn't pay special attention to Xu Yan and Liu Xu, and their products rarely became the top five heavy position funds.

In addition to Xu Yan and Liu Xu, the representative products of Han Chuang, the leader of Dacheng Fund in the Mesozoic era, have not been configured for a long time.

Source: iFind

It is very embarrassing that Dacheng Fund currently has only four FOFs, which are mainly allocated to bond funds, but their performance in each natural year has greatly lost the representative products of Xu Yan and Liu Xu.

Considering the current market environment and asset allocation, it is not easy for Xu Yan and Liu Xu to achieve such profits, and even more difficult for Dacheng FOF to achieve such losses.

2. Enthusiastic in short-term operation?

Another reason for the poor performance of Dacheng Pension 2040 (FOF) may be related to the fund managers' obsession with short-term operations.

Source: iFind

As can be seen from the names of the top ten heavy position funds in the first quarter of this year, C shares are in the majority.

As you know, from the perspective of rate, if you want to make long-term investment, it is more cost-effective to choose share A; if you want to make short-term operations, it is more cost-effective to choose share C.

In addition, since the establishment of Dacheng Pension 2040 (FOF) five years ago, 90 funds have appeared in the top 10 heavy position funds, of which 48 funds only hold heavy positions for one quarter, and 20 funds hold heavy positions for two. It is difficult to call such replacement frequency long-term investment.

However, frequent trading did not bring any positive benefits to FOF products.

For example, in the first quarter of this year, the Japanese stock market showed a strong performance. The large position of Dacheng Pension 2040 (FOF) allocated Morgan Japan Selected Stock (QDII) C, but from the perspective of net worth trend, it probably bought at a periodic high.

Source: iFind, positions of Dacheng Pension 2040 (FOF) in the first quarter of 2022

There are many similar operations, for example, the first quarter of 2022 to buy the photovoltaic ETF.

Unfortunately, it was bought on the main downtrend this time, and then had to leave in the second quarter of 2022.

In 2022, Dacheng Pension 2040 (FOF) will lose 22% in the whole year and 14% in the first quarter. In the second quarter, it will lose significantly compared with the CSI 300 Index and similar products. This operation will probably "contribute" a lot.

In a word, it's OK to love playing, but it's a bit unreasonable to love food and play.

Is the failure of Dacheng Fund FOF over?

By the end of the first quarter, there were only four FOFs in Dacheng Fund, with a scale of only 135 million yuan, and almost every one was facing liquidation risk.

In June last year, Dacheng Fund liquidated a FOF fund, "Dacheng Xingxiang Balanced Pension Goal Three year Holding Period Hybrid Sponsored Fund (FOF)".

Due to poor performance, the scale of this product has been hovering between 40 million yuan and 500 million yuan. Until the eve of liquidation, it only reached the scale of 53 million yuan, far from reaching the scale of 200 million yuan specified by the three-year goal of the initiator fund.

In terms of fund managers, only Chen Zhiwei is left as the FOF fund manager of Dacheng Fund.

Objectively speaking, the performance of the four FOF products has improved under Chen Zhiwei's management, but there is not much time left for Chen Zhiwei.