By Liu Zhentao
The first quarterly report of public funds in 2024 has been disclosed, and the management of fund managers has also been announced. The fund managed by Hu Yibin, a well-known fund manager of Hua'an Fund, recorded a loss in the net profit of the fund in the past quarter, and the management scale also declined again, falling for three consecutive quarters.
Hu Yibin joined Hua'an Fund in May 2015 as the assistant fund manager of the Fund Investment Department. Half a year later, in November 2015, Hu Yibin began to serve as the manager of public funds, and has been serving for 8 years.
By the end of March 31, 2024, Hu Yibin had managed a total of seven funds (multiple shares are calculated on a consolidated basis), and the net value of the seven funds in the first quarter of 2024 was down by more than 6%. Among them, the net value of Hua'an Growth Innovation Hybrid Fund fell by more than 9%.
The decline in the net value of the fund brought about a profit loss.
According to the fund's 2024 quarterly report, the seven funds managed by Hu Yibin had a total loss of 1.432 billion yuan in the first quarter. Among them, Hua'an Prosperity Pilot Hybrid Fund and Hua'an Media Internet Hybrid Fund lost more than 300 million yuan in profits.
Faced with the decline of the fund managed by Hu Yibin in 2024, many funders chose to redeem their fund shares. According to the statistics of the first quarterly report in 2024, the share of 6 of the 7 funds managed by Hu Yibin has decreased, and only the mixed share of Hua'an Media Internet has increased by 137 million. The net subscription units of a single fund could not make up for the redemption amount of six funds, and the total net redemption amount of seven funds managed by Hu Yibin reached 432 million in the first quarter.
Among them, the largest number of net redemption shares of the fund is Hua'an Prosperity Pilot Hybrid, with a net redemption amount of 289 million shares. Hua'an Prosperity Pilot Hybrid is a fund issued by Hu Yibin in April 2023. This fund was an explosive fund in the public offering market at that time, raising a total of 5.453 billion shares. By the end of the first quarter of 2024, the total share of the fund was 4.475 billion, and nearly 1 billion shares were redeemed within a year.
Since the establishment of Hua'an Prosperity Pilot Hybrid, the net value of the fund has fallen. By the end of April 24, 2024, one year since the fund was established, the share of Hua'an Prosperity Pilot Hybrid A had dropped 19.93%, and the share of Hua'an Prosperity Pilot Hybrid C had dropped 20.40%.
When subscribing to the fund, the investors of the fund are out of recognition and trust of the fund manager in order to bring returns under the management of the fund manager. However, under the actual operation and management of the fund manager, the net value of the fund falls and losses, which brings bad holding experience to investors, which affects the choice of the fund manager.
The net value of the fund declines, and the share declines. The profit loss means that the fund asset size also declines. According to the statistics of the first quarter report in 2024, the total asset size of the seven funds managed by Hu Yibin in the first quarter decreased by 1.848 billion yuan. Among them, Hua'an Prosperity Pilot's mixed assets decreased the most, reaching 590 million yuan.
The management scale of fund managers is determined by the scale of fund assets, so the management scale of Hu Yibin will also decline in the first quarter of 2024. Wind data shows that by the end of the first quarter of 2024, Hu Yibin's management scale was 17.633 billion yuan, a decrease of 1.84 billion yuan from the end of 2023.
To sort out the changes in the management scale of Hu Yibin in recent years, the fund Hua'an Media Internet Hybrid managed by Hu Yibin achieved an increase of 101.70% in 2019, ranking fourth among similar funds. As a result, Hu Yibin became famous in the public offering market.
Hua An Fund took this opportunity to support Hu Yibin, and the funders swarmed in. At the same time, Hu Yibin took over two funds, and managed four funds at the beginning of 2020, and the management scale reached 22.137 billion yuan in the first quarter of 2020.
However, in 2020, the market style changed greatly, the new energy sector emerged as a new force, and the consumer liquor stocks came out of the market. Hu Yibin, holding the TMT sector, had a weighted return of only 19% that year, 8 percentage points lower than the index. Hu Yibin's management scale began to decline in the second half of 2020, falling below 10 billion yuan at the end of the first quarter of 2021, only 7.202 billion yuan.
Since 2022, Hu Yibin has taken over the old fund products on the one hand, and issued new products on the other hand, and the management scale has gradually started to rise. In particular, in April 2023, Hu Yibin took the lead in issuing Hua'an Prosperity Pilot Hybrid, raising up to 5.45 billion yuan, which made his management scale reach 23.975 billion yuan by the end of the second quarter of 2023, back to the peak.
But the peak moment is relatively short. The net value of the new product funds issued by Hu Yibin since 2022 has declined, the return on management since its establishment has been negative, and the fund shares have been redeemed by the investors of basic people. The scale of fund assets has declined, and the scale of his management has also declined in the second half of 2023.
From the end of the second quarter of 2023 to the first quarter of 2024, Hu Yibin's management scale decreased for three consecutive quarters, and the management scale decreased by 6.342 billion yuan.
What is Hu Yibin's investment operation style when the net value of the fund declines and the asset scale decreases? The positions of the seven funds managed by Hu Yibin were sorted out. Taking the first quarter of 2024 as an example, the positions of the seven funds managed by Hu Yibin were relatively balanced, but except for Hua'an Media Internet Hybrid, the top ten heavy positions of the funds were highly similar in the other six funds, regardless of the theme of the product.
With the increase of fund products and management scale managed by fund managers, their management pressure will also increase. The energy of fund managers is limited, so when the number of funds increases, it is easy to see the convergence of positions of various fund products.
This situation of high convergence of fund positions is a "double-edged sword". When the investment direction chosen by the fund manager is in line with the market style, it will lead to the collective rise of its funds. However, the high degree of convergence is also a high degree of risk concentration exposure. If the investment direction of the fund manager is not in line with the market style, it may lead to the decline or withdrawal of the performance of most of the funds under its management or even all the funds.
On the whole, Hu Yibin has achieved good management performance in the past, but with the increase of the number and scale of funds under management, his management performance has been retreated recently. Maybe it's time for Hu Yibin of Hua'an Fund to "reduce the burden"!
