Text|Kingfisher Capital.
At the end of the year, the public offering ** "close hand-to-hand combat" was staged again!
Stock pickers from all walks of life are playing catch-up in an attempt to make their mark on the earnings rankings.
The old people know very well that the relative income ranking of the public offering managers in the year-end assessment directly determines the amount of the year-end bonus, and the past champions can get tens of millions of bonus packages.
While the 2023 index is still underperforming, there are still a few that have generated more than 30% of their annual gains.
At this time, some ** managers are quite "lost".
On the ranking list, there are not only champions, runners-up and third runners-up, but also tragic characters who are "at the bottom".
has been busy for a whole year, and the net worth curve has directly staged a "halved" plot, which can be described as miserable. Let's take a look at who the bottom three are.
Brokerage giants "led the decline".
The most flexible type of public offering is the hybrid type, where the manager can respond to the market environment within the scope of the contract.
Previously, many celebrity managers were mostly partial stock hybrids.
Let's take a look at the identity of the ** hand with bad luck this year.
According to Tiantian**.com, as of December 18, the penultimate place in the mixed ** this year is "China Securities Construction Investment Low-carbon Growth Mix", with an income of -5256%。
At first glance, it is a "product" of a giant institution - a public offering institution under China Securities Construction Investment.
You must know that China Securities Construction Investment can be described as a hegemon in China's investment banking circle, and is known as "three Chinas and one China" with CICC, CITIC ** and Huatai**, which is the top camp of the securities industry.
Unexpectedly, such a bullish institution actually made such a stretched product.
According to the data, this product was established on December 13, 2021, and the manager is Zhou Ziguang, and the latest net value is only 05278。
This net worth figure can be described as very dangerous.
*At the time of the initial issuance, the face value was 1 yuan, which means that some investors have lost nearly half of the principal since they held the product at the time of issuance.
The ** manager of China Securities Construction Investment has to increase the net value by 50% in order to return the investor's principal, not counting the management fees and custody fees paid by investors every year.
According to the data, Zhou Ziguang used to be a researcher of Jianghai**, Ping'an**, and Founder**, and joined China Securities Construction Investment in March 2016, and is currently the administrative head and manager of the research department.
In just two years of operation, the net worth can be cut in half, and this ** manager shows an alternative "tough" style.
than miserable competition
The penultimate place is "AVIC New Sailing Flexible Configuration**", with an annual income of -4981%, which can also be described as "cut in half".
This ** is even more "miserable" than the above-mentioned ** of China Securities Construction Investment, that is, its net worth figures.
You read that right!The net value is already at 0It's less than 500 million yuan.
The manager of this ** is AVIC**, which is a small public offering institution and the only military central enterprise holding company in China, and the current shareholders are AVIC** and Beijing Shougang**.
In fact, this ** has reached the point of "danger", and the size of the A share and the C share are 01.4 billion and 3$1.6 billion.
It is equivalent to a share of only more than 10 million yuan, and a class C share is suitable for short-term investors.
It can really be said that each has its own sorrow.
The third-to-last place is a bank-based public offering product, Bank of Shanghai New Energy Industry Selection, with an annual income of -4931%, which is comparable to the decline of AVIC**'s products.
More importantly, the net value of this product of Shanghai Bank ** has also fallen below 05 yuan, for 04808, established on April 20, 2022.
In just a year and a half, Jimin has tasted the "falling" of the net worth curve.
of track investmentDeath
At the end of the year, the public offering hybrid ** "miserable" is worrying, but the deep-seated problems are extremely prominent.
We found the positions of the above three ** (as of the end of September 2023), and a coincidence appeared.
Sungrow has become a hot stock, with the managers of Bank of Shanghai and AVIC taking it as the number one heavy stock, and the manager of China Securities Construction Investment setting it as the second largest heavy stock.
Looking further down, many new energy tracks are full of core positions of the three products.
In other words, the bottom ** is a track-type product, that is, the ultimate style product that focuses on betting on a certain type of plate.
Of course, this kind of track investment must shine in the systematic, which can make the net worth rise rapidly, and the natural people can make a lot of money.
However, investment should respect the laws of nature, as the so-called profit and loss are the same.
Focusing on betting on one sector can also make the net worth crazy**, causing the net worth curve to open and close, and the investment experience is miserable.
At the end of 2023, the misery of the ** products at the tail end has a common source: holding a heavy position of the people's funds in the popular sector in the past, and finally evolving into risk accumulation.
This strategy of trying to bet on the reversal of adversity is ultimately paid by the people.
This article is an original article by Kingfisher Capital, please do not be authorized without permission**.