Another public offering star ** manager to".Clearance"Stepping down from all **, Jiang Qian left the East under the sluggish market**: is it a departure or a change of strategy?
Now that it's the end of the year, it should have been the climax of the performance of each company, but the situation in the A** field is not very optimistic. Many ** managers feel that there is little hope of a turnaround this year, so some people simply choose to leave early.
Especially since the second half of the year, it seems that there has been a wave of "resignation" of ** managers. Among them, there are also many celebrity managers.
Jiang Qian stepped down in a clearance manner within the year
Recently, another ** bigwig chose to "run away" years ago. On December 4th, Dongfang** issued an announcement that Jiang Qian stepped down from the two ** that she was in charge of for personal reasons. These two ** are the Oriental Xingrui Trend Pilot and the Oriental Ingenuity Selection.
Previously, Jiang Qian stepped down from several other ** positions he was in charge of. Now, he doesn't have any products in charge. At the same time, he has gone through the cancellation procedures in the China ** Industry Association in accordance with the regulations. This means that Jiang Qian has officially resigned from Dongfang**.
Data**:wind).
For these managers who "ran away" in advance, the manager column has nothing to do with them in the performance ranking at the end of the year. Therefore, in the case of hopeless reversal and the "ranking test" is approaching, it is a good strategy to "run away" in advance.
Behind the "exodus" of celebrity managers, their own performance is generally poor, and most of the market believes that this is mainly related to the investment level of the ** managers. But the reality is that the ** company behind it is hard to escape the blame.
The masterpiece is no longer brilliant, and it has obviously retreated in the past two years
According to public information, Jiang Qian joined Dongfang ** in May 2017 and left the former company's assistant general manager, deputy director of equity investment, member of the public investment decision-making committee, and ** manager, with an investment period of 636 years. Prior to joining Oriental**, he served as a senior analyst at GCWCing, a senior manager at CITIC**, a research director of Tianan Property Insurance, and an investment director of Bohai Life Insurance.
Entering 2023, Jiang Qian began a series of job changes, and gradually stepped down from several ** products under her management. Specifically, Jiang Qian first stepped down from Dongfang Xinxiang Value Growth for one year in February 2023, and then successively stepped down from Oriental Theme Selection, Oriental Innovation and Growth, and Oriental Innovation Technology 3** in November. The reason for these changes is "business adjustments".
Among the 6 ** products that Jiang Qian will retire in 2023, the performance shows obvious differentiation. This includes both products with high yields and poor yields**. During Jiang Qian's management, Oriental Theme Selection and Oriental Innovation Technology have achieved good returns. However, in the past two years, the performance of these products has seen a significant drawdown, and the performance is relatively lagging behind.
Data**:wind).
Oriental Theme Selection**Before Jiang Qian took over in January 2019, it lost money for three consecutive years, with a net unit value of less than 05 yuan, with a total scale of about 100 million yuan. After Jiang Qian took office, she adjusted her position strategy and mainly invested in companies such as Hang Seng Electronics, Huayu Software, Luxshare Precision, etc., making the yield of ** reach 35 in 201968%, with 108 in 2020 and 2021, respectively42% and 5107% high yield. During this period, the scale of ** increased from less than 200 million yuan to more than 3.6 billion yuan, attracting many individual and institutional investors.
However, entering 2022, the performance of Oriental Theme Selection began to decline, and the annual net value growth rate fell to -3843%。Although Jiang Qian made strategic adjustments in 2023 and increased positions in pharmaceutical, computer and other sectors, by December 4, 2023, the annual net value growth rate of ** further decreased to -1856%。
In this case, investors chose to redeem, and by the end of the third quarter of 2023, the scale dropped to 96.1 billion yuan.
Data**:wind).
Oriental Innovation Technology is another important product managed by Jiang Qian. Since he took over in August 2019, the performance of this ** has improved significantly. In 2020 and 2021, 11238% and 3214% high yield.
However, starting from 2022, the performance of Dongfang Innovation Technology has declined, with the annual net growth rate in 2022 and as of December 4, 2023 being -35., respectively36%、-15.05%。
The other four**, including Oriental Xinxiang Value Growth One-Year A, Oriental Innovation Growth A, Oriental Ingenuity Preferred A and Oriental Xingrui Trend Pilot A, performed ordinarily during Jiang Qian's management, with a return on tenure of -1736%、-9.40%、-7.76%、-8.50%。
Data**:wind).
The halo of stars faded, and the new hair failed
The development of China's ** industry has undergone a unique process and formed a mature "way to play". The basic model is this: the company first concentrates its resources on cultivating star managers, makes a name for itself in the market through them, and then uses the fame of these star managers to issue new products to attract investors' funds. This strategy was very effective at one point.
But in the process, some problems have gradually emerged. In order to pursue the rapid growth of scale, some ** companies blindly issue new products regardless of the market situation and the actual ability of ** managers. As a result, those managers who were once made into stars have gradually become tools used by ** companies to "attract money".
As time went on, the investment performance continued to be poor, and the aura and appeal of those "star managers" began to fade. Taking Jiang Qian as an example, Dongfang Ruiyi Pioneer Mix, which he intends to serve as the manager, launched a fundraising from August 14 to September 1, 2022, but due to the failure to meet the conditions for the contract to take effect within the specified period, Dongfang ** finally announced the failure of the issuance on September 2.
This incident reflects the reality that even experienced managers can make mistakes in investment decisions and stick to the wrong investment direction. Jiang Qian finally left the market amid investor dissatisfaction, and the huge losses he managed were not only the result of a downturn in the market environment, but also a problem with management strategy.
For small and medium-sized companies, the "drainage" effect of star managers is particularly important. However, under the pressure of the market, performance appraisal often has a significant impact on the personnel adjustment of ** managers.
Disclaimer: This article is for informational purposes only and does not constitute any investment advice.