This article is based on publicly available information and is for information purposes only and does not constitute any investment advice.
Produced by the company's research room** group
Wen Xuemei
Towards the end of the year, the annual ranking battle of each company began to become fierce again. However, according to the observation of the company's research office, most of the people who are keen on the ranking war are some ** with relatively small asset management scale, and those head companies with trillions of assets under management seem to pay more attention to the competition of comprehensive strength.
Recently, the company's research office tracked and analyzed the performance of various assets of some leading companies in the past 1 year, and analyzed their performance in 2023 from multiple dimensions to get a portrait closer to these ** annual results. For example, E Fund, which has ranked first in the public offering industry for many years.
As of December 15, 2023, E Fund has 82 managers, with a scale of 166 trillion. In fact, its overall management scale has reached 3012 trillion, belonging to the 206 ** companies worthy of the name of the asset management giant.
However, the company's research office noticed that the company's ranking in the public offering ** subcategory does not seem to be as dominant as its asset management scale, but there is a relatively obvious differentiation. This is especially evident in the performance of the top 10** managers in terms of management scale of its major types of assets.
01. Fixed income ** manager: The scale under management is up to more than 500 billion, and 6 of the top 10 are currently in the top 20% of the same category
In terms of public offering**, as of December 15, 2023, E Fund was 1Among the 66 trillion assets, 680.2 billion yuan are currency, 325.1 billion are bonds, a total of 1,005.3 billion, and assets account for 6043%。
The relevant data as of December 18, 2023 shows that similar to other ** companies, E Fund's ** managers in fixed income products such as currencies and bonds have a huge scale of assets under management (among them, some ** managers have crossover in the products under management, so we will not make a detailed distinction here).
Among the top 10 managers of E Fund's fixed income, there are 3 people with a management scale of more than 300 billion, namely Shi Dayi, Liang Ying, and Liu Chaoyang, among them, Shi Dayi's scale under management is as high as 51575.4 billion.
Although he is the first in the scale of management, the person with the highest return during his tenure is not Shi Dayi, but only 568 in the scale of management8.9 billion, and most of the products are a mix of stocks and bonds, Zhang Qinghua, the best return is 21343%, where ** is E Fund Anxin Return Bond A, which has been managed since December 2013.
The company's research office noticed that 9 of the 10 best returns during the tenure of the 10 fixed income managers came from the current **, and all of them have been managed for many yearsThe third-ranked E Fund Enhanced Return Bond A,** manager Wang Xiaochen has been managing since August 2011 at the earliest.
This shows that E Fund's fixed income manager team is relatively stable, which is good news for large funds pursuing stable income.
Generally speaking, the best returns for a manager tend to occur in the past and are the highs they have achieved in history**The scale that the manager is currently managing often represents the recognition of his comprehensive ability by the companyThe manager's current performance with the best comprehensive performance, as well as his position in the peer ladder, represent his realistic return on investment and industry status.
The third point mentioned above, in a sense, is more important for the people.
Of course, the performance of a ** cannot represent the overall performance of a ** manager, but only a glimpse. However, this is another very convenient indicator in terms of performance comparison between managers.
In order to facilitate comparison, the company's research office will unify the ranking of the best in similar products into percentages, and the smaller the number, the higher the ranking. The comparison with similar performance can support the actual connotation of the first rank. In addition, scale is also important, the larger the scale, the more difficult it is to grow performance.
According to the data, only 6 of E Fund's 10 fixed income managers with the best comprehensive performance are in the top 20% of their peers. Considering the relatively large scale of this kind of **, objectively speaking, this achievement is already considerable.
Of course, 3 of these 10 ** are ranked after 50% of the same kind, and the worst one is ranked at 766%。
In fact, this short-term debt **, the return of 1529%, but the average for similar products is 2115%, the ranking is naturally low. (The above data is as of December 18, 2023, data**: Tiantian**.com, the same below).
The company's research office noted that ranked.
The first and second Liang Ying and Shi Dayi are actually on the same ** - E Fund Cash Profit Enhancement Currency B, just because the two have different times in office, resulting in differences in each other's rankings. In any case, the position echelon score is less than 1%, which is already among the top few or even the first premium products in its class.
02. Index ** manager: The scale under management is over 130 billion, and 7 of the top 10 incumbents are ranked in the bottom 50% of the same category
Towards the end of the year, more ** companies choose to deploy index products.
According to incomplete statistics, a total of 29 ETFs were launched in the second week of December, of which 16 were index products, including a number of track-type ETFs, such as E Fund CNI Robot Industry ETF.
According to public information, E Fund started earlier in the exponential ** layout.
At the end of 2018, E Fund's index** was only 5011.3 billion, less than 5 years, has grown to the current 24234.8 billion, an increase of 384 times. As of December 15, 2023, E Fund Index** accounted for 1457%。
From the perspective of the scale under management, among the top 10 managers of E Fund Index, there are 5 people with a scale of more than 60 billion yuan, of which Yu Haiyan has a scale of 13942.1 billion. There are 4 people with a scale of less than 60 billion under management, and the smallest is also 17.2 billion.
The company's research office noticed that 9 of the above 10** involved overseas**, which shows the breadth of E Fund's layout on the index**.
Like fixed income, in the top 10 of E Fund's index, the person with the highest return is not Yu Haiyan, who is the largest in management, but in 4498.9 billion, and most of the products are overseas ** Fan Bing, the best performance is 20694%, where ** is E Fund S&P Information Technology Index (QDII-LOF) A (RMB).
The company's research office noted that 7 of the 10 index managers' best returns came from those who have stepped down.
E Fund, which ranked third, was rated A, and its manager Yu Haiyan stepped down in December 2020. Two more stepped down that year. Looking back, at that time, the first was at a high point, and the resignation of high-performance products was, in a sense, the protection of these ** managers.
Among the top 10 managers of E Fund Index, only 3 of the 10 are in the top 10% of the same category, 6 are ranked after 50%, and the worst one is ranked 911%。Objectively speaking, this is a very poor result.
The company's research office noticed that the bottom one is Zhang Shengji, and the E Fund CSI 300 Index Enhanced C on the list is not large, only 40.1 billion, with a return loss of 3855%, with an average loss of 1937%。Such a large performance gap is enough to explain the problem.
03. Mixed ** manager: The top 10 in scale collectively adheres to it, and 5 are currently in the top 5% of the same category, and 1 is at the bottom
Most of the ** that ordinary investors are most concerned about are ** type and hybrid type**.
With the bearish A-share market, most of the performance of the **type** in recent years has been miserable, even if it is even the hybrid ** that has become popular in previous years, the performance has retreated very much.
According to the data, E Fund's hybrid ** scale has risen from 89.7 billion at the end of 2018 to 453.9 billion at the end of 2021, and has now declined to 303.9 billion. As of December 15, 2023, E Fund's hybrid** assets accounted for 1827%。
The scale of E Fund's hybrid type**. From the rapid rise from 2018 to 2021 to the rapid decline from 2021 to the present, it is actually a microcosm of the entire industry. The company's mixed ** is in the top 10 of the management scale, with 6 people of more than 20 billion yuan, of which Zhang Kun has a management scale of 7635.4 billion. 4 people below 20 billion, the smallest 9.3 billion.
The company's research office noticed that among the above-mentioned ** managers, 3 of them involved overseas**, and some involved indices or bonds**, which shows that E Fund's hybrid ** managers have a large span in product layout.
Like the previous two categories, in the top 10 E Fund mix**, the person with the highest return on his position is not Zhang Kun, who is in charge of the first scale, but Chen Hao, who is in charge of 34.7 billion, and the best performance is 38787%, where ** is E Fund Kexiang Mix.
The company's research office noted that the best returns of these 10 mixed** managers all came from the incumbent**.
Among them, E Fund managed by Feng Bo has been in the industry leading blend since 2009Zhang Kun, Xiao Nan, and Chen Hao, who were once known as the three musketeers of E Fund's ** consumption, also served from 2012 to 2014. The remaining 7 ** managers will also take office at the end of November 2019 at the latest.
In other words, E Fund's mixed** TOP10 managers in the scale of management have collectively adhered to the ** that brought great honor at the beginning. From the perspective of being responsible for the people, this kind of perseverance can be regarded as a benefit.
Among the above 10 managers of E Fund, only 7 of the 10 are in the top 20% of their peers, of which 2 are in the top 1% and 3 are in the top 18%-5%。Objectively speaking, this achievement can be called outstanding. This can also be confirmed from the comparison of these ** with the performance of the same kind.
The company's research office noticed that Zhang Kun's E Fund Blue Chip Select Blend, with a scale of 49.1 billion, ranked 28% of the same category, which is quite acceptable. Feng Bo's E Fund Research Selection**, scale 648.4 billion, a loss of 1632%, with an average profit of 283%, the gap is a bit big, no wonder the ranking is 82 in the same industry8%, which is already relatively low.