Influenced by the concept of "long-term investment", public offering companies tend to promote ** products with a holding period of at least 3 years, which attract a large number of investors who pursue long-term stable returns.
Orient Securities Asset Management, as the first asset management institution under the first company, is one of the few ** companies with equity as the main scale.
In September 2014, Orient Securities Asset Management issued the first three-year closed** Dongfang Hong Ruifeng Hybrid. Due to the outstanding performance, the scale of the open subscription at the end of the closed period reached 12.3 billion yuan. With the previous successful experience, Dongfanghong Asset Management Company preferred to launch a three-year closed period, and subsequently launched more than 20 three-year closed companies, becoming the most such companies in the market.
During the three-year closure period, the investment cage of Orient Securities Asset Management
In the official promotion of Orient Securities Asset Management, the closed-end ** is advertised as ".Low risk + high rewardThe products are designed to help investors avoid frequent operations.
However, the reality is very different. Since 2015, Orient Securities Asset Management has launched a three-year regular opening every year (except 2023), but a series of products in recent years have shown that the yield in the past three years has all been negative, with a decline of more than half of -30% and a maximum decline of more than -53%, and the performance is extremely poor.
As of wind data date: February 20, 2024.
The length of the lockdown period did not come at the expense of liquidity at the expense of high returns as expected. On the contrary, due to the unsatisfactory performance of the ** manager, these ** products are like a cage, so that the investor's funds are firmly trapped.
The scale continues to shrink, how to stop the decline** and regain confidence?
Since Zhang Feng took over the helm of Orient Securities Asset Management, the scale of assets under management of the company has experienced a significant reduction, from 2697 in 20212.3 billion yuan reduced to 18336.3 billion yuan, with a cumulative decrease of 863600 million yuan, a decline of more than 30%, and so far it seems that it has not bottomed out.
As of wind data date: February 20, 2024.
The "Dongfanghong" series, which was once famous in the market, has gradually lost the favor of investors in the face of continuous huge losses. In recent years, the company's portfolio of products has underperformed, sparking widespread investor dissatisfaction. According to the data, as of February 20, 2024, some ** under Dongfanghong Asset Management have faced significant losses in the past two years, and the loss margin is even as high as -47% in some **.
As of Tiantian**.com Data date: February 20, 2024.
This situation has also raised serious questions about the ability of Orient Securities Asset Management as a well-known asset management company.
Investors "angrily criticized" Dongfanghong, where is the three-year long-distance run going?
Since Zhang Feng assumed the position of general manager in August 2021, the performance under his management has not met the expected standards, and all kinds of ** products have suffered losses to varying degrees, which has aroused public doubts about his leadership.
According to public information, Zhang Feng, who has been in the industry for more than 23 years, is currently the managing director of Oriental Asset Management.
What is particularly striking is that Dongfanghong Qiheng, which he is responsible for, has held A** for three years, and as of February 20, 2024, the cumulative loss since its inception has reached -2709%。The performance of Dongfanghong Qiheng holding mixed B** for three years was even worse, with a loss of -3570%。Considering that these ** have a three-year lock-up period, it is difficult for investors to exit during this period, and thus suffer significant losses.
As of Tiantian**.com Data date: February 20, 2024.
The above ** has been established since April 21, 2021 and will soon usher in its open period. Faced with the decision of whether to continue holding, many investors may choose to "vote with their feet" to express their dissatisfaction with the management performance.
According to the announcement, this ** has lost as much as 6 billion yuan in less than three years, which is more than half of the current assets. What's even more shocking is that during this loss period, the ** also charged a management fee of 400 million yuan.
As of wind data date: February 20, 2024.
Investors entrust their hard-earned money to the ** manager, expecting a decent return over the three-year investment period. However, they are often faced with disappointing investment results.
This situation not only makes the situation of investors poignant, but also casts a shadow on Zhang's ability to continue in a management role in the future.
Investors even angrily pointed out, "It's all like this, and I'm embarrassed to take management fees, and my face is really thick." I've been glad that it's been placed, and if I buy it all, I won't regret it."
As of Tiantian**.com Data date: February 20, 2024.
Another investor said, "Let's look at the annual handling fee, management fee. How much was sucked away. Their income is stable, and the risk is borne by all the people, and we can't help it if the manager loses money, and they still take the management fee. After this base is redeemed, I will not buy Dongfang Red in this life!!
As of Tiantian**.com Data date: February 20, 2024.
Investors who lose money during the three-year closed investment period is undoubtedly a long and painful period, and what should you think of Zhang Feng's management performance?
This year, Dongfanghong's three-year products will usher in open redemption opportunities, and investors who have lost money will continue to hold or redeem? There are few doubts.