**The industry has first-mover advantages and scale advantages, and the old ** companies have more product lines and larger scale, and have a greater right to speak on the channel. With years of investment and research accumulation, he has more experience in facing different investment environments.
In comparison, it is very difficult for young ** companies to overtake in corners, and it is difficult to break through the scale in the shadow of giants. Qianhai Open Source, which has only been established for 11 years, is one of the fastest growing companies in the past five years. After reaching a peak of 158.7 billion yuan at the end of 2021, the latest scale is only 97.5 billion yuan, a drop of 38% in two years.
In 2022 and 2023, the market style will be switched, and the income of the first will be greatly withdrawn, and a large number of ** earnings will rank last in the whole market, and the scale will inevitably decline.
The growth of the full hand has become a "medium-scale trap" for Qianhai Open Source.
At the end of 2022,Qianhai Open Source ** Company's scale of 118.1 billion yuan ranks 44th in the industry, and its management fee income of 1.4 billion yuan can rank 27th in the industry. Qianhai Open Source has a high proportion of partial stock type in the scale, and the corresponding management fee rate is higher, but it has brought a large loss to the people in the mean reversion of net value in the past 2 years.
The profit loss of the top industry has dominated the list of equity ** losses in the past 2 years
Higher than the ranking of management fees, the profit ranking in recent years is a loss of 275700 million yuan, 107200 million yuan, the industry ranking is the fifteenth from the bottom.
Most of the profits with huge losses are caused by high drawdown equity**. According to statistics, Qianhai Open Source has 15 ** (A C shares are calculated separately) with a loss of more than 40% in the past 2 years, and these ** market rankings are in the bottom 85%. Four of them lost more than 50%. Qianhai Open Source Belt and Road Hybrid has lost as much as 56% in the past two years.
There are a total of 62 active interests** under Qianhai Open Source, 1 out of every 4, with a loss of more than 40% in the past 2 years. In addition, there are 29 active equity** that have lost more than 30% in the past 2 years, accounting for nearly half.
The 15 ** with a loss of more than 40% were managed by Wu Guoqing, Fan Jie, Qin Xuan, Huang Zhiran, Zhang Jun, Yuan Yichun, Qu Yang, Wei Chun, Yang Delong and other eight ** managers, who significantly underperformed the performance benchmark in the same period in the past 2 years.
Internet celebrity economists have lost 4% in 2 years
There is 1 celebrity Yang Delong in it. As the chief economist of Qianhai Open Source, Yang Delong often expresses his views on ** as an industry expert, and participates in activities and interviews no less than 20 times a year.
However, in practice, none of the top performance of Yang Delong's current management is positive. The best-earning ** incumbency loss also exceeded 25%, and both significantly underperformed the performance benchmark for the same period.
Yang Delong's Qianhai Open Source Clean Energy Hybrid has lost 40% in the past two years, and its performance ranks in the bottom 15% of the industry. A typical hand is better than a mouth.
Among the high-drawdown players in Qianhai Open Source, there is also a former champion player.
Cui Chenlong is the ace manager of Qianhai Open Source, with a total scale of 129 rights and interests under management$1.7 billion is the most. His Qianhai Open Source Utilities** in 2021 with 11942% of the income won the first place in the annual income of the public offering.
In the past 2 years, the championship curse has begun to appearThe Qianhai Open Source New Economy Hybrid A managed by him has a return of -38 in the past 2 years17%, 18 points lower than the benchmark for the same period. In the bottom 80% of the market.
The 4 ** he took over in 21 years have all had large drawdowns, among which Qianhai Open Source Emerging Industry Mixed C and Qianhai Open Source Shanghai-Hong Kong-Shenzhen Smart Life Mixed have retraced more than 30% respectively.
Quant ** ranked last, and AI ** underperformed the ETF by 28 points
In addition, there is also the "Sao operation" of active rights and interests. Qianhai Open Source Quantitative Preferred C (hereinafter referred to as "Qianhai Open Source Quant") is the earliest quant in the market, with a return of -40 in the past three years21%, 18 points lower than the performance benchmark for the same period, in the market's "quantitative" theme**, ranking in the bottom 10%.
Lu Qi is the longest-running manager of Qianhai Open Source Quantification, with 2 years and 269 days in office, and a return of -4219%, underperforming the performance benchmark by more than 10 points. In the past 2 years, the revenue of Hai Open Source Quantification was -3692%, compared to the average return of the "quant" theme** over the same period was -2432%。
Lu Qi not only serves as a manager of quants, but also manages balanced and bonds. Under the multi-task, all of its products in the past 2 years have been negative.
At the end of 2022, the A-share artificial intelligence sector began to be launched, and at this time, the second and third heavy stocks of Qianhai open source artificial intelligence were CATL and BYD, which were new energy**.
After the artificial intelligence sector rose sharply in the first quarter of 2023, manager Qu Yang began to chase higher and increase positions in artificial intelligence. In the first quarter of 2023, Qianhai open source artificial intelligence will increase by 1813%, which is 38% higher than the AI ETFThe 30% quarterly gain was 20 points less.
After that, the average share price of the artificial intelligence sector reverted, and the net value of Qianhai Open Source Artificial Intelligence was found to be a sharp retracement after chasing high, and the income for the year was -1036%。Artificial intelligence ETFs had 17 during the year14% positive return. In 2023, the income of artificial intelligence ETF and Qianhai open-source artificial intelligence will open up by 20 points.
Qianhai Open Source, which mainly relies on partial stock type in terms of scale and income, has begun to suffer a huge backlash in the past two years. At the end of 2021, the total scale of Qianhai Open Source** reached 158.7 billion yuan. Subsequently, the scale went all the way down, with a total scale of 97.5 billion yuan by the end of 2023, falling below 100 billion yuan. The continuous decline in its own scale has also brought high drawdowns to investors.
In the past year, a variety of non-commodity varieties such as **type**, hybrid**, bond**, index**, etc., have achieved positive growth in Qianhai Open Source. In the case of this year's index **, it has failed to make a breakthrough in the scale of index products.
With the popularity of passive investment, Qianhai Open Source's active investment income has weakened in the past two years, and it is also facing greater competitive pressure and challenges in terms of scale.
Data**: Choice, as of January 1, 2024.