1.When the "consumer god" is reduced to "negative equity".
From a stock selection expert who "can add wealth" to a "pit" king who "can add burden", it took less than 3 years for China Universal to become a "pit king" who "can add burden".
As a veteran head company, China Universal manages many types of ** products, and after 2021, China Universal began to suffer a critical blow to its performance, and the rout began.
The rout began when Hu Xinwei, the pillar of China Universal and the top of the industry, and had the reputation of "consumer male god", fell from the altar.
Founded in May 2013, Hu Xinwei manages the largest hybrid partial stock of China Universal - China Universal Consumer Industry Mix**, which is the single "king of scale" of China Universal Holdings, which was established in May 2013 and is a popular veteran** with a history of 10 years.
At its peak, Hu Xinwei created the myth of more than 300% income in 5 years, with an annualized rate of return of up to 25%, which was highly sought after by the people. In 2021, the net value of China Universal Consumer Industry Mixed ** reached a maximum of around 10 yuan, with a scale of more than 20 billion yuan.
However, in less than 3 years, Hu Xinwei's Hui Tianfu consumer industry mix ** has been reduced from a "wealth machine" to a "meat grinder" from the people" 。
Looking at the data of Tiantian**.com: From the first quarter of 2021 to January 8, 2024, the net value of mixed** units in the consumer industry of China Universal fell from around 10 yuan to less than 5 yuan, almost halved.
What's worse is that as of January 8, 2024, CUAM Consumer Industry Mix** has been 44 in the last 3 yearsThe 50% decline is far higher than the average of the same category by 33The 72% decline is also greater than that of the CSI 300. In the past 3 years, Hu Xinwei has not only underperformed **, but also significantly underperformed its peers**.
Throughout 2022, Hu Xinwei's China Universal Consumer Industry Mix** suffered a loss of 41 for the whole year7.5 billion yuan, in the first half of 2023, it will continue to lose 18$2.4 billion.
In the past six months, the net value of China Universal Consumer Industry Mixed ** has increased by 13%, and in the past one year, the net value of China Universal Consumer Industry Mixed ** has fallen by about 25%, so it is speculated that in the second half of 2023, the loss of China Universal Consumer Industry Mixed ** will be about the same as 182.4 billion yuan is close.
If this speculation is roughly accurate, in the two years of 2022 and 2023, the loss of the mixed ** consumer industry of China Universal Wealth, led by the consumer god Hu Xinwei, may be as high as 8 billion yuan. Of course, as for the specific loss, we have to wait for the accurate data of the financial report of China Universal **.
But in short, in the first half of 2022-2023 alone, the 6 billion yuan hard-earned money of those who pursue the male god Hu Xinwei has been evaporated.
In addition to the China Universal Consumer Industry Mix** led by the consumer god Hu Xinwei, there are two other major equity products under China Universal Large, namely China Universal Value Select** and China Universal Mid-Cap Value Select**.
In the past 3 years, what has been the fate of these two main forces? Let's look at the public information of the daily ** network, first look at the Hui Tianfu Value Selection**:
Let's take a look at CUAM MidCap Value Selection**:
A slight comparison with China Universal Consumer Industry Mix** shows that the fate of China Universal Value Select** and China Universal Mid-Cap Value Select** is almost the same as that of China Universal Consumer Industry Mix**. Both:
In the past three years, the net value has fallen dramatically, almost halved; And the decline in the past three years is significantly greater than the average value of the same category, and also greater than the decline of the CSI 300. This means that the people who have been at a high level in the past three years have probably lost more than half.
The performance of many other ** companies under China Universal in the past 1 year is also miserable:
As of January 9, 2024, **Tiantian**.com).
It is said that under the bear market, there are no eggs. Compared with 2021, in 2022, the net profit of 6 leading companies, including GF**, Huaxia**, and Huitianfu**, will decline.
Among them, the performance of China Universal ** fell the most, and the net profit fell by as much as 35% year-on-year8%。Judging from the profit of the company's products, in 2022, the loss of China Universal has exceeded 86.2 billion yuan.
Now, the aura of celebrity managers such as Hu Xinwei under China Universal has completely faded, and I am even afraid that it has become a punching bag for the people to "see everyone beat".
It seems that for China Universal Wealth, Hu Xinwei is no longer a "male god" who can add to his aura, and may even have become a heavy burden and "negative equity" for China Universal Wealth. Will China Universal choose to cut off Hu Xinwei in the end, and wait for the answer of time.
2.*Suspicious ?
What's even more terrifying is that if you review the performance of the "consumer male god" and China Universal ** in the past 3 years, it seems to be full of suspicions.
Taking the "male god" Hu Xinwei as an example, starting from the second quarter of 2020, the share price of China Duty Free has started a wave of violent rise**, and in less than 1 year, the stock price has soared from around 62 yuan in March 2020 to around 400 yuan in February 2021 (the former compound stock price, the same below).
In less than 1 year, with an increase of nearly 7 times, China Duty Free became the biggest dark horse among consumer stocks that year.
During this period, China Universal used its 59** to invest 4 billion yuan to lift the sedan car to pull China Duty Free. Led by Hu Xinwei, it used 5 ***10.24 million shares under its management.
In the third quarter of 2020, on the basis of the large number of positions in China Duty Free in the early stage, Niu San Chen Fashu once again significantly increased his position in China Duty Free by 7.03 million shares, with a cumulative position of 21.44 million shares in China Duty Free, accounting for 1 of the total share capital of China Duty Free1%, surpassing ** Huijin and becoming the fourth largest circulating shareholder of China Duty Free.
By the fourth quarter of 2020, the highest share price of China Duty Free has risen to around 282 yuan, at this time, Chen Fashu has a high of 11.33 million shares, accounting for 53% of his shareholding, and cashed out about 2.3 billion yuan!
In the same period in the quarter of 2020, China Universal once again used 88**, smashing nearly 10.1 billion funds to pull up and take over. As shown in Fig
On the one hand, Niu San is vigorously shipping, and on the other hand, Hui Tianfu is taking over with greater strength. Could it be that this is just a ** coincidence that "the hero sees the difference"?
What is even more puzzling is that by the first quarter of 2021, the share price of China Duty Free began to peak and fell rapidly. In the first quarter of 2023, China Duty Free **1523%, closing around 182 yuan. But at this time, Hu Xinwei was still locked up, holding 4.2 million shares and a market value of 7700 million yuan, a decrease of 1400 million yuan.
Entering the second quarter of 2023, China Duty Free once again unilaterally fell by 3985%, reported around 109 yuan, and it was not until this time that Hu Xinwei chose to clear the warehouse, ** the cost of 500 million yuan.
Reviewing the details of Hu Xinwei's China Duty Free, the highest return during the period was nearly 3 times, but he refused to take profit in the trend of China Duty Free all the way after that, and finally only kept about 1 times the income. If Hu Xinwei can clear China Duty Free one step earlier, why will China Universal Consumer Industry Mix** lose so much in 2022!
So much so that some people commented: Saving cattle is scattered in danger, and there may be a close relationship between the "stock god" Chen Fashu and Hui Tianfu.
3.The management fee is even more out of line
Not only is the performance decline very out of line, but in terms of the best management fees, China Universal is also out of line.
If the management fee scale and asset scale are taken as a reference dimension for the reasonableness of the company's management fee, the higher the ratio of the management fee scale to the asset scale, the more unreasonable the management fee charged by the company, and the reduction of the management fee should be greater in the future.
Judging from the financial report data of Oriental Wealth Choice and related listed companies, taking several leading ** companies with total assets of more than one trillion yuan in 2022 as an example, the total assets of E Fund, GF, Huaxia, Nanfang, and Tianhong are 15366 respectively7.4 billion yuan. $7.1 billion. 6 billion yuan, 102808.2 billion yuan, 107798.8 billion yuan.
The corresponding management fee size is: 1015.1 billion yuan, 735.7 billion yuan, 600.5 billion yuan, 504.4 billion yuan, 394.6 billion yuan.
Correspondingly, the ratio of the management fee scale to the asset size of the above five ** companies is approximately . 7 That is to say, for every 1,000 yuan of assets under management, the management fees charged by the five ** companies of E Fund, GF, Huaxia, Nanfang and Tianhong are 6 respectively6 yuan, 60 yuan, 55 yuan, 49 yuan, 3$7.
Let's take a look at the data of China Universal Wealth. Also taking the annual report data of Oriental Wealth Choice and related listed companies in 2022 as an example, in 2022, the total scale of China Universal Assets will be 82312.8 billion yuan, and the scale of management fees collected is 568.3 billion yuan, the corresponding management fee scale asset scale ratio is about 69‰ 。
That is to say: for every 1,000 yuan of assets under management, the management fee charged by E Fund, GF, Huaxia, Nanfang, and Tianhong, which is more than one trillion yuan, is only 66 yuan, while the management fee charged by China Universal is as high as 6$9 .
* The loss is more than others, but the management fee is more ruthless than that of others. Obviously, China Universal is a bit out of line. What's more, in 2021, the management fee charged by China Universal is as high as 703.7 billion yuan, 56The management fee of 8.3 billion yuan has dropped by nearly 20% compared with 2021.
Specifically, according to public information, in the one and a half years from 2022 to the first half of 2023, China Universal has accumulated losses of 97.6 billion yuan, approaching the threshold of 100 billion yuan. During the same period, the management fee charged by China Universal was as high as 82700 million yuan.
Among them, Hu Xinwei's China Universal Consumer Industry Mix** lost 41 percent in 20227.5 billion yuan, management fee income 2$7.5 billion; In the first half of 2023, China Universal Consumer Industry Hybrid** continued to lose 182.4 billion yuan, but the management fee income still reached 13.2 billion yuan.
In the second half of 2023, the regulator announced the relevant plan for the reform of the public offering** rate, and China Universal ** also began to announce fee reductions. Now it seems that the strength of CUAM to reduce the management fee in 2023 is not enough!
In the new year 2024, the room for CUAM management fee reduction must be further increased to be reasonable.
The more management fees you charge, the more you can spend your money. Coincidentally, just recently, there has been a lot of discussion on the Internet about the salary of China Universal Wealth. Some commentators said that the average income of China Universal employees is much higher than the average of the same industry, and although the performance of China Universal is a mess, the treatment is the top in the industry.
Someone also turned out a screenshot of the salary of China Universal School Recruitment in 2022: fresh graduates, the investment research post bears a guaranteed 20w a year, and the bull market salary is 60w a year. So much so that some people ridiculed themselves: the average salary of China Universal is 4 times that of the Chinese Academy of Sciences and 2 times that of China Tobacco.
I just don't know how much CUAM has cashed out to the fresh graduates in the bear market in 2023.
Finally, will you buy CUAM's ** products? What do you think of the performance of China Universal Wealth**? Welcome to communicate and interact with Youcai No.1.
Disclaimer:
The data and opinions in this article are based on personal analysis based on publicly available information and do not constitute any advice on investment.