As a fixed income product, bond funds should have a more stable investment return rate. However, in the past November, 9 bond funds under Minsheng Jiayin Fund Management Co., Ltd. actually suffered a sharp drop. Data shows that Minsheng Jiayin Tianxin Pure Bonds C (007103) and Minsheng Jiayin Tianxin Pure Bonds A (007102) fell 19.12% and 19.10% respectively in November, while in October, the above two funds had fallen by 3.68% and 3.65%. In addition, there are Minsheng Jiayin Pingli Bond C and Minsheng Jiayin Pingli Bond A, which also fell by more than 10%, and many other bond funds such as Minsheng Jiayin Xinxiang Bond fell by more than 6%. It is worth noting that on August 11, Lu Xin, who served as the director of the fixed income department of Minsheng Jiabank, chairman of the fixed income asset line investment decision-making committee, and member of the company's investment decision-making committee, resigned due to personal reasons.
suddenly fell. Minsheng Jiayin Tianxin's yield fell by 19% in November
It is reported that Minsheng Jiayin Tianxin Pure Bond was established on August 14, 2019. In the past two years, the fund has been performing smoothly. If we look at it as of October 11, 2021, its cumulative yields were above 5%. However, starting from October 12, the two funds fell. In the two days on November 1 and 2, the A shares fell by 3.26% and 5.30% respectively; the C shares fell by 3.26% and 5.29% respectively. On November 16, the decline of more than 5% again. Moreover, the fund has suspended subscription since November 3 and has not been opened to this day.
As of December 2, the cumulative yield of its A/C share has fallen by 17.44% and 18.17%, with the cumulative unit net value of only 0.8256 yuan and 0.8183 yuan.
Minshengjiayintianxin pure bond A has been established since its establishment net value trend chart
Source: Tiantian Fund Network (Net Value Deadline: December 2)
Minshengjiayintianxin pure bond C has been established since its establishment net value trend chart
Source: Tiantian Fund Network (Net Value Deadline: December 2)
Minshengjiayintianxin pure bond As a pure bond fund, it has no stock assets , Judging from the top five holding bonds announced in the first three quarters of this year, the first quarter was 20 Dalian Wanda MTN001, 20 Angang Y2, 20 Sunac 02, 20 Baolong 02, 20 Xi'an Hi-Tech MTN008; the second quarter was 20 Times 09, 20 Sunac 02, 20 Aoyuan 02, 20 Baolong 02, 20 Dalian Wanda MTN001; the third quarter was 20 Baolong 02, 19 Guokai 07, 20 Huayuan Real Estate MTN001, 20 Times 09, and 20 Tianjin Bao Y3. From the perspective of holdings, real estate corporate bonds have become the main investment direction of the fund.
In the quarterly reports of the first two quarters of this year, we can see that fund managers have a statement about "increasing portfolio leverage", and the interim report also showed that "continue to improve portfolio leverage level and strive to improve portfolio returns." However, in the first half of the year, Lu Xin was mainly managed by Lu Xin alone. From July to August, Hu Zhencang joined in and jointly managed the fund with Lu Xin. After that, Lu Xin left office, and Minsheng Jiayin Tianxin pure bonds were managed by Hu Zhencang alone.
Minshengjiayintianxin Pure Bond Fund Manager Changes List
According to a reporter from China Economic Net, Lu Xin previously served as a bond trader and bond researcher at the Shanghai Trading Center of the Global Financial Markets Department of Bank of China. Later, he also served as a senior bond researcher, macro analyst, bond fund manager, and deputy director of fixed income in two public fund companies. In August 2018, he joined Minsheng Jiayin Fund Management Co., Ltd. and served as the director of the fixed income department, chairman of the fixed income asset line investment decision-making committee, member of the company's investment decision-making committee, and fund manager. He has been a fund manager alone for more than 10 years.
Hu Zhencang was engaged in bond trading and research at Urumqi Commercial Bank in his early days. Since then, he has served as deputy general manager and fund manager of the bond trading and fixed income department in securities companies and fund companies. In June 2017, he joined Minsheng Jiayin Fund Management Co., Ltd. and served as a fund manager, serving for more than 12 years.
Perhaps Minsheng Jiayin has realized the risks faced in holdings, so in the third quarter report after Hu Zhencang was managed separately, its statement became: "In terms of operation, some credit bonds with poor liquidity were reduced, the liquidity of the portfolio was increased, and the leverage of the portfolio was reduced. At the end of the third quarter, the portfolio maintained a low duration and leverage." However, misfortune still came.
Many bond funds both fell sharply in November. The director of the fixed income department of Minsheng Jiayin resigned
In addition to the Minsheng Jiayin Tianxin pure bonds, which are ranked last in November, Minsheng Jiayin Pingli Bond C, Minsheng Jiayin Pingli Bond A, Minsheng Jiayin Xinxiang Bond C, Minsheng Jiayin Xinxiang Bond C, Minsheng Jiayin Xinxiang Bond D, Minsheng Jiayin Xinxiang Bond A, Minsheng Jiayin Huixin One-year regular opening bond C, Minsheng Jiayin Huixin One-year regular opening bond A performed surprisingly in November, at -11.70%, -11.63%, -7.64%, -7.63%, -7.61%, -6.52%, and -6.50% respectively.
Minsheng Jiayin Pingxing Tianli Bond disclosed its main holdings in the first three quarters including 16 Weiqiao 05, 18 China Construction Transportation MTN002, 18 China Semiconductor MTN002, etc. In addition, it also holds bonds such as steel and real estate companies. On November 1 and 2, the net value of the fund also fell abnormally. Taking Minsheng Jiayin Pingli Bond C as an example, the yields fell by 2.00% and 3.06% respectively. As of December 2, its A and C shares fell by 11.83% and 12.06% respectively this year.
Minshengjiayinpinglite bond C part historical net value details
Source: Tiantian Fund Network (Deadline: December 2)
