In the past two days, the Bull and Bear Trading Room noticed that there was a big public offering rumor that has been surging the circle of friends. According to a reporter from Yicai, Yang Dong, a veteran who has been serving public offering for 13 years, is about to go to his private placement. The Bull and Bear Trading Room (niuxiong2016) does not care about industry gossip. This time, he joined hands with the metalworking team to speak with data, Yang Dong of the Bayi 18, and the Industrial World Fund, which he has been at the helm for 13 years.
has never left it for more than ten years, and has not kept it in scale and performance. Everyone knows that public funds are an industry that strives for profits based on risks. While providing high income to fund managers and other practitioners, it also caused many fund managers to leave due to huge pressure and the criticized incentive mechanism. During the 13 years of Xingquan, Yang Dong has experienced many bulls and bears, and at the same time witnessed the wave of fund manager resigning and going to work. But he is as stable as Mount Tai and has always been in the position of general manager.
Xingye Global managed by Yang Dong does not have the primary goal of making large-scale scale like other fund companies. According to statistics from the Bull and Bear Trading Room (niuxiong2016), Industrial World has issued 17 products in the past 12 years, with a total asset of 124.9 billion yuan, ranking 18th among public fund companies, with an average of less than two new products sold each year. is now "speedy" in the current trend of public offerings launching new products and rushing to scale.
Industrial World's product scale has stabilized at more than 30 billion since 2007. Until the first three quarters of 2014, its scale exceeded 100 billion mark in one fell swoop, but this is mainly due to the newly issued money funds, and the scale of stock funds and mixed funds is relatively stable.
Figure 1: 2003-2016 Industrial World and Fund Market Scale
Data Source: Bull and Bear Trading Room, choice Database
Yang Dong once said that a good brand must of course be based on long-term good performance. After the brand is established, the independent value of the brand will be highlighted. Sometimes it does not rely entirely on good performance, but a sense of trust. Therefore, good fund companies and their products take time to precipitate, and it is far from enough to rely on short-lived performance.
adheres to this concept. Xingye’s global products can be said to be small but exquisite, not only exquisite in business, but also provides investors with continuous returns. Bull and Bear Trading Room (niuxiong2016) The metalworking team has initially estimated the compound return rate of all products in the past 12 years since the global issuance of products by Industrial Technology, and compared it with the returns of the Shanghai Composite Index. In the figure, we can clearly see that in the past 12 years, Industrial Technology's global product return rate has reached 20.5 times at its highest, and the return rate as of July 15 was 16.9 times. The Shanghai Composite Index's return rate during this period was only 2.6 times. In comparison with , the return rate of Xingquan products can be said to be very amazing.
Figure 2: 2005-2016 Industrial World VS. Investment Return on Shanghai Composite Index
Data Source: Bull and Bear Trading Room, choice database
has a clear view, two bearish positions at high levels "persuading" to redeem
0 Yang Dong, as a big shot in the Chinese public offering industry, acts extremely low-key and rarely appears in the public eye. The incident that impressed him the most was probably that he clearly had a bearish attitude at high levels in the stock market twice, and warned investors of risks through open letters, and suggested redemption, which was called "the conscience of the industry. He followed his suggestions at the time. The investors must be grateful to this day.
In 2007, the A-share market was rising by 6,000 points, and the market was booming, Industrial and Commercial World reminded investors to pay attention to risks in the form of an open letter and recommended redemption.
When the previous bull market index reached 4,414 points, Yang Dong's attitude became more and more obvious: "At present, the market has easily surpassed 4,000 points, and the bubble has continued to expand at this speed, forcing us to start to consider the bursting of the bubble that may soon come. Due to the entry of huge leveraged funds, the damage to investors may even exceed that of 2008. ”
When I experienced this stock market crash and looked back at Yang Dong’s views at that time, it is no exaggeration to say that it is like the prophet’s predictions, which are fulfilled one by one. Yang Dong’s market judgment ability can be seen. The Bull and Bear Trading Room (niuxiong2016) also discovered an interesting phenomenon. was in the second quarter of 2015 when Yang Dong released his bearish view that the scale of the entire fund market reached its peak. In sharp contrast, Industrial and Commercial Bank's global scale dropped sharply . It is hard to say that such a large redemption volume did not have the influence of Yang Dong's view, and investors who left the market were lucky enough to escape the subsequent plunge.
Figure 3: 2004-2016 Industrial World Scale VS. Fund Market Scale
Data Source: Bull and Bear Trading Room, choice database
Core personnel have left, product performance has been lost
Although Industrial World has always been known for its stable personnel, it is difficult to survive in this wave of fund manager resignation. Wang Xiaoming, former deputy general manager, investment director and star fund manager of Xingye Global, Chen Yangfan, former deputy director and star fund manager of Xingye Global, and Du Changyong, former deputy general manager of Xingye Global, all left Xingye Global to start their own businesses in 2014 and 2015. The departure of these celebrity fund managers has also had a significant impact on Xingquan's stock products.
Bull and Bear Trading Room (niuxiong2016) counted the rankings of all stocks and equity-oriented funds in Xingquan in the past three years (in order to more intuitively show the changes in rankings, we converted the rankings into percentages of similar products). We can clearly see that except for the Xingquan New Vision regular open mixed-initiated fund rankings that were just established in July last year, the rankings of the other six equity-oriented funds have shown a significant downward trend in the past three years.
Table 1: Industrial Worldwide Equity-oriented Product Ranking in the past three years
Data source: Bull and Bear Trading Room, choice database
Although Yang Dong's resignation has not been confirmed, it should be a high probability event. Once Yang Dong leaves and settles his position, we will wait and see where the Xingquan Conference of the post-Yangdong era will go.
