text | Liu Zhentao
The first half of 2022 ended. With the continuous market fluctuations, the fund trend in the first half of the year can be said to be a "V". The sharp decline since the beginning of the year echoes the strong rebound in the past two months.
Delinshe observed the performance of the public fund market in the first half of the year and found that, excluding the huge redemption disturbances, the top-ranked QDII funds in the entire market were almost dominated by the QDII funds of crude oil and commodities.
The first in the market in the first half of the year was the QDII fund of Jiashen Fund, Jiashen Crude Oil (QDII-LOF). Due to the rise in international crude oil prices, the fund's increase reached 58.35% in the first half of 2022, and holders made a lot of profits.
, Delins also found that after removing the disturbances of huge redemptions, the worst-performing fund in the entire market was actually a QDII fund, which is the "Cathay Pacific Chinese Enterprises Overseas High-yield Bond" under Cathay Fund.
According to Tiantian Fund data, as of June 30, 2022, the net value of overseas high-yield bonds of Cathay China Enterprises fell by 40.36% in the first half of the year, not only ranked last among similar categories, but also ranked last in the entire market.
In stages, Cathay Chinese enterprises' overseas high-yield bonds fell by 40.36% in the past six months, 49.89% in the past one year, and 49.66% in the past three years, nearly 50%. From any stage, the net value of the fund has fallen.
In fact, Cathay Pacific Chinese Enterprises' overseas high-yield bonds have been in a loss state since its establishment.
Public information shows that Cathay Pacific Chinese Enterprises’ overseas high-yield bonds were established on April 26, 2013, and have been 9 years since then. The fund manager of the fund is Wu Xiangjun.
As of the end of June 30, 2022, the cumulative net fund value of Cathay Chinese Enterprises' overseas high-yield bonds was 0.7209 yuan, which is 1 yuan lower than the fund face value. This also means that investors who have held the fund since its inception have been in losses for 9 years, with a loss of 27.91% in 9 years.
In the fund community, some investors complained, "The worst fund in the entire market is no wonder. It's been 9 years since my son has been in elementary school and has not yet recovered." Some investors complained, "Looking at the long-term decline in 3 to 5 years, this phenomenon is very sad. This year it has plummeted. No fund investor can make money here."
long-term losses have also attracted investors to vote with their feet, and the scale of the fund's assets has shrunk significantly. Data shows that when Cathay Pacific's high-yield bonds were raised by Cathay Chinese companies at the beginning of its establishment in 2013. As of the end of March 31, 2022, the fund's assets were only 58 million yuan, a shrinking scale of 92.8%. According to the current status of the fund, the scale may shrink in the second quarter, and it may become a "mini fund" with a scale of less than 50 million.
So what exactly is the reason that has caused the fund to continue to lose money since its establishment of 9 years? This is probably related to the position chosen by the fund manager.
Delin Society previously wrote about the fund manager of You Bonian, who is a Penghua Fund, and the Penghua Global Medium and Short-term Bond (QDII)-related funds managed by the Penghua Global, short-term bond (QDII) have been heavily invested in overseas bonds of real estate companies, resulting in a sharp decline in the fund's net value, with a drop of more than 50% in the past year.
From this point of view, the overseas high-yield bonds of Cathay Chinese companies managed by Wu Xiangjun may also hold some high-risk bonds overseas.
By sorting out the annual reports of the fund in the past three years, Delin News Agency has calculated that from 2019 to 2021, the top five heavy bonds of Cathay Chinese companies' overseas high-yield bonds were all real estate overseas bonds, including Sunac China, Jianye Real Estate, Evergrande, etc.
In recent years, affected by various factors, overseas debts of real estate have frequently been overdue, which has also led to violent fluctuations in overseas debts of real estate companies, which has led to a decline in the net value of overseas high-yield bonds of Cathay Chinese companies in recent years.
Perhaps in order to balance the risks, in the first quarter of 2022, Wu Xiangjun abandoned most of the overseas debts of real estate companies and chose to hold some overseas bonds of banks, such as Postal Savings Bank and Bank of Communications.
However, in the past six months, the market prices of these banks' overseas bonds have also shown a downward trend.
Wind data shows that the overseas perpetual bonds issued by Bank of Communications (XS2238561281) fell from the mid-price of 103.2 yuan on February 11 to 98.07 yuan on June 30.
This means that Wu Xiangjun seems to have stepped on the wrong pace again, which has also led to a further decline in the net value of high-yield bonds for Cathay Chinese companies overseas.
It is worth noting that many investors blindly purchased the fund without understanding the investment operation of Cathay Chinese companies overseas high-yield bonds. I think that if the name contains the three words "high return" in it, you can get good returns.
In fact, "high yield bonds" also indicate high risks, and risks and returns are almost equal. Investing is a kind of practice. Before investing, you must be familiar with the investment target, otherwise the loss will be yourself.
What do you think of this QDII bond fund that has fallen by 40% this year?
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