Among the public offering funds, the active equity fund managers with the largest management scale have been paid more attention by the market.

The second quarterly report, which has just been disclosed, shows that with the rebound of the market, the total scale of management of the 20 leading active equity fund managers rebounded in the second quarter, totaling close to 1.1 trillion, an increase of nearly 12% from the previous quarter. Fund managers with a management scale of more than 20 billion account for nearly 40% of the total, showing the influence of well-known fund managers in the market.

The closely watched "50 billion Tian Tuan" also presents some new changes. While hundreds of billions of fund managers have made a comeback, the management scale of the two fund managers has returned to more than 50 billion. The management scale of the nine members of the "50 billion days regiment" increased in a single quarter, and the "blood recovery" was obvious.

The industry believes that behind the halo of star fund managers is a heavier responsibility. Despite the increase in the concentration of fund managers' management scale or the development trend of the industry, public offering should focus on long-term returns and holder experience, do a good job in the accumulation and inheritance of investment and research ability, and reverse the development model of over-reliance on "star fund managers".

20 people manage nearly 1.1 trillion active equity funds

At present, the total number of public fund managers has exceeded 3000, but the scale of management is obviously divided. The performance of active equity fund managers with a large amount of money has a great impact on the overall experience of the fund and has a high degree of attention in the market.

According to Wind data statistics, according to the latest scale data, by the end of the second quarter of 2022, the total size of 20 equity fund managers (including good at mixed and equity funds, mixed fund excluding partial debt and equity fund excluding index) in the total size of managed funds is more than 1 trillion yuan.

Overall, compared with the end of the first quarter of this year, the total entrusted size of these leading active equity fund managers rose in the second quarter with the rebound of the market. At the end of the first quarter, the total management scale of the 20 equity fund managers who ranked first in the total size of managed funds totaled 957.41 billion yuan. By the end of the second quarter, this figure had risen to 1.084954 trillion yuan, an increase of 127.544 billion yuan, or 11.76 percent, from the previous quarter.

The increase in the management scale of "head" active equity fund managers, on the one hand, is due to the rebound of the total scale of equity funds under the background of the market recovery, and on the other hand, because the popularity and recognition of these fund managers themselves are relatively high. the base of the fund scale managed is also relatively large, so the "money-absorbing" effect will be more obvious in the market rebound.

In addition, according to Wind statistics, as far as active equity funds are concerned, there are 71 fund managers with a management scale of more than 20 billion. Among them, 22 have a management scale of more than 30 billion. In addition to the TOP20 fund managers listed in the above table, they also include Zheng Chengran and Cai Songsong, with a total management scale of 1.147876 trillion yuan. The management scale of the other 49 is between 20 billion and 30 billion, with a total management scale of 1.204012 trillion yuan.

In this echelon, many fund managers once managed more than 30 billion or even 40 billion of the fund size, which has shrunk in the market turmoil over the past year. However, by the end of the second quarter, well-known active equity fund managers such as Han Chuang of Dacheng Fund, Qiu Dongrong of Zhong Geng Fund, Dong Li of Xingsheng Global Fund, Lao Jie Nan, Yang Jie and Liu Weiwei of CEIBS, and other well-known active equity fund managers were only one step away from the total assets under management of 30 billion yuan.

It is calculated that the total management scale of these 71 fund managers has exceeded 2.35 trillion. Compared with the total size of 6.25 trillion active equity funds at the end of the second quarter of this year, it accounted for 37.6%. This also means that these fund managers have great influence in the market.

Although there are some adjustment changes in the short term, the general trend of centralization of the management scale of fund managers, especially equity fund managers, continues in the medium and long term. According to Wind statistics, the number of equity fund managers who managed 10 billion-tier funds at the end of 2019 (including hybrid and equity funds, and equity including index) reached 113th at the end of 2019, compared with 159at the end of June 2020. By the end of the second quarter of this year, as many as 255 fund managers who are good at mixed and stock fund managers have entered the "10 billion clubs". In the past two years, the data of 10 billion equity fund managers has risen rapidly.

From the perspective of fund companies, these "10 billion" fund managers are mainly distributed in Guangfa, South, Huidianfu, Bank of Communications, Central Europe, Fuguo, Xingzheng Global, Yi Fangda and other fund companies.

On the other hand, among the 1849 equity fund managers included in the statistics, more than half of the fund managers have a management scale of less than 2 billion yuan, which is in sharp contrast to the "10 billion club".

Two fund managers return to "50 billion Tian Tuan"

Active equity fund managers with a management scale of more than 50 billion yuan are undoubtedly the most concerned public helmsmen, and their every move will become a topic both inside and outside the industry. In the second quarter of this year, the "500 billion Tian Tuan" also showed some new changes.

First of all, hundreds of billions of fund managers reappear in the world. At the end of the second quarter, Glenn remained firmly in the position of "the first sister of public offering", and the scale of active equity fund management ranked first in a row. At present, Glenn serves as a member and investment director of CEIBS Fund Equity decision Committee, and manages five public offering funds by the end of the second quarter. Among them, CEIBS Research Select is jointly managed with Lu Chunqing. From the performance point of view, the performance of the five funds outperformed the benchmark in the second quarter.

At the end of the second quarter, the size of Glenn management increased by 5.602 billion yuan from the end of the previous quarter to 101.751 billion yuan, an increase of 5.83% from the end of the previous quarter. Although the increment and growth are small, its management scale has returned to more than 100 billion, becoming the only public offering fund manager at the level of 100 billion at the end of the latest report. At the end of the first quarter of this year, with the decline in the market and fund net worth, the total assets managed by Glenn shrank from 110.339 billion yuan to 96.149 billion yuan, once bid farewell to the 100 billion team. With the improvement of the market and the purchase of base people, the scale of its management rebounded during the second quarter.

Second, the capacity of 50 billion-level fund managers will be expanded. Overall, nine active equity fund managers have a management scale of more than 50 billion, an increase of two from the end of last year. The two new fund managers to join the "50 billion Tian Tuan" are Yinhua Li Xiaoxing and Yi Fangda Xiao Nan. In fact, the two fund managers were in the 50 billion days regiment at the end of the fourth quarter of last year and fell out at the end of the first quarter, so this can be called a "return".

Specifically, at the end of the second quarter, the scale of Li Xiaoxing's fund under management not only increased by 8.239 billion yuan in a single quarter, but also reached a record high of 55.091 billion yuan. In terms of the increase, the figure rose 14.5% from 48.117 billion yuan at the end of the first quarter and slightly from 54.638 billion yuan at the end of last year. Xiao Nan, another well-known fund manager, has also increased his management scale by 10 billion yuan compared with the previous month. By the end of the second quarter, Xiao Nan managed five fund products with a management scale of 52.955 billion yuan, compared with 42.945 billion yuan at the end of the first quarter.

Third, the management scale of fund managers of "50 billion days regiment" has increased. With the exception of Glen, Li Xiaoxing and Xiao Nan, the other six fund managers have increased in varying degrees in the total size of the fund under management.

Specifically, Zhang Kun, the "first Brother of Public offering", ranked second in the management scale of active equity funds in the second quarter with a management scale of 97.137 billion yuan, approaching the 100 billion mark again. Data show that by the end of the second quarter of 2022, the scale of the four fund products managed by Zhang Kun has increased by 12.21 billion compared with the end of the last quarter, with a considerable increase.

As the first active equity fund manager in the public offering fund industry to manage a fund with a scale of more than 100 billion yuan, in the first quarter of this year, due to market pullback and strict restrictions on the sale of funds, Zhang Kun once dropped to less than 85 billion yuan in fund management.

The management scale of Liu Yanchun and Xie Zhiyu both increased to 800 + from 700 + at the end of the first quarter. Liu Yanchun is one of the well-known fund managers who prefer liquor stocks in the market. By the end of the second quarter, its management scale reached about 87 billion yuan, while at the end of the first quarter, its management scale was about 74.8 billion yuan. Xie Zhiyu's management scale has increased to 80.52 billion yuan, an increase of more than 4 billion compared with the previous month. It is worth mentioning that with the change of management scale, the management scale rankings of Liu Yanchun and Xie Zhiyu were changed at the end of the second quarter, and they are also the 50 billion Tian Tuan members whose rankings changed in the second quarter.

The management scale of veteran Zhou Weiwen rebounded from 600 + to more than 70 billion, with 72.95 billion yuan under management at the end of the second quarter. By the end of the second quarter of this year, the management scale of Liu Gesong had rebounded to 68.472 billion yuan. In 2020, the management scale of Guangdong Development Fund Liu Gesong once exceeded 80 billion yuan, decreased to 70 billion yuan by 2021, and dropped to 61.631 billion yuan by the end of the first quarter of 2022.

At the end of the second quarter, Hu Xinwei's management scale also increased by nearly 10 billion yuan, reaching 61.665 billion yuan, up 18.07% from the previous month. The gap has narrowed significantly since it returned to its management scale of 69.376 billion yuan at the end of the fourth quarter of last year.

According to data, the fiduciary size of the top nine active equity fund managers in the industry increased by an average of 12.65% in the second quarter, with Xiao Nan, Hu Xinwei and Liu Yanchun all rising more than 15% in a single quarter.

The heavy stock of "50 billion Tiantuan" was exposed.

The every move of the head fund manager has attracted the attention of the market. The reporter through the statistics of these star helmsman's fund comprehensive positions, respectively listed its top ten heavy stocks for your reference.

1. Granga Cang creates new drug industry chain stock.

From the perspective of its heavy positions, by the end of the second quarter, Glenn's funds ranked in the top 10 comprehensive positions: Earl Ophthalmology, Wuxi Apptec, Pharmaron Beijing Co., Ltd.*, Tiger Medical, Mindray Medical, Kelleying, General Strategy Medical, Pian Zaixin, Jiuzhou Pharmaceutical, and Tongrentang.

The latest second quarterly report shows that Glenn still chooses to hug Wuxi Apptec, Earl Ophthalmology, Mindray Medical and other industry leaders and head platform companies.

At the end of the second quarter, CEIBS Healthcare reached 71.081 billion yuan, making it the largest fund managed by Glenn. In terms of the operation of this fund, during the second quarter, Glenn increased its positions in a number of innovative drug industry chain stocks.

Among them, Jiuzhou Pharmaceutical newly entered the list of the top 10 heavy stocks, Pharmaron Beijing Co., Ltd.* received nearly 50% of the shares, and Ayre Ophthalmology, Wuxi Apptec, and Mindray Medical also received a small increase. Chinese medicine stocks have also attracted its attention. Tongrentang has newly entered the list of the top ten heavy stocks, and the film has received a small increase in positions.

Looking to the future, Glenn said that innovation-related markets are far from reaching the ceiling of the domestic market, and overseas markets are gradually gaining strength. Specific to the company level, the trend of enterprise transformation and innovation is still continuing, and the number of clinical applications for innovative drugs has reached a new high year by year. In terms of innovation quality, in recent years, the overall layout of R & D pipelines is more rational, resources are inclined to the direction of differentiation, and even innovative varieties with global competitiveness are born.

2. Zhang Kun still loves the leader of the Internet.

In the face of the volatile market in the second quarter, Zhang Kun took such action? Zhang Kun said that in the second quarter, the stock position was basically stable, the structure was adjusted, the allocation of pharmaceutical and other industries was increased, and the allocation of science and technology, finance and other industries was reduced.

Throughout the allocation of Zhang Kun's four funds, the biggest change is that in the second quarter, the collective reduction of liquor holdings and big finance, increased positions in the Internet, new medical care. From the point of view of the number of shares, 4 heavy positions of liquor stocks have been reduced, but the overall reduction is small. Holdings of financial stocks have also been reduced, such as China Merchants Bank (A-shares) and the Hong Kong Stock Exchange. The increase of Internet holdings is relatively large, the most obvious is BABA. At present, Tencent is still the largest Hong Kong stock, holding a market capitalization of 8.38 billion at the end of the second quarter, a slight increase of 181 million over the first quarter.

Yifangda Blue Chip, the largest fund managed by Zhang Kun, reached 62.779 billion yuan at the end of the second quarter, with a net growth rate of 13.20% during the reporting period and a benchmark rate of return of 4.83% over the same period.

From the point of view of the position change, Yi Fang reached blue chip selection to increase the position of Tencent 500000 shares in the second quarter. However, the holdings of four liquor stocks in Zhong Cang were reduced to varying degrees, including 2.3 million shares of Yanghe shares, 1.82 million shares of Luzhou laojiao, 1.46 million shares of Wulang liquid and 133000 shares of Guizhou Moutai.

Looking back at the second quarter, Zhang Kun said bluntly that at the end of the first quarter, it is estimated that few investors can accurately judge the expected rise and fall. It may be quite difficult to correctly predict the performance of the Chinese and US economies and stock markets again at the beginning of the third quarter.

3. Liu Yanchun reduced his liquor holdings and bought medicine.

Jingshun Great Wall Xinxing growth is the largest fund managed by Liu Yanchun, with 45.214 billion yuan at the end of the second quarter, which is jointly managed by Liu Yanchun and Yang Peng. And Jingshun Great Wall Dingyi mixture is the largest fund managed by Liu Yanchun alone, reaching 19.568 billion yuan.

At the end of the second quarter, Jingshun Great Wall maintained a high position, with a stock position of 92.95%. During the reporting period, the net growth rate of the fund's share was 18.15%, and the benchmark rate of return on performance was 5.06%.

From the perspective of position changes, Jingshun Great Wall Dingyi reduced its holdings of liquor stocks to varying degrees in the second quarter, reducing positions in Luzhou laojiao, Wuliangye and Guizhou Moutai 107500, 79000 and 37600 shares respectively.

On the contrary, it is Al Ophthalmology, which has newly entered the top ten heavy stocks. Before the follow-up of Mindray Medical, Wuxi Apptec and other medical and medical field leaders, also still hold, and the shareholding is relatively high.

4. Xie Zhiyu bought a lot of new energy

Xie Zhiyu also has a huge amount of money, and the scale of the fund under management is more than 80 billion yuan. By the end of the second quarter, Xie Zhiyu's fund comprehensive positions ranked in the top 10: Haier Smart Home, Mango supermedia, Kuaishou Technology-W, San'an Optoelectronics, Jingchen shares, Jinjiang Hotel, Poly Development, Wentai Technology, Plum Blossom Biology, Jianyou shares.

His investment move was particularly unusual in the second quarter. After reducing his position by 1.3 billion yuan and Wentai Technology, he once again turned his attention to the Hong Kong stock market. First, it invested 840 million yuan to hold a position in China Resources Beer, and then increased its position in Shunyu Technology with nearly 700 million yuan. His position in Hong Kong stocks is more than 30%, which is already the highest level since becoming a fund manager.

Take its management of Xingquan Herun as an example, Tongwei shares and Gu Home have become the top ten new positions in the fund. In addition, in the second quarter, Xie Zhiyu added Sanan Optoelectronics, Wentai Technology, Mango Supermedia, Jingchen shares, Jianyou shares, Plum Blossom Biology and so on. On the previous love shares Haier Smart Home, Jinjiang Hotel is to take the reduction operation.

Xie Zhiyu heavy position Tongwei shares attracted market attention, in 2018, Xie Zhiyu had a heavy position in the photovoltaic plate another stock Longji shares. Now adding the photovoltaic plate again means that Xie Zhiyu or his attitude towards the photovoltaic plate has changed.

Xing full trend investment position overall changed little, but in the second quarter, Zhong Cang bought "hot" new energy track stocks. The second quarterly report shows that Tongwei shares and home furnishings have been added to the fund.

In addition to the above four, the other several head fund managers' comprehensive heavy positions are as follows.

Star fund manager halo weakensPerformance is the last word.

Although the scale of active equity fund management rebounded in the second quarter, it still looks bleak compared with the bright data at the end of last year. To some extent, it can also be said that the halo of star fund managers has diminished.

In the first half of this year, most of the well-known active equity fund managers shrunk in the size of management, the list of fund managers with more than 30 billion yuan decreased from 46 to 22, and the number of waist fund managers also declined significantly. On the one hand, in the first half of the market volatility, fund returns generally fell, star fund managers "injured" seriously, its halo has weakened.

On the other hand, when the market is bad, the decline exceeds expectations, and many people will choose to redeem it. In addition, the market is weak, the halo of star fund managers can not bring beautiful sales data.

"this shows that star fund managers are not 'gods' and deified fund managers are not advisable. The moneymaking effect that began in 2019 made public offering funds enter the launch year in 2020. In 2020, the new scale of public offering fund star fund managers rely on their own gold-lettered signboards to attract money vigorously. However, with the intensification of market volatility since 2021, most of these popular funds are now in danger, shrinking in size and declining in performance. "said a public offering person in Shanghai.

At a time when social media is extremely developed, fund managers have a strong impulse to package fund managers as stars in order to attract traffic. However, no matter how the market interprets, it is the absolute truth to be able to earn long-term and sustainable money for investors, and product performance can reflect the investment and research strength of fund companies.

Many people believe that the current development of active equity funds on the "big fund" is becoming a trend. There is no doubt that in the Internet age, it is easy to create a winner-takes-all situation, with money quickly concentrated to fund managers and head companies with outstanding performance. But the crown of scale needs long-term excellent performance to support it. But in the capital market, this is a contradiction that is difficult to solve. Historical data show that when the scale expands to a certain order of magnitude, beyond the boundaries of the current management ability of fund managers, performance decline is inevitable.

"for individual fund managers, it is necessary to find a more appropriate balance between the investment strategy and the size of the fund, so as to avoid excessive size and increase the difficulty of adjusting positions and impact costs. A public offering person in Shenzhen said that for fund companies, more attention should be paid to the strength of the team. Compared with over-reliance on some fund managers, it is undoubtedly more important to build a team, platform and integrated investment and research system and improve the echelon training plan for investment and research personnel. At present, many fund companies are aware of these problems and promote the healthy development of their business by means of balanced distribution of resources and joint management.