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Recently, Zhongtai Asset Management has frequently staged outrageous operations. First, Jiang Cheng's A-shares 1 million points are expected to be a hot topic, and then the fund manager earnestly urged investors to be patient, while on the other hand, the fund manager Zhongtai Asset Management cleared Jiang Cheng's products. In response, netizens said that Zhongtai Asset Management backstabbed the fund manager.

Jiang Cheng, a master of finance from Tsinghua University and Shanghai University of Finance and Economics, has served as a researcher and investment manager at the Guotai Junan Asset Management Headquarters, deputy general manager of the research department, general manager of the research department, and general manager of the fund investment department of Anxin Fund. In 2018, he came to Zhongtai Asset Management as general manager, and is currently the general manager of the fund business department and the general manager of the research department.

He can be said to be the leader of China-Thailand Asset Management, which has a total scale of 42.8 billion yuan, equity funds of about 17.2 billion yuan, and Jiang Cheng alone controls 13.9 billion yuan. His performance is also excellent, with a profit of 9.2% in the past six months and 16.74% in the past three years.

Jinshi Zatan checked his holdings and found that they were relatively scattered, but it was obvious that the positions of banks, petrochemicals, and real estate had risen sharply. Although real estate was at a low level, it still fell overall in the first half of this year. Poly Development also showed an inverted V-shaped trend. Whether its future performance can be stabilized remains to be confirmed. However, in 2021, when everyone was at the highest or single-handedly hanging lithium batteries and photovoltaics, Jiang Cheng's top ten holdings did not have a single related concept stock.

It is worth noting that Jiang Cheng's last viral post was at the beginning of this month. At that time, Jiang Cheng said that we will not always defend 3,000 points, and confidence should be long-term. If time is long enough, A-shares can reach 1 million points. At that time, Zhongtai Asset Management believed that it was exaggerated and misinterpreted.

After listening to Jinshi Zatan, I found that Jiang Cheng mainly expressed two meanings: one is that if the time is long enough, it is possible for A to reach 1 million points; the second is that he mentioned the bet that Buffett made with others, that even if the U.S. stock market reaches 1 million points in 100 years, the annualized rate of return will only be a few points.

In fact, what everyone is more concerned about is the brazen operation of Zhongtai Asset Management. According to the second quarter report, Jiang Cheng said that the expected strong recovery did not come as expected, which made investors feel tormented. In fact, this torment is unnecessary. Good investment does not win by the difficulty coefficient. Stick to making simple and correct decisions. There is no high technical difficulty in making money in the long term, only a little psychological difficulty, which requires patience. More haste makes waste.

While Jiang Cheng earnestly told everyone to be patient and that haste makes waste, the fund manager Zhongtai Asset Management actually liquidated its holdings. According to the second quarter report, Zhongtai Asset Management liquidated all of its 21.7765 million shares of Zhongtai Yuheng Value Selection, and sold them all within a week, cashing out a total of 50.2874 million.

Jinshi Zatan found that Zhongtai Asset Management bought Zhongtai Yuheng Value Selection with its own funds in the second half of 2022. At that time, the net value of the fund was between 2-2.2. Calculated based on the net value of 2.1, the current increase is 8.3%. However, based on the increase of this fund product in the past two years, it is about 5%. In other words, Zhongtai Asset Management made a net profit of 2.4 million after two years of investment.

Although the profit is not much, the key is to sell accurately. Not only is it sold at the highest net value of the fund, but the market also pulls back immediately after the sale, with a pullback of 2.9% in the past week and 2.5% in the past three months.

In this regard, many netizens said that the fund company backstabbed its own star fund manager. The reason for the backstabbing is that the fund manager said that patience is needed, the stock price is not expensive, and his own manager just redeemed the stock.

The netizen also said that subscriptions are announced immediately, but redemptions are not known until the regular reports are released. Should investors make advance announcements if the shares exceed a certain proportion? However, Zhongtai Asset Management holds less than 5%, only 1.76%. (But as the actual controller, should it make an announcement?)