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China News Service, July 31 (Zhou Yihang) Recently, the second quarter reports of public funds have been fully disclosed. China News Service noted that among the 32 active equity funds (A and C shares are calculated separately) under Yuanxin Yongfeng Fund Management Co., Ltd. (hereinafter referred to as Yuanxin Yongfeng Fund), 31 funds have negative returns this year, and the company's management scale has also declined significantly.

In this regard, Yuanxin Yongfeng Fund told China Business Network that in the second quarter of 2024, affected by the weak trend of major indexes, investors' risk appetite for fund investment declined, and equity products saw redemptions. The company will continue to judge the space and potential for sustainable growth of enterprises from a long-term perspective and pursue reasonable and stable long-term returns.

　　The management scale of star products has decreased

In the second quarter of 2024, the scale of two star products of Yuanxin Yongfeng Fund, Yuanxin Yongfeng Youjia Life and Yuanxin Yongfeng Xingnuo One-Year Holding, declined.

In terms of performance, the net asset value growth rates of the above two funds in the second quarter failed to outperform the benchmark yield. In the second quarter of this year, the net asset value growth rates of Yuanxin Yongfeng Youjia Life and Yuanxin Yongfeng Xingnuo for one year were -5.11% and -3.94%, respectively, and the benchmark yields were -1.48% and -0.40%, respectively; since 2024, the net asset value growth rates have been -8.04% and -6.93%, respectively, and the corresponding benchmark yields are 1.28% and 2.13%, respectively.

In terms of 2024 returns, the annual yield of Yuanxin Yongfeng Youjia Life is -12.15%, ranking 538/933 in the same category; the annual yield of Yuanxin Yongfeng Xingnuo one-year holding is -10.72%, ranking 1519/2298 in the same category. In terms of scale, as of the end of the second quarter, the scale of Yuanxin Yongfeng Youjia Life was 2.178 billion yuan, down 53.21% from the end of the previous year; the scale of Yuanxin Yongfeng Xingnuo one-year holding in the second quarter was 2.893 billion yuan, a decrease of 659 million yuan compared with the end of 2023.

As of July 29, 2024, the two funds Yuanxin Yongfeng Youjia Life and Yuanxin Yongfeng Xingnuo held for one year operated with high stock positions of 93.46% and 91.44% respectively. Compared with the first quarter, the above two funds significantly increased their holdings of stocks such as CATL and Kweichow Moutai in the second quarter, among which Kweichow Moutai's range of increase and decrease was -11.36% and CATL's range of increase and decrease was -3.01%.

Source: Wind

Yuanxin Yongfeng Youjia Life mentioned the fund's investment strategy for the second quarter in its second quarter report, saying that the fund's industry allocation, individual stock holdings, and position levels have been adjusted during the reporting period. In terms of industry allocation, the fund is overweight in food and beverage, power equipment, household appliances, machinery and equipment, agriculture, forestry, animal husbandry and fishery, etc. With the continued economic recovery and the implementation of policies, especially the recovery of price indices and corporate profits, the equity market opportunities will outweigh the challenges.

As of the end of the second quarter of this year, the total number of shares of Yuanxin Yongfeng Youjia Life was 800 million, and the redemption rate was 41.3% compared with 1.363 billion at the end of the first quarter; the total number of shares held by Yuanxin Yongfeng Xingnuo in one year was 3.555 billion, and the redemption rate was 8.71% compared with 3.894 billion at the end of the first quarter. According to the data disclosed in the quarterly reports, there was no single investor holding more than 20% of the fund shares in the above two products.

In response to the above situation, Yuanxin Yongfeng Fund told China Business Network that the company will continue to select high-quality growth stocks with a value investment approach, continue to judge the space and potential for sustainable growth of companies from a long-term perspective, use in-depth research to increase the safety margin of investment, and pursue reasonable and stable long-term returns.

　　What are the subsequent layout directions?

According to the company's official website, Yuanxin Yongfeng Fund was established in 2014 and was a joint venture between Xiamen International Trust Co., Ltd. and Taiwan Yongfeng Securities Investment Trust Co., Ltd., with shareholding ratios of 51% and 49% respectively, and a registered capital of 200 million yuan.

As of July 30, 2024, the company's management scale is 32.381 billion yuan, of which the management scale of non-monetary funds is 25.475 billion yuan and the scale of money market funds is 6.906 billion yuan.

From the product structure, Wind data shows that Yuanxin Yongfeng Fund has 1 money market fund, 4 stock funds, 17 mixed funds and 9 bond funds. In general, the scale of bond funds accounts for a relatively high proportion. As of now, the company's bond fund management scale is about 15.406 billion yuan, accounting for 47.58% of the total scale; the management scale of its stock and mixed funds is 3.01 billion yuan and 7.059 billion yuan respectively.

In April this year, the news that the well-known fund manager Fan Yan resigned from Yuanxin Yongfeng Fund attracted widespread attention.At the end of 2023, Fan Yan's managed assets amounted to RMB 17.009 billion, accounting for nearly 90% of the company's active equity fund size at that time.。

In addition to the departure of veterans, Yuanxin Yongfeng Fund also faces the challenge of poor performance of many products. The company's official website shows thatThe company's 7 stock funds (A and C shares are calculated separately, the same below) have all reported negative returns this year; 24 of the 25 mixed funds have reported negative returns this year; bond funds have performed well, with 15 bond funds reporting positive returns this year, ranging from 0.5% to 9%.。

As for the reasons for the decline in performance, Yuanxin Yongfeng Fund told China Business Network that the A-share market has been fluctuating and adjusting since the beginning of this year. As of the close of June 28, the Shanghai Composite Index has fallen by 0.25%, the Shenzhen Component Index has fallen by 7.10%, and the ChiNext Index has fallen by 11.00%. The performance of the equity market is quite extreme, and the performance of equity-based public funds has been affected by this, and the overall performance is weak.

As for the focus of subsequent product layout, Yuanxin Yongfeng Fund said that the company will face the new development trend of the asset management industry and the different needs of investors based on allocation, while strengthening the equity foundation and improving the fixed income strength. In terms of equity, the company's equity investment and research team will use research to discover and create value, give full play to the top-down investment and research advantages, and combine them with bottom-up in-depth research to create fund products with different styles and strategies.

In the fixed income field, the company will actively design and deploy different types of bond products to provide investors with more choices. At the same time, it will continue to strengthen credit risk management and build a multi-dimensional credit risk management system covering credit access, risk tracking, risk control, and concentration refinement.

(For more reporting clues, please contact the author Zhou Yihang: [email protected]) (China News Service APP)

　　(The views in this article are for reference only and do not constitute investment advice. Investment is risky and you should be cautious when entering the market.)

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Editor: Wei Wei and Li Zhongyuan