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(Original title: Noah Fund’s “God List” 1: The success and failure of the semiconductor “top stream”)

"Jinzhengyan" Southern Capital Center-Financial Report Interpretation Sanyou/Author Nanzhi/Risk Control

new"Nine ArticlesThe introduction of the "Regulations on Securities and Futures Exchange Rates" provides a clear blueprint for the development of securities companies and clearly strengthens the supervision of securities and fund institutions. Since May 2024,Raised fundsStanding at a new starting point of 31 trillion yuan. On the other side of the development of the scale of public offering funds, fund companies have adopted the model of creating "star" fund managers to expand the scale of management. Although it seems to have gained considerable profits from an operational perspective, it has neglected the protection of investors' rights and interests.

Recently,Lion FundRumors have spread that Cai Songsong, the former fund manager of Nuoan Fund Management Co., Ltd. (hereinafter referred to as "Nuoan Fund"), was involved in a bribery case. In the context of regulators proposing to accumulate and inherit investment research capabilities and reverse the over-reliance on the "star fund manager" development model, the former "top streamer" Cai Songsong became famous in 2020 by investing heavily in the semiconductor sector. After that, the semiconductor industry experienced a deep adjustment period. Cai Chongsong's "masterpiece" fund fell by more than 40% in 2022, with a loss of more than 10 billion yuan, but the management fee collected was as high as 370 million yuan.

1. The fund exceeded the "10 billion" scale after only one year of management, and also fell by more than 40% within one year

Since 2024,A sharesThe market continued to fluctuate. According to the second quarter data of public funds that have been disclosed, the overall scale of public funds remained around 3.1 trillion yuan.

Public information shows that Cai Songsong has worked at the Institute of Computing Technology of the Chinese Academy of Sciences, Tianjin Feiteng Information Technology Co., Ltd., and Huatai Securities Co., Ltd., and joined Noah Fund in November 2017.

According to information on the official WeChat public platform of Noah Fund, Cai Songsong once entered the junior class of USTC and obtained a doctorate in chip design. He once said that he "hopes to become a 'sharp spear' and be ready to go in the high-growth track that he is sticking to."

Let’s first review Cai Chongsong’s fund management experience.

In February 2019, Cai Songsong became the fund manager of the Nuoan Growth Hybrid Securities Investment Fund (hereinafter referred to as "Nuoan Growth Hybrid"), managing the fund together with Wang Chuanglian. In May 2020, he managed the fund alone. In February 2023, Liu Huiying joined the management team of the fund. On September 29, 2023, Cai Songsong no longer served as the fund manager.

Since Cai Songsong took office at Nuoan Growth Hybrid, he has successfully reversed the situation of Nuoan Growth Hybrid's three consecutive years of losses, and the fund achieved a return rate of 95.44% in 2019. Since then, the scale of the fund has expanded rapidly. By the first quarter of 2020, the scale had skyrocketed to 10.848 billion yuan, and Cai Songsong became the fund manager whose fund scale exceeded "10 billion".

It is worth mentioning that Cai Songsong is good at investing in the semiconductor field. In February 2019, Cai Songsong joined Wang Chuanglian to manage the then unit net value of 0.719 yuan and fund size of 380 million yuan, and then made drastic adjustments and switched to the semiconductor field. After only three quarters, that is, from the end of the third quarter of 2019, the top ten holdings of Noah Growth Mixed Fund were almost "bet" on the semiconductor industry.

Afterwards, Noah Fund "entrusted" Cai Songsong with an important task.

After Nuoan Growth Mixed, Cai Songsong began to manage Nuoan Hexin Flexible Allocation Mixed Securities Investment Fund (hereinafter referred to as "Nuoan Hexin Mixed"), Nuoan Innovation-Driven Flexible Allocation Mixed Securities Investment Fund (hereinafter referred to as "Nuoan Innovation-Driven Mixed A"), Nuoan Optimization Allocation Mixed Securities Investment Fund (hereinafter referred to as "Nuoan Optimization Allocation Mixed A"), and Nuoan Active Return Flexible Allocation Mixed Securities Investment Fund (hereinafter referred to as "Nuoan Active Return Mixed A") in March 2019, May 2021, July 2022 and August 2022 respectively.

After about three years, Cai Songsong's "centralized" investment encountered challenges. In 2022, the semiconductor industry experienced a period of deep adjustment. In this year, the annual decline of Nuoan Growth Mixed Fund was 40.04%, which may cause many investors to be trapped "halfway up the mountain".

In short, Cai Songsong has long focused on investment in the semiconductor industry, which is cyclical. The significant decline in the return rate of Nuoan Growth Mix reflects that concentrated investment in semiconductors may be affected by industry fluctuations.

2. After taking over the fund, the holdings may be "reshuffled", and many funds are heavily invested in the semiconductor industry

On April 26, the China Securities Regulatory Commission issued the "Opinions on Accelerating the High-Quality Development of the Public Fund Industry", proposing to reverse the development model of over-reliance on "star fund managers"; take effective regulatory measures to limit "style drift" and "high turnover rates" and other behaviors that seek short-term trading profits, and effectively play the role of the capital market's "stabilizer" and "ballast stone".

Judging from the funds he manages, Cai Songsong is known for his distinctive investment style.

according toOriental FortuneAccording to Choice data, from the first to the fourth quarters of 2022, the net value of the Nuoan Growth Mixed Fund invested in semiconductors accounted for 70.11%, 70.94%, 59.83% and 55.57% respectively.

That is to say, in the first half of 2022, Nuoan Growth Mixed Fund used more than 70% of its fund net value to invest in the semiconductor industry.

In addition, other funds managed by Cai Songsong may also be heavily invested in a single industry.

According to the Choice data of Oriental Wealth, Cai Songsong served as the fund manager of Nuoan Optimized Allocation Mixed Fund A from July 2, 2022 to July 21, 2023, and his eyes were still on the semiconductor industry. In the third and fourth quarters of 2022, Nuoan Optimized Allocation Mixed Fund A's investment in semiconductors accounted for 62.35% and 62.01% of the fund's net value, respectively.

From August 20, 2022 to September 28, 2023, Cai Songsong served as the fund manager of Nuoan Active Return Hybrid A. In the third and fourth quarters of 2022, Nuoan Active Return Hybrid A's investment in semiconductors accounted for 66.39% and 55.6% of the fund's net value, respectively.

In other words, within one year of Cai Songsong becoming the fund manager of multiple funds, multiple funds under his name concentrated their investments in the semiconductor industry. The ability of this investment strategy to resist risks in the face of specific market and industry risks may be questioned.

3. With a loss of more than 10 billion yuan, Nuoan Growth Hybrid may receive 370 million yuan in management fees

The new "Nine National Regulations" emphasize strengthening the supervision of securities and fund institutions, establishing and improving a classification list system for practitioners and a professional reputation management mechanism, and resolutely correcting unhealthy tendencies such as materialism, extravagance, quick success and instant benefits, and "showing off wealth."

However, in 2022, Cai Songsong's "masterpiece" Nuoan Growth Mixed Fund lost more than 10 billion yuan, but the management fees charged by the fund were as high as 370 million yuan.

According to Oriental Wealth Choice data, the 2022 Nuoan Growth Hybrid Annual Report showed that the total profit for the year was -12.93 billion yuan, and the expenses were 439 million yuan, of which the manager's remuneration was 376 million yuan.

That is to say, in 2022, when Nuoan Growth Mixed Fund suffered a loss of over 10 billion yuan, Cai Songsong's fund contributed 376 million yuan in management fees to Nuoan Fund.

In addition, with the blessing of "fame", other funds managed by Cai Songsong also collected a lot of management fees.

According to Oriental Wealth Choice data, in 2022, the total profit of Nuoan Innovation-Driven Hybrid A was -256.275 million yuan, and the manager's remuneration was 3.3899 million yuan; the total profit of Nuoan Hexin Hybrid was -1226.4158 million yuan, and the manager's remuneration was 51.7127 million yuan.

In other words, supervision requires the establishment of a social and culturally compatible securities fund industry remuneration management system. However, Nuoan Growth Hybrid, a fund under Nuoan Fund, collected more than 300 million yuan in management fees despite a loss in 2022.