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Recently, a community platform has been recommending Tianhong Fund to me, so let's talk about Tianhong, which has been popular on the Internet this week. According to netizens, Tianhong Fund has now become a refugee camp for MissFresh.

According to netizens' revelations, the CIO of Tianhong Fund has been the focus of attention: it is said that he worked for MissFresh for three years before joining Tianhong and became the CIO; he established an outsourcing company before joining the company, and then joined the company; and he used nepotism to bring in related people.

Jinshi Zatan does not know whether Tianhong Fund has become a refugee camp for MissFresh, and whether the rumored CIO has used nepotism to introduce employees with MissFresh backgrounds. But at least from the executive level, since mid-2022 (MissFresh's problems began to gradually emerge at the end of July), most of Tianhong Fund's executives have either Alibaba backgrounds or financial backgrounds such as Huatai, CICC, Bosera, and Taiping Insurance. There are very few executives related to MissFresh.

The CIO involved in this storm is Liu Rongkui, who joined Tianhong Fund in July 2022, which was exactly the time when MissFresh collapsed. More than half a year later, he was promoted to Tianhong's Chief Information Officer.

In fact, Liu Rongkui not only has a background in MissFresh, but also in Taobao. He can be said to be a veteran of Tianhong Fund's affiliated companies. Regarding the rumors, netizens think that it is not that simple.

As a well-known leading public fund, Tianhong Fund has always been known to the world for its powerful money fund - Yu'e Bao. Among the 1,184.8 billion yuan of funds of Tianhong Fund, 831.8 billion yuan are money funds, which means that the scale of Tianhong Fund's bond funds + equity is only 350 billion yuan.

When thinking of Yu'e Bao, it is hard not to think of Guo Shuqiang, the former general manager of Tianhong Fund. He resigned from Hua Xia Fund in May 2011 and joined Tianhong Fund. He has served as the general manager of Tianhong Fund since August 2011. At that time, the scale of Tianhong was less than 10 billion, while that of Hua Xia was as high as 200 billion.

It was after Guo Shuqiang took over that Tianhong Fund achieved geometric growth. When Guo Shuqiang took over Tianhong Fund, the asset scale of Tianhong Fund was only 7.4 billion yuan, and Tianhong Fund did not have Yu'e Bao at that time. On May 29, 2013, Yu'e Bao came into being.

At the end of 2013, Tianhong Fund's asset management scale was nearly 200 billion yuan. Currently, the scale of Tianhong Fund is as high as 1.18 trillion yuan. It is the largest money market fund in China, and its overall scale is second only to E Fund, Hua Xia, GF Fund and Southern Fund.

However, in 2014, it was reported that Guo Shuqiang was under investigation. With his resignation in July 2023, it was confirmed that Guo Shuqiang was taken away. That is, after Guo Shuqiang was taken away, Tianhong Fund's senior management was replaced. Han Xinyi, who has an Alibaba background, served as the chairman of Tianhong. In December 2023, Gao Yang, the then general manager of Bosera, was introduced. In March 2024, the former general manager of Bosera was introduced again.Nie advances.

At that time, Jinshi Zatan wrote: Both Gao Yang's and Nie Tingjin's resignations were unusual. In mid-November last year, Gao Yang, the former general manager of Bosera, resigned for personal reasons. He had been in office for less than three years. This was the second time Gao Yang left Bosera. He had been in office for less than three years, but the official announcement in the early morning and his sudden resignation triggered market speculation...

Coincidentally, Nie Tingjin resigned from Bosera in December 2014, and was promoted to general manager of Zheshang Fund in October 2017. In August 2021, Nie Tingjin joined Huatai Asset Management as general manager, and also left the position within three years of his term.

Coincidentally, Nie Tingjin, the outgoing general manager of Huatai Asset Management, worked at Bosera from 2006 to 2014. The two (and Gao Yang) had intersections for more than two years. The two teamed up for the second time, and their analysis at that time was intended for equity.

Gao Yang is good at creating popular products and his advantage lies in active equity funds. During the three years that Nie Tingjin has been in office at Huatai Asset Management, the company's management scale has skyrocketed from 18.6 billion to nearly 100 billion. The focus of this management is also on active equity business. It can be said to be a strong combination, indicating that Tianhong is moving from money and bond funds to equity.

This time, Nie Tingjin joined Tianhong Fund, and he also moved from a medium-sized fund to a leading fund giant. Huatai Asset Management has a scale of about 370 billion, while Tianhong Fund has a scale of 1.1 trillion. However, Tianhong Fund's shortcoming is that its equity fund is not large. Tianhong, with a scale of trillion, only has about 100 billion equity. Therefore, Tianhong's intention is self-evident.

The reality is that Tianhong Fund only has equity funds of around 138 billion in size (including FOF and ETF), accounting for only 11.6% of the total size. However, after Gao Yang and Nie Ting took office, the equity scale has increased significantly, but the company has lost more than 5% in one year. This loss is not a small amount for Tianhong, which mainly focuses on currency + bond funds.

Jinshi discovered that as of the second quarter of 2024, the public fund is still heavily invested in lithium batteries, photovoltaics, and liquor, which have been the hardest hit areas in recent years. At present, there is still no sign of a rebound. Tianhong is determined to fight to the end with new energy.

According to Wind 2023 data, Tianhong's equity scale is less than 100 billion, but it has lost 12.9 billion, and earned 700 million management fees after deducting the channel. Fund manager Liu Xiaoming has a heavy position in new energy and photovoltaics, but many ETFs have lost more than 30% in three years; Chen Yao manages nearly 40 billion, mainly ETFs, and has lost nearly 20% in three years.