Insiders of the fund company are stealing the bottom! Is your own product too fragrant? Mixed | Fund | Product

According to data statistics, in the cold environment of the equity market in the first half of this year, fund managers persisted in increasing their holdings against the trend. In the first half of the year, a total of 1.072 billion non monetary public funds were increased, with active equity funds accounting for more than 60%.

Specifically, apart from supporting their own newly established funds, the performance of active equity funds that significantly increased their holdings in the first half of the year was not particularly outstanding among fund managers. Industry insiders suggest that this may be related to employees recognizing their own fund manager's abilities or being optimistic about future performance. Ordinary investors still need to maintain rational investment and choose products that better match their investment preferences.

Employees actively invest in equity funds

According to data from Dongfang Wealth Choice, in the first half of the year, public fund managers increased their holdings of 1.072 billion of their own non monetary funds, with active equity funds accounting for as much as 66.46%.

In terms of fund companies, employees of Zhonggeng Fund have taken the lead in increasing their holdings of 123 million shares of their own non monetary funds in the past six months. Their main product of increase is their star fund manager Qiu Dongrong's newly issued fund, Zhonggeng Hong Kong Stock Connect, with a value of 18 months of closed end stocks in January this year. Zhonggeng Fund employees hold 97.0206 million shares of the fund, accounting for 4.91% of the total fund shares.

Fund management personnel in the first half of the year

Self owned active equity funds with increased holdings

At the same time, fund manager Chen Tao has been managing Zhonggeng Value Pioneer stocks, which have continuously received additional positions from their own employees since their establishment in August 2021. According to the 2021 annual report, 2022 semi annual report, 2022 annual report, and 2023 semi annual report, as of the end of the reporting period, the number of shares held by employees of Zhonggeng Fund was 52.8562 million, 78.2084 million, 92.282 million, and 129 million, respectively.

In addition, employees of top public fund companies such as Jiashi Fund, Fuguo Fund, Guangfa Fund, Yinhua Fund, Huitianfu Fund, Jingshun Great Wall Fund, and E Fund also continued to significantly increase their holdings of their own non monetary public funds in the first half of the year, with increased fund shares ranging from 30 million to 100 million.

In terms of specific products, in addition to active equity funds such as Yinhua Internet of Things Flexible Configuration Hybrid, Huitianfu Advantage Industry One Year Fixed Open Hybrid A, China Merchants Core Competitiveness Hybrid A, and Taikang Emerging Growth Hybrid A, QDII funds such as Huatai Bairui Asia Leading Enterprise Hybrid, Huitianfu Hong Kong Advantage Selection Hybrid A, and Huaxia Hengsheng Technology ETF Initiated Connection A also received more than 10 million shares of increase in holdings from fund managers in the first half of the year.

Rationally viewing employee self purchasing behavior

According to the data disclosed by Dongfang Wealth Choice, fund managers are quite supportive of their newly launched active equity funds in the first half of this year.

As of the end of June this year, fund managers held over 10 million shares of newly issued funds, including the 18 month closed end stocks of the Zhonggeng Hong Kong Stock Connect, Yimi Research Selected Hybrid Initiation A, Bodao Huitai Preferred Hybrid A, and Fuda Inheritance 6-month Stock A.

However, among the active equity funds established before 2023, products that were significantly increased by fund managers in the first half of this year did not perform particularly well in terms of overall returns.

On the one hand, Huatai Bairui actively selected stocks A, Guotai Junan Technology Innovation Selection Three Month Holding Stocks A, Changan Growth Selection Hybrid C, Chunhou Xinrui A, Qianhai Open Source High Quality Growth Hybrid, and other outstanding active equity funds with a return rate of over 9% in the first half of this year, and obtained more than 4 million shares of their own employees to increase their holdings.

On the other hand, active equity funds such as Yinhua Internet of Things Flexible Allocation Hybrid Fund, Huitianfu Advantage Industry One Year Fixed Open Hybrid Fund A, China Merchants Core Competitiveness Hybrid Fund A, and Taikang Xinrui Growth Hybrid Fund A, which increased their holdings of fund shares by more than 10 million in the first half of this year, showed relatively weak income performance in the first half of the year, and even experienced negative returns in the first half.

In addition, the situation of fund managers increasing their holdings of their own star fund manager products in the first half of the year is also happening simultaneously. The increase in holdings of Guangfa Industry's strict three-year holding period mixed A managed by Liu Gesong, Haifutong's balanced selection mixed A managed by Zhou Xuejun, Yinhua Xinxing's three-year holding period mixed A managed by Li Xiaoxing, Anxin's balanced profit increasing mixed A managed by Zhang Yifei, Xin'ao Research's preferred mixed A managed by Feng Mingyuan, and Qianhai Kaiyuan's Shanghai Hong Kong Shenzhen New Opportunities mixed A managed by Cui Chenlong are all over 5 million shares.

In response, a person from a public offering institution in Shanghai revealed to a reporter from China Securities News that employees continuing to increase their holdings of their own equity products may be due to their high confidence in the investment research team, investment strategy, and fund products of their own fund company, or because they believe that the current equity market or some industries have a low valuation level, they may choose to increase their holdings of their own equity products on a large scale.

A third-party institutional analyst also told reporters that the self purchasing behavior of fund manager employees is more reflected in the recognition of their own fund manager's management ability, and there may also be factors that are optimistic about the future performance of the capital market.

However, at the same time, the analyst reminds ordinary investors to maintain rational investment, and funds that have been significantly increased by fund company employees may not necessarily bring ideal investment returns in the future. Investors still need to choose fund products that match their investment needs and risk preferences.