freeplayrealmoneycasino| BlackRock's first product lost nearly 40%. Can foreign public funds buy it?

Source: rich list

The near futureFreeplayrealmoneycasinoThere are many investors who believe in the rich list: are the products of foreign public funds worth buying? Today, our article uses data to disclose foreign public offering funds.FreeplayrealmoneycasinoIs our performance trustworthy in the end? Foreign public offering is not a problem in the domestic public offering fund industry, but a problem of chicken ribs.

Since the establishment of the first foreign-funded BlackRock Fund in 2021, together with the transfer from joint ventures to independent foreign funds, a total of 9 wholly foreign-funded public offerings have been set up in China. They are BlackRock Fund, Fidelity Fund, Lubermai Fund, Schroeder Fund, Manulife Fund, Morgan Asset Management, Morgan Stanley Fund, Lianbo Fund and Allianz Fund. The total amount of public funds under management is about 250 billion yuan (as of 2023 annual report), which is only equivalent to the level of medium-sized fund management companies. Among them, the assets under management of three established foreign public offerings: Morgan Stanley Fund, Manulife Fund and Morgan Asset Management are 198 respectively.Freeplayrealmoneycasino.1.8 billion yuan, 680Freeplayrealmoneycasino.48 billion yuan, 130.582 billion yuan. The scale of management of BlackRock, Fidelity, Lubermai and Schroeder is 8.042 billion yuan, 6.762 billion yuan, 10.261 billion yuan and 1.284 billion yuan respectively.

Business development is not going well and senior executives change frequently.

The first is executive concussion. On February 24 this year, BlackRock Fund issued a senior management change announcement. Zhang Chi, the former general manager, left office for personal reasons and appointed Chen Jian as acting general manager of BlackRock Fund, the announcement said. At the beginning of this year, BlackRock announced the appointment of Chen Huilan as head of the Asia-Pacific region and Fan Hua as head of the China region. In June 2023, Tang Xiaodong, the former chairman of BlackRock, left the company for personal reasons.

In particular, it is worth mentioning that Tang Xiaodong, as the general manager of Huaxia Fund, a giant in the domestic public offering fund industry, was committed to BlackRock Fund. In the past few years, his business was relatively mediocre, but he finally came to a bleak end.

In June 2023, Morgan Asset Management announced that Wang Dazhi, the former general manager and legal representative of the company, would step down and Wang Qionghui would be the general manager and legal representative of the company. The company subsequently announced that the board had approved Wang Qionghui as the new CEO of JPMorgan Asset Management in China and appointed Wang Dazhi as head of institutional operations in the Asia-Pacific region.

In July 2023, the Lubermai Fund announced that Liu Song, the former general manager, would no longer hold the post of general manager and chairman of the company because of his work, while Yan Xiaoqing, the former chairman, would no longer hold the post of chairman of the board and became the general manager of the company.

The Fidelity Fund also announced last year that Fang Fang, the former inspector general, had resigned due to personal reasons, and Chen Xingde took over the post of inspector general. Ruan Hsiao-long left the post of investment director due to job adjustment, and general manager Huang Hsiao-hsiao also served as investment director. Nguyen was subsequently appointed as the strategic project manager of Fidelity International Investment Management in the Asia-Pacific region.

In the past, when it comes to foreign asset management companies, "long-term doctrine" is a frequently mentioned label, but the fact is that senior executives of foreign asset management companies change more frequently than domestic asset management companies. behind this reflects the group executives' lack of patience with Chinese business and their lack of confidence in the ability of domestic executives.

The disadvantages of executive change are obvious, a lot of business can not be carried out effectively.

None of the stock products with poor performance make money.

The second is the unsatisfactory performance. Take BlackRock's first product, BlackRock China New Horizon, as an example. The fund was established on September 7, 2021 and managed by Shan Xiuli. Its initial public offering exceeded 6.6 billion yuan, making it the leader in raising money at that time. According to public data, Shan Xiuli is a pure "returnee" fund manager trained by BlackRock. She has served as the investment manager of BlackRock Investment Management (Shanghai) Co., Ltd., BlackRock Capital Management (USA) quantitative risk control, income analyst.

However, the BlackRock investment team represented by Shan Xiuli has obviously failed to adapt to the high volatility of China's A-share market, and the net worth of the fund has fallen sharply since its inception. It fell 18.89% in 2022 and 26.89% in 2023. As of May 8, the net worth of the unit was only 0.6153. In the process, in order to restore the gold-lettered signboard of "BlackRock", the company hired a local fund manager Shen Yufei at the beginning of this year, and the performance improved significantly, with a return of 10% in the co-managed fund phase.

In addition to BlackRock Fund, Fidelity Fund, Lubermai Fund in recent years, the performance of new products are also poor, the two companies have set up a partial stock fund net value is equal to 1 yuan face value.

No global configuration products with fuzzy strategic positioning

Finally, the strategic positioning is vague. Because of the limited management scale, the number of investment and research teams of several foreign public offering A shares cannot be compared with domestic medium and large public offering funds, coupled with the relatively strict risk control process of overseas asset management companies. in this case, it is almost impossible to achieve better investment performance than domestic public offering. There is no doubt that the advantage of foreign public offering is the global allocation products, but several foreign companies, in addition to the early establishment, Morgan asset management transformed from the joint venture public offering has relatively perfect global allocation products. Domestic and foreign public offering funds, such as BlackRock Fund, Fidelity Fund and Lubermai Fund, which enjoy a high reputation overseas, do not have QDII product layout, and there is obviously no advantage to rely on the strength of the current investment and research team.

Combining the above three aspects, the rich list does not recommend that investors buy foreign public offering fund products that invest in the domestic A-share market at this stage, and can reconsider when issuing global configuration products in the future.