The investment era of rebirth

And now, at the same time.

Yuhang, inside the Yuhang Investment Company, in the trading room, Li Meng has cleaned up all the position data of the two funds, and is making a detailed report to Su Yu: "The two funds have reduced their positions by 46.32 billion chips today, and the remaining positions are 53.21 billion. The water level is around 30%, which has dropped to where we expected it to be."

"And among the 53.21 billion stocks held..."

"The number of core heavyweight stocks such as automobiles and white goods is about 20 billion. Today, there is basically no movement in this area."

"Most of the remaining positions are concentrated in the field of 'Internet Finance' you mentioned. Among them, there are many stocks such as Dongfang Fortune, Flush, Hengsheng Electronics, and LeTV. At present, our single supporting position chips are still at 2 million Above, the large-scale reduction of holdings today is basically a large number of popular stocks in the two main lines of 'mobile Internet' and 'smart phone industry chain' that you said are expected to be overdrawn in the future."

"Okay!" Su Yu said with a smile, "After this round of profit harvesting, what is the current net worth of the two funds?"

Li Meng looked at the backstage of the general control of the fund's holdings, and replied: "This round of market rebound, we bought the bottom from the bottom, and now we have taken profits out of the warehouse, invested 68.86 billion, and made a total profit of 30.98 billion, with an average profit margin of 45 billion yuan. % or so, reflected in the net value of each fund..."

"The scale of the Yuhang No. 1 fund product has increased by 17.23 billion to 78.73 billion."

"From October 10 to the present, this round of net worth has increased by 25%, and the overall net worth has reached 28.01, half a year... 19.67 times the profit!"

"The size of the Yuhang No. 2 fund product has increased by 13.75 billion, reaching a scale of 75.76 billion."

"From October 10 to the present, the net value of this round has increased by 25%, and the overall net value has reached 22.17. The fund has been in operation for more than 1.51 months, and 2% of the profit!"

"Well, not bad!" After listening to Li Meng's report, Su Yu was very satisfied with the net worth performance of the two funds, and said with a smile, "Thank you!"

Li Meng smiled lightly, feeling quite excited and uplifted.

You know, their 'Yuhang Investment' has only been established for half a year, and she feels like she is dreaming to achieve this level of asset management scale and performance.

20 times profit in half a year, such a performance myth.

In the asset management scale above [-] million, not only has she never seen it before, but she has never heard of it.

However, now...it has become a fact, and the second fund manager of this mythical performance fund product is herself.

"If we want to settle the net value of the two funds at the end of the year, and perform ex-rights on the performance of the two funds, how much profit will belong to our company?" Su Yu paused for a while, then continued, "In the past six months , The company’s market investment department’s continuous external investment has basically exhausted the company’s liquidity. We need to settle the net value of the two funds, ex-rights performance, return profits, supplement the company’s depleted cash flow, and repay external liabilities. "

Li Meng calculated in the background of the computer and said: "The rules of the two funds are different. Calculated according to the rules when the 'Yuhang No. 1' fund was established, under the current net value of 'Yuhang No. 1', we should charge the scale of management funds. 4% management fee, and 1.5% profit share when the net value is between 2.0 and 30, and 2% profit share after the net value is greater than 50 ranges. Calculated in this way, if the net value of the 'Yuhang No. 1' fund is ex-weighted If so, the profit attributable to our company should be 37.52 billion.”

"As the management fee is only half a year since the fund was established, it can only be charged at half, 2%."

"Calculated according to the rules when the 'Yuhang No. 2' fund was established."

"Under the current net value of the 'Yuhang No. 2' fund, we should also charge an annual management fee of 4% of the fund size under management, and 1.3% of the profit share between 1.5 and 30, and those with a net value greater than 1.5 50% profit sharing, calculated in this way, if we carry out ex-rights settlement on the net value of the 'Yuhang No. 2' fund at this time, the profit attributable to our company should be 3.93 million."

"Because of the establishment time of the 'Yu Hang 2' fund, it has only been more than 2 months."

"So, at this time, the management fee for ex-rights can only be calculated as one-sixth of the annual management fee."

"in summary……"

"Although the two funds are similar in size, if the net worth of both funds is liquidated at this time, there is still a big difference in the profit attributable to our company."

"My suggestion is that, in order to return the company's cash flow, the 'Yuhang No. 1' fund product can be settled with net value, and the current net value can be ex-righted, but for the 'Yuhang No. 2' fund, it can continue to be closed. There is no liquidation of net worth."

"After all, the current net value of the 'Yuhang No. 2' fund has barely crossed the 1.5 threshold."

"If we keep the closed operation, there will be no net worth ex-rights."

"Then, according to the profit-sharing rules established when the fund was established, in the following 10 months, we will enjoy 2% of the profit-sharing rights for all the net value growth of the 'Yuhang No. 50' fund, which is obviously more conducive to our company's profitability. growth, and if we carry out net value ex-rights settlement for the 'Yuhang No. 2' fund at this time, then the annual net value standard will be recounted, and within a one-year cycle, we have to increase the fund's net value by another 50% to enjoy 50% of the net value. The profit is divided into equity, which is obviously benefiting fund investors, while losing our company's own interests."

"Moreover, the larger the size of the fund, the more difficult it is to grow its net worth."

"At this time, the annual net value of the 'Yuhang No. 2' fund is cleared to zero, and then within the annual period, the fund's performance will increase by 50%. The difficulty will be much higher than this time."

"Okay!" Su Yu said after listening to Li Mengdi's analysis, "From the perspective of the company's interests, it is really not appropriate to settle the net value of the 'Yuhang No. 2' fund at this time. Hang No. 1' fund will carry out net value settlement, and after the fund's net value is settled, open the free redemption time limit of half a month!"

Li Meng nodded, paused for a while, and then said: "Actually, in terms of absolute benefits, the 'Yuhang No. 1' fund can wait until the middle of next year for net value settlement, which is the most beneficial for our company to obtain profits. "

According to the rule established at the beginning, if the annual net value exceeds 2.0, the company management will enjoy 50% profit sharing.

Within a year, naturally, the higher the fund's net value, the more profitable the company's management will be. The current 'Yuhang No. 1' fund's net value has reached 19.67, which has already exceeded the net value standard for profit sharing.

At this time, the net value settlement was carried out, and the company collected a profit of 37.52 billion in one go, which seemed a lot.

But know...

If at this time, the net value settlement of the 'Yuhang No. 1' fund is not carried out, then as long as the time is delayed for another half a year, until the one-year lock-in management period expires, as long as they can double the current net value, they can get another More than 30 billion profits.

In the next six months, it will be difficult to double the current net value of the fund.

Comparable to making a profit of 20 times in the past six months, the difficulty is much lower.

Therefore, considering the absolute interests of the company, Li Meng feels that it is the best choice for both funds to postpone the annual net value settlement until the one-year lock-up management period expires.

Su Yu smiled and said: "In everything, you can't take advantage of all the benefits. As you said, the larger the fund size, the more difficult it is to increase the net worth. Under the condition that we can charge a lot of profits, we will do our best to 'Yu Hang Fund No. 1’s ex-rights can also greatly reduce the management scale of this fund, allowing us to start the battle lightly in the coming year.”

"At the same time, after accumulating almost 20 times the profit."

"Investors who invest in us, many of them also have a great desire to take profits in their hearts. No matter whether they redeem their fund shares or not within the time limit for free redemption during the net value settlement cycle of the fund, we will Give them that chance."

"What's more, after the fund's net value is ex-weighted, the scale is reduced. Faced with a doubled fund size, our operational strategy will be relatively more flexible. It will be easier to pass the annual fund's net value growth of 2.0. In the case of large volume, it is much easier.”

"So overall..."

"Although at this time, it is not the best time and choice to carry out net value settlement for the 'Yuhang No. 1' fund, but it is not bad in the case of returning the company's capital flow and motivating employees and investors at the same time. There is not much potential profit loss."

"Okay!" Li Meng said, "Since you have lost your mind, then do this."

"but……"

Li Mengmeng thought for a while, and then said: "According to the previously formulated rules for disclosure of quarterly performance and position disclosure, today is the day for our fund performance disclosure and position disclosure. There is no dispute about the 'Yuhang No. 2' fund, and we can truthfully disclose it. , but for the 'Yuhang No. 1' fund, shall we disclose the net value after ex-rights, or before the net value?"

"Naturally, before the net value is ex-rights." Su Yu said, "About the settlement of the net value, we must first inform all investors who invest in the 'Yuhang No. 1' fund and ask for everyone's opinions before it can be implemented. Here Before, all the disclosed information had to be based on the actual situation.”

"Okay!" Li Meng replied.

Then, he glanced at the time and submitted the real-time net worth and holdings of the funds to all internal investors who invested in the 'Yuhang No. 1' and 'Yuhang No. 2' funds, as well as the regulator, the Fund Industry Association, in accordance with the established procedures and rules. data.

Then, at 6:[-] p.m.

After Su Yu sent a "letter to investors" to all investors in the 'Yuhang No. 1' fund, he stated that he would carry out net settlement of the 'Yuhang No. 1' fund tomorrow, and open special free In the case of purchase and redemption dates, the annual performance rankings of funds in the industry are listed online, and the national private equity fund products and annual performance rankings are refreshed in real time.

I saw it in the eyes of all.

The No. 1 fund product 'Yuhang No. 9' jumped from 20 net worth when it was disclosed on September 10.02 to 19.67, with an annual profit of 1967%. At the same time, it is the same as the 'Yuhang No. 1' fund. Department, the 'Yu Hang No. 2' fund product, which was established only two months ago, also squeezed into the top ten of the annual private equity product performance rankings at this moment, with a disclosed performance of 2 and an annual profit of 1.51%, ranking among the top ten in the 'Ze Xi No. 51.23' under fund products.

"Fuck, am I dazzled? The net worth is 19.67, and the annual profit is 1967%!"

Seeing the updated annual performance rankings of fund products in the industry as scheduled, some fund managers in the industry stared round and couldn't believe it.

And at the same time.

Yanjing, Modu, Shenzhen, Guangdong, Yuhang, Jinling... and other major financial centers across the country.

Numerous large institutions, fund companies, and well-known investors stared at the just-updated annual performance ranking list of domestic private equity fund products, and they were so shocked that they felt that their three views had been subverted.

"In half a year, from a scale of 4 million to a scale of 78.73 billion, this guy... is he human?" Liu Xin, general manager of Xinniu Fund Company in Shenzhen Stock Exchange, was stunned. It’s not an all-round bull market, it’s just that the stock gods are not so bullish!”

Standing next to Liu Xin, Fang Xinsheng was also extremely shocked when he saw the annual performance of 'Yuhang No. 1'. He never thought of it, so he gave a wry smile and sighed that 'people can be compared to others, and they can piss people off'.

He thinks that his trading talent and ability are not bad.

Before the fund product 'Yuhang No. 1' was born, the 'Manniu No. 1' managed by him also ranked first in the annual performance list of domestic private equity fund products.

It's a pity, the comparison of 'Ji Shengyu, He Shengliang'.

Let him be in front of such a performance, he really lost his heart.

Similarly, in Shanghai Zexi Investment, in the trading room, Xu Xiang stared at the 'Yuhang No. 1' fund product that disclosed its performance and holdings again, and was so surprised that he almost stood up from his chair. He had to say in admiration: "Without borrowing any leverage, within half a year, the myth of 20 times the profit of more than [-] million yuan is really a legend that the industry has to accept!"

"Damn, this is too scary." Beside Xu Xiang, Zhou Kan slowed down for a while before he came back to his senses, "He really made all the profits of the entire market by himself. Rumors in the market say that this The guy is a 'humanoid money printing machine', I see...the money printing machine can't make money as fast as he does."

"The key point is that the 'Yuhang No. 2' fund, which was established only two months ago, has also squeezed into the top ten annual performance of fund products in the industry." Xu Xiang said with emotion, "His profitability is almost equal to that of a global fund. A Fortune 2 company, he is really... a real genius in trading!"

His research on the stock market, as well as his personal temperament, is considered very strong.

There are also very few people in the industry who admire.

However, Su Yu, who was born this year, whether it was the offline meeting in Yanjing or the current performance, he had to admire from the bottom of his heart and feel ashamed!

At the same moment, inside Yanjing, inside Anlan Fund, in the trading room.

After Xie Wanting saw the fully disclosed fund performance of 'Yuhang No. 1' and 'Yuhang No. 2', she was also shocked in her heart, showing a completely unexpected look on her face.

"Starting with a capital scale of 20 million, the profit is [-] times in half a year." Xie Wanting flashed the scene when she met Su Yu in Yanjing, turned her head to look at the teacher Zhou Guohua, and asked, "Since the development of the domestic fund industry , Whether it is a public fund or a private fund, such a product management performance should be unique, right?"

Zhou Guohua stared at the performance and the position data of the 'Yuhang Series' fund, which has no reference, and had to admit, "It is indeed the only one. Even if you look abroad, it is limited to stock market investment. , Starting with a fund of [-] million yuan, without adding any leverage support, this kind of performance is probably the only one."

"Looking at it this way... this person is really amazing!" Xie Wanting said with emotion.

At the same time, for some reason, in her heart, she didn't feel any loss, but instead had a hint of joy for the other party.

Similarly, Yanjing, Huaxin Securities Proprietary Investment Strategy Department, Huashang Securities Proprietary Investment Strategy Department, Huajin, Huijin Proprietary Investment Department, as well as many regulators who pay attention to the market from the Asset Management Association, and many regulators within the China Securities Regulatory Commission, There are even many domestic financial leaders who are hidden behind the scenes, have achieved success, or have retreated to the second line.

At this moment, it is aimed at the performance of the two main funds disclosed by the 'Yuhang Investment' company, and even the position data.

Inside, there was a shock.

Of course, in the domestic hot money circle, the vast retail investor circle, as well as the business circle and other circles of all walks of life who are interested in fund investment.

The performance report of the 'Yuhang No. 1' fund is also like a blockbuster.

The explosion made people's hearts numb, and their eyes lit up.