Rebirth of the investment era

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 a total of 4.632 billion chips today, and the remaining positions are 5.321 billion. The water level is around 30% and has dropped to where we expected it to be."

"And among the 5.321 billion held stocks..."

"The number of positions in core weight stocks such as automobiles and white goods is around 2 billion. Today, there are basically no positions in this area."

"Remaining, most of the positions are concentrated in the field of 'Internet finance' as you call it, including stocks such as Oriental Fortune, Flush, Hengsheng Electronics, LeTV, etc. Our current single support position chips are still 200 million Above, the large-scale reductions today are basically a large number of popular stocks in the two main lines of 'mobile Internet' and 'smartphone industry chain' that are expected to be overdrawn in the future as you said."

"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 general control background of the fund's positions and replied: "In this round of market rebound, we started from the bottom, and now we have taken profits out of the position. We have invested 6.886 billion, with a total profit of 3.098 billion, and the average profit range is 45 About %, reflected in the net value of each fund..."

"The scale of Yuhang No. 1 fund product has increased by 1.723 billion and has reached 7.873 billion."

"From October 25 to now, the net value of this round has increased by 28.01%, and the overall net value has reached 19.67. In half a year... 20 times profit!"

"The scale of Yuhang No. 2 fund product has increased by 1.375 billion and has reached a scale of 7.576 billion."

"From October 25 to now, the net value of this round has increased by 22.17%, and the overall net value has reached 1.51. The fund has been officially in operation for more than 2 months, with a 50% profit!"

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

Li Meng chuckled, feeling quite excited and excited.

You know, their "Yuhang Investment" has only been established for half a year, and it feels like a dream to achieve this scale of asset management and performance.

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

In an asset management scale of more than 100 million yuan, not only had she never seen it before, but she had also never heard of it.

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

"If we are to settle the net values ​​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 be attributed to our company?" Su Yu paused for a while and continued, "In the past six months, , the company's market investment department's successive external investments have basically exhausted the company's liquidity. We need to conduct net settlement of the two funds, ex-rights performance, return profits, supplement the company's depleted cash flow, and repay external liabilities. "

Li Meng calculated it in the computer background and said: "The rules of the two funds are different. 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 management fund scale 4% management fee, 30% profit share when the net value is between 1.5 and 2.0, and 50% profit share after the net value is greater than 2. Calculated in this way, if the net value of the 'Yuhang No. 1' fund is ex-rights If so, the profit attributable to our company should be 3.752 billion."

“The management fee, since the fund was only established for half a year, 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 managed funds, as well as a 30% profit share if the net value is between 1.3 and 1.5, and if the net value is greater than 1.5 50% profit sharing, based on this calculation, if we perform an ex-dividend settlement on the net value of the 'Yuhang No. 2' fund at this time, the profit attributable to our company should be 393 million."

“Because the ‘Yuhang No. 2’ fund was established only over 2 months ago.”

"Therefore, if rights are ex-righted at this time, the management fee can only be calculated based on one-sixth of the annual management fee."

"in summary……"

"Although the two funds are similar in size, if both funds are netted at this time, there will still be a big difference in the profits attributable to our company."

"My suggestion is that in order to collect the company's cash flow, the 'Yuhang No. 1' fund product can be settled at a net value and the current net value can be ex-rightsed, but the 'Yuhang No. 2' fund can continue to be closed for the time being. There will be no liquidation of net worth.”

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

"If we keep the operation closed and do not do a net ex-dividend."

"Then, according to the profit sharing rules formulated when the fund was established, in the following 10 months, we will enjoy 50% of the profit sharing rights of all the net value growth of the 'Yuhang No. 2' fund, which is obviously more conducive to our company's profitability. Growth, and if we settle the net value ex-rights of the 'Yuhang No. 2' fund at this time, then the annual net value standard will be re-calculated. Within a one-year cycle, we will have to increase the fund's net value by another 50% in order to enjoy 50% of the Profit sharing is obviously beneficial to fund investors at the expense of our company's own interests."

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

"At this time, the annual net value of the 'Yuhang No. 2' fund will be cleared, and then within the annual period, the fund 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, "Considering the company's interests, it is really inappropriate to conduct net settlement of the 'Yu Hang No. 2' fund at this time. In this case, let's first settle the 'Yu Hang No. 2' fund The Hang No. 1 fund will conduct net value settlement, and after the net value of the fund is settled, a free redemption time limit of half a month will be opened!"

Li Meng nodded, paused for a while, and then said: "In fact, in terms of absolute interests, the 'Yuhang No. 1' fund can also wait until the middle of next year for net settlement, which is the most beneficial to our company's profit. "

According to the original rules, if the annual net worth exceeds 2.0, the company management will enjoy 50% profit sharing.

Within one year, naturally the higher the net value of the fund, the greater the profits for the company's management. The current net value of the 'Yuhang No. 1' fund has reached 19.67, which has long exceeded the net value standard for profit sharing.

At this time, net worth settlement was carried out, and the company collected a profit of 3.752 billion in one breath, which seemed to be a lot.

But know...

If the net value settlement of the 'Yuhang No. 1' fund is not carried out at this time, then as long as the time is delayed for another half year and the one-year lock-in management cycle expires, as long as they can double the current net value, they will be able to obtain it again More than 3 billion profits.

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

However, it is much easier to achieve 20 times profit performance in the past six months.

Therefore, considering the absolute interests of the company, Li Meng feels that it is the best choice for both funds to delay the annual net value settlement until the expiration of the one-year lock-in management cycle.

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 grow the net value. When we can collect huge profits, we will give Yuhang The ex-rights of Fund No. 1 will also significantly reduce the management scale of this fund, allowing us to start operations again in the coming year."

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

“Many of the investors who invest in us also have a great desire to stop profits. Regardless of whether they redeem their fund shares during the fund’s net value settlement cycle and within the free redemption time limit, we will Give them this opportunity.”

"Also, after the fund's net value is ex-rights, the scale will be reduced. Faced with twice the capital scale, our operational strategy will be relatively flexible. Once we cross the annual fund net value growth mark of 2.0 again, it will be better than It’s a lot easier when it comes to large volumes.”

"So all things considered..."

"Although at this time, it is not the best time and choice to conduct net settlement of the 'Yuhang No. 1' fund, but it is not bad in the case of withdrawing the company's capital flow and motivating employees and investors at the same time. Talking about No matter how much potential profit loss there is.”

"Okay!" Li Meng said, "Since you have given up, let's do this."

"but……"

Li Mengmeng thought for a while and then said: "According to the previously established rules for quarterly performance disclosure 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 disclose it truthfully." , but for the 'Yuhang No. 1' fund, should we disclose it based on the net value after ex-dividends, or based on the net value before ex-dividends?"

"Of course it is before the net worth is ex-rights." Su Yu said, "As for the net worth settlement, we must first notify all investors who invested in the 'Yuhang No. 1' fund and ask for their opinions before we can implement it. Previously, all information disclosed had to be based on the actual situation.”

"Okay!" Li Meng responded.

Then he looked at the time and, in accordance with the established procedures and rules, submitted the real-time net value and positions 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 Asset Management Association. data.

Then, at 6 p.m.

Su Yu issued a "letter to investors" to all investors within the 'Yuhang No. 1' fund, and stated that tomorrow, the net value settlement of the 'Yuhang No. 1' fund will be carried out and special freedoms will be opened. In the case of subscription and redemption dates, the annual performance ranking of funds in the industry is online, and the annual performance rankings of national private equity fund products are refreshed in real time.

I saw it in the spotlight.

The first-ranked 'Yuhang No. 1' fund product jumped from a net value of 10.02 when disclosed on September 20 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 'Yuhang No. 2' fund product, which was only established for 2 months, also squeezed into the top ten positions in the annual private equity product performance rankings at this moment, with a disclosed performance of 1.51 and an annual profit of 51.23%, ranking in the 'Ze Under Xi No. 1' Fund Products.

"Damn it, 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 promised, some fund managers in the industry widened their eyes and couldn't believe it.

And at the same time.

Yanjing, Shanghai, Shenzhen, Yuezhou, Yuhang, Jinling... and other major financial centers in major cities across the country.

Countless large institutions, fund companies, and well-known investors stared at this newly refreshed annual performance ranking of domestic private equity funds. They were also shocked beyond measure, feeling that their three views had been subverted.

"In half a year, we went from a scale of 400 million to a scale of 7.873 billion. Is this guy... a human?" Liu Xin, general manager of Xiniu Fund Company in Shenzhen Stock Exchange, was shocked and dumbfounded. "There is no leverage, and the macro conditions are also It’s not a comprehensive bull market, it’s just that even the stock gods are so awesome!”

Fang Xinsheng, who was standing next to Liu Xin, was extremely shocked when he saw the annual performance of 'Yuhang 1'. He had never expected it. He smiled helplessly and sighed, 'Comparing people to others can make people angry to death.'

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

Before the fund product "Yuhang No. 1" came into being, the "Manniu No. 1" he managed also ranked first in the annual performance of domestic private equity fund products.

It's a pity, the comparison of 'how can one be bright when there is beauty'.

In front of such a performance, he really lost his temper at all.

Similarly, in the magic capital, inside Zexi Investment, in the trading room, Xu Xiang stared at the 'Yuhang No. 1' fund product that had once again disclosed its performance and holdings. He was so shocked that he almost stood up from his chair and had to admire him: "Without borrowing any leverage, within half a year, the scale of funds exceeded 100 million, and the myth of 20 times profit was truly a legend that the industry has to accept!"

"Damn, this is too scary." Beside Xu Xiang, Zhou Kan paused for a while before coming back to his senses, "He really made all the profits in the entire market. Market rumors say that this This guy is a 'human money printing machine', let's see... the money printing machine can't print money as fast as he can."

"The 'Yuhang No. 2' Fund, which has only been established for two months, has also entered the top ten in the annual performance ranking of fund products in the industry." Xu Xiang said with emotion, "His profitability is almost as good as that of a global company. A Fortune 500 company, he is really...a true genius in trading!"

His research on the stock market and his personal mentality are very strong.

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

However, Su Yu, who was born this year, no matter whether it was an offline meeting in Yanjing or his current performance, he had to admire him from the bottom of his heart and feel ashamed!

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

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

"Starting with a capital scale of 100 million, 20 times profit in half a year." Xie Wanting's mind flashed back to the scene when she met Su Yu in Yanjing. She turned her head and looked at her teacher Zhou Guohua and asked, "Since the development of the domestic fund industry , whether it is a public fund or a private equity fund, such product management performance should be unique, right?"

Zhou Guohua stared at that performance and the position data of the 'Yuhang Series' funds that no longer had any reference. He came back to his senses and had to admit: "It is indeed the only one. Even if he looks abroad, it is only limited to stock market investments." , starting with billions of dollars in capital, without adding any leverage, this kind of performance is probably the only one."

"Look at it this way... this person is really awesome!" Xie Wanting said with emotion.

At the same time, for some reason, she felt vaguely in her heart that she did not feel any loss, but instead felt a trace 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 market-focused regulators from the Asset Management Association, and many regulators within the China Securities Regulatory Commission, There are even many senior figures in the domestic financial industry who are hiding behind the scenes, either becoming famous or taking a back seat.

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

Inside, I was shocked.

Of course, in the domestic hot money community, the vast retail investor community, as well as the business community and other circles who are interested in fund investment.

This performance report of the ‘Yuhang No. 1’ Fund is also like a bombshell.

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