To vote for Generation Z, Brother Z is the most realistic.
I won’t go to work tomorrow, so I’m so cool. If I don’t go to work tomorrow, I will be lazy if I want to.
I won’t go to work tomorrow; I don’t have to see clients pretending to be grandsons.
The lyrics of Chengdu rapper Xie Di is very down to earth, and Brother Z likes it very much. The song “No Work Tomorrow” is well suited today.
Yesterday, Peng Haiping, the fund manager of China Shipping Convertible Bonds, resigned. He really won’t have to go to work tomorrow. The announced reason for resignation was “personal reasons.” But thinking about it carefully, it must be angry.
Why is Peng Haiping’s resignation likely to be angry?
Not long ago, Peng Haiping tweeted about the asset management of an insurance company in a circle of friends, hoping that the other party would not subscribe for China Shipping convertible bonds in the future, but three things, “don’t treat the ant fund manager as the grandson.”
The thing is like this. On July 22, an insurance asset manager “quickly subscribed for more than 22 million yuan”; on July 23, he was anxious to subscribe for another 15 million yuan. In less than 5 trading days, the asset management company redeemed another 20 million.
This operation made Peng Haiping very unbearable. Peng Haiping wrote: “As the ant at the bottom of the pyramid in the public equity industry, even if my performance is the bottom, even if my scale is extremely short, I should kneel and lick you? As an institutional investor, this is the third time you speculate with me. You pat The ass is gone, leaving me with a redemption shock of ten or even twenty percent.” Now, Peng Haiping has voluntarily resigned, he won’t have to go to work tomorrow, and he won’t be the grandson of a “big customer” anymore.
Bond funds are not Z’s dish, and they are not of high interest. However, this incident also tells us a cruel reality. In the industry of fund managers, the “performance ranking” is the real hard indicator, and the rest are all clouds.
Looking at the performance of China Shipping Convertible Bonds, the income this year has been -2.8% (as of September 3), ranking first among all funds of the same type. In the past year, the ranking has also been the bottom last, and in the past two years and the past three years, it has also been the bottom of the ranking. If placed in other areas, fund managers may really be “the last to be eliminated.”
Brother Z said to his heart that it is indeed not easy for fund managers. The original trader is under great pressure. If the performance is not good for a long time, it will be even more stressful. Manager Peng must be angry about this matter, so he made complaints publicly.
But think about it again, Manager Peng is angry and understandable, but institutional clients may also be angry. This year, just buy any other convertible bond funds. This year, a lot of them have a yield of over 10%, and the most profitable is more than 30%. Everyone feels unbalanced.
Of course, institutional customers will use such “sorry operations” to subscribe for a large amount of money and redeem them immediately. In short, it is better not to embarrass each other.
What does Brother Z want to express the most today?
Fund managers cannot choose clients, but we ordinary investors can choose fund managers. And one of our important criteria for selecting fund managers, and also one of the core criteria, is to talk about performance and ranking.
Although the past performance is good, it does not mean that the future performance will be good, but if you have always been a “top student”, then the fund manager will most likely be a “top student” in the future.
Therefore, the performance rankings and the stage increase and decrease of the fund’s net value are all important indicators for choosing a fund.
So, what do we think of the performance ranking?
Here comes the point!
In the view of Brother Z, short-term performance can be used as a reference, and the one-week ranking can be ignored. The ranking in the past January and March can test whether the fund can grasp the phased market style. But this is usually not that important.
Brother Z is more concerned about the ranking this year, the performance ranking in the past 1 year, the past 2 years, and the past 3 years.
It is not difficult to make money in the stock market for one year, but it is very difficult to make money for three consecutive years. Therefore, if a fund manager, the product he manages, can be among the best in similar products for several consecutive years, then after a longer period of time, the probability of this product making money is obviously very high. So, how good is the past performance ranking? It does not necessarily have to be ranked first or second. Brother Z feels that it is a very good product if it can stably rank within the top 10%. Of course, the conditions can also be appropriately relaxed and not too mechanical.
Of course, there are many ways to choose a fund. If you can choose a good fund just by looking at the performance rankings, it would be too simple, but on this point, many friends don’t know.
Finally, Z’s real portfolio has been set up on Thursday, and you can share the past performance of these funds today.
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Cover image source: Photograph.com
