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Source: Kingfisher Capital
Lubermai Fund, whose parent company, Neuberger Berman, was founded in 1939, is a veteran force in the international asset management circle.
Its first wholly-owned public offering product in China, "Lubo Mai Guard one-year holding Bond Fund", has been in operation for more than a year, and its investment performance makes the base people "ashamed".
To this day, not even a percentage point of revenue has been earned for customers. However, the fund managers who operate the market have a "rich professional resume".
What's more, it has been a bull market in Chinese bonds over the past year. Why did this product run out of steam?
People with foreign background are at the helm.
According to public information, when this bond product was established, there were two fund managers, both of whom were PhDs studying in the United States.
One is Ru Ping, who holds a doctorate in physics and has worked in Morgan Stanley Investment Management, Morgan Stanley Huaxin Fund, Jingshun Great Wall Fund, Shanghai Fortune Haitong Asset Management and Galaxy Fund.
The other is Zhou Ping, who has a doctoral education in accounting, has experience in New York, and once belonged to the global headquarters of Luberman, specializing in quantifying multi-assets and quantitative equity investments.
It is worth noting that Wei Xiaoxue, deputy general manager of Lubermai, has also joined the list of fund managers since the end of March this year. It remains to be seen what role this female fund manager can play in equity investment.
Runaway bond index
The name of the fund is a bit confusing and makes people think it is a pure debt product.
Actually this is not so.
First, let's take a look at the expression of the characteristics of risk and return, that is, "the level of expected risk and expected return is higher than that of money market funds, but lower than that of hybrid funds and equity funds."
However, the description of the performance benchmark in the product description includes an equity index of 10 percentage points, involving the CSI 800 Index and the Hang Seng Index.
Seeing here, investors may have an "updated" understanding of the characteristics of this closed product for only one year.
Let's take a look at the record!
According to Tiantian Fund Network, as of May 16 this year, the net value of the product is 1.Crashbandicootnsanetrilogyps4.0064, with an income of 0.73% in the past year, while the CSI all-debt index recorded a return of 6.11% in the same period. As of March 31, 2024, the A share of the fund is 1.504 billion yuan.
In a year's time, the product outperformed the bond index by 6 percentage points.
In fact, the investment cost of Jimin in a natural year is not low, and this product levies a management fee of 0.7% / year and a custody fee of 0.15% / year.
To this day, however, the yield on this bond product has not generated a positive yield of 1%.
According to the Tiantian Fund Network, the C share of the above-mentioned fund has assets of 1.143 billion yuan (as of the end of the first quarter of this year).
Where are the profits?
Investors' funds are closed for a year, and the final return is not as good as that of treasury bond funds.
So, what did this foreign institution buy with the money of the people?
First, let's take a look at the Quarterly report Fund Manager's review:
The key words are as follows: "the main operation of the bond portfolio in the first quarter is to reduce the portfolio equity position, especially the convertible bond position, and to reduce the portfolio leverage in response to redemptions during the fund opening period in March, while maintaining the portfolio duration."
In short, fund managers have previously bought two "equity" assets, one is pure equity, the other is convertible bonds.
Volatility is naturally higher than pure debt, let alone fixed income.
Let's take a look at another set of data: at the end of the first quarter of this year, the proportion of stocks and bonds was 1.85% and 89.99%, respectively, compared with 5.63% and 90.29% at the end of the fourth quarter of last year.
At the end of the second quarter of last year, the proportion of direct investment in these products reached 11.8%.
In just one year, the proportion of direct investment in stocks has dropped significantly.
Obviously, the fund manager brought the fluctuation of equity assets into this product, encountered the ups and downs of A shares in the same period, and the net worth curve naturally opened and closed.
However, Bomai's fund managers' enthusiasm for stocks has not diminished. "We still adhere to the idea of balanced allocation, including both an absolute return-oriented dividend strategy and a more flexible growth strategy," the latest said.
A highly flexible equity asset with hidden risks will naturally continue to interfere with the net worth curve.
Inherent fund redemption
According to Lubermai's website, Lubermai's values believe that long-term win-win investment management can be achieved only if the interests of employees are effectively aligned with those of customers.
In the asset management industry, the interests of fund managers are consistent with those of clients, which is mainly reflected in whether the former invests real money or not.
By the end of the first quarter of 2024, Lubermai's share of the above products held with its own funds accounted for 1.2096% of the total share of the fund.
(pictured above) Lubermai applied for purchase and redemption in the first quarter of this year, but it was still in the state of net application.
A key issue is involved here, which is worth exploring.
Public offering institutions are in line with the interests of holders, what is the proportion of the former's investment in order to show "sincerity"? Can a little more than 1% fully prove the sincerity of the management team?
After all, the biggest bright spot in the Chinese market over the past year was the bond bull market, and Lubermai's foreign background led investors to perfectly short the market.
Next, where to go becomes the key point.