galaxyforce| Hony's long-term and short-term debt fell sharply, losing three months of earnings in one day. The fund manager apologized urgently

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Source: y interesting theory

Suddenly plummetedGalaxyforceThe citizens of the Hony far-distance medium-and short-term debt fund saw their investments evaporate nearly three months' returns in one day, sparking a fierce complaint among the people. Some people think that it may repeat the collapse of Furong medium and short-term debt in the past.

The collapse of the fund caused an urgent apology from the fund manager, while many people were angry and said they wanted to redeem the fund. The Internet is also filled with voices of shock, and many people can't believe that the medium-and short-term debt Foundation has fallen so sharply.

Many base people expressed their dissatisfaction: "I thought the debt base was the most stable!"Galaxyforce"run with a service fee tomorrow."

Last week, on April 25 alone, the E share of Hony's distant medium and short-term bonds fell sharply by 0. 5%.Galaxyforce.69%, while An and C shares also fell by 0%Galaxyforce.68%, which led to the fund's accumulated income of nearly three months returning to zero overnight. What on earth led to the sudden collapse of Hony's short-and medium-term debt?

On the evening of April 25, in response to this matter, the financial anchor of Hony far away Fund, "good stories Financial Management", issued a statement in the wealth management community: "under the recent sharp market shocks, the manager's investment rhythm has been unstable, resulting in large fluctuations in net worth. I'm really sorry for the bad investment experience."

It also said that after this major adjustment, the manager also learned from the bitter experience, re-straightened out the rhythm, and then will return to the previous route. "

Then, on April 26, Wu Yin, manager of Hony's distant medium-and short-term bond fund, also issued an apology to investors. When talking about liquidity management, Wu Yin pointed out: "the medium-and short-term bonds I manage have always maintained a controllable portfolio ratio, low leverage, and continued to retain a reasonable proportion of cash management assets. Corresponding preparations have been made in the liquidity management of products to meet the demand for redemption in a variety of situations."

The fund manager's response explanation did not specify the direct reason for the sharp decline in the one-day net worth of Hony distant medium-and short-term debt. Under his apology, some fund holders commented and questioned: "is the decline in medium-and short-term debt normal?" "A normal pullback is acceptable to anyone, and this is an abnormal slump."

Some netizens even asked, "will it not become the second Fu Rong?" Previously, due to huge redemptions, the Fortune Fund's net worth fell by 4% in a week, and the redemption payment was delayed by 7 days, causing panic among the people.

So what caused the sudden collapse of Hony's short-and medium-term debt from afar? Does it touch the riskier risky debt? Hony distant medium-and short-term bonds currently disclose only the top five positions, so it is not clear whether its holdings include real estate bonds or other high-risk bonds, and this opaque disclosure has increased investor uncertainty.

According to the annual report of Hony far medium and short Bond Fund in 2023, its C share is mainly held by individual investors, accounting for 99.11%, while institutional investors account for only 0.89%. In contrast, the investor structure of A share is more balanced, with 80.11% of institutional investors and 19.89% of individual investors.

Judging from what fund managers call "being prepared for redemption demand", it is unlikely that the liquidity crisis will be caused by huge redemptions. The first quarter report shows that the position of the fund is relatively diversified, but it also "does not rule out chasing high-quality long-term treasury bonds".

However, some netizens speculate that the crash may be caused by some Fu Real Estate, but there is no conclusive evidence to support this claim. In fact, in addition to real estate bonds, investing in any high-risk urban investment bonds or high-yield bonds may also lead to a significant decline in the net worth of the fund.

After this decline, the earnings of the past three months have basically returned to zero.

The management team of Hony's medium-and short-term debt is jointly managed by two fund managers, Wu Yin and Zhang Jin, whose performance did not exceed the benchmark, recording returns of-0.61% and-0.65%, respectively.

Wu Yin, who holds a master's degree in finance from Shanghai University of Finance and Economics, previously worked as a fixed income researcher at Yongcheng property Insurance and a fixed income investment manager for Yongcheng Insurance Asset Management. He joined Hony far in August 2023 to co-manage the fund with Zhang Jin.

Zhang Jin, former manager of self-operation department of Capital Operation Center of Bank of Shanghai, fund manager of Huaxia Fund Management Co., Ltd., general manager of fixed income investment department, director of securities investment and general manager of investment management department of Huatai Asset Management Co., Ltd., deputy general manager and chief investment officer of Huatai Baoxing Fund Management Co., Ltd. In February 2022, he joined Hony far Fund Management Co., Ltd.

Zhang Jin's management performance is also quite poor, with a total loss of 32% in the past two years and an annualized loss rate of-6.31%.

It is noted that Hony far away Fund is a wholly owned subsidiary of Hony Investment under Lenovo Holdings, and its management of the public offering scale is only 1.424 billion yuan.

Among them, Hony far short-term debt accounted for 1 billion yuan, for this smaller fund company, investors should be more cautious when investing.

So, do people still think that bond funds are less risky?

The answer is that without absolutely safe investments, risks always come unexpectedly.