100 billion "Public Offering Brother" Zhang Kun defaulted: What happened to E Fund?

For the handling of the crisis, the E Fund responded quickly, and the news about the default of Zhang Kun, a "public offering brother" of 100 billion yuan, was quickly deleted.

| Produced by Commercial Big Coffee Research Institute

These days, Zhang Kun, the fund manager of E Fund, suddenly broke the contract in the whole network fryer!

It seems that overnight, there are endless voices about how Zhang Kun, a brother of public offering, broke the contract, how to make many "Kun powder" suffer heavy losses, and how to violate the relevant provisions of the Fund Law!

However, the funny thing is that the frying pan was only half a day, and the related articles were disappeared by the whole network "404,505". Originally, the Commercial Big Coffee Research Institute wanted to copy some materials on the Internet, but there was nothing.

It can be seen that the rapid response ability of E Fund is comparable to that of "PTU in Hong Kong", so it is no wonder that its funds can soar and sell every second!

Zhang Kun breached the contract, saying that the E Fund managed by Zhang Kun "sells dog meat by hanging sheep's head";

Is there any breach of contract in such an operation? Let's take a look at what is said in the E Fund's small and medium-sized fund contract. Looking at the contract, it is clearly stipulated that the investment objectives of the fund are:

Moreover, it is stipulated that "the position of small and medium-sized stocks is not less than 80%".

What kind of stocks belong to small and medium-sized stocks? The contract also gives a clear definition, namely:

The contract also stipulates that the highest proportion of the fund's stock assets to the fund's assets is 95%. This means that E Fund's small and medium-sized funds hold no less than 76% of small and medium-sized stock assets, and the overall proportion of large-cap stocks does not exceed 19%.

But let's take a look at the top ten stocks of E Fund's small and medium-sized stocks:

Maotai, with a circulation market value of 2.5 trillion yuan, ranks1in the circulation market value of A shares;

Wuliangye, with a circulation market value of 997.9 billion, ranks fourth in the circulation market value of A shares;

LU ZHOU LAO JIAO CO.,LTD shares, with a circulating market value of 342.5 billion, and the market value of A shares ranks 21;

Yanghe shares, with a market value of 65.438+0884 billion, ranked 48th in the market value of A shares;

Except Yanghe, Zhang Kun's heavy positions are basically stocks with TOP 1% circulating market value. The four major liquor stocks with heavy positions accounted for 39.28% of the total positions of E Fund's small and medium-sized stocks.

Obviously, Zhang Kun did not make the investment according to the contract.

Of course, more importantly, this kind of breach of contract is a loss. Since 20021,E Fund's small and medium-sized stocks have been adjusted back by more than 3 1.29% due to heavy positions in large-cap stocks.

A group of people were slaughtered and their mother refused to recognize them.

In accordance with the relevant provisions of the Fund Law, those who violate the fund contract and other reasons and cause losses to the legitimate rights and interests of the fund property or fund share holders shall be liable for compensation.

In other words, investors can claim compensation from the E Fund according to the Fund Law and the Fund Contract.

More sadly, China Public Offering of Fund has developed for more than 20 years, and the fund contract is still a piece of waste paper.

Who's Zhang Kun?

Things have to start from last year! During the epidemic last year, when all walks of life were dying and everyone was thinking about how to keep their jobs, China's property market and stock market showed a fiery scene of "double dragons playing with pearls".

At present, a number of big blue chips that once "held back" have risen in succession, and hundreds of billions of stocks with market value have doubled in half a year or even ten months.

More importantly, it is also common for companies like EngTech to make a fortune by soaring 30 times a year. In this context, a group of post-90 s and post-00 s students who have no intention of working or have just been laid off are eager to try and decide to make great efforts in the stock market to achieve their first small goal in life.

However, due to the lack of professionalism of young people, they began to try to invest in funds without knowing anything about stocks. Thus, in the bull market where fools can make money, these young people tasted the delicious food of "getting something for nothing" for the first time.

At this time, Zhang Kun, the general standard-bearer of the bull market, was completely welcomed by young people!

There are many people who are popular. When Zhang Kun and other fund brothers are on fire, the "Everyday Up" column group on the toilet also wants to use the popularity of fund brothers to make an investment-related program.

On March 3rd, 20021year, the news that many fund managers will be invited to record the variety show "Everyday Up" is flying all over the sky. China Fund Industry Association issued "Fund Industry Public Offering Education and Publicity Initiative", which clearly stated that entertainment is strictly prohibited in fund public offering education and publicity. Subsequently, major fund companies expressed their views and related variety shows were cancelled.

Then let's take a look at the influence of Zhang Kun after he became a brother, and what "gospel" he brought to the E Fund?

According to the data, in June of this year, 5438+ 10, the scale of E Fund's competitive advantage enterprise hybrid fund reached 239.8 billion, which was the first Public Offering of Fund in China to raise more than 200 billion.

However, the largest scale in history can't fully show Brother Kun's influence. It was snapped up in a few seconds, which is the embodiment of strength.

Just this year 1 month, dozens of funds issued by the whole market collectively snapped up and killed, which eventually prompted fund companies to play a routine of restricting purchases. This scene is really rare in a hundred years.

This reminds people of the years before the 20 15 stock crash, when you can get money by typing the wrong stock code. That kind of madness is vivid in my mind, but after that, it is "trampling". A stock market bubble is like building a tower on the beach. As long as there is a little disadvantage, it may disappear.

Zhang Kun's popularity coincides with the rhythm of this fund craze. However, the subsequent fund collapse also turned Zhang Kun into an altar.

Overnight, "Brother Kun" became "Dog Kun", and young citizens suddenly discovered that Zhang Kun was actually a "Dionysus". Among the small and medium-sized fund positions he operates, liquor accounts for half of the country, and his favorites are Kweichow Moutai, Yanghe, Wuliangye and LU ZHOU LAO JIAO CO.,LTD. Together with Fang Shuijing, the total market value of liquor stocks accounts for nearly 50% of the fund's net value.

This is like turning small and medium-sized funds into liquor ETFs. Not only that, among the top ten awkward stocks, Yutong Bus with the smallest market value is also worth more than 30 billion.

Then the question is, can the so-called E Fund's small and medium-sized mixed fund participate in the "lazy group" and drink trillions of liquor stocks?

Undoubtedly, according to the fund agreement, it is absolutely not allowed!

From this point of view, the small and medium-sized mixed fund managed by Zhang Kun Yifangda is just "selling dog meat by hanging sheep's head", following the trend of speculation and frying liquor miserably!

According to the E Fund contract, the investment target of the Fund is: small and medium-sized stocks with competitive advantages and high growth. Moreover, it is stipulated that "the position of small and medium-sized stocks is not less than 80%".

So what kind of stocks belong to small and medium-sized stocks? This contract also gives a clear definition, which translates into: the last 2/3 shares of A-share circulation market value.

In this regard, the Commercial Big Coffee Research Institute has a rough look. Anything with a circulating market value of more than 654.38+00 billion is basically not the target of small and medium-sized investment.

In addition, the contract also stipulates that the highest proportion of the fund's stock assets to the fund's assets is 95%. This means that E Fund's small and medium-sized funds hold no less than 76% of small and medium-sized stock assets, and the overall proportion of large-cap stocks does not exceed 19%.

However, among the top ten heavyweights of E Fund's small and medium-sized stocks, the market value of Maotai Wuliangye has reached trillion, and the smallest has a market value of more than 30 billion. Obviously, Zhang Kun did not make the investment according to the contract.

Of course, more importantly, this kind of operation that violates the contract still has great losses. Since 20021,E Fund's small and medium-sized stocks have retreated by more than 30% due to heavy positions in large-cap stocks.

According to Article 83 of the Fund Law, if the fund manager violates the fund contract and causes damage to the fund holder, he shall be liable for compensation according to law.

In other words, investors can claim compensation from the E Fund according to the Fund Law and the Fund Contract. But in my impression, the China stock market seems to have no such precedent.

In this way, China Public Offering of Fund's contract is a piece of waste paper, otherwise it will be suspected of open contract fraud. In the brokerage sales port, the fund still violates the relevant provisions of the Advertising Law and is suspected of serious false propaganda.

These two points, any point, can make fund companies jointly underwrite securities companies to go to court together.

Then the problem comes again. Even retail investors like me know that these funds are illegal? Kun, as a professional, don't you understand this?

There is no doubt that you are very aware of your behavior. But in the face of great fame and fortune, all professional ethics have become "profit-seeking"

Although it is common for fund managers to lose money in stock trading, there is no need to pay compensation after losing money, but funds always lose money and will be redeemed in large quantities, leading to a vicious circle of sharp decline in fund scale.

The end result is that the fund company has no money to earn, the fund manager has no bonus, and even the salary has to be deducted. The most serious thing is that the investment level of fund managers is too poor. After his notoriety, he will soon be abandoned by this gold collar industry. Those so-called "favored children" have lost their qualifications and academic qualifications by years of "studying hard at a cold window".

Therefore, whether for the benefit of the people or for the benefit of themselves or fund companies, fund managers should "do whatever it takes" to make their net worth go up.

In this way, the phenomenon that institutions collectively held big blue chips last year can be understood! After all, the operation of blue-chip stocks is relatively stable, the probability of thunderstorms is not high, and the market value is large enough, which is very suitable for everyone to warm up.

As for how to cash out and leave in the future, that is the next manager's business. Do your own performance first, and then make a fortune and quit. This also directly led to one of the reasons for the huge losses of a fund company's beauty manager after taking office.

In fact, according to the Commercial Big Coffee Research Institute, the investment level of this fund is also quite general.

Zhang Kun started from 20 13, and Maotai appeared in the top ten of E Fund's small and medium-sized mixed funds. It is from then on that the proportion of consumer stocks in Zhang Kun's positions is increasing, and the concentration of shares is also increasing. By the fourth quarter of 20 13, among his top ten positions, consumer stocks accounted for eight.

Obviously, Zhang Kun made a big bet on consumer stocks. Unfortunately, in the three years after Zhang Kun made his bet, its performance was lackluster. It was not until 20 16 that consumer stocks represented by maotai began to soar.

Obviously, Zhang Kun's judgment is not accurate, and making money depends entirely on the usual tricks of retail investors. However, the misjudgment did not affect the luck of knocking at the door. Three years later, Zhang Kun and others began to take off alcohol. Therefore, death is also an investment strategy.

In the casino, gamblers who win money one after another may be gamblers with superior skills, gamblers who may be kings, but gamblers who have made a fortune are more likely.

Similarly, the stock market is full of randomness, and the historical performance of funds is good, which may be the performance of ability level or luck. Money earned by luck will be returned by strength sooner or later.

No matter whether the organization is holding a group, it is "holding a group": many funds operated by fund managers join hands to buy a class of stocks; Or "holding colleagues": managers of the same fund company collude with each other to buy a class of stocks, but this is illegal; Or "holding peers": it is lazy and selfish to see what funds of the same size buy, and everyone tacitly buys a class of stocks.

It is necessary to know that the fund's investment in stocks is not for the sake of major shareholders or participation in corporate governance, but to earn the difference through the secondary market. In other words, no fund is expected to profit from the dividends of listed companies, so the fund has long been voted by the people with their feet.

Therefore, after the institutions are assembled, there will always be a day when they hurt each other, that is, when they make moves. The reason why Maotai's share price has been rising for many years is not really of great investment value, but that there are almost no retail investors in this stock, and any institutional selling is cutting the leeks of peers.

However, when the day of mutual injury did not come, honestly holding a group became the most reliable investment strategy for fund managers. After all, making people's money is king.

The data shows that in 2020, the management fees collected by fund managers reached 92.963 billion yuan, an increase of 47% compared with 20 19, far exceeding the income generated by most funds. Among them, E Fund raised 5.647 billion yuan, the asset scale was122565438+67 million yuan, and the management fee ranked first among fund companies.

E Fund ranked first in management fees, and Zhang Kun, a "billion-dollar coffee maker", also collected a lot of management fees. Data show that in 2020, Zhang Kun will collect 697 million yuan in management fees.

In sharp contrast, in the first quarter of this year, Xinjimin lost more than 70%. When Ji Min "denied his mother", Zhang Kun's management fee was softened.

This has formed a strange circle of "no matter whether the basic people earn money or not, the fund company will protect the income through drought and flood anyway". No wonder some people call fund companies the best "harvesting base" in China.

Because of this, in retrospect, we can understand why Zhang Kun took the risk of "default" to buy liquor giants. Both fame and fortune!

When there is no quiet, someone will "get rich first" for you, but you are kept in the dark and constantly doubt that you are "blind"!