oscarsgrind| Huitianfu's capricious mix of culture, sports and entertainment has been "style drift" for 4 years, and the institution has redeemed 600 million copies in 3 years, but the custodian bank ICBC has not noticed it.
SourceOscarsgrindHofu PricewaterhouseCoopers
Author: WikiLeaks
Fund "style drift" drugs can not be stopped. Ji'an Jinxin Fund Evaluation Center 2024 Q1 review results show that there are 14 fund companies 29 products (AC shares are not merged) style drift. Ji'an Jinxin Fund Evaluation Center "Fund risk Monitoring and Compliance Management system" showsOscarsgrindThe fund with the largest scale and the largest deviation of style drift is Huitian rich mix of culture, style and entertainment. Huitianfu sports and entertainment mix began the road of style drift since 2019, and deviated greatly. Huitianfu sports and entertainment mixed A/C/D have appeared style drift, and the fund hosting bank ICBC is unaware of this four-year wayward style drift fund.
Ji'an Jinxin
Huitianfu sports and entertainment mixed contract stipulates that the proportion of stock assets of listed companies invested in sports and entertainment theme in non-cash fund assets is not less than 80%. Ji'an Jinxin Fund Evaluation Center seriously deviated from the results of its style review, with a degree of deviation as high as 93.Oscarsgrind.55, no rating. Huitianfu Sports and Entertainment mix A was established on June 21, 2018. Yang Jie, a fund manager, has been managing for nearly 6 years and has been on the road of style drift since 2019. The institutional holders of the fund reached 50% by the end of 2020.Oscarsgrind.28%, with a share of 1.521 billion. By the end of last year, institutional ownership had fallen to 15 per cent, and its share had fallen to 998 million. The share of institutional holdings fell from 750 million to 150 million in three years, and more than 600m were redeemed by institutions in three years. Yang Kui, the fund manager, has served for more than 7 years, and the total assets of the current fund are 19.459 billion yuan.
In 2022, in view of the "style drift" of fund managers, the regulatory authorities made a thunderous move, and problems such as "style drift" of fund managers and the imperfect internal control system of some fund custodians were notified. Regulatory measures such as ordering corrections, issuing warning letters, talking reminders and other regulatory measures have been taken for illegal institutions or responsible personnel. The heavy attack by regulators has been welcomed by all sides of the market, and large institutional investors such as trustees and insurance have also begun to guard against "style drift". To prevent the theme fund from "selling dog meat with a sheep's head" and style drift, many custodian banks have also begun to require fund companies to check their own "style database" or "theme database" against the description of product style characteristics in the theme fund contract. to check whether the style library of the relevant fund is consistent with it; the fund company is required to provide a style library system and specific standards for storage, and the custodian bank shall dynamically maintain it on its own. Some custodian banks check whether the top 20 heavy stocks of the theme fund meet the definition of the theme.
Article 31 of the measures for the Operation and Administration of publicly offered Securities Investment funds clearly stipulates that if the name of the fund indicates the investment direction, more than 80% of the non-cash fund assets shall belong to the content determined by the investment direction. From this point of view, it is the duty of the custodian bank to supervise the investment operation of the fund. In recent years, the custodian bank pays close attention to the management of the style database of the theme fund, strictly preventing the style drift from playing a role in supervising the investment operation of the fund and safeguarding the interests of investors. The custodian bank strengthens the investment supervision of the theme fund, which is conducive to the more standardized development of the fund industry. However, the custodian bank is also faced with a huge number of fund products and complex professional problems that are difficult to solve, and professional institutions are in urgent need of assistance.
One might say, what's wrong with style drift? As long as the fund manager can make money for me. Does this smell look familiar? What happened to the scumbag? As long as he's nice to me.
As the only one of all the fund rating agencies that insists on not punishing the fund's "style drift" for more than a decade, the Ji'an Jinxin Fund Evaluation Center focuses on the interests of investors. in the fund rating agencies, we have always taken a unique stand against "style drift" and adhered to the rating bottom line such as "fair trade". For more than 10 years, it is our duty to be a whistleblower in the fund industry. It has long been clearly stipulated that the fund style drift should not be rated. Because, style drift fund managers tend to be "better" in gambling, and often accompanied by the problem of unfair treatment of holders.
Ki-min friends will ask, how to identify "style drift" scum male fund managers and fund companies? We have a Chinese public offering fund "style drift" type scum male identification book-Ji'an Jinxin public offering fund risk control compliance system. Ji'an Jinxin established the market's only database and related system for the "style drift" of fund products in the market as early as ten years ago, and will publicly release typical cases of funds that are not rated because of "style drift" every quarter. Committed to providing professional services for investors and custodian banks.
Some people will ask, what if the fund manager they buy has a style drift, or what should they do if they hold other funds managed by the drift fund manager?
Once the above situation is discovered, it will be withdrawn in one word. Stay away from the dregs man fund, don't be leeks, the principal is very expensive, please don't waste it.
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