And at the moment, at the same time.

Yu Hang, inside Yuhang Investment Company, in the trading room, Li Meng cleaned up all the position data of the two funds, and is making a detailed report to Su Yu: "The two funds have reduced their positions by a total of 4.632 billion chips today, and the remaining positions are 5.321 billion, and the position level is around 30%, which has been reduced to the position we expected. ”

"And 5.321 billion holdings of stocks ......"

"The number of core weighted stocks such as automobiles and white goods is about 2 billion, and there is basically no position in this area today."

"The rest,Most of the positions converge in what you call the field of 'Internet finance',Among them, such as Oriental Wealth、Flush、Hengsheng Electronics、LETV and other stocks,At present, our single support position chips,Still more than 200 million,Today's large-scale reduction,Basically, you said that the future is expected to be overdrawn a large number of'mobile Internet'、'Smartphone industry chain' two main lines of popular stocks."

"Good!" Su Yu said with a smile, "After this round of profit harvesting, what is the net value of the two funds now?" ”

Li Meng looked at the general control background of the fund's position and replied: "In this round of market rebound, we have taken the bottom from the bottom, and now we have taken profit from the position, invested 6.886 billion yuan, and made a total profit of 3.098 billion, with an average profit margin of about 45%, which is reflected in the net value of each fund......"

"The scale of Yuhang No. 1 fund products has increased by 1.723 billion yuan and has reached 7.873 billion yuan."

"From October 25 to the present, this round of net value has increased by 28.01%, and the overall net value has reached 19.67, half a year...... 20x Profit! ”

"The scale of Yuhang No. 2 fund products has increased by 1.375 billion yuan, and it has reached the scale of 7.576 billion yuan."

"From October 25 to the present, this round of net value has increased by 22.17%, and the overall net value has reached 1.51, and the fund has been officially operating for more than 2 months, with a profit of 50%!"

"Well, that's good!" After listening to Li Meng's report, Su Yu was still very satisfied with the net value performance of the two funds, and said with a smile, "Hard work!" ”

Li Meng chuckled, and his mood was quite excited and uplifted.

You must know that their 'Yuhang Investment' has only been established for half a year, and she feels like a dream when they can achieve this asset management scale and performance.

20 times profit in half a year, such a performance myth.

In the asset management scale of more than 100 million yuan, not only has she never seen it before, but she has never heard of it.

However, now...... It has become a fact, and the second fund manager of this performance myth fund product is still herself.

"If we want to settle the net value of the two funds at the end of the year, and ex-rights the performance of the two funds, how much profit is attributable to our company?" Su Yu paused for a moment and continued, "In the past six months, the company's market investment department has basically exhausted the company's liquidity, and we need to settle the net value of the two funds, ex-rights performance, return profits, supplement the company's depleted cash flow, and repay external liabilities." ”

Li Meng calculated in the background of the computer, and said: "The rules of the two funds are different, according to the rules of the establishment of the 'Yuhang No. 1' fund, under the current net value of the 'Yuhang No. 1', we should charge 4% of the management fee of the scale of the management funds, as well as the net value between 1.5 and 2.0 30% of the profit share, and the net value is greater than 50% of the profit share after the 2 range, so calculated, if the net value of the 'Yuhang No. 1' fund is ex-righteous, the profit attributable to our company should be 37. 5.2 billion. ”

"Among them, the management fee, because the fund has only been established for half a year, can only be charged at half and 2%."

"Calculated according to the rules of the 'Yuhang No. 2' fund at the time of its establishment."

"Under the current net value of the 'Yuhang No. 2' fund, we should also charge an annual management fee of 4% of the scale of the funds under management, as well as a 30% profit share with a net value between 1.3 and 1.5, and a 50% profit share with a net value greater than 1.5, so that if we carry out ex-rights settlement of the net value of the 'Yuhang No. 2' fund at this time, the profit attributable to our company should be 393 million."

"Due to the establishment time of the 'Yuhang No. 2' fund, it is only more than 2 months."

"Therefore, at this time, the management fee charged by the ex-right can only be calculated according to one-sixth of the annual management fee charged."

"All things considered......"

"Although the two funds are similar in size, if the net value of the two funds is liquidated at this time, there is still a big difference in terms of profits attributable to our company."

"My suggestion is that in order to recover the company's cash flow, the 'Yuhang No. 1' fund product can be settled by net value, and the current net value can be ex-rights, but for the 'Yuhang No. 2' fund, it can continue to operate in a closed manner and not liquidate the net value for the time being."

"After all, the current net value of the 'Yuhang No. 2' fund has crossed the 1.5 mark."

"If we keep the operation closed, we don't carry out net worth ex-rights."

"Then, according to the profit sharing rules formulated when the fund was established, in the next 10 months, all the net value growth of the 'Yuhang No. 2' fund, we all enjoy 50% of the profit sharing equity, which is obviously more conducive to the profit growth of our company, and if we carry out the settlement of the net value of the 'Yuhang No. 2' fund at this time, then the annual net value standard is recounted, and in the one-year cycle, we also have to make the net value of the fund increase by 50% in order to enjoy 50% of the profit sharing rights. This is obviously to benefit the fund investors and lose the interests of our company itself. ”

"Moreover, the larger the size of the fund, the more difficult it is to grow the net worth."

"At this time, the 'Yuhang No. 2' fund will be cleared of the annual net value, and then the fund performance will increase by 50% within the annual time, which will be much more difficult than this time."

"Okay!" Su Yu listened to Li Mengdi's analysis and said, "From the perspective of the company's interests, it is indeed not appropriate to settle the net value of the 'Yuhang No. 2' fund at this time. ”

Li Meng nodded, paused for a while, and said: "In fact, in terms of absolute interests, the 'Yuhang No. 1' fund can also wait until the middle of next year for net value settlement, which is the most conducive to our company's profits." ”

According to the original formula, if the annual net value exceeds 2.0, the company's management will enjoy a 50% profit share.

In a year's time, the higher the net value of the fund, the more profitable it is for the company's management, and the current net value of the 'Yuhang No. 1' fund has reached 19.67, which has long exceeded the net value standard of profit sharing.

At this time, the net value settlement was carried out, and the company collected 3.752 billion profits in one go, which seems to be a lot.

But to know......

If at this time, the net value settlement of the 'Yuhang No. 1' fund is not carried out, then as long as the time is delayed for another half a year, and the one-year lock-in management cycle expires, as long as they can double the current net value, they can get more than 3 billion profits.

In the next six months, it will be difficult to double the current net value of the fund.

Compared with the half a year, it is much less difficult to make a 20-fold profit performance.

Therefore, from the perspective of the company's absolute interests, Li Meng feels that it is the best choice for both funds to delay until the expiration of the one-year lock-in management cycle and then carry out the annual net value settlement.

Su Yu smiled and said: "Everything, you can't take all the benefits, just like you said, the larger the size of the fund, the more difficult it is to grow the net value, we can collect huge profits in the case of the 'Yuhang No. 1' fund to remove rights, but also greatly reduce the management scale of this fund, let us re-travel in the coming year." ”

"At the same time, in the case of accumulating almost 20 times the profit."

"Investors who invest in us, many of them will also have a great willingness to take profits, whether they redeem their fund shares within the settlement cycle of the fund's net value, within the time limit of free redemption, we must give them this opportunity."

"In addition, after the net value of the fund is ex-rights, the scale is reduced, and in the face of the doubling of the scale of funds, our strategy in operation will be relatively flexible, and it will be much easier to re-cross the threshold of 2.0 annual fund net value growth than in the case of large volumes."

"So all things considered......"

"Although at this time, for the 'Yuhang No. 1' fund, the net value settlement is not the best time and choice, but in the case of recovering the company's capital flow and motivating employees and investors, it is not bad, not to mention how much potential profit loss."

"Okay!" Li Meng said, "Since you have no will, then do it." ”

"But ......"

Li Mengmeng thought for a while, and said: "According to the rules of quarterly performance disclosure and position disclosure formulated before, today is the day of our fund performance disclosure and position disclosure, there is no controversy in the 'Yuhang No. 2' fund, we can disclose it truthfully, but the 'Yuhang No. 1' fund, do we disclose it according to the net value after the ex-rights, or according to the net value before the ex-rights?" ”

"Naturally, it is before the net worth is ex-rights." Su Yu said, "Regarding the net value settlement, we have to notify all the investors who invest in the 'Yuhang No. 1' fund and ask for everyone's opinions before it can be implemented. ”

"Okay!" Li Meng responded.

Then, after glancing at the time, in accordance with the established procedures and rules, the real-time net value and position data of the fund were submitted to all internal investors who invested in the 'Yuhang No. 1' and 'Yuhang No. 2' funds, as well as the regulator of the Asset Management Association.

Immediately after, at 6 p.m.

In the case that Su Yu issued a 'letter to investors' to all investors within the 'Yuhang No. 1' fund, and indicated that it would settle the net value of the 'Yuhang No. 1' fund tomorrow, and open a special free subscription and redemption date, the annual performance of the fund in the industry will be ranked online, and the national private equity fund products and annual performance rankings will be refreshed in real time.

I saw that all eyes were on it.

The first "Yuhang No. 1" fund product, from the net value of 10.02 when disclosed on September 20, jumped to 19.67, with an annual profit of 1967%, and at the same time, with the "Yuhang No. 1" fund, which is the same series and was established for only 2 months, the "Yuhang No. 2" fund product was also squeezed into the top ten positions of the annual private equity product performance list at this moment, with a disclosed performance of 1.51 and an annual profit of 51.23%, ranking below the "Zexi No. 1" fund product.

"Damn, am I dazzled? The net value is 19.67, and the annual profit is 1967%! ”

Seeing the annual performance ranking of fund products in the industry refreshed as promised, some fund managers in the industry stared at each other and couldn't believe it.

And at the same time.

Yanjing, Modu, Shenshi, Yuezhou, Yuhang, Jinling...... and other major financial centers in major cities across the country.

Countless large institutions, fund companies, and well-known investors are staring at this just-refreshed annual performance ranking of domestic private equity fund products, and they are also shocked beyond measure, feeling that the three views have been subverted.

"In half a year, from 400 million to 7.873 billion, this guy ...... Is it human? "Shenzhen market, Xinniu Fund Company, general manager Liu Xin was simply stunned, "There is no leverage, and the macro conditions are not a comprehensive bull market, it's just that the stock gods are not so bullish!" ”

Fang Xinsheng, who was standing next to Liu Xin, was also extremely shocked when he saw the annual performance of 'Yuhang No. 1', but he didn't expect it, so he smiled bitterly, and only sighed 'People are better than people, and they can be angry to death'.

He thinks he has no shortage of trading talent and ability.

Before the fund product 'Yuhang No. 1' was born, the 'Manniu No. 1' he managed was also ranked first in the annual performance of domestic private equity fund products.

It's a pity, the contrast of 'both Shengyu and He Shengliang'.

Before he made such a performance, he really had no heart at all.

Similarly, in the magic capital, inside Zexi Investment, in the trading room, Xu Shen stared at the 'Yuhang No. 1' fund product that disclosed its performance and positions again, and was so shocked that he almost stood up from the chair, and had to admire: "In the case of not borrowing any leverage, in half a year, the scale of 100 million funds is more than 100 million, and the profit myth of 20 times is really a legend that has to be served in the industry!" ”

"Damn, this is terrifying." On Xu Shen's side, Zhou Kan slowed down for a while before coming back to his senses, "The profits of the entire market have really been made by him alone, and there are rumors in the market that this guy is a 'humanoid money printing machine', I see...... The money printing machine doesn't print money as fast as he makes money. ”

"The key 'Yuhang No. 2' fund, which has only been established for 2 months, has also squeezed into the top ten in the annual performance of fund products in the industry." Xu Shen sighed, "His personal profitability is almost comparable to that of a Fortune 500 company, which is really ...... What a real genius in trading! ”

His research on the stock market and his personal spirit are very strong.

There are also very few people in the industry who admire.

However, Su Yu, who was born this year, whether it was Yanjing's offline meeting or the current performance, he had to be convinced from the bottom of his heart, and he was ashamed!

At the same moment, Yanjing, inside Anlan Fund, in the trading room.

Xie Wanting was also shocked in her heart after seeing the fully disclosed performance of the 'Yuhang No. 1' and 'Yuhang No. 2' funds, and her face showed a completely unexpected look.

"The scale of 100 million funds started, and the profit was 20 times in half a year." Xie Wanting's mind crossed the scene when she met Su Yu in Yanjing, turned her head to look at her teacher Zhou Guohua, and asked, "Since the development of the domestic fund industry, whether it is a public fund or a private fund, such a product management performance should be unique, right?" ”

Zhou Guohua stared at the performance, as well as the position data of the 'Yuhang First Series' fund, which has no reference now, and came back to his senses, and had to admit: "It is indeed the only one, even if you look abroad, it is limited to stock market investment, starting with 100 million funds, and does not add any leverage, such performance is probably the only one." ”

"Look at it this way...... This guy is really amazing! Xie Wanting said with emotion.

At the same time, for some reason, she faintly felt that there was no loss in her heart, but there was a trace of joy for the other party.

Similarly, Yanjing, the proprietary investment strategy department of CEFC Securities, the proprietary investment strategy department of Huashang Securities, the proprietary investment department of Huajin and Huijin, as well as many regulators who pay attention to the market of the Asset Management Association, many regulators within the China Securities Regulatory Commission, and even many domestic financial bigwigs who are hidden behind the scenes, or have achieved fame or retreated to the second line.

At this moment, the performance of the two main funds disclosed by the 'Yuhang Investment' company, and even the position data.

Inside, they are all shocked.

Of course, in the domestic capital industry, the vast number of retail investor groups, as well as the business community and other circles that are interested in fund investment.

The performance report of the 'Yuhang No. 1' fund is also like a bombshell.

The explosion made people's hearts tingle, and then their eyes lit up.

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