The largest public offering fund product in the market has undergone a change of fund manager, and Wang Dengfeng, who has been managing the product for 10 years, resigned. On September 9, Tianhong Fund Management Co., Ltd. (referred to as "Celestica Fund") announced that fund manager Wang Dengfeng resigned from Tianhong Yu'e Bao Money Market Fund (referred to as "Celestica Yu'e Bao") due to personal reasons, and the fund is currently jointly managed by three fund managers Liu Ying, Wang Changjun, and Tian Yao.
In addition, the announcement on September 9 also showed that Wang Dengfeng also resigned from the remaining three fund products this time, namely Tianhong Hongyunbao Money Market Fund, Tianhong Yunshangbao Money Market Fund, and Tianhong Cash Butler Money Market Fund. The above three funds were managed by Li Chen and Tian Yao, Liu Ying and Li Yichun, and Liu Ying, Li Chen and Li Yichun respectively.
According to Wind data, Wang Dengfeng currently has no fund products under management, and all six previous fund products have resigned.
Tianhong Fund insiders said that Tianhong Yu’ebao has been jointly managed by multiple fund managers since 2021, and changes in fund managers have become a common phenomenon in the industry. At present, the management of Tianhong Yu'e Bao is not affected and everything is operating normally.
It is worth mentioning that 2023 is the tenth anniversary of the launch of Tianhong Yu’e Bao. Tianhong Yu’e Bao has earned a cumulative profit of more than 254.2 billion yuan for the basic citizens. As of press time, the topic "Are you still buying Yu'ebao?" has topped the Weibo hot search list.
Public information shows that on May 29, 2013, Celestica Zenglibao Money Market Fund was raised and established (later renamed "Celestica Yu'e Bao"); on June 13 of the same year, Celestica Yu'e Bao was launched on Alipay, becoming the first domestic Internet fund. The product grew rapidly after its launch, and then took the initiative to control the scale in 2018.
Tiantian Fund Network shows that Wang Dengfeng has managed Tianhong Yu'ebao since May 29, 2013, and is the first fund manager of the fund. During this period, the return of his tenure was 29.67%; and from June 9, 2021, Tianhong Yu'ebao will be managed by Tiantian Fund. Wang Dengfeng, Liu Ying, and Wang Changjun are jointly managed, with a tenure return of 3.66%; from June 7, 2023 to September 8, 2023, the above-mentioned fund products added a new fund manager Tian Yao, with a tenure return of 0.43%.
According to the semi-annual report, as of June 30, 2023, the scale of Tianhong Yu'e Bao was 674.673 billion yuan, ranking first in the entire market. At the same time, judging from the profit data, Tianhong Yu'ebao earned a total of 6.278 billion yuan for holders in the first half of the year, and it is also the only public offering product in the market with a profit of more than 6 billion yuan.
From the perspective of performance performance, Wind data shows that as of September 8, 2023, the seven-day annualized rate of return of Tianhong Yu'e Bao currency was 1.58%, and the annual rate of return was 1.23%, slightly underperforming the performance benchmark (1.31%) in the same period, ranking 600/775 in the same category.
Official website information shows that Tianhong Fund was established on November 8, 2004. It is one of the national public fund management companies approved by the China Securities Regulatory Commission, with a current registered capital of 514.3 million yuan. The company currently has 8 shareholders, of which Ant Technology Group Co., Ltd. holds 51.0%, Tianjin Trust Co., Ltd. holds 16.8%, Inner Mongolia Junzheng Energy and Chemical Group Co., Ltd. holds 15.6%, Wuhu High-tech Investment Co., Ltd. holds 5.6%, and Xinjiang Tianju Chenxing Equity Investment Partnership (Limited Partnership), Xinjiang Tianrui Bofeng Equity Investment Partnership (Limited Partnership), Xinjiang Tianhui Xinmeng Equity Investment Partnership (Limited Partnership) and Xinjiang Tianfu Hengji Equity Investment Partnership (Limited Partnership) are employee shareholding platforms, with a total shareholding of 11%.
Tianxiang data shows that as of the end of the second quarter of 2023, the management scale of Tianhong Fund (including the estimated size of sub-new funds) is 1.103032 billion yuan, ranking fifth.
According to data from the semi-annual report of shareholders of listed companies, Tianhong Fund achieved a net profit of 754 million yuan in the first half of 2023, a decrease of 4.18% compared with the same period last year.
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