Jia Chengdong changed his family, and Shen Wanling believed that “senior officials were generous” to accept cadres and generals

Blue Whale News, March 6 (Reporter Ao Yulian)After leaving China Merchants Fund, Jia Chengdong joined Shenwan Lingxin Fund as deputy general manager.

On March 6, Shenwan Lingxin Fund announced a change in the company’s senior management: Jia Chengdong served as the company’s deputy general manager. This change in position has been reviewed and approved by the company’s board of directors and will be filed with the regulatory authorities. It is understood that Jia Chengdong will serve as the deputy general manager in charge of investment research, and Fu Juan, the company’s investment research director, will report directly to him.

Three days ago, on March 3, Jia Chengdong also took over Shen Wan Lingxin New Power and co-managed it with young fund manager Gong Xiao. This fund was established at the end of 2005 with a scale of 1 billion yuan. It is a product of Shenwan Lingxin’s establishment years and scale.

He first took over the fund, and then announced the deputy president. After experiencing the turmoil of the departure of China Merchants Fund, Jia Chengdong officially returned.

According to public information, Jia Chengdong joined Cathay Pacific Fund in 2008 and served as a macro strategy researcher and fund manager. In 2015, General Manager Jin Xu left Guotai Fund and joined China Merchants Fund. Investment research officers such as Sha Yan and Jia Chengdong also moved to China Merchants. When attracting investment, Jia Chengdong’s management scale was close to 18 billion yuan, and his long-term return was among the best and was widely praised in the industry. Take the selection of investment promotion industries, which he has managed for the longest time, as an example. He took over at the end of 2016 and stepped down in mid-2024, with an annualized return of 15.45%, ranking among the top 3% of its kind.

In June 2024, Jia Chengdong cleared the five funds under management, with a total scale of 8.4 billion yuan, signaling his resignation. At that time, China Merchants Fund stated that he would continue to hold a management position, namely, the professional director of the four investment departments. The official website of the China Foundation Association shows that Jia Chengdong left the China Merchants Fund in October 2024.

Born as a macro researcher, Jia Chengdong’s investment framework is driven by the prosperity of Zhongguan. He first looks for industries with prosperity, and then finds high-quality leading stocks among them. He has a high tolerance for valuation. Judging from his past shareholding, he usually chooses 2-3 industries to diversify his investment and make industry rotation based on changes in prosperity. For example, at the end of 2022, we will allocate more consumption and reduce our holdings of bank shares; at the beginning of 2023, we will allocate more TMT, and in mid-2023, we will deploy high dividends and buy back bank shares.

This kind of stock selection based on Zhongguan’s prosperity is actually what Fu Juan, Shen Wan Lingxin’s equity director, is doing.

Fu Juan is a representative figure of Shen Wan Lingxin. In mid-2020, she left the Agricultural Bank of China and left behind two equity funds that traveled through cattle and bears and achieved an annualized return of 14%. She turned around and joined Shen Wan Lingxin as the head of the company’s equity investment department. Currently, she manages 7 equity funds with a total scale of 3.486 billion yuan, accounting for 40% of the company’s active equity scale. Fu Juan and Jia Chengdong’s investment frameworks are similar. They both start from the perspective of moderate prosperity, focus on high-prosperity industries and companies, and make appropriate sector rotation.

However, in the last bear market, Fu Juan’s fund net worth dropped significantly (performance in the past three years-17.30%), while Jia Chengdong’s net worth rose against the trend (8.44% in the past three years). The main reason may be that Jia Chengdong is selecting stocks in the entire sector, while Fu Juan mainly selects stocks in the growth sector. The main positions in the bear market are still concentrated in medicine, technology, and consumption. Since the beginning of the New Year, the growth style has ushered in a downwind, and Fu Juan’s income during the year has reached 10%.

Shenwan Lingxin Fund was established in 2004 and is one of the oldest public offerings in Shanghai. Graded funds were once the company’s key business. During the bull market in 2015, benefiting from graded funds, the company’s scale soared to 102.5 billion yuan, which is also the highest scale since the company’s establishment. As graded funds withdraw from the historical stage, the company’s stock investment has fallen into a dilemma. At the end of 2024, the company’s public offering management scale was 85.4 billion yuan, of which fixed-income funds (debt-based + commodity-based) accounted for 74%, and equity funds accounted for 26%.