基民破防了！财通基金金梓才业绩闪电“打脸”，昔日冠军跌落谷底

Core Insights - The article highlights the significant decline in the performance of funds managed by Jin Zicai of Caitong Fund, with all 13 funds under his management ranking in the bottom ten of their categories as of April 30, 2025 [2][6][10] - Jin Zicai's previous success in 2024, where his fund achieved a net return of 48.62%, has sharply contrasted with the current year's performance, where funds have recorded losses exceeding 22% [2][4][6] - The phenomenon of "champion curse" in the mutual fund industry is discussed, indicating that funds that perform well in one period often struggle in subsequent periods, with many top-performing funds from previous years experiencing significant downturns [3][4] Fund Performance - As of April 30, 2025, Jin Zicai's funds have all recorded negative returns, with the worst performers being Caitong Growth Preferred A/C, which saw returns of -22.89% and -22.97%, ranking 2326th and 2328th out of 2331 similar products [6][10] - Caitong's other funds, such as Caitong Value Momentum A and Caitong Smart Growth A/C, also performed poorly, with returns of -23.38% and -23.57%, placing them at the bottom of their respective categories [6][10] - The overall average return for Caitong Fund's products was -3.72%, with 47 out of 97 products showing negative returns [11] Fund Management Strategy - Jin Zicai's investment strategy underwent a significant shift in 2025, where he reduced exposure to overseas computing power stocks and increased allocation to domestic computing power stocks, which ultimately did not yield the expected results [12][13] - The concentration of holdings in his funds is notably high, with the top ten holdings in Caitong Growth Preferred A having a concentration of 64.88%, significantly above the industry average of 37.75% [14] - The article suggests that the reliance on Jin Zicai's personal investment style has exposed weaknesses in Caitong Fund's research and investment framework, leading to a lack of stability in fund performance [14] Fund Size and Market Impact - The decline in fund performance has led to a reduction in the assets under management, with eight out of thirteen funds experiencing a decrease in size, including a 37.84% drop in Caitong Growth Preferred A [10] - Caitong Fund's total assets under management have decreased by 32.91% from the previous year, dropping to 678.57 billion yuan [10] - The article emphasizes the broader implications of these performance issues on investor confidence and the overall market perception of Caitong Fund [10][11]