新能源神话破灭？赵诣掌舵泉果旭源三年亏损25%或成“降薪候选”

Core Insights - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting the high-quality development of public funds, linking fund manager compensation directly to long-term performance, with penalties for underperformance exceeding 10% against benchmarks [1][10] - The new regulations highlight the significant performance disparity among fund managers, with 24 out of 111 managers managing over 10 billion yuan in assets facing potential salary cuts due to poor performance, while 38 managers are expected to benefit from the new rules [1] Fund Manager Performance - Among the 111 fund managers with over 10 billion yuan in assets, 45 underperformed the benchmark, with 24 of them lagging by more than 10% [1][2] - Notable underperformers include Zhao Yi from Quan Guo Fund, whose products have seen a return of -25.4%, significantly underperforming the benchmark by 25 percentage points [3][5] Zhao Yi's Career Trajectory - Zhao Yi gained prominence in 2020 with exceptional returns from his funds focused on the new energy sector, achieving over 130% returns [3][5] - After leaving his previous firm, he joined Quan Guo Fund in 2022, but his first product underperformed expectations, with a net value drop of 25.87% in 2023, compared to a 11.38% decline in the benchmark [5][10] Investment Strategy and Focus - Zhao Yi's current investment strategy focuses on sectors such as high-end manufacturing, renewable energy, and AI-related companies, with significant holdings in leading stocks like Ningde Times and Tencent [6][8] - The top ten holdings in his fund account for 66.64% of the net value, indicating a concentrated investment approach [8] Industry Implications - The new regulations are seen as a move to realign the industry with its core asset management principles, emphasizing the importance of long-term performance for fund managers [10] - The challenges faced by Zhao Yi reflect broader issues within the industry regarding maintaining excess returns amid market fluctuations and the pressures of transitioning to new strategies [10]