3年巨亏约47％！浦银安盛“首席权益投资官”产品净值腰斩

Core Viewpoint - The public fund industry is undergoing a performance benchmark reform, with significant attention on the poor performance of several equity products managed by Puyin Ansheng Fund, particularly under the leadership of Chief Equity Investment Officer Jiang Jialiang [2][3]. Performance Analysis - As of Q1 2025, Jiang Jialiang's managed fund, Puyin Ansheng Quality Selection A, has seen a net value decline of 46.75% over the past three years, while its benchmark has only increased by 0.46%, resulting in a deviation of 47.21 percentage points [3]. - Data from Tian Tian Fund shows that as of May 21, 2025, Puyin Ansheng Quality Selection A ranks at the bottom among similar products for both three-year and two-year performance, with a cumulative loss of 52.53% since inception [3]. Fund Management Issues - The fund has faced repeated investment decision errors, such as sticking to the electric vehicle sector during a valuation drop in 2022 and missing out on the AI market in 2023, indicating systemic flaws in the investment research framework [5]. - Out of the 12 products managed by Jiang Jialiang, 11 have negative returns, with Puyin Ansheng Quality Selection Mixed A showing a return of -36.43% and Puyin Ansheng Value Growth Mixed A at -19.19% [6]. Fee Structure Concerns - Despite the poor performance, high management fees continue to be charged. For instance, Puyin Ansheng Quality Selection Mixed A collected management fees of 10.16 million yuan in 2024, despite a decline in value [6]. Governance and Internal Challenges - The fund is also facing governance challenges, including a leadership change with the departure of Chairman Xie Wei and Vice President Li Hongyu, alongside a past incident involving a former fund manager being penalized for misconduct [8]. - As of Q1 2025, Puyin Ansheng's public fund scale is 356.2 billion yuan, ranking 28th in the industry, but 19 products are below the 50 million yuan liquidation threshold, with five below 16 million yuan [8]. Industry Context - The recent emphasis by the China Securities Regulatory Commission on stricter performance deviation regulations may compel fund companies to optimize their assessment mechanisms, prioritizing investor interests [9]. - The challenges faced by Puyin Ansheng highlight broader issues within bank-affiliated public funds, including a reliance on traditional fixed-income products and internal constraints on talent retention and brand perception [9].