创金合信产业智选混合A三年跑输基准49% 基金经理李游面临降薪压力

Group 1 - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, establishing a performance-based compensation mechanism for fund managers linked to long-term performance [1] - If a fund manager's product underperforms the benchmark by more than 10 percentage points over three years, their performance compensation will be significantly reduced; conversely, if they outperform the benchmark, their compensation may be increased [1] Group 2 - According to Choice data, among funds with a scale greater than 1 billion and established for over three years, 356 funds have underperformed their benchmarks by 10% over the past three years, involving 265 fund managers and 61 fund companies [2] - The fund "Chuangjin Hexin Industry Select Mixed A" has a cumulative return of -47.19% over the past three years, significantly underperforming its benchmark by approximately -49.17% [2][4] - The fund manager, Li You, has managed a total scale of 1.847 billion, but has delivered a return of -57.71% during his tenure, which is significantly below market and peer performance [4][10] Group 3 - The fund's investment strategy has been aggressive, maintaining a stock position of over 90%, with a heavy concentration in the power equipment, electronics, and machinery sectors, where the top ten holdings account for approximately 27%-47% [4][9] - The fund's holdings have seen a shift, with a slight decrease in the proportion of major holdings like Ningde Times, while semiconductor companies like Zhongxin International have gained prominence [6][9] - The fund's turnover rate has increased significantly, reaching a peak of 332.86% in the 2024 report, indicating a shift in investment strategy amidst market volatility [8][9] Group 4 - Li You's investment logic is based on tracking industry trends but has failed to mitigate risks associated with industry downturns, as evidenced by misjudgments in the solar energy sector [11] - The fund has recently increased its allocation to the AI sector, focusing on AI computing, humanoid robots, and smart driving, aiming to capitalize on opportunities in advanced manufacturing driven by policy incentives [11]