交银施罗德基金：“瑞和三年持有”跑输业绩基准超20个百分点，投研风控是否存漏洞？

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of prioritizing investor interests in the mutual fund industry, urging firms to shift focus from scale to investor returns, as highlighted by the underperformance of several funds under China Merchants Shekou Fund Management [1][9]. Fund Performance Summary - The fund "Jiaoyin Ruihe Three-Year Holding Mixed Fund," established in March 2022, has seen a cumulative net value decline of 28.86% since inception, significantly underperforming its benchmark by over 20 percentage points [2][9]. - As of May 26, 2025, the fund's net value has dropped by 4.24% in 2025, continuing its trend of underperformance against the benchmark [5]. Fund Composition and Strategy - As of the end of Q1 2025, the fund's total assets were approximately 2.613 billion yuan, with a significant increase in stock holdings, which rose to 93.39% of total assets from 72.49% at the end of Q4 2024 [6]. - The fund manager, He Shuai, has shifted the fund's focus from a heavy allocation in the pharmaceutical sector (over 50% at the end of 2023) to increased investments in the power equipment and banking sectors in 2024 [6]. Top Holdings - The top holdings of the fund as of Q1 2025 include: - Samsung Medical (9.37% of net asset value) - Tencent Holdings (9.10%) - Focus Media (6.98%) - WuXi AppTec (6.22%) - Alibaba (6.05%) - CATL (5.76%) [7][8]. Broader Fund Performance Context - Research indicates that multiple funds under China Merchants Shekou Fund Management have also underperformed their benchmarks by over 20 percentage points over the past three years, raising questions about the investment and risk control strategies employed by the firm [9][12].