Winning Health(SZ:300253) Sou Hu Cai Jing·2025-05-29 05:55Core Viewpoint - The first innovative floating fee rate product from China Merchants Fund, named "China Merchants Value Select Mixed Securities Investment Fund," has been approved and is set to launch on June 4, 2025, aiming to align the interests of fund managers and investors through a performance-linked fee structure [2]. Fee Structure - The management fee for the fund is structured in three tiers: - 1.50% per year if the annualized return exceeds the benchmark return by 6% or more - 0.60% per year if the return falls below the benchmark by 3% or more - 1.20% per year for all other scenarios - This model breaks away from traditional fixed management fees, incentivizing fund managers to pursue excess returns and encouraging long-term investment by reducing short-term trading volatility [3]. Fund Management - The fund will be managed by Zhu Hongyu, who has 18 years of investment research experience and is currently the Chief Research Officer at China Merchants Fund. His management scale peaked at 11.978 billion yuan in 2023 but decreased to 5.08 billion yuan by May 2025 due to market adjustments and underperformance of certain products [3]. Historical Performance - Zhu Hongyu's previous funds include "China Merchants Core Competitiveness A," which achieved a return of 45.75% since its inception, and "China Merchants Social Responsibility A," which reported a loss of 2.29% over two years [4]. - The fund manager faced controversy for heavily investing in Weining Health, which saw a significant drop in stock price after the company's chairman was placed under investigation, leading to a 31% decline in one month [5].