东兴基金人事变动下的权益救赎：孙继青回归能否激活“迷你基”困局？

Core Viewpoint - Dongxing Fund has appointed Sun Jiqing as the new manager of the Dongxing Reform Selected Mixed Fund, following the departure of the previous manager, Kang Kai, due to personal reasons. This change has drawn attention to the fund's long-term underperformance since its inception in 2015, with a cumulative loss of 21% and a current scale of less than 2 million yuan, categorizing it as a "mini fund" [1][9]. Group 1 - Sun Jiqing's return marks his second tenure as the fund manager after a one-year hiatus, raising questions about the fund's long-term competitiveness despite a recent net value increase of 3.78% in the first quarter of 2025 [1][3]. - The fund has faced significant challenges in recent years, with a return of -28.1% in 2022 and -17% in 2023, trailing its performance benchmark by 12.7 percentage points in 2024 [3]. - Dongxing Fund has recently received approval from the China Securities Regulatory Commission for Huijin Company to become its actual controller, indicating a significant shift in the fund's governance structure [1][9]. Group 2 - Sun Jiqing has a background in research and investment management, having started his career in 2007 and previously managed several funds before his hiatus from equity product management [3]. - The fund's investment strategy has historically focused on stocks benefiting from comprehensive reform, but it has struggled to adapt to changing market styles, leading to poor performance [3]. - Dongxing Fund is currently facing a reduction in management scale, with a total of 358.3 billion yuan as of the first quarter of 2025, down nearly 21% from the previous quarter [9][11].