合远基金三年高开低走，最新规模跌破百亿，多只产品亏超20%

Core Viewpoint - A well-known subjective private equity fund, Heyuan Fund, founded by prominent investor Guan Huayu, has seen a significant decline in its management scale, dropping from over 10 billion to between 5 billion and 10 billion [2] Company Overview - Heyuan Fund was established in March 2022 and completed registration in May of the same year. Guan Huayu has a rich background in investment management, having held various positions in notable firms before founding Heyuan Fund [2] - Guan Huayu holds 67% of Heyuan Fund's shares, with other shareholders having smaller stakes, and many of them previously worked at Shanghai Tongyuan Investment [2] Performance Analysis - Despite a strong start, Heyuan Fund has experienced a "high opening and low running" trajectory, with its products showing cumulative losses of 23% to 25% since their inception in July 2022 [4] - For instance, the "Heyuan Haomai Yuhong Phase 1" product has seen a cumulative loss rate of 24.68% as of June 30, 2023, despite a brief recovery in net value [4] Market Trends - The frequency of new product launches by Heyuan Fund has significantly decreased after an initial surge, with 91.57% of its 83 registered products launched between June and December 2022 [5] - The broader market for subjective private equity funds has seen a decline, with the number of non-quantitative billion-yuan private equity funds dropping from 86 to 47 between February 2022 and May 2023 [5] Industry Insights - Industry experts suggest that the recent market has been characterized by structural trends, leading to frequent changes in market styles and hotspots. This volatility can heavily impact subjective private equity funds that rely on the judgment of core fund managers [6] - Many private equity firms experienced significant growth in management scale around 2021 and 2022, but if their research and investment capabilities do not keep pace, it can adversely affect future investment decisions [6]