Core Viewpoint - The performance of GF Fund has come under scrutiny due to poor results, imbalanced incentive mechanisms, and strategic adjustment risks, raising concerns among investors and the market [2][8]. Group 1: Business Strategy and Market Position - GF Fund has recently added seven new primary dealers, including UBS Securities and CICC, signaling a strategic adjustment in its business operations [2]. - The increase in primary dealers can enhance ETF liquidity and reduce bid-ask spreads, with data indicating that a 20% increase in dealers can narrow spreads by 10-15 basis points [2]. - However, the choice to partner primarily with small and medium-sized brokerages raises concerns about their ability to provide liquidity during market volatility [3]. Group 2: Performance and Management Challenges - GF Fund's performance has been disappointing, with 66 actively managed equity products underperforming their benchmarks by over 10% in the past three years, affecting several high-profile fund managers [3][4]. - The relationship between GF Fund and its controlling shareholder, GF Securities, is deeply intertwined, with GF Securities holding 54.53% of GF Fund's shares [4]. - GF Securities reported a significant year-on-year revenue increase of 46.3% in Q1 2025, but a 10.2% decline quarter-on-quarter, indicating volatility that could impact GF Fund's resource support [4]. Group 3: Internal Incentive Mechanisms - GF Fund's internal incentive structure has come under fire, with a significant disparity between management bonuses and fund performance, leading to concerns about misalignment of interests between management and investors [5][6]. - The fund's employee stock ownership platform has distributed 6.48 billion yuan in dividends over five years, while the fund itself has incurred losses of 569 billion yuan during the same period [6]. - Regulatory changes have imposed salary cuts on fund managers whose products underperform, but the implementation of these cuts faces challenges in balancing performance and retention of key personnel [4][7]. Group 4: Regulatory and Market Pressures - GF Fund is facing multiple pressures, including the need to adapt to new regulatory requirements, internal governance issues, and the necessity for salary adjustments and product innovation [8]. - The current situation poses a risk not only to GF Fund but also to the overall health of the public fund industry if trust among investors is not restored [8].
当基民为亏损买单时，广发基金管理层正忙着瓜分6亿分红
Sou Hu Cai Jing·2025-07-07 10:04