Core Viewpoint - The Eastern High-end Manufacturing Mixed Fund is facing severe performance issues, leading to attempts to modify contract termination clauses to avoid liquidation, which has been perceived as a "shell protection" strategy by the fund manager [2][3]. Fund Performance and Management - The fund was launched in November 2022 with a meager fundraising of 228 million yuan, and within three days of establishment, its net value fell below face value, marking a rare "opening black" record in the industry [3]. - As of May 21, 2025, the fund's net asset value has been below 50 million yuan for 45 consecutive working days, triggering the 13th warning for liquidation since its inception [3]. - The fund manager, Li Rui, has a strong academic background but has struggled to deliver positive results, with the fund's management scale shrinking from 22.44 billion yuan at its peak in 2021 to 8.065 billion yuan by the second quarter of 2025 [6]. Trading Strategy and Costs - The fund's trading strategy has been criticized for its high turnover rate of 2283% in 2024, resulting in 1.02 million yuan in trading commissions, which is nearly double the management fee, yet this strategy has not improved performance [5]. - Despite the poor performance, the fund manager launched the Eastern Low Carbon Economy Mixed Fund in March 2025, which has only seen a net value increase of 1.91% over three months, ranking 4405 out of 4642 in its category [9]. Recent Developments - In response to performance pressures, Li Rui increased his engagement with listed companies, participating in nine research activities between May and June 2025, compared to only five in the entire year of 2024 [11]. - The fund's scale has dropped below 50 million yuan, and despite a recent 0.22% rebound in one month, it remains insufficient for investors who are facing losses of 30% [11].
13次预警后再改合同?东方基金800万自购与李瑞突击调研能否保壳
Sou Hu Cai Jing·2025-07-24 04:45