管理费率偏高成“拖累”？富国基金王保合管理规模三年缩水超59%

Core Viewpoint - The recent appointment of Miao Fu as a fund manager for two quantitative stock selection funds by the company reflects an attempt to revitalize fund performance amid declining assets under management and investor redemptions [1][4]. Fund Manager Overview - Wang Baohe, a seasoned fund manager with extensive experience in quantitative investment, has been managing multiple funds since 2006, including both passive index and active management products [1][3]. - His management of the "Fuguo CSI 300 ETF" and "Fuguo CSI 300 ETF Connect" has yielded returns of 89.42% and 77.17% respectively since March 2011, showcasing his capability in managing passive index funds [3]. Fund Performance and Asset Management - The two newly appointed funds, "Fuguo Zhi Hong Quantitative Stock Selection" and "Fuguo Zhi Hang Quantitative Stock Selection," have recorded cumulative returns of 9.79% and 13.12% since their inception in 2023, ranking them in the middle tier among similar products [4]. - However, these funds have seen significant reductions in their asset sizes, with "Fuguo Zhi Hong" and "Fuguo Zhi Hang" shrinking by 87.47% and 87.78% respectively from their initial sizes [4]. Challenges in Active Management - Wang Baohe's transition to active management has not met expectations, as evidenced by continuous outflows from his actively managed products, leading to a decline in total assets under management from 194.94 billion to 107.58 billion, a drop of 44.84% [5][4]. - The only mixed equity fund managed by Wang has also experienced a drastic reduction in size, down 96.51% since its inception, with a modest cumulative return of only 0.37% [4]. Fee Structure and Market Competitiveness - The management fee rates for Wang's funds are relatively high, with many equity funds charging 1.2%, which may deter investors in a market where lower fees are becoming the norm [10][12]. - The "Fuguo CSI 300 ETF," despite its strong performance, has seen significant outflows attributed to its higher management fee of 0.5%, compared to the market average [10][12]. Market Trends and Recommendations - The recent trend in the market has seen many fund companies reducing management fees, which has impacted the competitiveness of Wang's funds that have not adjusted their fee structures [12][13]. - The company needs to reassess its fee strategy to retain investor interest and compete effectively in the current market landscape [13].