贾成东转战申万菱信基金“开门黑”？

Core Viewpoint - The performance of renowned fund manager Jia Chengdong at Shenwan Hongyuan Fund has raised concerns among investors, as his recent funds have underperformed significantly in a rising market [1][5]. Group 1: Fund Performance - Since Jia Chengdong joined Shenwan Hongyuan Fund in March 2025, the Shenwan Hongyuan New Power Fund has lost over 7%, underperforming its benchmark by 12 percentage points [2][3]. - Another fund managed by Jia, the Shenwan Hongyuan Industry Selection Fund, has also lost over 5%, trailing its benchmark by more than 9% [2][3]. - The A-share market has seen a strong rally, with the Shanghai Composite Index rising over 7% since June 2025, highlighting the stark contrast in performance [2]. Group 2: Fund Holdings and Market Trends - The Shenwan Hongyuan New Power Fund heavily invested in pet economy stocks, which have collectively plummeted since June, despite being marketed as essential due to aging and single-person demographics [3]. - The price-to-earnings ratio of the pet stock "Guibao Pet" reached 50 times, significantly exceeding the industry average, indicating a disconnect between growth expectations and actual performance [3]. Group 3: Company Challenges - Shenwan Hongyuan Fund has faced multiple fund liquidations in 2025, with two funds recently announced for termination due to struggling below the regulatory threshold of 200 million yuan [5][6]. - This marks the fifth and sixth funds facing liquidation this year, with previous funds also having exited the market due to similar issues [6]. Group 4: Management and Structural Issues - The company's reform efforts under Chairman Chen Xiaosheng, aimed at creating a robust investment research system, have not translated into improved performance, revealing a significant gap between vision and reality [7]. - The talent pool within the company is concerning, with 7 out of 27 fund managers having less than 3 years of experience, and 5 managers overseeing 6 or more funds, leading to potential overextension [8]. - As of June 2025, the company's asset management scale was 82.679 billion yuan, ranking 66th in the industry, a decline from its peak of 102.492 billion yuan in June 2015 [8].