“三年大考” 折戟：申万菱信年内已清盘6只发起式基金

Group 1 - The core issue highlighted is the automatic termination of two initiated funds if their net asset value falls below 200 million yuan after three years, reflecting a design flaw in the fund structure [5] - The carbon neutrality fund has seen a reduction of over 90% in size since its inception, with a cumulative loss of 43.14%, trailing its performance benchmark by 10.24 percentage points [5] - The pension target fund has returned -0.15% since its establishment, lagging behind its benchmark by 5.3 percentage points, with its size now less than a quarter of its initial value [5] Group 2 - The recent fund liquidations are not isolated incidents, as six initiated funds from the company have been closed this year due to insufficient scale [6] - Currently, 12 out of 16 initiated funds under the company have a combined size below 200 million yuan, indicating a significant issue in product strategy and market performance [6] - Industry experts point out that the limitations of the initiated fund system are evident, emphasizing the need for sustained research support and market cultivation to avoid products becoming "mini funds" [6]