明星基金经理贾成东首战失利，申万菱信公募之路坎坷前行

Core Viewpoint - The recent performance of the fund managed by star fund manager Jia Chengdong has raised concerns, as his first fund at Shenwan Hongyuan Fund has seen a net value loss of 5.24% within two months, disappointing many investors [1][3]. Group 1: Fund Performance - Jia Chengdong's first fund, Shenwan Hongyuan Industry Selection, experienced a maximum drawdown exceeding 8% during its initial period [1]. - The fund's A and C share classes reported losses of 5.24% and 5.32% respectively, significantly underperforming against industry benchmarks [1]. - Another fund managed by Jia, Shenwan Hongyuan New Power, also showed poor performance with A and C share losses of 3.11% and 3.36% respectively [3]. Group 2: Market Reaction and Company Response - The fund's initial launch was met with enthusiasm, raising 1.219 billion yuan and attracting 10,477 subscriptions, but the current performance starkly contrasts this initial success [3]. - Shenwan Hongyuan Fund faced allegations of pressuring employees to subscribe to funds, although the company denied these claims without addressing the reasons for the fund's poor performance [1][5]. - The company has been struggling with declining rankings and management scale, leading to multiple fund closures this year, marking it as the only firm in the industry to experience failed active equity fund launches [5][6]. Group 3: Strategic Challenges - The significant portfolio adjustments in Shenwan Hongyuan New Power did not yield the expected performance improvements, indicating potential issues with investment strategy [5]. - The introduction of Jia Chengdong was seen as a desperate attempt by Shenwan Hongyuan Fund to reverse its declining fortunes, but the results so far have not met expectations [5]. - The company is currently facing a trust crisis and must find new development paths to address these challenges in the current market environment [6].