睿远基金七年路：长期价值投资面临四大挑战

Core Insights - Ruiyuan Fund, established in 2018, has only launched 5 funds, which is relatively unique in the industry [1] - The fund has faced disappointing performance, with negative investment returns for three consecutive years from 2022 to 2024, totaling -46.34 billion, -48.83 billion, and -55.68 billion respectively [1] - Despite a turnaround in net profit to 31.8 billion in 2024, previous significant losses have raised investor concerns [1] Fund Performance - The two earliest funds, Ruiyuan Growth Value Mixed and Ruiyuan Balanced Value Three-Year Holding Mixed, account for over 60% of the total fund size but have underperformed the market [2] - Both funds have experienced net redemptions since the end of 2023, indicating investor pessimism about their future performance [2] - Management fees for Ruiyuan Fund exceeded 1.8 billion from 2022 to 2024, raising questions about the proportionality of fees to returns [2] Management and Strategy - Founders Chen Guangming and current general manager Rao Gang have extensive backgrounds but have not translated this into better performance [3] - The fund's investment strategy may require deeper reflection and improvement to regain investor confidence [5] Asset Allocation - The primary industry allocation for Ruiyuan Fund is manufacturing, with significant overlap in top holdings across multiple funds, which may increase risk exposure [5] - The top holdings include major companies like Tencent Holdings, China Mobile, and Ningde Times, indicating a concentrated investment strategy [4]