中欧基金9基亏超20%，ETF挂0、刘建平固收思维拖后腿？

Core Viewpoint - China Europe Fund is facing challenges with its expansion strategy and poor performance of some funds, particularly in the context of the growing ETF market and the need for better returns on investment products [1][4]. Fund Performance and Strategy - China Europe Fund has a total management scale of over 620 billion yuan, with 218 fund products, but has not launched any ETF products, missing out on a significant market opportunity [2][6]. - Despite some recovery in fund performance this year, several actively managed equity funds launched at high points have performed poorly, with nine funds losing over 20% since inception [3][9]. - The management fees for these underperforming funds are mostly around 1.2%, with only one fund charging 0.9% [10]. Market Context - The ETF market in China has grown significantly, with total market size increasing from 3.7 trillion yuan at the end of last year to over 5 trillion yuan, making China the largest ETF market in Asia [2]. - The absence of ETF products from China Europe Fund contrasts with other leading firms like E Fund and Huaxia, which have developed extensive ETF product matrices [5][6]. Management and Investment Philosophy - The current strategy under General Manager Liu Jianping appears to be overly focused on fixed income, leading to an imbalance in the fund's product structure, where equity products account for less than one-third of total assets [17]. - There are concerns that Liu Jianping's "fixed income thinking" may be limiting the development of equity business and the ability to compete effectively in the ETF space [15][17]. - The company needs to address how to fill the gap in the ETF market and improve the long-term performance of its actively managed equity funds to regain investor trust [17].