一混合基金亏损启动清算，管理人跟投持仓占比较大

Core Viewpoint - Changjiang Securities (Shanghai) Asset Management Co., Ltd. announced that the Changjiang Era Selected Mixed Fund will enter liquidation on December 1, 2025, due to triggering automatic termination conditions as per the fund contract [1][4]. Fund Performance - As of November 28, 2025, the net value of Class A shares of the fund is only 0.6158 yuan, representing a loss of 38.42% since its establishment nearly three years ago [2][7]. - The fund's total net asset value fell below 200 million yuan, leading to the automatic termination [4][5]. - The fund has shown poor performance over the years, with a cumulative net value of approximately 706.5 million yuan and a total share of about 1.07 billion shares as of September 30, 2025 [7]. Investment Strategy - The fund manager frequently changed the portfolio, with significant adjustments occurring every quarter, which led to underperformance against the benchmark [8][9]. - In 2023, the fund reported a loss of 32.76%, and in 2024, a loss of 17%, while the benchmark achieved a return of 14.11% during the same period [9]. Company Investment - The company invested 100 million yuan at the fund's inception, holding 82.01% of the total shares, which increased to 93.09% by the third quarter of 2025 [10][12]. - The estimated floating loss for the company, based on the current net value, amounts to 38.42 million yuan [10][12].