同泰大健康主题混合等三年收益不佳，基金经理或被降薪 公司主动权益产品业绩分化，部分规模迷你

Core Viewpoint - The China Securities Investment Fund Industry Association has revised the "Performance Assessment Management Guidelines for Fund Management Companies (Draft for Comments)," which stipulates that fund managers of actively managed equity funds with poor performance for three consecutive years may face a salary reduction of 30% [1] Group 1: Performance Assessment Guidelines - The new guidelines establish a tiered performance salary adjustment mechanism, where if the performance of actively managed equity products falls below the benchmark by more than 10 percentage points over three years and the fund's profit margin is negative, the performance salary should decrease significantly, with a reduction of no less than 30% [1] - If the performance is below the benchmark by more than 10 percentage points but the fund's profit margin is positive, the performance salary should still decrease [1] Group 2: Fund Performance Issues - The "personal system" public fund company Tongtai Fund has several actively managed equity funds facing issues such as small scale and performance divergence, with multiple funds underperforming their benchmarks over the past three years [1] - Data shows that among Tongtai Fund's actively managed equity funds, half of the products have seen a decline in net value over the last three years, with nine products underperforming their benchmarks [2] Group 3: Specific Fund Performance - Tongtai Kaitai Mixed A has seen a net value decline of over 28% in the last three years, underperforming its benchmark by nearly 41 percentage points [3] - Tongtai Huaying Mixed A has experienced a net value drop of over 13%, underperforming its benchmark by nearly 27 percentage points [3] - The fund manager Wang Xiu has been in charge for just under two years, and the previous manager Yang Zhe has moved to another fund company, which may indicate a larger responsibility for the poor performance [3] Group 4: Fund Management Scale and Ranking - Tongtai Fund, established in October 2018, is the 14th "personal system" public fund company in China, with a total management scale of 4.728 billion yuan as of the end of the third quarter of 2025, ranking 143rd among public fund institutions [5] - The company manages 22 products, with five stock funds totaling 458 million yuan and nine mixed funds totaling 1.043 billion yuan, accounting for over 30% of its total management scale [5] - Several funds, including Tongtai Huaying Mixed and Tongtai Huizhe Mixed, have scales below 50 million yuan, approaching the liquidation threshold [5]