Venture(US:VEMLY) Xin Lang Cai Jing·2025-12-15 06:43Core Viewpoint - The recent reform in the fund industry emphasizes performance, leading to potential salary reductions for nearly a thousand fund managers if their products underperform significantly against benchmarks over the past three years [1][10]. Fund Performance and Manager Changes - According to new regulations from the Asset Management Association of China, fund managers whose products have returns below the benchmark by more than 10 percentage points and have negative profit margins will see their performance-based compensation reduced by at least 30% [1][10]. - Chen Liang, the manager of four funds at Zhongyou Chuangye Fund, has shown significant negative excess returns over the past three years, with his funds underperforming their benchmarks by substantial margins [10][12]. - Specifically, Zhongyou Kexin Growth A has underperformed its benchmark by 42.48%, with a fund size of 2.256 billion yuan; Zhongyou Energy Innovation A has underperformed by 37.45%, with a size of 103 million yuan; Zhongyou Kexin Preferred A has underperformed by 36.77%, with a size of 800 million yuan; and Zhongyou Kexin Theme A has underperformed by 24.95%, with a size of 301 million yuan [12][10]. Fund Holdings and Investment Strategy - Zhongyou Kexin Preferred A exhibits a diversified portfolio, with its top ten holdings spread across various traditional industries, and individual stock holdings generally around 2%, with the highest being Ping An Insurance at 2.34% [3][12]. - In contrast, Zhongyou Kexin Growth A shows a more concentrated investment strategy, with its top ten holdings primarily consisting of bank stocks, including Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications [5][13]. Manager Background and Performance Metrics - Chen Liang has over 11 years of experience in investment management and has managed 12 funds, currently overseeing four, all within the same company, making him a typical "long-distance runner" in the industry [7][15]. - His total return as a fund manager stands at 55.04%, with an annualized return of 3.92%, which is significantly lower than the total return of the CSI 300 benchmark at 103.49% and its annualized return of 6.43% [9][17]. - Over the past three years, Chen's performance has yielded a return of -21.34%, which is markedly below the benchmark, and this gap has widened recently, with a year-to-date return of -2.73% compared to the benchmark's 15.69% [17].