三年半亏160亿，被告了！国投瑞银明显基金经理塌房
Sou Hu Cai Jing·2025-12-31 06:15

Group 1 - The core issue revolves around the poor performance of the funds managed by Shi Cheng, who is facing a lawsuit from investors despite earning significant management fees [1][5][14] - Shi Cheng has been managing six funds with a total scale of 10.736 billion yuan, but all have underperformed their benchmarks over the past three years [5][14] - The management fees collected from these funds amounted to 750 million yuan from 2022 to mid-2025, despite the funds' poor performance [15] Group 2 - The silver market has seen a dramatic rise, with prices reaching historical highs, benefiting the Guotou Silver LOF fund, which has become the top performer among commodity funds this year [2][3][9] - The Guotou Silver LOF fund experienced significant volatility, including a sharp drop followed by a recovery, indicating a turbulent trading environment [3][6] - The fund's management has taken measures to address the high premium of its market price over net asset value, including adjusting subscription limits and issuing risk warnings [8][9] Group 3 - The performance of the Guotou Silver LOF fund has been exceptional this year, with a return of 142.11%, but its historical performance from 2021 to 2024 has been lackluster [9][11] - The fund's management scale increased significantly from 2.178 billion yuan at the end of Q4 2024 to 6.64 billion yuan by Q3 2025, marking a growth of 204.87% [9] - The silver market is expected to continue benefiting from industrial demand driven by sectors like photovoltaics and electric vehicles, alongside supply constraints [9][11] Group 4 - Shi Cheng's investment strategy has been criticized for poor sector allocation, particularly in the renewable energy sector, which has underperformed since 2022 [16][17] - The funds managed by Shi Cheng have shown a high overlap in their top holdings, indicating a lack of diversification [18] - The overall performance of Guotou Ruijin's equity funds has been disappointing, with significant losses reported from 2020 to mid-2025 [21]