4年半亏了165亿，百亿基金经理被告上法庭

Core Viewpoint - The upcoming court case involving investor Li Zhihua suing Guotou Ruijin Fund and its star fund manager Shi Cheng highlights significant concerns regarding fund management practices and the responsibilities of fund managers in adhering to investment contracts [1][3][12] Group 1: Legal Case and Allegations - The case is centered around a "financial entrusted management contract dispute," which is notable as it includes the fund manager as a co-defendant, a rare occurrence in the industry [3][13] - Key points of contention are expected to focus on whether the suitability obligations were adequately fulfilled and whether the fund manager significantly deviated from the agreed investment style [4][14] - The Guotou Ruijin New Energy Fund, managed by Shi Cheng, is alleged to have strayed from its contractual commitment to invest at least 80% in new energy themes, with current holdings in this area dropping to 5.95% as of Q3 2025 [4][14] Group 2: Performance and Investment Strategy - Shi Cheng's investment strategy has shifted dramatically, moving from a focus on new energy to sectors like AI and robotics, which has raised questions about the appropriateness of this "style drift" [5][16] - Despite the significant shift in investment focus, the fund achieved a return of 72.24% in 2025, contrasting sharply with its previous three years of losses in the new energy sector [4][10] - The performance of the Guotou Ruijin New Energy Mixed A fund has been poor, with returns of -27.89%, -33.39%, and -16.62% from 2022 to 2024 [9][18] Group 3: Industry Implications - The case serves as a warning for the industry regarding the boundaries of fund managers' "diligence and responsibility," particularly in relation to adhering to investment mandates [12][21] - The recent issuance of the "Theme Investment Style Management Guidelines" by the fund industry association aims to curb style drift, making the outcome of this case particularly significant for future compliance standards [12][21] - Guotou Ruijin Fund has shifted its focus towards fixed-income products, with over 85% of its portfolio in this area by 2024, reflecting a broader trend in the industry amid declining performance in equity funds [11][20]