华宝基金主动权益业务持续弱化引关注 多只基金清盘背后现规模结构隐忧 |基金观察

Core Viewpoint - The recent liquidation of several actively managed equity funds by Huabao Fund highlights the challenges faced by the company in the active equity sector, despite having a significant asset management scale of approximately 420 billion yuan [1][4]. Fund Performance and Liquidation - Huabao's "Specialized and Innovative" fund saw a performance increase of over 100% in the year leading up to its liquidation, which is unusual as high-performing funds are typically promoted heavily [4]. - The "Huabao Yuan Shi" fund was terminated just 7 months after its establishment, indicating a troubling trend in the company's fund management [4]. Asset Management Scale and Structure - As of January 31, 2026, Huabao Fund's total asset management scale was approximately 420 billion yuan, ranking 28th in the industry [4]. - The fund's structure is heavily skewed, with over 90% of its assets in money market funds (1,757 billion yuan) and ETFs (2,130 billion yuan), while actively managed equity funds account for less than 5% of the total [6][4]. Strategic Goals and Management Changes - The previous chairman, Huang Kongwei, set an ambitious target of reaching 1 trillion yuan in assets by 2027, but the current scale is still 580 billion yuan short of this goal [6]. - The new chairman, Xia Xuesong, lacks experience in the public fund sector, which raises concerns about the company's strategic direction [6][15]. Investment Strategy and Performance Issues - The active equity business of Huabao Fund has been criticized for its research and investment capabilities, particularly with the Nasdaq Select Fund, which has deviated from its investment goals [7]. - The fund's high turnover rate of 866.99% and significant trading commissions raise questions about its management efficiency [12]. Future Outlook and Challenges - The new management has emphasized strengthening ETF and fixed income strategies, with little focus on active equity, which may hinder the company's competitiveness in the future [18]. - Industry experts suggest that without overcoming the challenges in active management and balancing its business structure, Huabao Fund may face greater difficulties in the competitive landscape [18].