三个和尚没水吃？兴华基金一“迷你”基四人共管业绩仍垫底

Core Viewpoint - The recent appointment of a new fund manager for the Xinghua Jingcheng Mixed Securities Investment Fund has sparked market discussions, particularly given the fund's poor performance and small size of under 80 million yuan at the end of last year [1][4]. Fund Management Changes - Xinghua Jingcheng Mixed Fund has appointed Huang Shengpeng as a new fund manager, joining existing managers Cui Tao, Lü Zhizhuo, and Hu Xichao for joint management [2][4]. - The fund's size was reported at 77.91 million yuan at the end of last year, making it one of the few funds in the market with four managers [4]. Performance Metrics - The fund has experienced a negative return of 12.62% year-to-date as of February 12, significantly underperforming its benchmark by 14.79 percentage points, marking it as the worst-performing fund under Xinghua [4]. - Since its inception on July 9, the fund has yielded a total return of 7.76%, lagging behind its benchmark by 5 percentage points [4]. Management Background - The newly appointed manager, Huang Shengpeng, has 8 years of industry experience, with 4 years in investment management, previously managing funds with notable returns [3][5]. - Existing managers have varying levels of experience, with concerns regarding their expertise in equity products, particularly for Lü Zhizhuo, who primarily managed bond funds [5]. Company Overview - Xinghua Fund, established in 2020, is a relatively young public fund management company, currently managing 14 public fund products with a total asset size of 7.098 billion yuan, ranking 135th in the industry [6]. - The company has faced challenges with several "mini" funds, including recent fund closures due to insufficient size and poor performance [6]. Regulatory Issues - On March 1, 2023, Xinghua Fund and its senior management received a warning letter from the China Securities Regulatory Commission for violating regulations related to private asset management [7][9].