2025年交银施罗德基金又让基民失望了，被动布局难掩主动管理之困

Core Viewpoint - The article highlights the significant decline in the assets under management of交银施罗德基金管理有限公司, reflecting the challenges faced by the company in adapting to changing market dynamics and investment strategies [3]. Group 1: Performance Decline - As of September 30, 2025,交银施罗德's assets under management were approximately 503.4 billion yuan, a decrease of 84.7 billion yuan or 14.45% from the historical peak of 588.1 billion yuan on June 30, 2022 [3]. - The company's actively managed equity products have been in a continuous decline since 2022, with the mixed fund management scale dropping to 90.4 billion yuan, a reduction of about 110 billion yuan or over 50% from its peak in 2021 [4]. - The performance of the "Three Musketeers" (王崇, 何帅, 杨浩) has deteriorated significantly, with王崇's交银新成长混合 fund yielding only 0.97% and 2.79% in 2024 and 2025, respectively, ranking near the bottom among similar funds [4][5]. Group 2: Investment Strategy and Holdings - In 2025, the fund's heavy investment in banks and late entry into technology and materials stocks raised concerns about the risk of high valuations [7]. - The top ten holdings of the funds show a lack of exposure to high-growth sectors like AI and computing, focusing instead on niche segments in electronics and logistics [9]. - The "Three Musketeers" share a similar investment style, favoring undervalued sectors, which has led to systemic risk in a structured market where missing out on opportunities affects all [10]. Group 3: ETF Launch and Market Position - In response to the underperformance of actively managed funds,交银施罗德 launched the中证智选沪深港科技50ETF in December 2025, marking a strategic shift for the company [11][12]. - The ETF tracks a technology index with a strong performance of 53% over the past year, but concerns exist regarding the timing of its launch given the high valuations of its underlying assets [12][14]. - The company faces challenges in the competitive ETF market, where it holds a weak position with only about 300 million yuan in total assets across its ETF products [15].