来源：深圳商报 近期，金元顺安基金投资总监管理的基金日前被迫清盘，历任产品业绩普遍不佳。公司前三季度规模缩 水，旗下有数只"迷你基"。 记者注意到，他加入金元顺安基金后，先后管理过11只产品(仅统计A份额)，但回报率情况普遍不理 想。任职回报方面(仅统计A份额)，以上产品中只有金元顺安鼎泰债券A的任职回报超过同类产品同期 平均收益。金元顺安消费主题混合的任职回报最高，但同类产品同期平均收益率接近92%。 他去年12月底卸任的金元顺安产业臻选混合A任职回报为-24.44%，同类产品平均收益为6.31%。他本月 初卸任的金元顺安行业精选混合A回报率接近-16%，至少跑输同类产品平均收益34个百分点；同样在本 月初卸任的金元顺安桉盛债券A任职回报不足2%，跑输同类产品平均收益近12个百分点。 今年三季度末公司旗下的公募基金产品共有24只，合计管理规模为302.05亿元，较去年末下滑7.89%； 混合型基金与债券型基金管理规模较去年末小幅增长，而货币型基金规模至少缩水了24个百分点。金元 顺安成长动力灵活配置混合、金元顺安桉盛债券与金元顺安宝石动力混合3只产品的最新规模低于5000 万元，存在清盘风险。 (责任编辑： ...

Core Insights - The public fund liquidation trend has continued this year, with nearly 200 funds being liquidated as of November 18, indicating a significant shift in the market dynamics [1][3] - A notable portion of the liquidated funds were periodic open-end and holding period funds, which accounted for over 40% of the total liquidations, highlighting a change in investor behavior and market conditions [1][3] Fund Types and Performance - Among the liquidated funds, over 70 active equity funds were closed, representing nearly 40% of the total, particularly those launched at market peaks in 2022, such as in sectors like new energy and advanced manufacturing [1][3] - All liquidated FOF products were either periodic open-end or holding period funds, indicating that products with liquidity constraints are under greater pressure during market downturns [3] Market Trends and Investor Behavior - There is a concerning trend of capital outflows from holding period funds, with nearly 800 billion units reduced in the third quarter alone, particularly in equity and pure bond holding period funds [3] - Despite some "fixed income+" and FOF products experiencing growth, the overall trend remains negative, suggesting a lack of investor confidence in these products [3] Design and Investor Experience - The original intent of holding period funds was to reduce investor trading friction and enhance long-term returns, but many funds were launched at market highs, leading to poor investor experiences [3][4] - The holding period mechanism does not prevent investors from chasing rising markets, which can increase uncertainty during times of financial need [4] Recommendations for Investors and Fund Managers - Investors are advised to carefully consider liquidity risks associated with holding period funds and evaluate the fund manager's capabilities and historical performance before investing [4] - Fund management companies are encouraged to avoid aggressive expansion and focus on creating long-term value for investors, rather than succumbing to market trends [4]

Core Insights - The third quarter data has raised alarms for many initiated funds, with a significant number facing liquidation due to scale challenges, despite some funds managing to attract additional investments and avoid closure [1][2][6] - The trend of initiated funds exiting the market is accelerating, while new products continue to be launched, indicating a competitive environment where only a few funds are able to thrive [2][6][7] Fund Liquidation Risks - Several initiated funds, including Huatai Asset Management's fund, are at risk of liquidation if their scale remains below 200 million yuan by November 2025, highlighting the stringent scale requirements [2] - As of the end of the third quarter, some pension FOF funds have scales as low as several million yuan, indicating a high likelihood of liquidation without new investments [2] - The third quarter saw total subscription shares for these funds reach 291 million, suggesting a potential short-term influx of capital to meet scale thresholds, but also a significant amount of redemptions, indicating a "quick in and out" strategy by investors [3] Successful Fund Growth - Despite the challenges, some initiated funds have successfully increased their scale, with funds like Yongying Technology Smart Selection achieving a cumulative growth of 246.27% and a scale of 11.52 billion yuan [4] - Other funds, such as Yongying Advanced Manufacturing Smart Selection, have also surpassed 20 billion yuan in scale, demonstrating that strong performance can attract significant investments [4] Market Dynamics - Initiated funds often emerge during market downturns, allowing them to capitalize on undervalued assets when market sentiment improves, leading to substantial returns [5] - The design of initiated funds allows for diverse and personalized investment strategies, which can enhance their appeal and growth potential [5] - The competitive landscape is intensifying, with nearly 20 new active equity initiated funds announced since October, reflecting ongoing interest despite the liquidation risks faced by many [7] Challenges and Industry Outlook - The accelerated pace of fund liquidations indicates a survival of the fittest scenario, where only funds with strong performance and market recognition will thrive [6][7] - The reliance on institutional funding and high operational costs for smaller funds can hinder their growth and attractiveness to new investors [6] - The ongoing trend of fund liquidations may lead to increased caution among investors, who will likely demand higher performance and management standards from funds [7]

Core Insights - The fund industry is experiencing a stark disparity, with over a thousand new funds launched this year, yet some companies have not released any new products for an entire year [1][3]. Group 1: Fund Launches and Company Performance - Major firms like Huaxia Fund launched 86 products with a total scale of 42.8 billion, while smaller firms like Huacheng Future and Xinwo have not launched any new funds this year [3]. - The gap between large and small fund companies is significant, resembling a "battleship fleet" versus "small boats" scenario [3]. Group 2: Challenges for Small Firms - Small companies face three main challenges: 1. Distribution channels are dominated by larger firms, making it difficult for smaller companies to gain shelf space [3]. 2. Talent retention is a struggle, as larger firms offer significantly higher salaries to attract star managers [3]. 3. Smaller firms cannot afford the technological investments required for competitive products like REITs and ETFs, limiting them to traditional active management [3]. Group 3: Existing Fund Crisis - Many existing funds are facing crises, with several products from Chunhou Fund under warning for potential liquidation, and some firms like Ruida Fund seeing their scale shrink to below 100 million [4]. - Despite the challenges, there are opportunities for small firms that focus on niche markets, as demonstrated by Huaren Yunda's successful launch of a green bond fund that raised 5.7 billion [4]. Group 4: Investor Insights - Investors should evaluate fund companies based on their background, distribution capabilities, and system stability, akin to a matchmaking process [5]. - Caution is advised regarding "mini funds" that are shrinking in scale, as they face liquidation risks and operational limitations [6]. - Opportunities may arise from smaller firms specializing in niche areas, but investors should either choose large, stable companies or "hidden champions" for potential excess returns [6]. Group 5: Industry Outlook - The fund industry is undergoing a reshaping process, reflecting broader economic upgrades, with potential for more mergers and the emergence of specialized small firms [7]. - Scale is an ally for performance but not a guaranteed success factor; understanding the management and investment strategy is crucial [7].

Core Insights - The performance of various public FOFs (funds of funds) has significantly improved in the first three quarters of this year, driven by a recovery in the equity market, with an average return notably higher than last year and historical periods [1][2] - All FOFs achieved positive returns for the year, a trend not seen in many previous years, indicating strong investor confidence in various asset classes [1][2] Performance of Equity Market - The equity market saw substantial valuation increases, with the Shanghai Composite Index rising by 15.84%, the Shenzhen Component Index by 29.88%, and the ChiNext Index by 51.20% in the first three quarters [3] - The number of new A-share accounts opened reached 20.15 million, a year-on-year increase of 49.64%, indicating growing market participation [3] Fund Performance and Trends - Among stock-type FOFs, the Guotai Fund's "Optimal Navigation" achieved a net value return of 77.13%, the highest among all public FOFs [2] - Key contributors to FOF performance included technology and resource-themed ETFs, with several actively managed funds also showing strong results [2] New Fund Issuance - A total of 49 new public FOFs were launched in the first three quarters, a significant increase compared to 23 in the same period last year [4] - The Morgan Fund's "Yingyuan Steady Three-Month Holding A" was notably sold out in one day, raising 2.752 billion yuan, marking a significant event in the FOF market [4] Market Outlook - As the market enters the fourth quarter, the focus is on policy adjustments and liquidity improvements, with expectations for new capital inflows [5] - Investment recommendations highlight undervalued sectors such as non-ferrous metals and traditional sectors like liquor and home appliances, which are seen as having strong profit stability and safety margins [5]

Core Insights - The performance of public FOFs (Fund of Funds) has significantly improved in the first three quarters of this year, driven by a recovery in the equity market, with all types of FOFs achieving positive returns for the year [1][2]. Performance Overview - All public FOFs achieved positive returns in the first three quarters, with some top products exceeding 70% returns, such as Guotai's Optimal Navigation FOF, which reached a net value return of 77.13% [2][8]. - The average return for public fund managers was 19.77%, with a median of 14.97%, and 169 managers achieving returns over 60% [3]. Market Dynamics - The Shanghai Composite Index rose by 15.84%, the Shenzhen Component Index by 29.88%, and the ChiNext Index by 51.20%, contributing to the valuation uplift of public FOFs [3]. - A total of 20.14 million new A-share accounts were opened in the first three quarters, marking a 49.64% year-on-year increase [3]. Fund Issuance Trends - There were nearly 50 new public FOFs launched in the first three quarters, a significant increase from 23 in the same period last year [4]. - The Morgan Fund's Yingyuan Stable Three-Month Holding A was notable for raising 2.752 billion yuan in just one day, marking it as the first "one-day sold out" FOF product since 2025 [4]. Investment Strategies - Key drivers of FOF performance included technology and resource-themed ETFs, with active management funds also showing strong results [2]. - Recommendations for investment focus on undervalued sectors such as non-ferrous metals and traditional sectors like liquor and home appliances, which have stable profit margins [5].

Group 1 - On September 22, the company announced the liquidation of two funds: Chuangjin Hexin Jiahe Steady One-Year Holding Period Mixed Fund and Chuangjin Hexin Jiaping Balanced Three-Month Holding Period Mixed Fund [2] - Both funds were managed by Yan Biao, who also managed another fund that was liquidated on August 13 [4] - As of the second quarter, both funds had underperformed their performance benchmarks since inception, with the Jiahe fund growing by 2.97%, lagging behind the benchmark by 3.47 percentage points, and the Jiaping fund declining by 1.73%, underperforming the benchmark by 5.66 percentage points [5] Group 2 - The reason for the liquidation of the two funds was due to their net asset value falling below 200 million yuan, as stipulated in the fund contracts [4] - By the end of the second quarter, the shares of both funds had been nearly fully redeemed by investors, with the company holding 99.18% and 98.44% of the remaining shares, respectively [6] - Both funds were established on similar dates in August 2022, with their last operational dates set for August 30 and 31, 2025 [4]

Core Insights - The article highlights that while fund investments have low entry barriers and are easy to operate, less than 30% of investors actually make profits due to fundamental cognitive biases [1] Group 1: Fund Types and Rules - Money Market Funds generate returns during weekends and holidays, with holiday earnings disclosed on the second business day after the holiday [2] - Bond Funds continue to earn interest during holidays, but secondary market trading is paused due to stock market closures [3] - Stock/Index Funds do not generate returns during holidays, and investors should be aware of early market closures for Hong Kong stocks [3] Group 2: Buy and Redemption Rules - For buying funds, purchases made before 15:00 are confirmed at the same day's net value, while those after are confirmed at the next day's net value [5] - For redemptions, requests before 15:00 count the same day's earnings, while those after include both the current and next day's earnings [5] Group 3: Investment Strategies - Long-term investment strategies, such as dollar-cost averaging, should not be influenced by specific days of the week, as empirical data shows minimal differences in returns [7] - Suitable funds for dollar-cost averaging include high-volatility stock funds and low-fee index funds, while avoiding low-volatility bond and money market funds [8] Group 4: Timing and Market Signals - Technical indicators like MACD and RSI can help determine the timing for one-time purchases, especially when the PE ratio of indices is low [9] - Signals from monetary policy, such as interest rate cuts, often correlate with market uptrends [10] Group 5: Fund Valuation and Costs - Net asset value does not equate to valuation; a fund with a higher net value may offer better returns than one with a lower net value [12] - Hidden costs, such as management fees and transaction costs, can significantly erode returns over time [14] Group 6: Risk Management - Funds with a continuous low scale may trigger liquidation, but investors can recover their assets at the current net value [15][16] - Understanding the nature of fund dividends is crucial, as dividends do not equate to additional earnings [18] Group 7: Cognitive Biases and Portfolio Construction - Common misconceptions include the belief that lower net values are safer, that dollar-cost averaging guarantees profits, and that frequent dividends indicate a good fund [23] - A recommended asset allocation strategy is the 50-30-20 rule, which suggests 50% in broad index funds, 30% in thematic funds, and 20% in bonds or money market funds [24]

Core Viewpoint - The report from GF Securities Asset Management (Guangdong) Co., Ltd. indicates the termination of the "GF Asset Management Global Selected One-Year Holding Period Bond Fund (QDII)" due to the expiration of the contract, with the final operation date set for June 30, 2025 [1] Group 1: Fund Termination and Financial Details - The fund has a total share amount of 22,130,037.11 shares, with A-class shares having a net value of approximately RMB 1.1236 and a total asset net value of approximately RMB 20,683,357.39 before performance remuneration [1] - C-class shares have a net value of approximately RMB 1.1101, with a total asset net value of approximately RMB 4,132,303.75 before performance remuneration [1] - The estimated performance remuneration for A-class shares is RMB 12,105.47, while for C-class shares it is RMB 791.77, leading to adjusted asset net values of RMB 20,671,251.92 and RMB 4,131,511.98 respectively [1] Group 2: Fund Management Background - The fund was previously managed by Luo Linwei, who has experience in risk management and fixed income investment at GF Securities [2] - Luo Linwei currently manages a total of 10 funds, with performance returns generally in line with the average of similar products [2] Group 3: Comparative Fund Performance - The report includes a comparison of various funds managed by Luo Linwei, showing that the "GF Qianli One-Year Holding Period Bond A" achieved a return of 5.75%, outperforming the average of 4.76% for similar products [3] - The "GF Qianli One-Year Holding Period Bond C" also performed well with a return of 5.46%, again above the average of 4.76% [3] - Other funds managed by Luo Linwei show varying performance metrics, with some funds performing closely to or slightly above their respective averages [3]

Core Viewpoint - The recent fund liquidation meetings held by Guolianan Fund have raised concerns due to the sudden surge in shares of its two funds, Xinqian Mixed A and CSI New Materials ETF, before the liquidation vote, leading to a unanimous approval for liquidation, which is seen as a potential manipulation of the voting process by the fund company [1][2][9]. Group 1: Fund Liquidation Cases - Guolianan Xinqian Mixed A saw its shares increase from approximately 1.91 million to 3.948 million in just over ten days, with 203.1 million shares voting in favor of liquidation, resulting in a 100% approval rate [2][6]. - Similarly, the CSI New Materials ETF's shares rose from 21.146 million to 39.146 million within four trading days, with 20.37 million shares participating in the vote, also achieving a unanimous approval [6][9]. Group 2: Voting Mechanism and Investor Protection - The voting rights in fund holder meetings are linked to the number of shares held, allowing large institutional investments to dominate the voting outcomes, especially when retail investors are absent [9][13]. - The occurrence of two consecutive 100% approval votes raises suspicions of organized vote manipulation, undermining the intended protective function of fund holder meetings [9][14]. Group 3: Guolianan Fund's Market Position - Guolianan Fund, established in April 2003, has a market position in the lower tier of the industry, with a non-monetary fund management scale of 109.5 billion, ranking 45th in the industry [10]. - The fund's active equity funds have shown poor performance, with the Guolianan Climate Change Mixed A fund returning -46.44% since inception, significantly lagging behind its benchmark [11][12]. Group 4: Institutional Dependency and Governance Issues - A significant portion of Guolianan's funds are held by institutional investors, with 45 out of 85 funds having over 50% institutional ownership, leading to a skewed voting power that diminishes retail investors' influence [13]. - The reliance on institutional capital for decision-making in fund holder meetings highlights a systemic issue where the governance mechanism may serve the fund company's interests rather than those of the investors [14].