Core Viewpoint - The Nordea Anyuan Pure Bond Fund, established in May 2022, is facing significant challenges due to a heavy reliance on a single institutional investor, which has led to a drastic decline in its asset value and potential liquidation [1][4][6]. Fund Performance and Structure - As of the end of Q1 2023, the fund had a net asset value of 522 million yuan, but by June 12, 2023, it had fallen below 50 million yuan for 40 consecutive working days, triggering potential liquidation procedures [1][5]. - The fund's performance has been relatively stable, with a total return of 10.06% since inception and a 2.36% return over the past year, which is considered average among bond funds [6][7]. Investor Composition - The fund's holdings are heavily concentrated, with 97.55% of its shares held by a single institutional investor, indicating a high risk of dependency on this "key client" [4][6][10]. - The fund had a total of 1,036 account holders, with institutional investors holding 97.23% of the total shares, while individual investors accounted for only 2.77% [10]. Market Implications - The situation highlights a broader issue in the fund industry, where reliance on institutional capital can lead to instability, contrasting with the more stable nature of retail investors, who may contribute smaller amounts but tend to remain invested longer [6][7].