Core Viewpoint - Recent trend of fund managers publicly sharing their actual investment portfolios, with many reporting profitable positions, raises questions about compliance and marketing implications in the industry [1][4][5] Group 1: Fund Managers' Actions - Fund managers like Liu Junwen from Xinyuan Fund and Chen Bo from Shangyin Fund have showcased their portfolios, with investments ranging from tens of thousands to millions, primarily in profitable products [1][2] - The practice of sharing actual investment performance is not new, as several fund managers have been doing so on platforms like Ant Financial for over two years [2][4] - Not all shared portfolios are profitable; for instance, Lei Tao from Debang Fund has a mixed performance with some products showing significant losses [3] Group 2: Compliance and Regulatory Concerns - The compliance boundaries for these public disclosures remain unclear, with concerns about whether such actions constitute marketing and how they align with existing regulations [1][4][5] - Current regulations require fund personnel to declare personal investments to avoid conflicts of interest, but the informal nature of sharing actual portfolios may blur these lines [5][6] - There is a need for clearer guidelines on disclosure practices, including the frequency and content of shared information to prevent misleading investors [5][6] Group 3: Marketing Implications - The act of fund managers sharing their portfolios can serve as a marketing tool, potentially attracting more investors, but it raises concerns about over-marketing and the need for adequate risk disclosures [6] - Platforms like Ant Financial and Tian Tian Fund are encouraging fund managers to engage in this practice, which adds complexity to compliance and operational processes [5][6] - The balance between showcasing performance and ensuring investor protection is a critical issue for both fund managers and distribution platforms [6]