"明星基金经理掌舵，去年收益超40%，再不买就没额度了！" 被银行理财经理这么一劝，北京的张阿姨赎回了持有的老基金，凑了20万买了这款"网红新基"。结果三个月后，新基金亏了12%，而她赎回的老基金却涨了 8%。 很多人跟风网红基金被套，都以为是基金经理能力不行。其实真相是，你掉进了"赎旧买新"的销售套路。这不是投资失误，而是被别人的利益算计了。 理财经理拼命劝你卖老买新，不是为了帮你赚钱，而是为了自己的提成。这里藏着一个行业潜规则：卖新基金的提成，是卖老基金的两倍甚至更多。 有银行内部人士透露，卖100万新基金，理财经理能拿3000元提成；而卖100万老基金，提成可能只有1000元。更关键的是，新基金往往有"主推任务"，完成 后还有额外奖金。 张阿姨的遭遇很典型：理财经理只提新基金的过往"亮眼业绩"，却绝口不提两个关键事实——她的老基金持有不满一年，赎回要扣1.5%的手续费；新基金有 3个月建仓期，在市场上涨时根本赚不到钱。一卖一买间，张阿姨光手续费就亏了3000元，还错过了老基金的上涨行情。 跟风网红基金的亏损，从来不是单一原因。我们以20万资金为例，算清"赎旧买新"的三重损失： 1. 手续费损耗：一卖一买 ...

Core Viewpoint - The recent announcement by China Europe Fund regarding the appointment of Zhao Lei as a co-manager for the China Europe Medical Health Mixed Fund has raised concerns among investors, particularly in light of the fund's significant losses over the past three years, leading to speculation about the future of the fund and its management [1][5][19] Fund Management Changes - The China Europe Medical Health Mixed Fund, with a total scale of 311.79 billion yuan, has appointed Zhao Lei to co-manage alongside the well-known manager Ge Lan [1][2] - Zhao Lei has 8 years of experience in the securities industry, primarily focused on medical research, but lacks independent management experience of large-scale funds [3][14] Performance Metrics - The fund has experienced a net value decline of 39.40% over the past three years, significantly underperforming its peers, which averaged a decline of 15.85%, and the CSI 300 index, which fell by 10.76% [8][10] - The fund's performance has deteriorated sharply, with a peak return of 90.57% in 2021, followed by three consecutive years of losses that have diluted long-term returns [8][10] Investor Sentiment - Investor sentiment has turned negative, with many expressing concerns about the management changes and the fund's performance, leading to speculation about potential withdrawals from the fund [5][19] - The shift in management strategy, including the appointment of a co-manager, has raised questions about the future direction of the fund and the distribution of decision-making power between Ge Lan and Zhao Lei [14][19] Industry Context - The medical sector is currently facing challenges due to policy adjustments and overcapacity, impacting the performance of key stocks previously favored by Ge Lan [16][17] - The ongoing struggles in the medical sector may complicate Zhao Lei's ability to balance high-research investment stocks with low-valuation consumer medical stocks, potentially affecting the fund's future performance [18][19]