Core Viewpoint - The article highlights the increasing number of mutual funds facing liquidation in June 2025, with 117 funds having exited the market year-to-date, primarily due to insufficient scale and performance issues [1][5]. Fund Liquidation Reasons - A total of 97 funds triggered contract termination clauses due to not meeting scale requirements, marking a 40% increase compared to the same period last year [1]. - Many funds are unable to grow in scale, leading to their closure, with some experiencing long-term poor performance while others saw capital withdrawal after outperforming benchmarks [1][3]. - Significant redemptions by single large investors have also contributed to the rapid decline in fund sizes, pushing them close to liquidation [1][7]. Performance vs. Scale - Some recently liquidated funds, such as the浦银安盛幸福回报定开债券, had stable returns but still could not maintain sufficient scale, with a net asset value below 50 million yuan [3]. - The金鹰品质 fund, which had a year-to-date increase of over 11%, also faced liquidation due to scale issues [3]. Current Market Landscape - As of June 16, 2025, there are 1,655 mutual funds with net asset values below 50 million yuan, with mixed funds being the most affected [7]. - The trend of increasing fund liquidations is attributed to market competition, poor performance, and the capabilities of fund managers and distribution channels [7]. ETF Liquidation Risks - Even in a strong market, some ETFs are facing liquidation risks, with 18 passive index funds having been liquidated this year [8]. - Specific ETFs, such as博时国证龙头家电ETF, are on the brink of liquidation due to consistently low asset values, despite temporary increases in scale [9][10].

Core Insights - The public fund industry is undergoing a process of elimination, with an increase in fund liquidations due to intense competition and market saturation [1][4][7] - A total of 91 funds have been liquidated this year, marking a 15.19% increase compared to the same period last year, with the majority being equity mixed funds [4][6] - The rise in fund liquidations is attributed to the poor performance of many actively managed equity products, leading to continuous redemptions and eventual closures [7] Fund Liquidation Details - On May 19, multiple fund managers announced the termination and liquidation of several products, including a mixed FOF and two mixed funds [2][3] - The West China Fund's FOF was automatically terminated due to its net asset value falling below 200 million yuan, triggering a liquidation process without a holder meeting [2][3] - Other funds, including those from FuGuo and RuiDa, also faced liquidation for similar reasons, primarily due to asset sizes below 200 million yuan after three years of operation [3] Market Trends - The majority of liquidated funds this year belong to 51 different fund management companies, with ChunHou Fund having the highest number of liquidations at six products [4][6] - There are over 1,041 "mini funds" in the market with assets below 50 million yuan, indicating a significant number of funds are on the brink of liquidation [5][6] - The competitive landscape is pushing fund managers to enhance product competitiveness and service capabilities to avoid being eliminated [7]