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].

Group 1 - A wave of public fund liquidations continues, with 117 funds having exited the market this year as of June 16, 2023, marking a 40% increase from the same period last year [1][4] - The majority of the liquidated funds were due to insufficient scale, with 97 funds triggering termination clauses for this reason [1][4] - The trend is attributed to regulatory pressure on "mini funds," leading larger firms to eliminate inefficient products while smaller firms struggle with research and distribution capabilities [1][3] Group 2 - Despite some funds showing stable performance, many have seen a decline in scale as investors opt to take profits, leading to liquidations [2][3] - For instance, the recently liquidated fund,浦银安盛幸福回报定开债券, had a stable return of 66.21% since inception but still fell below the 50 million yuan threshold [2] - The market uncertainty has made smaller funds less competitive, resulting in a preference for larger, more stable investments [3][7] Group 3 - As of June 16, 2023, there are 1,655 public funds with asset values below 50 million yuan, with mixed funds being the most affected [5] - The largest number of liquidated funds this year comes from博时基金, which has seen six funds exit, followed by淳厚基金,华安基金, and南方基金, each with five [4][5] - The trend of liquidations is not limited to traditional funds; 18 passive index funds have also faced liquidation risks this year [7][8] Group 4 - The phenomenon of "helping funds" has been noted, where funds receive temporary inflows to avoid liquidation but then see those funds withdrawn shortly after [8] - Several ETFs, including博时国证龙头家电ETF, are on the brink of liquidation, with asset values hovering around the 50 million yuan threshold [7][8] - The overall market environment has led to increased scrutiny on fund performance and sustainability, emphasizing the need for long-term alignment between scale and performance [8]

Core Viewpoint - The article discusses the recent trend of mutual funds facing liquidation despite some having strong performance, highlighting a disconnect between fund performance and investor interest [1][4]. Group 1: Fund Performance and Liquidation - Several funds are at risk of liquidation due to low asset values, even as their net asset values reach new highs, indicating a paradox where strong performance does not attract sufficient investment [1][4]. - For instance, the Shenwan Lingxin Dividend Quantitative Stock Fund has seen its net asset value rise while its total assets fell below 50 million yuan, leading to liquidation warnings [4]. - Similarly, the Jiashi Ark One-Year Holding Fund has maintained a high net value but has also dropped below the 50 million yuan threshold for an extended period [4]. Group 2: Investor Behavior - Investors exhibit a "cash out" mentality, leading to a trend where they sell off shares even as fund values increase, resulting in a situation where funds experience "sell on the rise" behavior [2][6]. - The article notes that many investors prefer larger, well-known funds, which can lead to smaller funds struggling to attract capital despite good performance [6]. Group 3: Institutional Investors and Fund Dynamics - Some funds are facing liquidation due to significant redemptions by single large investors, which can drastically reduce fund size and push them below the liquidation threshold [3][7]. - The article highlights that certain funds, like the Nuode Anyuan Pure Bond Fund, have a high concentration of holdings by single investors, making them vulnerable to rapid outflows [7][8]. - Institutional investors often redeem their shares after achieving desired returns or reallocating their assets, which can lead to sudden drops in fund size [8].