Core Viewpoint - The article highlights the significant decline in the management scale and performance of China’s Jiao Yin Schroder Fund, which has faced challenges in recent years, leading to a loss of its previous status as a leading fund manager in the industry [2][3][5]. Group 1: Management Scale - Jiao Yin Schroder Fund's management scale has decreased to approximately 4687 billion yuan, down from a peak of 5960.85 billion yuan in June 2022, marking a decline of over 1274 billion yuan compared to three years ago [3][4]. - In the first quarter of 2025, the total scale of 133 products was 4686.65 billion yuan, reflecting a decrease of 687.57 billion yuan, or 12.79%, from the end of 2024 [3][4]. Group 2: Profit Decline - The net profit of Jiao Yin Schroder Fund has dropped to 8.79 billion yuan in 2024, a decrease of 26.81% compared to 12.01 billion yuan in 2023, marking the third consecutive year of profit decline [5][6]. - The fund's total assets were reported at 83.84 billion yuan, with net assets of 71.35 billion yuan as of the end of 2024 [5]. Group 3: Fund Performance - Various types of funds managed by Jiao Yin Schroder have experienced a downward trend, with stock funds decreasing from 79.98 billion yuan in Q1 2023 to 32.02 billion yuan in Q1 2025 [6]. - Mixed funds have seen a significant drop from 2027.52 billion yuan at the end of 2021 to 872.98 billion yuan in Q1 2025, representing a 57% decline [6]. Group 4: Fund Manager Performance - The performance of the "Jiao Yin Three Swordsmen," the prominent fund managers, has deteriorated, with their managed funds showing negative returns over the past three years [8][9]. - For instance, He Shuai's managed fund has a three-year return of -26.74%, ranking 2494 out of 2946 in its category [8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of prioritizing investor interests in the mutual fund industry, urging firms to shift focus from scale to investor returns, as highlighted by the underperformance of several funds under China Merchants Shekou Fund Management [1][9]. Fund Performance Summary - The fund "Jiaoyin Ruihe Three-Year Holding Mixed Fund," established in March 2022, has seen a cumulative net value decline of 28.86% since inception, significantly underperforming its benchmark by over 20 percentage points [2][9]. - As of May 26, 2025, the fund's net value has dropped by 4.24% in 2025, continuing its trend of underperformance against the benchmark [5]. Fund Composition and Strategy - As of the end of Q1 2025, the fund's total assets were approximately 2.613 billion yuan, with a significant increase in stock holdings, which rose to 93.39% of total assets from 72.49% at the end of Q4 2024 [6]. - The fund manager, He Shuai, has shifted the fund's focus from a heavy allocation in the pharmaceutical sector (over 50% at the end of 2023) to increased investments in the power equipment and banking sectors in 2024 [6]. Top Holdings - The top holdings of the fund as of Q1 2025 include: - Samsung Medical (9.37% of net asset value) - Tencent Holdings (9.10%) - Focus Media (6.98%) - WuXi AppTec (6.22%) - Alibaba (6.05%) - CATL (5.76%) [7][8]. Broader Fund Performance Context - Research indicates that multiple funds under China Merchants Shekou Fund Management have also underperformed their benchmarks by over 20 percentage points over the past three years, raising questions about the investment and risk control strategies employed by the firm [9][12].

Core Viewpoint - In the first quarter of 2025, China International Capital Corporation (CICC) faced its most severe scale crisis since its establishment, with a significant decline in asset size and poor performance from key fund managers, particularly He Shuai, leading to widespread market concern [1][2]. Group 1: Scale Crisis - CICC's asset size decreased by 68.758 billion yuan in Q1 2025, a drop of 12.79%, making it the largest decline among all fund companies in the market [1]. - The total management scale plummeted from 596.084 billion yuan in mid-2022 to 468.655 billion yuan by the end of Q1 2025 [1]. - A significant factor in this decline was the large-scale redemption from money market funds, which saw a reduction of 51.69 billion yuan in Q1 2025 [1]. Group 2: Performance of Key Fund Managers - He Shuai, once a prominent figure at CICC, has seen his managed products underperform significantly, with losses exceeding 20% against benchmarks over the past three years [2]. - Specific funds managed by He Shuai, such as the CICC Continuous Growth A, reported a cumulative loss of 25.94% over three years, underperforming its benchmark by 31.18 percentage points [2]. - The performance decline is attributed to a failed investment strategy, as He Shuai's focus on "contrarian investment" and "low valuation value stocks" did not align with the market's shift towards growth sectors like AI and new energy [3]. Group 3: Broader Fund Performance Issues - As of May 14, 2025, 26 funds managed by CICC have underperformed their benchmarks by over 10% in the past three years [4]. - Notable underperformers include the CICC Inner Core Driven Mixed Fund, which lagged its benchmark by 31.43% [4]. - The trend of underperformance is not isolated to He Shuai, as other fund managers at CICC also have multiple funds that significantly underperformed their benchmarks [4]. Group 4: Regulatory Changes and Future Outlook - The China Securities Regulatory Commission's new guidelines, effective May 2025, require fund companies to increase the weight of long-term performance assessments to 80%, which may help CICC refocus on investment capabilities rather than short-term scale [6]. - Investors are advised to be cautious of products with overly concentrated industry exposure and rigid fund manager styles, especially in volatile markets [6].