Core Viewpoint - The article highlights the significant decline in the assets under management of交银施罗德基金管理有限公司, reflecting the challenges faced by the company in adapting to changing market dynamics and investment strategies [3]. Group 1: Performance Decline - As of September 30, 2025,交银施罗德's assets under management were approximately 503.4 billion yuan, a decrease of 84.7 billion yuan or 14.45% from the historical peak of 588.1 billion yuan on June 30, 2022 [3]. - The company's actively managed equity products have been in a continuous decline since 2022, with the mixed fund management scale dropping to 90.4 billion yuan, a reduction of about 110 billion yuan or over 50% from its peak in 2021 [4]. - The performance of the "Three Musketeers" (王崇, 何帅, 杨浩) has deteriorated significantly, with王崇's交银新成长混合 fund yielding only 0.97% and 2.79% in 2024 and 2025, respectively, ranking near the bottom among similar funds [4][5]. Group 2: Investment Strategy and Holdings - In 2025, the fund's heavy investment in banks and late entry into technology and materials stocks raised concerns about the risk of high valuations [7]. - The top ten holdings of the funds show a lack of exposure to high-growth sectors like AI and computing, focusing instead on niche segments in electronics and logistics [9]. - The "Three Musketeers" share a similar investment style, favoring undervalued sectors, which has led to systemic risk in a structured market where missing out on opportunities affects all [10]. Group 3: ETF Launch and Market Position - In response to the underperformance of actively managed funds,交银施罗德 launched the中证智选沪深港科技50ETF in December 2025, marking a strategic shift for the company [11][12]. - The ETF tracks a technology index with a strong performance of 53% over the past year, but concerns exist regarding the timing of its launch given the high valuations of its underlying assets [12][14]. - The company faces challenges in the competitive ETF market, where it holds a weak position with only about 300 million yuan in total assets across its ETF products [15].

Core Insights - The 2025 public fund rankings concluded with a notable performance from the champion fund, while several funds, including those managed by prominent fund managers, reported negative returns, highlighting the challenges faced in the market [2] Group 1: Fund Performance - Han Weijun, a well-known fund manager at Jiaoyin Fund, managed six funds that all recorded negative returns in 2025, with the worst performer being the Jiaoyin Domestic Demand Growth One-Year Holding Mixed Fund, which ranked in the bottom fifty out of approximately 4,400 funds [2] - The net value of the poorly performing fund is approximately 0.6127 yuan, reflecting a floating loss of about 40% [2] - The highest annual gain among the top ten holdings in Han Weijun's fund was only about 41%, with the best-performing stock being Nongfu Spring, which was held since the second quarter of the previous year [3] Group 2: Stock Selection and Strategy - The second-best performing stock in the fund, Yanjinpuzi, had an annual gain of only about 11%, and no other major holdings exceeded a 10% gain for the year [3] - The largest decline among the fund's holdings was seen in the pet economy stock, Guibao Pet, which fell by 16.42% over the year, despite being held for four consecutive quarters [3] - Han Weijun indicated a shift in strategy for the fourth quarter of 2025, focusing on traditional consumer stocks with high dividend rates and low valuations, while also considering increasing exposure to Hong Kong consumer stocks [3][4] Group 3: Other Fund Managers - Among the "Old Three Swordsmen" of Jiaoyin Fund, He Shuai achieved the best performance with a fund returning approximately 43%, ranking around 1,300 among peers, while other funds he managed saw growth between 20% and 30% [5] - The "New Three Swordsmen" faced challenges, with Yang Hao's sole fund achieving a net value growth rate of only 5.92%, ranking in the bottom third of 2,262 funds [6] - Wang Chong, managing two funds, had both rank outside the top 4,000, with one fund showing a mere 2.79% growth rate [6] Group 4: Manager Changes - Liu Peng, a prominent manager among the "New Three Swordsmen," left the firm in September 2023, while Tian Yilong had already departed by June 2024, leaving only Yang Jinjing with over five years of management experience [7]

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].