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 article highlights the significant decline in performance of the China International Fund Management (CIFM), particularly in its actively managed equity funds, contrasting with the success of other funds like Yongying Technology Smart A, which achieved a record return of 233.29% in 2025 [1][11] Performance Analysis - In 2025, out of 4,369 actively managed equity funds, only 75 achieved doubled returns, with Yongying Technology Smart A leading the pack [1][11] - CIFM's star manager Han Weijun saw all six of his managed funds report negative returns, with the worst performer, the CIFM Domestic Demand Growth One-Year Holding Mixed Fund, losing 36.33% [2][11] - Among the "old three swordsmen" of CIFM, only He Shuai performed relatively well, with one fund exceeding a 40% return, but still ranking outside the top 1000 in its category [3][11] Fund Management and Scale - CIFM's total assets under management (AUM) decreased from 588.1 billion yuan at the end of June 2022 to 490.2 billion yuan by the end of 2025, a loss of nearly 100 billion yuan over three and a half years [1][11] - The mixed fund category saw the most significant decline, shrinking by 115.7 billion yuan to 87 billion yuan, a drop of over 57% [1][11] - The bond fund category also experienced a reduction of 42.1 billion yuan, indicating a broader trend of asset shrinkage within CIFM [1][11] Risk of Fund Liquidation - Several CIFM funds are at risk of liquidation, including the CIFM Yujing Pure Bond One-Year Open Fund, which has been below the 50 million yuan threshold for 45 consecutive working days [7][12] - The CIFM Hongtai One-Year Holding Mixed Fund has already been liquidated due to its net asset value falling below 50 million yuan for 50 consecutive working days [8][12] Managerial Changes - CIFM currently employs 42 fund managers, with an average tenure of just over three years, indicating a potential instability in management [16] - The departure of key managers from the "new three swordsmen" has left only Yang Jinjing remaining, raising concerns about the continuity of fund management [5][16]

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].