Core Viewpoint - The article highlights the significant decline in performance of He Yuan Fund, led by manager Guan Huayu, who has faced criticism from investors for failing to outperform the market over the past three years, with a cumulative loss of 25% across its products [1][4]. Group 1: Company Background - Guan Huayu is a well-known figure in the private equity sector, having transitioned from public to private fund management, and previously served as the equity investment director at China Asset Management [2][3]. - He founded He Yuan Fund in March 2022 after leaving Tongyuan Investment, raising over 20 billion yuan on its first day and eventually reaching nearly 90 billion yuan in assets under management [4][6]. Group 2: Performance Issues - He Yuan Fund's products have faced significant challenges, with an average maximum drawdown of nearly 25% and four products being liquidated early, while six others have less than 1 million yuan in assets [4][6]. - The fund's flagship product, "He Yuan Hao Mai Yu Hong Phase 1," saw a decline of 24.58% in cumulative returns within a month of its launch, struggling at a unit net value of 0.75 yuan [5]. Group 3: Market Conditions - The fund's poor performance coincided with a historic downturn in the A-share market, where the CSI 300 index fell by 21.6% in 2022, impacting the fund's ability to generate returns during its initial investment period [6]. - Investors have expressed concerns that the fund's strategies may be outdated and unable to adapt to current market conditions, which have shifted towards high-frequency trading [6].

Core Viewpoint - A well-known subjective private equity fund, Heyuan Fund, founded by prominent investor Guan Huayu, has seen a significant decline in its management scale, dropping from over 10 billion to between 5 billion and 10 billion [2] Company Overview - Heyuan Fund was established in March 2022 and completed registration in May of the same year. Guan Huayu has a rich background in investment management, having held various positions in notable firms before founding Heyuan Fund [2] - Guan Huayu holds 67% of Heyuan Fund's shares, with other shareholders having smaller stakes, and many of them previously worked at Shanghai Tongyuan Investment [2] Performance Analysis - Despite a strong start, Heyuan Fund has experienced a "high opening and low running" trajectory, with its products showing cumulative losses of 23% to 25% since their inception in July 2022 [4] - For instance, the "Heyuan Haomai Yuhong Phase 1" product has seen a cumulative loss rate of 24.68% as of June 30, 2023, despite a brief recovery in net value [4] Market Trends - The frequency of new product launches by Heyuan Fund has significantly decreased after an initial surge, with 91.57% of its 83 registered products launched between June and December 2022 [5] - The broader market for subjective private equity funds has seen a decline, with the number of non-quantitative billion-yuan private equity funds dropping from 86 to 47 between February 2022 and May 2023 [5] Industry Insights - Industry experts suggest that the recent market has been characterized by structural trends, leading to frequent changes in market styles and hotspots. This volatility can heavily impact subjective private equity funds that rely on the judgment of core fund managers [6] - Many private equity firms experienced significant growth in management scale around 2021 and 2022, but if their research and investment capabilities do not keep pace, it can adversely affect future investment decisions [6]