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建信基金孙晟:持仓雷同、风格激进,在管产品年内净值下跌12%
Sou Hu Cai Jing· 2025-07-24 03:19
Core Viewpoint - The performance of Jianxin Inherent Power A fund has significantly lagged behind the market, with a year-to-date net asset value decline of 12.6% compared to a 4.68% increase in the CSI 300 index, indicating poor investment decisions and high turnover rates [1][7]. Fund Performance - Jianxin Inherent Power A has experienced a net asset value decline of 12.6% as of July 22, 2025, underperforming its benchmark by approximately 16.4 percentage points [7]. - The fund's performance has been volatile, with a decline of over 40% since the current fund manager, Sun Sheng, took over in October 2021 [5]. - Historical performance shows the fund had losses of 29.79% in 2022 and 21.94% in 2023, with a slight gain of 17.05% in 2024 [6]. Investment Strategy - The fund has a high turnover rate, with stock turnover rates of approximately 851.64%, 1140.08%, and 619.19% for the years 2022, 2023, and 2024, respectively, indicating aggressive trading strategies [8]. - As of the end of Q2 2025, the fund's stock holdings accounted for 85.72% of total assets, with the top ten holdings representing 54.94% of net asset value [8]. - The fund's investment style is aggressive, focusing heavily on the domestic computing power chain sector, which has underperformed in the second quarter of 2025 [9]. Manager Overview - Sun Sheng has managed Jianxin Inherent Power A since October 2021 and oversees a total of four funds, all of which have shown declines in net asset value this year [2][11]. - The overlapping stock holdings among the funds managed by Sun Sheng have contributed to the overall underperformance, with significant commonality in top holdings [12].