Core Viewpoint - The recent performance of the fund managed by star fund manager Jia Chengdong has raised concerns, as his first fund at Shenwan Hongyuan Fund has seen a net value loss of 5.24% within two months, disappointing many investors [1][3]. Group 1: Fund Performance - Jia Chengdong's first fund, Shenwan Hongyuan Industry Selection, experienced a maximum drawdown exceeding 8% during its initial period [1]. - The fund's A and C share classes reported losses of 5.24% and 5.32% respectively, significantly underperforming against industry benchmarks [1]. - Another fund managed by Jia, Shenwan Hongyuan New Power, also showed poor performance with A and C share losses of 3.11% and 3.36% respectively [3]. Group 2: Market Reaction and Company Response - The fund's initial launch was met with enthusiasm, raising 1.219 billion yuan and attracting 10,477 subscriptions, but the current performance starkly contrasts this initial success [3]. - Shenwan Hongyuan Fund faced allegations of pressuring employees to subscribe to funds, although the company denied these claims without addressing the reasons for the fund's poor performance [1][5]. - The company has been struggling with declining rankings and management scale, leading to multiple fund closures this year, marking it as the only firm in the industry to experience failed active equity fund launches [5][6]. Group 3: Strategic Challenges - The significant portfolio adjustments in Shenwan Hongyuan New Power did not yield the expected performance improvements, indicating potential issues with investment strategy [5]. - The introduction of Jia Chengdong was seen as a desperate attempt by Shenwan Hongyuan Fund to reverse its declining fortunes, but the results so far have not met expectations [5]. - The company is currently facing a trust crisis and must find new development paths to address these challenges in the current market environment [6].

Core Viewpoint - The article highlights the significant underperformance of the "Shenwan Lingxin Industry Selection" fund, which lagged its benchmark by 13.5 percentage points within two months of its launch, raising concerns within the industry [4][6]. Fund Performance - The "Shenwan Lingxin Industry Selection" fund, launched on June 3, saw its net value decline by 8.23% by August 8, while its benchmark rose by 5.27%, resulting in a 13.5 percentage point underperformance [6]. - The fund's rapid investment strategy led to high exposure in the new consumption sector, which was already at elevated valuations, causing a swift decline in net value [6]. Fund Manager's Strategy - Fund manager Jia Chengdong shifted strategies after initial losses, moving from a planned investment approach to chasing rising bank stocks, which subsequently faced a market correction, leading to further losses [6]. - Despite a 2% increase in the banking sector, the fund's net value fell by 1%, prompting speculation about the manager's strategy of chasing market trends [6]. Internal Operations - Jia Chengdong's internal presentation lasted only 16 minutes, where he discussed the fund's operations, notably the high purchase of Zhongchong shares based on hearsay rather than thorough research [7]. - Prior to joining Shenwan Lingxin, Jia managed approximately 8 billion yuan at China Merchants Fund, where he had better support and resources for investment decisions [8][9]. Company Strategy and Goals - Shenwan Lingxin Fund aimed to rapidly increase its equity asset scale, with Jia Chengdong likely pursuing market opportunities to attract capital inflows and meet company commitments [10].

Core Viewpoint - The recent performance of the Shenwan Hongyuan Fund, particularly the Shenwan Hongyuan Industry Select Fund managed by Jia Chengdong, has raised concerns among investors due to significant losses despite a bullish market environment [1][2][3]. Group 1: Fund Performance - The Shenwan Hongyuan Industry Select Fund, established on June 3, 2025, has experienced a cumulative decline of over 8% by August 11, 2025, significantly underperforming the benchmark by 13.79 percentage points, while the Shanghai Composite Index rose by 8.96% during the same period [2][3]. - The fund's net asset value dropped from 0.98 yuan to 0.92 yuan within a short span, indicating volatility and poor initial performance [3]. - Investors have expressed dissatisfaction with the fund's performance, labeling it as a "bull market bear fund" and indicating intentions to redeem their investments [2][3]. Group 2: Management Background - Jia Chengdong joined Shenwan Hongyuan Fund in December 2024 and became a vice president in March 2025, shortly before managing the Shenwan Hongyuan Industry Select Fund [2][4]. - Prior to joining Shenwan Hongyuan, Jia managed 15 funds over nearly a decade, with mixed performance results, including both significant gains and losses in various products [4][5]. Group 3: Fund Liquidation Issues - Shenwan Hongyuan has faced multiple fund liquidations in 2025, with at least six funds, including the Shenwan Hongyuan Carbon Neutrality Mixed Fund and Shenwan Hongyuan Pension Target Date Fund, being terminated due to asset values falling below 200 million yuan [6]. - The company's public asset management scale has decreased to 825.57 billion yuan as of August 12, 2025, ranking 66th in the industry, down from 846.40 billion yuan at the end of 2024 [6].

Core Viewpoint - The issuance of new funds by Shenwan Hongyuan Fund is seen as a test of the fundraising capabilities of the newly appointed fund managers rather than merely an expansion of the product line [1][5]. Fund Manager Insights - Wang Yunjie, with nearly five years of experience, is managing multiple passive index funds at Shenwan Hongyuan Fund, which raises concerns about his ability to effectively allocate attention across different products [3][5]. - Jia Chengdong, who recently joined Shenwan Hongyuan Fund, previously managed several successful funds at China Merchants Fund, indicating his strong track record in the industry [5][6]. Fund Performance - Jia Chengdong's previous funds, such as China Merchants Industry Select and China Merchants Quality Growth, achieved returns of 192.09% and 140.27% respectively, with annualized returns of 15.45% and 13.41%, ranking highly among peers [6][7]. - The performance of funds managed by Jia Chengdong reflects his ability to adapt to market conditions, as evidenced by significant shifts in industry allocations during his tenure [8]. Company Background - Shenwan Hongyuan Fund, established in January 2004, has experienced fluctuations in its management scale, peaking at 102.49 billion yuan in mid-2015 before declining significantly [11][14]. - As of the first quarter of 2025, the fund's management scale was 73.66 billion yuan, with a total of 81 funds under management [11][14]. Current Challenges - The company faces challenges such as the failure of a recent fund launch due to insufficient market demand and the pressure of several funds nearing liquidation due to low asset values [10][14]. - Approximately 25% of the company's funds are struggling with asset values below 50 million yuan, indicating a need for strategic changes [14]. Strategic Moves - The introduction of Jia Chengdong is viewed as a potential key move for the company to overcome its current challenges, aiming to enhance its research and investment strategies and improve its market image [14].