Core Viewpoint - Minsheng Jia Yin Fund has undergone significant personnel changes, with Zhu Yongming promoted to Deputy General Manager and Ding Hui taking over as Secretary of the Board, both having backgrounds in the major shareholder Minsheng Bank, indicating a continuation of the "Minsheng system" in management [2][5]. Management Changes - Zhu Yongming has effectively taken charge of the investment decision-making committees for equity, fixed income, and asset allocation, becoming the head of investment research despite lacking substantial frontline investment experience [2][4]. - The promotion of Zhu Yongming is seen as a confirmation of his leadership role in investment research, as he had already held key positions in investment decision-making committees prior to his promotion [4][6]. Talent Drain - The fund has experienced a continuous outflow of core investment research talent, starting with the departure of former General Manager Li Caogang, followed by other key personnel, which has negatively impacted fund performance [6][7]. - As of June 9, 2025, several actively managed equity products under Minsheng Jia Yin Fund reported negative returns, highlighting the challenges faced by the investment team [6][7]. Governance Structure Issues - The shareholder structure of Minsheng Jia Yin Fund includes major players like Minsheng Bank and the Royal Bank of Canada, yet this has not translated into sustained growth or stable performance [7][9]. - The fund's management scale has remained below 160 billion since 2022, with significant reductions in the scale of equity and mixed funds, indicating potential governance and operational challenges [7][9]. Market Position and Challenges - Despite a strong background and talent pool, the fund struggles with converting its resources into effective market performance, with a notable concentration of management talent from a single shareholder, which may lead to decision-making biases [9].

中国经济网北京5月23日讯 昨日，深圳商报发布《民生加银基金旗下11只主动权益类基金今年以来负收 益》一文。文中称，民生加银基金旗下主动权益类产品中，有11只今年以来的收益为负，蔡晓旗下有3 只产品成绩不理想。据同花顺数据，民生加银养老服务混合3年又172天的任职回报为-40.98%；民生加 银均衡优选混合A2年又17天的任职回报为-16.89%；民生加银优选股票2年又145天的任职回报 为-9.54%。 其他权益基金经理也有产品成绩不佳。例如，刘霄汉管理民生加银品质消费股票A近4年的回报率 为-43.65%，而同期同类平均收益率为-17.51%；芮定坤管理民生加银品牌蓝筹混合A约3年半的任职回 报为-37.08%。 据悉，上述3只由蔡晓管理的基金均是其任职回报为负的基金。其中，民生加银养老服务混合从2021年 12月1日接手，截至2025年5月22日，其任职回报为-41.31%。 民生加银优选股票则是蔡晓从2022年12月28日管理至今，但任职回报也在这一期间下跌高达20.06%。 A股市场情绪回升牛股频现，政策暖风频吹下反弹行情启动，开户跟进>> | 基金类型 起始时间 截止时间 任职天数 任职回报 2 ...