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].

Core Insights - Minsheng Jia Yin Fund has reported that 11 of its actively managed equity funds have negative returns this year, with three funds managed by Cai Xiao performing particularly poorly [1][2] Fund Performance Summary - The Minsheng Jia Yin Pension Service Mixed Fund has a return of -40.98% over 3 years and 172 days [1] - The Minsheng Jia Yin Balanced Optimal Mixed A2 Fund has a return of -16.89% over 2 years and 17 days [1] - The Minsheng Jia Yin Preferred Stock Fund has a return of -9.54% over 2 years and 145 days [1] - Liu Xiaohan's Minsheng Jia Yin Quality Consumption Stock A has a return of -43.65% over nearly 4 years, compared to the average return of -17.51% for similar funds [1] - Rui Dingkun's Minsheng Jia Yin Brand Blue Chip Mixed A has a return of -37.08% over approximately 3.5 years [1] Cai Xiao's Fund Management Overview - Cai Xiao has managed three funds with negative returns, including the Minsheng Jia Yin Pension Service Mixed Fund, which has a return of -41.31% since taking over on December 1, 2021 [1][2] - The Minsheng Jia Yin Preferred Stock Fund has seen a decline of 20.06% since Cai Xiao took over on December 28, 2022 [1][2] - The Minsheng Jia Yin Balanced Optimal Mixed A/C has returns of -16.55% and -17.24% since management began on May 5, 2023 [1][2] Fund Details - The Minsheng Jia Yin Balanced Optimal Mixed A/C was established on May 5, 2023, and has seen a net value drop to approximately 0.83 yuan by the end of the year [2] - The top ten holdings of the Minsheng Jia Yin Balanced Optimal Mixed A/C include companies like Hisense Visual, Haier Smart Home, BYD, and CATL [2] Management Background - Cai Xiao has over 9 years of experience managing public funds and has held various roles in investment analysis and management since 2004 [3]