Group 1 - A fund manager from Shenwan Hongyuan Fund faced criticism from investors due to poor performance of two managed products, significantly underperforming benchmarks and major indices [1] - The fund manager, who previously had a successful track record at China Merchants Fund, has struggled since joining Shenwan Hongyuan Fund, with one fund returning -6.06%, lagging behind the benchmark by nearly 11 percentage points [1] - The independently managed Shenwan Hongyuan Industry Select Fund also performed poorly, with a return of -8.23%, underperforming its benchmark by over 13 percentage points [1] Group 2 - The trend of changing fund managers has become common in the public fund industry, with 2,554 fund products announcing manager changes in the first half of the year, involving 1,351 individuals [2] - Investor dissatisfaction with fund performance is a significant factor driving demands for manager changes, especially when funds fail to deliver positive returns even in favorable market conditions [2][3] - The public fund industry is under pressure to improve talent development and management mechanisms in response to investor demands for better returns [3]

Core Viewpoint - The article discusses the performance issues of the Shenwan Hongyuan Securities Industry Selected Mixed Fund, which has seen a decline of over 8% since its inception, raising concerns about the fund manager's investment strategy and decision-making [1][2]. Fund Performance - The Shenwan Hongyuan Industry Selected Fund A has a unit net value of 0.9177 yuan as of August 8, with a cumulative decline of 8.23% since its establishment on June 3, 2025 [1][2]. - The fund has underperformed compared to major indices, with the Shanghai Composite Index rising by 9.51% during the same period [2]. Fund Manager's Strategy - Allegations have been made that the fund manager has deviated from the advertised high-dividend strategy by chasing high-priced new consumer stocks and bank shares [1]. - The fund is still in its initial investment phase, having only been operational for 71 days as of August 12, 2025 [1]. Comparison with Other Funds - The Shenwan Hongyuan Industry Selected Fund C has also seen a decline of 8.29% since its inception, indicating a similar performance issue [1]. - The fund's performance is notably worse than the performance of the Shenwan Hongyuan New Power Mixed Fund, which has maintained a value investment style under the management of the same fund manager [7]. Market Context - The article highlights that the fund's holdings have significantly underperformed compared to the broader market, with the Shanghai Composite Index and CSI 300 Index showing positive returns during the same timeframe [2].

Group 1 - Well-known fund manager Jia Chengdong has been with his new employer for 8 months, but the performance of his two funds has significantly underperformed against benchmarks and major indices [1] - Jia Chengdong joined Shenwan Hongyuan Fund in December last year and has been managing the Shenwan Hongyuan New Power Mixed Fund since March 5, with a return of -6.06%, lagging behind the benchmark by nearly 11 percentage points [1] - The Shenwan Hongyuan Industry Selection Fund, which Jia independently manages, has also shown poor performance with a return of -8.23%, underperforming the benchmark by over 13 percentage points [1] Group 2 - Investors have expressed dissatisfaction with the fund's performance, with some calling for a change in fund manager due to the significant losses despite favorable market conditions [2] - Shenwan Hongyuan Fund, established in early 2004, has seen a decline in its industry ranking over the past 21 years [2]

Core Viewpoint - The news highlights the controversy surrounding fund manager Jia Chengdong and the performance of the newly launched fund, Shenwan Lingshin Industry Select Mixed Fund, which has significantly underperformed since its inception, leading to dissatisfaction among investors and employees [1][3][5]. Group 1: Fund Performance - Shenwan Lingshin Industry Select Mixed Fund has seen a decline of over 8% since its establishment, ranking at the bottom among its peers during the same period [1][5]. - The fund was launched with a total scale of 1.219 billion yuan, and as of August 11, its A/C share returns were -8.23% and -8.29%, respectively [5]. - Another fund managed by Jia Chengdong, Shenwan Lingshin New Power Mixed Fund, has also reported losses of -6.06% and -6.23%, placing it near the bottom of its category [5]. Group 2: Employee Allegations - An employee from Shenwan Hongyuan Securities alleged that staff were pressured to purchase the new fund, contradicting the initial investment strategy that promised a gradual build-up of positions [3][4]. - The employee expressed frustration over the fund's performance and the lack of communication from the company regarding their concerns [3][4]. Group 3: Company Response - Shenwan Lingshin Fund denied the allegations of forced purchases and encouraged investors to focus on long-term performance rather than short-term results [6]. - The company emphasized its commitment to long-term investment strategies and expressed confidence in the future of the Chinese capital market [6].

Core Viewpoint - The article highlights allegations from employees of Shenwan Hongyuan Securities regarding forced "co-investment" practices, revealing issues of transparency and management within the company [1][9]. Group 1: Fund Performance and Management - Shenwan Lingshin Fund, under Shenwan Hongyuan, launched the "Shenwan Lingshin Industry Select Mixed Fund" in June 2023, which was marketed as a stable product with a focus on high dividends and a slow build-up strategy [2][7]. - The fund has experienced a decline of 6.04% in the past month and a further drop of 1.07% in the past week, with a total net value decrease of 8.29% since its inception, contrasting sharply with the nearly 10% rise in the A-share market during the same period [2][7]. - Fund manager Jia Chengdong's strategy has been criticized for high-risk behavior, including rapid asset allocation into high-priced sectors and subsequent losses, leading to speculation about his management approach [7][9]. Group 2: Employee Concerns and Company Culture - Employees have expressed frustration over being forced to invest in underperforming funds, with complaints about a lack of response from management regarding their grievances [7][9]. - The situation reflects broader industry issues, such as prioritizing sales over risk management and accountability, raising concerns about the treatment and respect of employees within the company [9].