Core Viewpoint - The performance of the Shenwan Hongyuan Fund's Shenwan Lingshin Industry Select Mixed Fund has declined over 8% since its establishment, raising concerns about the fund manager's investment strategy and prompting a response from the company [1][4]. Fund Performance - The Shenwan Lingshin Industry Select Fund, established on June 3, has a unit net value of 0.9177 yuan as of August 8, reflecting a decline of over 8% since inception [4]. - The fund raised 1.219 billion yuan, making it one of the larger mixed equity funds launched in recent months [4]. - The fund's performance is benchmarked against a composite index consisting of 65% CSI 300, 10% Hang Seng Index, and 25% China Bond Index [4]. Fund Manager Background - The fund manager, Jia Chengdong, has 17 years of experience in the securities industry and has previously managed funds with significant performance records [5]. - Jia Chengdong joined Shenwan Lingshin in December 2024 after leaving China Merchants Fund, where he managed several successful funds [5]. Company Challenges - Shenwan Lingshin has faced multiple fund liquidations this year, including the Shenwan Lingshin Carbon Neutrality Mixed Fund and others, indicating potential issues within the company's product offerings [8]. - The company has struggled to maintain competitive performance and scale compared to peers like Tianhong Fund, with a current non-monetary scale of 70.324 billion yuan, ranking 59th in the public fund industry [9]. - Despite attempts to improve performance by hiring well-known fund managers, the results have not yet met expectations [9].

Core Viewpoint - The article discusses the performance and management issues of the Shenwan Hongyuan Fund, particularly the Shenwan Lingshin Industry Selected Mixed Fund, which has seen a decline of over 8% since its establishment, raising concerns about the fund manager's investment strategy and the company's practices [2][5][10]. Fund Performance - The Shenwan Lingshin Industry Selected Mixed Fund was established on June 3, 2023, and as of August 8, 2023, its unit net value was 0.9177 yuan, reflecting a decline of over 8% since inception [5]. - The fund raised 1.219 billion yuan during its fundraising period, making it one of the larger mixed equity funds established in recent months [5]. - The fund's performance is benchmarked against a composite index consisting of 65% CSI 300 Index, 10% Hang Seng Index (adjusted for exchange rates), and 25% China Bond Index [5]. Management and Strategy - The fund manager, Jia Chengdong, has 17 years of experience in the securities industry and has previously managed funds with significant performance records, including a 192.09% increase in net value for one fund during his tenure [9][10]. - Concerns have been raised regarding the fund manager's strategy, which appears to deviate from the advertised high-dividend approach, leading to accusations of "gambling" on stock selections [2][5]. Company Background - Shenwan Lingshin Fund, established in 2004, is one of the earliest Sino-foreign joint venture fund companies in China, but it has faced challenges in performance and scale compared to competitors like Tianhong Fund [13]. - The company has seen multiple fund liquidations and failures in recent years, indicating potential issues with its product offerings and management strategies [12][13]. Recent Developments - The company has attempted to improve its performance by hiring well-known fund managers, but the results have not yet been evident [13]. - The fund's recent performance and management controversies have led to increased scrutiny and skepticism from investors [2][10].