Core Viewpoint - The performance of the fund managed by star fund manager Jia Chengdong has raised doubts, as it has seen a net value decline of over 8% in two months, while the Shanghai Composite Index rose by 8.2% during the same period [1] Group 1: Fund Performance - The Shenyin Wanguo Industry Select Mixed Fund A, managed by Jia Chengdong, has dropped to a net value of 0.9177 yuan, resulting in a loss of 8.23% since its establishment on June 3 [1] - In the past month, the fund ranked 4773 out of 4776 similar funds, indicating poor performance [1] - As of August 8, the fund has experienced a 6.04% decline in the last month [3] Group 2: Manager's Background and Strategy - Jia Chengdong, who joined Shenyin Wanguo in December 2024, has previously worked at Guotai Fund and招商基金, managing nearly 18 billion yuan at his peak [3] - The fund's strategy involved a rapid 60% allocation shortly after its establishment, focusing on the "new consumption" sector, which later faced a downturn [3] - The fund's shift to bank stocks after the initial losses did not yield positive results, as it declined by 1% even when the bank sector rose by 2.22% [3] Group 3: Internal Performance Disparity - There is a notable performance disparity within Shenyin Wanguo, with another fund managed by manager Fu Juan achieving a one-year return of 100.59% [4] - The top holdings of Fu Juan's fund include stocks like Chaohongji and Pop Mart, with some individual stock gains exceeding 10 times [4][5] Group 4: Historical Performance - Shenyin Wanguo has a history of strong performance, with its quantitative small-cap fund achieving a 279.62% increase since inception, significantly outperforming its benchmark [7]

Core Viewpoint - The news discusses the performance and management issues of the Shenwan Hongyuan Fund, particularly the Shenwan Hongyuan Industry Select Fund, which has been under scrutiny due to its poor returns since inception [4][5]. Fund Performance - The Shenwan Hongyuan Industry Select Fund, established in early June, has reported a return of -8.23% for Class A and -8.29% for Class C, with total assets of 8.13 billion and 4.06 billion respectively [5]. - The fund has been criticized for its management style, with frequent adjustments leading to losses, particularly in the new consumption and banking sectors [5]. Management and Strategy - The fund manager, Jia Chengdong, employs a combination of top-down and bottom-up approaches for investment, focusing on macroeconomic conditions, industry trends, and company fundamentals [5]. - Jia Chengdong has a history of successful fund management, achieving returns of 140.33% and 192.09% in previous roles, but has struggled with the current funds under his management [8]. Financial Metrics - Shenwan Hongyuan Fund's total management scale is reported at 826.07 billion, down 4.83% year-on-year [9]. - The fund's revenue for 2024 was 4.91 billion, a decrease of 10.73%, with net profit at 77.15 million, down 9.45% [11]. Fee Structure - The fund incurs various operational fees, including a management fee of 1.2% per annum, a custody fee of 0.2%, and additional costs for auditing and information disclosure [6][7].