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 performance of the newly launched fund managed by star fund manager Jia Chengdong has raised significant concerns, as it has underperformed the market shortly after its inception, leading to investor dissatisfaction and criticism of the fund's management strategy [2][4]. Fund Performance - The fund, Shenwan Lingshin Industry Select Mixed A, was established on June 3 and has seen a net value drop of 8.23% within two months, while the Shanghai Composite Index rose by 8.2% during the same period [2][5]. - As of August 8, the fund's net value was reported at 0.9177 yuan, ranking 4773 out of 4776 similar funds, indicating a poor performance relative to peers [2][5]. Management Strategy - Jia Chengdong's investment strategy involved quickly building a 60% position in high-flying "new consumption" stocks shortly after the fund's launch, which led to significant losses as the sector corrected [5][6]. - Following the losses in the new consumption sector, Jia shifted focus to bank stocks, which also faced a downturn, resulting in further declines in the fund's net value [5][6]. Internal Discontent - An employee from Shenwan Hongyuan Securities expressed dissatisfaction with the company's pressure to invest in the fund, labeling it a "political task" and criticizing the fund's operational style as reckless [3][4]. - The company has denied claims of coercion regarding investments and emphasized the importance of long-term performance over short-term results [4][6]. Comparison with Other Funds - In contrast to Jia Chengdong's underperforming fund, another fund managed by a different manager, Fu Juan, achieved a remarkable one-year return of 100.59%, highlighting a stark performance disparity within the company [6][8]. - Historical data shows that Shenwan Lingshin has had successful funds in the past, with one fund achieving a 279.62% increase since its inception, significantly outperforming its benchmark [8].