Core Viewpoint - BlackRock Fund, as the first wholly foreign-owned public fund management company in China, has faced significant challenges in its four years of operation, including underperformance in product returns, management scale issues, and frequent personnel changes, leading to a perception of being out of sync with the Chinese public fund market [2][3]. Performance Issues - Since its establishment in June 2021, BlackRock Fund's initial fundraising reached 6.681 billion yuan, but the scale has since declined, with a significant drop to 4.321 billion yuan by the end of 2023. Although the scale briefly exceeded 10.785 billion yuan by the end of 2024, it again halved to 5.601 billion yuan in the first quarter of 2025. As of June 30, 2025, the management scale was 6.86 billion yuan, and by September 30, 2025, it had risen to 13.502 billion yuan, largely due to the issuance of a new bond fund [3][4][5]. - The performance of BlackRock's equity funds has been disappointing, with the BlackRock China New Horizons fund showing a return of -32.45% since inception, consistently underperforming its peers and the CSI 300 index [6][7][11]. Personnel Changes - BlackRock Fund has experienced unprecedented personnel turnover, particularly within its active equity team. The Chief Equity Investment Officer, Shen Yufei, resigned in September 2023 after only 2.5 years, during which the funds he managed performed poorly [10][11]. - Frequent changes in the executive team have also been noted, with key positions such as Chairman, General Manager, and Vice Presidents undergoing multiple changes since the company's inception in 2021. This instability has raised questions about the effectiveness of BlackRock's management in the Chinese market [10][15]. Strategic Shift - The appointment of new executives, such as Yu Peihua as the third General Manager in March 2025, indicates a strategic shift towards fixed-income markets, reflecting BlackRock's response to the challenges faced in the equity space [15][16]. - The launch of several bond funds, including the BlackRock China Bond Investment Preferred Green Bond Index, which raised 6 billion yuan, suggests a pivot in focus to stabilize the company's management scale and performance [16].

Core Viewpoint - BlackRock Fund, as the first wholly foreign-owned public fund management company in China, has not met market expectations after four years of operation, with underperformance in product returns and management scale, compounded by frequent personnel changes in 2023 [1][2]. Performance Summary - Initial fundraising in June 2021 reached 6.681 billion yuan, but the scale declined significantly, dropping to 4.321 billion yuan by the end of 2023. By the end of 2024, the scale briefly exceeded 10 billion yuan, only to fall again to 5.601 billion yuan in Q1 2025. As of June 30, 2025, the management scale was 6.86 billion yuan, and by September 30, 2025, it rose to 13.502 billion yuan, largely due to the issuance of a new bond fund [2][3]. - The performance of BlackRock's equity funds has been poor, with a three-year return of -13.59%, significantly lagging behind peers and the CSI 300 index, which has a return of +16.29% during the same period [4][7]. Product Performance - The flagship equity product, BlackRock China New Vision, has a return of -32.45% since inception, consistently underperforming against industry benchmarks and the CSI 300 index [8][9]. - Recent performance metrics show that year-to-date returns for BlackRock China New Vision are 13.09%, while the CSI 300 index has a return of 17.37% [11]. Personnel Changes - BlackRock Fund has experienced significant turnover in its equity team, with three changes in the general manager position within four years. The recent departure of Chief Equity Investment Officer Shen Yufei raised concerns about the effectiveness of the management team [10][12]. - The frequent changes in leadership, including the resignation of the chairman and other key executives, have led to questions about the company's adaptability in the Chinese market [12][13]. Strategic Shift - The appointment of new executives with strong backgrounds in fixed income suggests a strategic pivot towards the fixed income market, as evidenced by the launch of multiple bond funds in 2025 [13][14]. - The recent issuance of the BlackRock China Bond Investment Preferred Green Bond Index Fund, which raised 6 billion yuan, indicates a focus on expanding the fixed income product line to stabilize management scale [2][13].