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].

Core Viewpoint - The sudden resignation of fund manager Zou Jiangyu from BlackRock's Advanced Manufacturing One-Year Holding Mixed Fund raises questions about the motivations behind the change, especially given the fund's recent strong performance and the appointment of a manager with a less favorable track record [2][3][6]. Performance Summary - Zou Jiangyu achieved an investment return of approximately 48.96% during his tenure, significantly outperforming the average return of similar products (14.57%) and the CSI 300 index (19.88%) [3]. - The fund experienced a remarkable increase of 70.39% over the past six months and a year-to-date return of 63.29% [4]. - Zou successfully raised the fund's net value from 0.93 yuan to around 1.5 yuan in June [4]. Manager Transition - The new manager, Dan Xiuli, has a history of managing underperforming funds, including the BlackRock China New Horizons fund, which has seen losses of approximately 33% [2][7]. - Dan Xiuli's recent management of multiple products has raised concerns among investors, particularly regarding her ability to manage high-performing funds [6][8]. Talent Flow and Company Dynamics - The frequent personnel changes at BlackRock, including the departure of key figures such as the chairman and several fund managers, suggest potential instability within the company's management structure [8][9]. - The industry is experiencing a trend of talent mobility, which may impact investor confidence and necessitate a reevaluation of the company's reliance on individual fund managers [5].

Core Insights - BlackRock, a major player in the financial industry, manages over $10 trillion in assets, surpassing half of China's projected GDP for 2024 and exceeding the combined assets of the world's top ten banks [1][3] - The company has penetrated the Chinese market significantly since 2020, becoming the first wholly foreign-owned public fund company in China, allowing it to directly raise funds from Chinese citizens [3][5] Group 1: Market Penetration - BlackRock has become an "invisible shareholder" in major Chinese tech companies like Tencent, Alibaba, and Meituan, holding over 2% of their shares, which gives it access to vast amounts of consumer data [5][7] - The firm has made substantial investments in China's new energy sector, including significant stakes in leading companies like BYD and CATL, using various investment vehicles to cover the A-share market [5][7] Group 2: Strategic Control - BlackRock aims to control the entire supply chain in the new energy sector, from lithium mining to battery manufacturing and vehicle production, employing a comprehensive investment strategy that includes public funds, venture capital, and mergers [7][9] - The company holds shares in critical state-owned enterprises, raising concerns about its influence over essential services and national security [7][9] Group 3: Predictive Capabilities - BlackRock utilizes its proprietary Aladdin system to analyze global market data, allowing it to predict market trends and risks effectively, which is also used by major financial institutions like the Federal Reserve [9][11] - The company's close ties with the U.S. government raise concerns about potential policy influence if similar strategies are applied in China [11][13] Group 4: Regulatory Response - In response to BlackRock's activities, Chinese regulators have implemented measures to enhance oversight of foreign financial institutions, signaling a commitment to maintaining financial sovereignty [11][13] - The emphasis is on strengthening domestic financial institutions and establishing a robust financial firewall to safeguard against external influences [13]

Group 1 - Foreign-funded public funds have maintained a high position in equity products, with some increasing their allocation to Hong Kong stocks in Q1 2025 [3][4] - Notable funds with over 90% equity positions include BlackRock, Fidelity, Morgan Stanley, and Schroders, among others [3] - Schroders significantly increased its Hong Kong stock allocation from 15.08% in Q4 2024 to 32.31% in Q1 2025 [3] Group 2 - Funds are diversifying their investments across technology, energy, and consumer sectors, with a focus on TMT (Technology, Media, and Telecommunications) and high-dividend stocks [6][7] - BlackRock's Hong Kong Stock Connect fund increased its holdings in Alibaba and reduced its stake in Tencent by nearly 50% [6] - Fidelity's fund adjusted its bank stock allocations, increasing its position in Industrial and Commercial Bank of China while reducing its holdings in China Merchants Bank and China Construction Bank [7] Group 3 - Fund managers are optimistic about quality technology assets and sectors that are expected to benefit from domestic demand policies [8] - Key sectors of interest include TMT, machinery, automotive, and chemical industries, as well as new consumption and defense industries [8] - Morgan Stanley is focusing on investment opportunities in intelligent computing infrastructure and AI applications [8]

以下文章来源于阿尔法工场DeepFund ，作者基哥 在此次收购中，最引人瞩目的莫过于位于巴拿马运河两端的巴尔博亚港和克里斯托瓦尔港。作为全球航运的"咽喉要道"，这两座港口的战略价值不 言而喻，美国总统特朗普甚至将此次收购视为"美国掌控全球航运命脉的关键布局"。 此前，一系列围绕港口的"活动"早已秘密展开。 阿尔法工场DeepFund . 专注基金行业事件、产品和人物故事，探究背后的深层逻辑。 作 者 | 基哥 来源 | 阿尔法工场DeepFund 导语：贝莱德依赖的"政商协同+长期价值投资"模式，与中国市场特性存在本质冲突。 2025年春，一宗重磅交易在全球商界掀起波澜。 3月4日深夜，李嘉诚旗下长江和记实业公告称，已与贝莱德（BlackRock）牵头的美国财团达成初步协议，以228亿美元出售旗下43个港口资产。 作为全球最大的资产管理公司，贝莱德通过此次收购，将跻身全球三大港口运营商之列，掌控全球10.4%的集装箱吞吐量。 据知情人士透露，贝莱德首席执行官芬克与特朗普、美国国务卿鲁比奥等人通了电话，最终得到了美国政府的支持。此外，芬克也受邀于3月17日前 往白宫，在那里受到了共和党高层的热情接待。 特朗普 ...

Core Viewpoint - BlackRock Fund has appointed Yu Peihua as the new General Manager, succeeding Chen Jian, who will transition to a senior advisory role due to personal reasons [1][2]. Group 1: Management Changes - Yu Peihua brings over 30 years of experience in asset management and financial services, having previously served as the General Manager of Puyin Ansheng Fund since 2012 [1][2]. - The management change includes a swap with Puyin Ansheng Fund, where former BlackRock Fund General Manager Zhang Chi will take over as General Manager in July 2024 [1][4]. - Chen Jian joined BlackRock in April 2020 and has held various roles, including Compliance Head and General Manager, before his recent transition [2][4]. Group 2: Company Background - BlackRock is one of the largest asset management firms globally, managing approximately $11.6 trillion in assets as of the end of 2024, with a diverse range of services including equities, fixed income, cash management, and alternative investments [5]. - Since obtaining its public fund business license in 2021, BlackRock has launched 14 products, managing a total asset size of approximately 12.336 billion yuan [6]. - The largest fund under BlackRock is the BlackRock Interbank Certificate Index 7-Day Holding, with a size of 5 billion yuan, followed by the BlackRock China New Horizons at around 2.3 billion yuan [6]. Group 3: Market Context - The entry of foreign-owned public funds like BlackRock is seen as a new trend in China's public fund industry, although the process of localization may face challenges [6]. - The competitive landscape in China's capital market is expected to evolve, emphasizing the need for product competitiveness and sufficient space for foreign public funds to thrive [6].