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Text/Ren Hui

recently,SWMletterfundThe announcement stated,Fu JuanDue to business development needs, he resigned from the Shenwan Lingxin Ledao Three-Year Holding Period Mixed Fund.

SWM Ledao Three-Year Holding Period Mixed Fund was established on June 10, 2021. When Fu Juan stepped down, she had managed the fund for 3 years and 58 days, almost stepping down at the end of the closed period.

Fu Juan is a well-known female general in the public offering industry.Agricultural BankForexFund, joined ABC-Huarong Fund in 2010 as assistant fund manager, fund manager and investment director.

Fu Juan's representative product at ABC-Huarong Fund Management is ABC Consumer Theme Mixed Fund, which achieved a return of 170% in 7 years and 199 days, ranking 76/302 among similar products.

In June 2020, Fu Juan left Nongfu Fund, but what is more controversial is that it had only been one year and 62 days since she issued Nongfu Fund Haitang three-year fixed-term mixed fund.

In July 2020, Fu Juan joined SWM Fund Management as fund manager and head of investment research department.

With the blessing of star halo, Fu Juan "went all out" in Shenwan Lingxin Fund, and successively launched 9 funds including Shenwan Lingxin Lexiang Mixed Fund, Shenwan Lingxin Ledao Three-Year Holding Period, Shenwan Lingxin Smart Car Stock, Shenwan Lingxin Letong Mixed Fund, Shenwan Lingxin Shuangli Mixed Fund, Shenwan Lingxin Lerong One-Year Holding Mixed Fund, Shenwan Lingxin Xingle Preferred Mixed Fund, Shenwan Lingxin Lecheng Mixed Fund and Shenwan Lingxin Leyan Mixed Fund.

Among them, the issuance of SWM Jiale Two-Year Holding Period Mixed Fund failed because it failed to meet the registration conditions, which is relatively rare among fund managers of Fu Juan's level.

Fu Juan's investment level is not bad, but because most of the above-mentioned funds were issued at market highs, and the market style in recent years does not match Fu Juan's investment style, this has resulted in generally poor absolute returns on fund performance, and some funds have even been "halved."

This has resulted in not much of this batch of hard-issued funds remaining. According to data, at the end of 2021, Fu Juan's management scale exceeded 10 billion yuan, but now Fu Juan manages 8 funds with a scale of only 4.256 billion.

Another impact is that Fu Juan's market appeal has also declined to a certain extent. The total scale of Shenwan Lingxin Leyan Mixed Fund issued in the first half of this year is only about 100 million yuan.

SWM Fund itself has also paid the price for its "quick success and quick profit" in the past few years. From 2019 to 2023, the management scale of hybrid funds will be 5.846 billion yuan, 12.992 billion yuan, 22.369 billion yuan, 15.049 billion yuan, and 10.751 billion yuan, respectively, showing a parabolic shape.

From 2019 to 2022, the operating income of SWM Fund was RMB 345 million, RMB 539 million, RMB 662 million, and RMB 638 million, and the net profit was RMB 63 million, RMB 104 million, RMB 125 million, and RMB 134 million, respectively. In 2023, the operating income and net profit were RMB 550 million and RMB 85 million, respectively, down 13.79% and 36.37% year-on-year.