Under the wave of compensation reforms in the fund industry, not only are underperforming fund managers under pressure, but those managing large-scale funds with significant performance divergence are also in the spotlight. Wind data shows that Chuangjin Hexin fund manager Li You's three public funds have exhibited starkly different performances over the past three years.
Specifically, Chuangjin Hexin Industrial Smart Selection A underperformed its benchmark by 27.32% over three years, with a fund size of RMB 1.653 billion. Chuangjin Hexin Industrial Cycle Selection A lagged behind its benchmark by 18.07%, managing RMB 2.110 billion. In contrast, Chuangjin Hexin Resource Theme A achieved an excess return of 23.53%, with assets under management (AUM) of RMB 819 million. The combined AUM of these three products totals RMB 4.582 billion.
According to the latest guidelines from the Asset Management Association of China (AMAC), fund companies must conduct weighted assessments of multi-fund managers based on metrics like fund size and management duration. Cases like Li You's, where significant performance divergence occurs within the same period, will serve as key samples for compensation evaluations under the new rules.
From a portfolio perspective, Li You's funds demonstrate clear thematic distinctions and performance attribution logic.
Chuangjin Hexin Industrial Smart Selection A and Industrial Cycle Selection A share highly overlapping top holdings, focusing on growth sectors like new energy, auto parts, and semiconductors. Both funds hold stocks such as Contemporary Amperex Technology (CATL), Top Group, and Xinquan Auto Parts in similar proportions. However, these stocks have shown notable divergence recently—CATL surged over 20% in three months, while GCL Technology dropped more than 20%, highlighting structural volatility within the manufacturing sector.
In sharp contrast, Chuangjin Hexin Resource Theme A is heavily weighted in cyclical resource stocks like gold, copper, and aluminum. Its top three holdings—Xingye Silver & Tin, Zijin Mining, and China Molybdenum—each gained over 20% in three months, with Xingye Silver & Tin soaring 42.68% and China Molybdenum up 34.31%, driving the fund's significant outperformance.
Public records show Li You holds a master's degree and entered the securities industry on July 25, 2007, accumulating 9.12 years of investment management experience. He has managed seven funds and currently oversees three.
Notably, on August 29 this year, Li stepped down from two funds—Chuangjin Hexin Xingxuan Industrial Trends A and Chuangjin Hexin Industrial臻选 Balanced A—with returns of 10.92% and -7.55%, respectively.
With the new compensation rules in effect, Li faces direct evaluation pressure. The regulations stipulate that if a fund manager's product underperforms its benchmark by over 10 percentage points with negative fund profitability in the past three years, their performance pay must be reduced by at least 30%. Li's two manufacturing-themed funds, both significantly lagging benchmarks, may directly impact his performance assessment.
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