Star fund manager Zhang Kun, who manages nearly 90 billion yuan for Guangzhou-based E Fund Management, has seen his flagship 56 billion yuan Blue Chip Selected Mixed Fund lose 8% so far this year.
The fund soared 95% in 2020 which attracted significant subscriptions and helped Zhang become China's first so-called "100 billion fund manager".
Another high profile fund manager, Ge Lan at Lombarda China Fund Management, saw her flagship 28 billion yuan healthcare fund retreat 7% in 2021 and 23% in 2022, after a nearly 100% gain in 2020.
"Not just mutual funds, the overall fund issuance is difficult, as this is closely connected with the economic situation," Steve Chen, partner of Shanghai-based hedge fund manager MX Capital.
To boost market sentiment, some mutual funds announced fee cuts or started to purchase their own fund shares recently.
Persons:
Thomas Peter HONG, Jiao Jinyuan, Zhang Kun, Zhang, Ge Lan, Emily Gao, Steve Chen, Debbie Dai, Dai, China Asset’s Jiao, Summer Zhen, Sumeet Chatterjee, Kim Coghill
Organizations:
REUTERS, Z, Ben Advisors, CSI, China Asset Management, Star, E Fund Management, China Fund Management, MX Capital, Thomson
Locations:
Beijing, China, Thomas Peter HONG KONG, Guangzhou, Shanghai