New Fund's High-Point Launch Leads to 40% Loss in Two Months, With the Fund Manager Bearing the Brunt of the Losses

Deep News
08/06

The A-share technology sector, which includes new energy and solid-state battery themes, experienced a strong rally earlier in 2026, prompting a flurry of new fund launches. However, as the technology sector underwent a significant correction in July, several newly issued funds, which had entered the market near a cyclical peak, suffered substantial net asset value (NAV) declines.

According to Wind data, as of August 5, seven funds across the market had NAVs below 0.70 yuan, with five of those being new products launched in the second quarter. The GTHT New Energy Ruixuan A (027780.OF) stands out among these. This new energy-themed fund, launched on June 16, 2026, with an initial NAV of 1 yuan, saw its unit NAV plummet to 0.61 yuan by August 5. This represents a cumulative return of -43.82% since inception, ranking it near the very bottom, second-to-last, among 5,416 comparable funds.

The fund's performance remained relatively stable after its launch, but began a continuous decline in July, with losses widening in a single-direction downward trend. The fund was in its position-building phase during June, and its portfolio was fully constructed just as the new energy sector experienced a systemic collapse in July. The timing of this entry, at a local market high, led to the severe NAV erosion.

An analysis of the fund's holdings reveals a concentrated allocation to the lithium battery, solid-state battery, and copper foil industrial chains. The top ten holdings accounted for 66.77% of the fund's NAV. From July through August 5, these stocks saw significant declines. The top holding, Defu Technology, dropped by 53.91%, while Taijin New Energy and Fangbang Electronics both fell by over 50%, significantly dragging down the fund's performance.

A critical point of note is that the GTHT New Energy Ruixuan is a "sponsor-initiated" fund. According to its second-quarter report, the fund had a total of 10 million shares outstanding as of the end of the quarter, with 99.99% of those shares held by the fund manager's own capital. In practical terms, this means the fund management company itself is absorbing the vast majority of the losses from this NAV decline.

The mismatch between fund launch timing and market sentiment remains a key risk for new funds. Aggressively launching thematic funds during periods of high market enthusiasm can facilitate asset gathering, but it also increases the difficulty of choosing favourable entry points, potentially accumulating risk at market peaks. For investors, a new fund is not a guaranteed safe haven, and careful evaluation of its construction timeline relative to the market cycle is essential.

免責聲明:投資有風險,本文並非投資建議,以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請,作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考,不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證,投資者應自行研究並在投資前尋求專業建議。

熱議股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10