Focusing on the 2026 mutual fund Q2 reports: heavy allocations in chip and light sectors yield strong results. By the end of Q2 2024, the 78 funds under HSBC Jintrust Fund that could be tallied reported a combined loss of 1.893 billion yuan. The number of loss-making funds far exceeded those in profit, with large-scale loss-leading products dragging down overall returns. As the public fund Q2 reporting season wraps up, the performance of various fund firms has been revealed. A journalist noted that HSBC Jintrust Fund, established over 20 years ago, posted a total loss of nearly 1.9 billion yuan across its public fund products in Q2, with only one tech-focused fund earning over 100 million yuan.
In the second half of the year, several of the company's funds sidestepped steep declines in tech stocks, as those heavily invested in consumption, new energy, and Hong Kong-listed stocks saw a notable recovery in performance. However, the firm's equity fund performance remains heavily reliant on a single portfolio manager, whose holdings are highly concentrated in sectors like new energy, leading to elevated portfolio concentration. Currently, HSBC Jintrust Fund has not yet built a comprehensive and diversified equity product line. In the mutual fund industry, where the strong get stronger and the Matthew effect intensifies, how will the company break through its development bottleneck and achieve a turnaround?
Aggregate Losses Approaching 1.9 Billion Yuan
Wind data shows that by the end of Q2, the 78 tally-able funds under HSBC Jintrust Fund had a combined loss of 1.893 billion yuan (with share classes counted separately). Fund performance was sharply divided: 48 funds recorded losses in Q2, while only 30 achieved gains. Compared to the combined loss of 731 million yuan in Q1, the scale of losses in Q2 expanded significantly. The number of loss-making funds far exceeded profitable ones, with large-loss products dragging down overall results.
Specifically, nine funds under HSBC Jintrust Fund lost over 100 million yuan in Q2. Among them, the largest equity fund, HSBC Jintrust Low Carbon Pioneer A, lost 318 million yuan, with its A and C share classes totaling a loss of 351 million yuan. HSBC Jintrust Research Select and HSBC Jintrust Hong Kong Stock Connect Dual Core Strategy each lost over 250 million yuan in Q2. HSBC Jintrust New Power A, HSBC Jintrust Small and Mid-Cap, and HSBC Jintrust Dynamic Strategy A each suffered losses exceeding 200 million yuan. These six funds alone accounted for cumulative losses surpassing 1.5 billion yuan in Q2.
On the profit side, performance was relatively weak, with only HSBC Jintrust Technology Pioneer achieving a single-quarter profit exceeding 100 million yuan, amounting to 674 million yuan. Excluding HSBC Jintrust Money Market B, HSBC Jintrust Huian Pure Bond 63-Month Fixed Maturity, and HSBC Jintrust Strategy Preferred A, profits for the remaining profitable funds were all below 10 million yuan. In aggregate calculations, the total losses of the company's loss-making funds in Q2 exceeded 2.7 billion yuan, while total profits from profitable funds were under 900 million yuan, resulting in a significant overall weakening after offsetting gains and losses.
Extreme Performance Divergence
Based on Q2 holdings data, the funds with the largest losses at HSBC Jintrust Fund were primarily those heavily invested in the new energy industry chain, aviation, non-ferrous metals, and consumption, with some products also allocating to Hong Kong-listed assets. For instance, HSBC Jintrust Hong Kong Stock Connect Dual Core Strategy focused on consumption and other domestic demand sectors, holding Hong Kong-listed airline stocks and internet tech stocks in Q2. HSBC Jintrust Small and Mid-Cap and HSBC Jintrust Cycle Preferred maintained high positions in Q2, concentrating on sectors like aviation, photovoltaics, and non-ferrous metals. HSBC Jintrust Era Pioneer primarily allocated to the new energy industry chain, represented by photovoltaics.
As the fund with the largest Q2 losses, HSBC Jintrust Low Carbon Pioneer had a portfolio focused on photovoltaic and lithium battery industry chains, with a small allocation to electronics and machinery. Overall, HSBC Jintrust Fund has limited products in the tech sector, with many missing out on the gains from the AI industry chain rally in Q2. A host of funds missed the tech uptrend while staying committed to new energy and consumption sectors, leading to significant net asset value (NAV) declines. Data shows that HSBC Jintrust Hong Kong Stock Connect Dual Core Strategy, HSBC Jintrust Small and Mid-Cap, HSBC Jintrust Cycle Preferred, HSBC Jintrust Research Select, and HSBC Jintrust Era Pioneer all saw NAV losses exceeding 20% in Q2, while HSBC Jintrust Low Carbon Pioneer fell by over 13%. The only fund at the company heavily weighted in tech was HSBC Jintrust Technology Pioneer, which had positioned early in AI applications, semiconductors, and commercial aerospace. It posted a standout performance in Q2, with its NAV surging 90.87%, while the runner-up, HSBC Jintrust Fengying A, gained only 1.44%, highlighting a stark performance gap.
Looking back, many of HSBC Jintrust Fund's products have historically bet on the new energy sector. For example, portfolio manager Lu Bin achieved substantial returns from new energy stocks. As of July 31, his managed funds, HSBC Jintrust Manufacturing Pioneer A and HSBC Jintrust Low Carbon Pioneer A, had posted returns of over 120% since inception. These two funds performed exceptionally well from 2019 to 2021, but as the new energy sector continued to adjust thereafter, their performance has weakened in recent years.
Entering the second half of the year, market styles shifted quickly. Some of HSBC Jintrust Fund's products successfully avoided deep adjustments in tech stocks, leading to a performance recovery. As of July 31, driven by traditional sectors like consumption and Hong Kong stocks, HSBC Jintrust Consumer Dividend saw its NAV jump 15.11% in July, while HSBC Jintrust Large Cap Volatility Select and HSBC Jintrust Shanghai-Hong Kong-Shenzhen both saw NAV gains exceeding 10% in July. In stark contrast, HSBC Jintrust Technology Pioneer, which led the company in Q2 thanks to the tech sector, was hit by a collective tech stock pullback, with its NAV plummeting 40.03% in July. This illustrates the volatile performance of products amid sector rotation.
Dependence on a Key Figure
Public records show that HSBC Jintrust Fund, established in 2005, is a Sino-foreign joint venture, with Shanxi Trust holding 51% and HSBC Global Asset Management (UK) holding 49%. Despite being a public fund firm for over 20 years, its total public fund assets under management have remained below 100 billion yuan, with a historical peak of only 70.9 billion yuan. By the end of Q2, its public fund AUM stood at 59.742 billion yuan. Among this, equity and balanced funds had sizes of 9.441 billion yuan and 9.24 billion yuan, respectively, accounting for 31% of total AUM.
Lu Bin is a central figure at HSBC Jintrust Fund, currently serving as Deputy General Manager and Head of the Equity Investment Department, managing a total of seven equity funds. At his peak, his managed AUM once exceeded 33 billion yuan. By the end of Q2, his managed AUM had fallen to 7.355 billion yuan, accounting for nearly 40% of the company's total equity fund AUM. Relying on star portfolio managers to boost scale is a common trait among smaller and medium-sized public fund firms. However, as the industry generally shifts toward building systematic investment research platforms, and with the Matthew effect intensifying, the development shortcomings of such singular reliance on a key figure are becoming increasingly amplified.
At present, HSBC Jintrust Fund's product line has clear gaps. It has not yet launched ETFs or standard index funds, with equity products heavily concentrated in active management categories. Additionally, the issue of certain portfolio managers holding an excessively large share of AUM persists. Beyond this, the company's equity change process is still ongoing. A notice on the National Public Resources Trading Platform (Shanxi) indicated that on June 29, 2023, Shanxi Trust listed for sale its 31% stake in HSBC Jintrust Fund, with an asking price of 1 billion yuan. The notice also stated that other remaining shareholders did not waive their preemptive rights. In February, HSBC Jintrust Fund submitted materials to the China Securities Regulatory Commission for approval regarding a change in shareholders holding more than 5% of the company's equity, or shareholders with less than 5% but significant influence on corporate governance, or a change in actual controller, and the materials were received. Regarding issues such as the long-term heavy allocation to new energy and substantial losses in its products, a journalist sent an interview request to HSBC Jintrust Fund, but as of press time, no response had been received.