More than sixty percent of its fixed-income products have underperformed their benchmarks over the medium to long term.

Bosera Fund's fixed-income fund development is mired in an awkward situation of being "large but not strong."

Wind data shows that as of the end of the first quarter of 2026, among the 11 domestic trillion-yuan fund companies, four had fixed-income funds accounting for over seventy percent of their total public fund scale. Bosera Fund is one of them.

As a veteran fixed-income powerhouse once dubbed the "Bond Fund King," Bosera Fund's medium to long-term performance in fixed-income funds has fallen behind.

As of May 8th, Bosera Fund has 128 and 111 fixed-income funds with trackable three-year and five-year returns, respectively. In both categories, over sixty percent of the funds have underperformed their performance benchmarks. Among the funds that failed to beat their benchmarks, pure bond funds (including medium to long-term and short-term pure bond funds) are the main contributors.

Simultaneously, Bosera Fund's fixed-income investment and research team has also experienced frequent "bleeding." Since 2023, the company has seen the departure of several fixed-income fund managers, including Deng Xinyu, Chen Kaiyang, Huang Haifeng, Wang Shen, He Ping, and He Kai.

Furthermore, the medium to long-term performance of Bosera Fund's existing star fund managers, such as Wei Zhen, Ni Yujuan, Zhang Liling, and Tang Wei, has been unsatisfactory.

01 Scale Decline, Medium to Long-Term Performance Lags Beneath the massive facade of Bosera Fund's fixed-income fund lineup, its development has been less than ideal.

Wind data indicates that as of the end of the first quarter of 2026, Bosera Fund's public fund management scale was 1.15 trillion yuan, a decrease of 6.303 billion yuan from the previous quarter. It still ranks within the industry's top ten. The scale of its fixed-income funds was 848.762 billion yuan, accounting for 73.74% of the total, a decrease of 19.01 billion yuan from the previous quarter.

It is noted that although the scale of Bosera Fund's fixed-income funds was nearly 850 billion yuan at the end of Q1 2026, it has shrunk by 61.139 billion yuan from its peak of 909.901 billion yuan at the end of 2024. The primary reason is the decline in bond fund scale from 449.053 billion yuan at the end of 2024 to 362.988 billion yuan at the end of Q1 2026, a reduction of 86.065 billion yuan. Meanwhile, the scale of money market funds reached 485.774 billion yuan at the end of Q1 2026, an increase of 24.926 billion yuan compared to the end of 2024.

Fixed-income funds, which occupy the majority of the business, form the foundation of Bosera Fund's operating performance.

According to Wind data, from 2021 to 2025, the management fees contributed by Bosera Fund's fixed-income funds were 1.9 billion yuan, 2.217 billion yuan, 2.039 billion yuan, 2.264 billion yuan, and 2.236 billion yuan, respectively. These figures accounted for 46.52%, 53.52%, 57.02%, 63.83%, and 60.79% of the company's total management fee income, respectively.

Fixed-income funds are also significant contributors to Bosera Fund's product profits.

From 2021 to 2025, the product profits from the company's fixed-income funds were 20.494 billion yuan, 13.186 billion yuan, 18.332 billion yuan, 27.969 billion yuan, and 18.147 billion yuan, respectively. The company's overall product profits were 26.409 billion yuan, -21.667 billion yuan, 8.438 billion yuan, 39.817 billion yuan, and 81.347 billion yuan, respectively.

However, an awkward mismatch has emerged between the management scale and the medium to long-term performance of Bosera Fund's fixed-income funds.

As of May 8th, among the 128 fixed-income funds under Bosera Fund with trackable three-year returns, 82 funds underperformed their benchmarks over the past three years, accounting for 64.06%. Among these, six funds lagged their benchmarks by over five percentage points. Among the 111 fixed-income funds with trackable five-year returns, 68 products underperformed their benchmarks, accounting for 61.26%. Of these, 33 funds underperformed their benchmarks by more than five percentage points over the past five years.

Typically, pure bond funds exhibit better performance stability compared to hybrid bond funds with equity exposure (primary and secondary). However, the majority of Bosera Fund's fixed-income products that underperformed their benchmarks over the medium to long term are pure bond funds. As of May 8th, among the aforementioned 82 and 68 funds that underperformed their benchmarks over three and five years, pure bond funds numbered 76 and 64, respectively.

Although over sixty percent of Bosera Fund's fixed-income funds have shown poor medium to long-term performance, the bond market itself has performed well in recent years. As of May 8th, the CSI Aggregate Bond Index, SSE Treasury Bond (Net) Index, and CSI Convertible Bond Index gained 13.4%, 4.31%, and 27.9%, respectively, over the past three years. Their five-year gains were 23.54%, 5.97%, and 40.59%, respectively. Meanwhile, the Wind Pure Bond Fund Index and another pure bond fund index posted three-year returns of 8.47% and 7.7%, and five-year returns of 15.44% and 13.89%, respectively.

Observations reveal that as of May 8th, Bosera Hengxiang A's three-year return was 5.17%, underperforming its benchmark by 8.77 percentage points, ranking last within Bosera Fund. This fund, established on March 30, 2023, is a secondary hybrid bond fund. It is currently co-managed by fund managers Tang Wei (appointed October 31, 2025) and Xie Zelin (appointed January 23, 2026), with public fund manager tenures of 3.91 years and 10.02 years, respectively. Prior to this, the fund had been managed by four other managers: Deng Xinyu, Chen Li, Yu Bing, and Gui Zhenghui. Their tenures all resulted in returns underperforming the benchmark by over seven percentage points.

Additionally, Bosera Macro Return A/B's five-year return underperformed its benchmark by 12.04 percentage points, ranking at the bottom among the company's 111 funds. Over its nearly 16-year history, fund manager Wang Shen had the longest management tenure (May 22, 2015, to February 2, 2024) at over eight years, but his tenure return lagged the benchmark by 32.4 percentage points. The fund is currently co-managed by Luo Xiao (appointed February 2, 2024) and Shi Xiaoming (appointed May 27, 2024), with public fund manager tenures of 6.94 years and 1.96 years, respectively.

02 "Star" Managers Depart, Remaining Star Fund Managers Post Weak Performance Beyond poor product performance, another concern for investors is the departure of talent from Bosera Fund's fixed-income investment and research team.

According to Wind data, since 2023, among the 25 fund managers who have left Bosera Fund, 11 were fixed-income managers. Six of these managers had served over seven years in the company's front-line fixed-income investment roles, making them core investment and research personnel.

Among them, Shao Kai, a fixed-income "veteran" with 23 years at Bosera Fund, departed at the end of 2023. Information shows Shao Kai is a seasoned practitioner in the public fund industry's fixed-income investment field and can be considered one of the "founders" of the company's fixed-income business.

Shao Kai's departure coincided with the exit of several other fixed-income investment talents like Chen Kaiyang and Deng Xinyu, forming a relatively rare "group-style" departure in the industry. In 2024, veteran fixed-income managers Wang Shen and Huang Haifeng also left. However, not all departing star fund managers had excellent tenure returns.

Taking Wang Shen as an example, on February 2, 2024, he relinquished management of all four funds under his charge. Among them, Bosera Tianyi A (appointed February 24, 2020) and Bosera Hengxin Wenyi One-Year Holding A (appointed January 5, 2022) posted negative tenure returns of -8.24% and -3.7%, respectively. The tenure returns of all four funds also underperformed their respective benchmarks.

The frequent departure of core fixed-income talent has created a crack in Bosera Fund's fixed-income "armor."

Among Bosera Fund's current 102 fund managers, 25 have in-charge fund assets exceeding ten billion yuan. Nineteen of these managers primarily oversee fixed-income funds.

As the company's "top-tier" manager with assets under management in the hundreds of billions, Wei Zhen's management scale appears stable but harbors underlying concerns.

Wind data shows that as of the end of Q1 2026, Wei Zhen's in-charge fund assets were 294.287 billion yuan. Money market funds accounted for 282.67 billion yuan, or 96.05% of this total. However, the bond funds she manages have fallen into the "mini-fund" quagmire—Bosera Fuhua Pure Bond's size was 46 million yuan, a decrease of 23 million yuan from the previous quarter. She also holds the positions of company Managing Director, Head of Fixed Income Investment Department II, and Investment Director of Fixed Income Investment Department II.

Wei Zhen's Investment Manager Index (Public Fund Biased-Bond) has shown poor short to medium-term performance. As of May 8th, the index's one-year and three-year returns were 0.27% and 10.03%, respectively, both lagging behind their benchmarks of 1.35% and 13.4%.

Furthermore, adjustments have been made to the funds under Wei Zhen's management. On May 7th, Bosera Fund announced that Wei Zhen stepped down as the fund manager of Bosera Fuyao Pure Bond One-Year Closed. During her management period (June 21, 2023, to May 7, 2026), the fund's tenure return was 8.48%, underperforming its benchmark by 2.91 percentage points.

Another manager with fixed-income assets in the hundreds of billions, Ni Yujuan, had in-charge fund assets (as of end-Q1 2026) of 147.829 billion yuan, with money market funds comprising 132.104 billion yuan. Currently, she manages 13 fixed-income funds, with four having a management tenure exceeding three years.

As of May 8th, among these four funds, only Bosera Cash Treasure A (appointed February 25, 2019) outperformed its benchmark over the past three years. Bosera Furui Pure Bond A (appointed April 9, 2018), Bosera Futian Pure Bond A (appointed November 30, 2021), and Bosera April Xiang 120-Day Holding A (appointed June 14, 2022) underperformed their three-year benchmarks by 3.48, 1.62, and 3.24 percentage points, respectively.

Additionally, the five-year returns of Bosera Furui Pure Bond A and Bosera Futian Pure Bond A also trailed their benchmarks, underperforming by 5.8 and 2.98 percentage points, respectively.

Ni Yujuan's Investment Manager Index (Public Fund Biased-Bond) also shows weak medium to long-term results. As of May 8th, the index's three-year and total return rates were 8.22% and 30.05%, significantly underperforming their benchmarks of 13.4% and 42.57%.

Among fixed-income fund managers with assets in the tens of billions, Investment Manager Indices (Public Fund Biased-Bond) underperforming their benchmarks over the medium to long term are also commonplace.

As of May 8th, Zhang Liling's Investment Manager Index (Public Fund Biased-Bond) had three-year and total return rates of 10.88% and 50.94%, both underperforming their benchmarks. Tang Wei's Investment Manager Index (Public Fund Biased-Bond) had three-year and total return rates of 10.51% and 13.71%, both lagging behind their benchmarks of 13.4% and 17.12%.

In terms of fund manager tenure, Guo Jun has the longest tenure in Bosera Fund's fixed-income investment and research, with over 21 years as a public fund manager. He currently also serves as the company's Chief Fund Manager. He joined the company in 2005 and has held positions including Deputy Head of the Fixed Income Department, Head of the Public Fund Group within the Fixed Income Headquarters, Head of the Index and Innovation Group within the Fixed Income Headquarters, and company Managing Director.

Among the nine funds managed by Guo Jun, four are bond funds with a management scale of 69.544 billion yuan. As of May 8th, the tenure returns for Bosera Hengyao A (appointed November 10, 2022) and Bosera CSI Convertible Bond & Exchangeable Bond ETF (appointed September 15, 2023) under his management were 16.77% and 29.45%, underperforming their benchmarks by 0.04 and 1.27 percentage points, respectively.

The fund with Guo Jun's longest management tenure, Bosera Credit Bond A (appointed June 10, 2009), also shows poor drawdown control and Calmar ratio. As of May 8th, the fund's maximum drawdown over the past three years was -13.15%, compared to an average of -6% for similar products. Its three-year Calmar ratio was 0.55, far behind the 1.1 average for similar products.

03 New Product Rollout Slows, Multiple Funds Face Liquidation Wind data shows that as of the end of Q1 2026, Bosera Fund had 143 fixed-income funds. Eleven products had management scales exceeding 10 billion yuan, while 24 had scales below 200 million yuan. Among these, eight funds had assets below 50 million yuan, and Bosera Anren One-Year Closed is currently in the liquidation process.

What is the situation for the other seven mini fixed-income funds with assets below 50 million yuan?

Fund first-quarter reports indicate that six funds—Bosera Fushun Pure Bond (which previously had a situation where the number of holders was less than 200 for 20 consecutive working days), Bosera Fuhua Pure Bond, Bosera Funing Pure Bond, Bosera Hengxiang, Bosera Guangli Pure Bond 3-Month, and Bosera Fuheng Pure Bond One-Year Closed—all experienced situations where their net asset value fell below 50 million yuan for 20 consecutive working days.

However, Bosera Fund did not disclose the holder or net asset value information for Bosera Fuyuan Pure Bond in the fund's first-quarter report. Meanwhile, from October 23, 2025, to March 31, 2026, Bosera Fund voluntarily covered fixed expenses such as information disclosure fees and audit fees for Bosera Guangli Pure Bond 3-Month.

Furthermore, on April 21st, Bosera Fund announced that the fund's unitholder meeting passed the proposal to "Amend the Fund Contract Termination Clause" for Bosera Funing Pure Bond, seeking a chance for the fund's continued operation. Announcements on April 21st and May 12th also stated that the unitholder meetings for Bosera Guangli Pure Bond 3-Month and Bosera Fuheng Pure Bond One-Year passed proposals to terminate the fund contracts, meaning these two funds will face liquidation.

Since 2025, Bosera Fund has liquidated a total of 21 funds, comprising eight medium to long-term pure bond funds and 13 equity funds. Among the eight terminated bond funds, seven were triggered by contract termination clauses, with liquidation reasons including, but not limited to, the fund's scale being below 200 million yuan three years after its establishment (for initiated funds) and the net asset value falling below 50 million yuan for 50 consecutive working days.

Regarding new fund deployment, Bosera Fund's fixed-income fund launches have also slowed in recent years.

According to Wind data, since 2025, the company has successively filed for 54 funds, of which 29 have been established (26 are index funds). Two products have been approved but not yet launched: Bosera Huiyi Youxuan 3-Month Holding Hybrid Fund of Funds (FOF) and Bosera Guozheng New Energy Battery Index Securities Investment Fund, both still within their six-month "shelf life."

Bosera Hang Seng Stock Connect Hong Kong ETF and Bosera Guozheng Grain Industry ETF entered the issuance process on May 6th and May 7th, respectively, and have not yet completed fundraising.

Currently, Bosera Fund has 21 funds in a pending approval status. Among these, only four are fixed-income funds (all bond funds). Index funds are the main focus, with 11 products.

Since 2025, Bosera Fund has cumulatively established 38 funds. Only three are fixed-income funds, with an initial offering scale of 6.241 billion yuan, accounting for 31.78% of the total initial offering scale of newly established products in 2025. This is far below the overall scale proportion of fixed-income products.

With fixed-income product performance lagging, veteran departures, and a slowdown in new fund deployment, Bosera Fund's fixed-income development is facing an awkward predicament.