Two-week net value drawdown nearly 15%? A macro strategy product from Mingxu Investment—an over-100-billion quantitative private fund—appears to have “gone wrong”

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Interface News reporter | Mu Yue

Recently, some netizens on social platforms claimed that certain macro strategy products under the well-known, billion-yuan quantitative private fund Mingjin Investment—acquired by it—have recently seen relatively large drawdowns in their net asset values.

Interface News noted that the relevant screenshots show that, as of March 23, the cumulative net value of “Mingjin Macro Guqiu No. 2 Phase 2” was 0.8054. Compared with the cumulative net value of 0.9441 for the previous phase updated on March 9, over approximately two weeks, the net value saw a drawdown of about 14.69%, while during the same period the CSI 300 Index only fell by 4.28%.

The information filed with the Asset Management Association shows that “Mingjin Macro Guqiu No. 2 Phase 2” was established on January 6, 2026, and completed registration and filing on January 20. The custodian is Guotai Huitong Securities. That means the product has been in existence for less than three months, and its cumulative loss rate is already close to 20%.

Other net value screenshots published by investors show that, for other macro strategy products under Mingjin Investment—such as “Mingjin Macro No. 1 Phase 2,” “Mingjin Macro Xiexing,” and several other macro strategy products—their net value drawdowns from March 9, 2026 to March 23 also exceeded 14%.

As the relevant news continued to develop, on the evening of March 24, a screenshot posted on a social platform—claimed to be a “Mingjin Macro official reply”—showed: “Due to the dual blow from stocks and commodities, the maximum drawdown from last week to Monday this week was about 15.8%. Among them, the commodity side contributed the main drawdown (some commodity varieties fell by more than 20%), while the stock side—index declines—contributed the secondary part.”

Source: Internet

However, some investors who contacted Interface News said that, at present, they have not yet received the response mentioned in the above screenshots or any explanation from Mingjin Investment regarding the drawdown in product net values. Meanwhile, some investors are already requesting that Mingjin Investment hold an investor briefing to explain the related situation.

Another investor who purchased a certain macro strategy product under Mingjin Investment told Interface News: “Actually, it’s basically normal volatility—it’s just that the price points were a bit unlucky.”

Mingjin Investment was established in April 2014 and completed registration and filing in July of the same year. Public information shows that as of the end of December 2025, the company’s assets under management were 70–80 billion yuan. According to the company’s website, the company’s products mainly cover four major categories: multi-strategy hedging series, balanced series, quantitative long series, and CTA series.

Wind data shows that as of March 24 of this year, Mingjin Investment has filed a total of 1059 products, of which 662 are still operating.

Judging from the product filing timeline, Mingjin Investment experienced a round of peak product filing activity from 2020 to 2021. Over those two years, the number of products filed reached as many as 444. From 2022 to 2024, the company’s pace of filing new products clearly slowed down, with the number of products filed per year being 46, 61, and 22 respectively.

Since 2025, Mingjin Investment has accelerated its “new product launches” again. Among them, the total number of products filed for all of 2025 reached 159, becoming the securities private fund manager with the most filed products that year. This year, the company has already filed as many as 77 new products, also ranking first on the list of securities private fund products filed during the same period.

Figure: Distribution of product filing times for products under Mingjin Investment (2026 data as of March 24) Data source: Wind, compiled by Interface News

In terms of product naming, macro strategies are one of the main product categories that Mingjin Investment has been pushing recently. Wind data shows that between November 28, 2025 and March 24, 2026, Mingjin Investment filed a total of 98 products. Of these, 53 products explicitly include the two characters “macro” in their names, accounting for as much as 54.08%. This also means that many investors may have bought related products and soon after encountered a significant drawdown in the net values of the company’s macro products in this round.

Macro strategy mainly refers to making judgments about the price trends of various types of assets based on the macroeconomic environment and policy backdrop, thereby pursuing cross-market, cross-asset, and cross-cycle investment strategies. Quantitative macro strategy combines quantitative investing with macro strategy; it mainly refers to using systematic, data-driven quantitative models to analyze the relationship between macroeconomic variables and the prices of financial assets, and then to implement strategies for broad asset allocation and trading accordingly.

An industry insider analyzed for Interface News that macro strategies require investors to make fairly accurate judgments about the outlook for various assets. Whether the judgments are made subjectively or by models, it is very difficult to completely avoid large drawdowns in short-term net values caused by judgment errors, extreme market changes, or deviations in strategy execution, among other factors. At the same time, quantitative models are generally built and backtested based on historical data, but history never repeats itself in a simple way. Therefore, when facing sudden events and extreme market conditions, quantitative models naturally lack the corresponding ability to respond. Recently, affected by factors such as geopolitical conflicts, volatility across global asset classes has generally been high, which indeed can easily lead to significant drawdowns in the net values of certain quantitative macro strategy products in the short term.

The insider also told Interface News that when a product’s net value suddenly experiences a large drawdown, investors need to stay calm, promptly communicate through proper channels with the manager to understand the specific reasons for the drawdown, and closely monitor the subsequent recovery of the product’s net value.

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