Everbright Wealth Management product experiences massive redemptions, with an annualized return of -12.8% this year — response is here

Jiemian News reporter | Feng Lijun

Recently, a R2-level (medium-to-low risk) fixed-income wealth management product from Everbright Wealth, Yangguang Jinzeng Liying Jiwen Tiantiou Customized (90-day minimum holding) No. 2 A, has seen its net asset value steadily decline since 2026, and its yield has also dropped significantly, drawing market attention.

Everbright Wealth told Jiemian News that before the Spring Festival, many customers集中 redeemed the product, with the redemption funds accounting for more than 98% of the total scale. After the redemptions, the overall scale was lower, the product’s investable assets were constrained, and therefore the total earnings level was lower. However, the relevant fees still needed to be accrued normally, leading to a phased decline in the net asset value.

In fact, recent market volatility, including the “three kills” affecting equities, bonds, and gold, has also impacted the yields of most wealth management products. Data from Puy i Standard shows that in February this year, the average yield of R2-level wealth management products across the entire market was 2.9108%, down 63.36 basis points quarter-over-quarter; in March this year, the average yield was 2.3795%, down 53.13 basis points quarter-over-quarter.

Industry analysts believe that in the short term, wealth management products being redeemed in large volumes in a clustered manner does affect their yield and net asset value performance, especially for small-scale wealth management products. From an investor’s perspective, when a wealth management product whose underlying assets are mainly bonds experiences short-term net asset value fluctuations, holding it calmly until the net asset value of the product recovers may be a more favorable choice.

A product from Everbright Wealth has a year-to-date yield of -12.8% this year

Jiemian News, after checking Everbright Wealth’s official website, found that since January 20, the unit net asset value of Yangguang Jinzeng Liying Jiwen Tiantiou Customized (90-day minimum holding) No. 2 A has fallen rapidly. As of April 1, the drawdown of the net asset value year-to-date is about 3.12%. The website shows that as of March 30, the annualized yield of this wealth management product year-to-date was -12.7977%.

Image source: Everbright Wealth official website

Image source: Everbright Wealth official website

据了解，Yangguang Jinzeng Liying Jiwen Tiantiou Customized (90-day minimum holding) No. 2 A mainly invests in fixed-income assets such as time deposits, bonds, and certificates of deposit, and does not invest in the equity market. It is not affected by the stock market.

“本产品成立于2024年12月25日，募集规模为10M元，是某一渠道的定制理财产品，成立时的产品规模小，额度低，总持仓人数少。” Everbright Wealth told Jiemian News.

“2026年春节前夕，因客户集中进行产品赎回，赎回资金量占比总规模超98%，产品规模快速下降。” Everbright Wealth told Jiemian News. According to the confirmation rules for the redemption of existing units under the product contract, the related assets need to be realized based on the net asset value at the time and units need to be confirmed. Against a backdrop of smaller scale, the calculation logic and process for confirming units magnify the net asset value fluctuation range of the portfolio assets and the unit net asset value, creating the appearance of a “significant net asset value drawdown” for this product. In essence, for a small-scale customized product, the accounting net asset value disturbance is caused by the calculation rules when confirming redemption units due to customers’ redemptions.

“同时，因产品在短期内发生较大规模赎回后，总规模较低，产品可投资资产受限（本产品主要投资极低风险的活期存款），总收益水平较低，但仍需正常计提相关费用，导致净值出现阶段性下行。总体来看，这是小规模资管产品在规模赎回变化时计算净值的行业常见现象。” Everbright Wealth further explained.

“If a wealth management product is redeemed in large scale within a short period, it does affect its yield performance, especially when the product’s size is already not large.” An insider from the wealth management subsidiary of a joint-stock bank told Jiemian News. Because if a single product is redeemed heavily, the asset manager also has to sell the corresponding assets. Therefore, when the bond market undergoes a major adjustment, once large-scale redemptions occur across the market, it will form a negative feedback spiral: the wealth management company sells bond assets, leading to “redemption—selling—net asset value decline—more redemption.”

“On the other hand, each wealth management product actually has management costs that are spread evenly. When a product is redeemed down to a very small scale, it may not cover operating costs, and then the net asset value will also move downward.” The aforementioned insider from the joint-stock bank’s wealth management subsidiary told Jiemian News.

“I think the main issue is still that the product scale is too small. After clustered redemptions, the short-term impact caused by fee dilution is not actually because the underlying assets have taken on risk.” Wang Pengbo, Chief Analyst for the financial industry at Boto n Consulting, told Jiemian News.

Everbright Wealth states that after statistics, during the life of this product there were a total of 22 custodied clients. As of March 30, the product’s estimated net asset value was 1.0152, and its annualized yield since inception was 1.21%. The average annualized yield for the customers’ holdings has all reached the performance benchmark; all individual investors receive positive returns, and there is no loss.

Is holding steadily a more prudent option?

In fact, due to factors such as geopolitical conflicts in recent times, global capital markets have seen a marked increase in volatility. Major assets such as equities, bonds, and gold have all adjusted to varying degrees. R2-level wealth management products are mostly based on cash deposits and bond-type assets, and in this round of market changes, the yields of wealth management products have generally been affected as well.

“Entering late March, geopolitical developments have been repeating over and over, and the bond market has shown a volatile and differentiated pattern. Short-duration bonds benefit from capital strength, while the ultra-long end has entered a sustained period of volatility after the compression in yield spreads.” A person in charge of investments at the wealth management subsidiary of a joint-stock bank told Jiemian News. “On the other hand, in a low-interest-rate environment, the yields of coupon-bearing assets decline and the reduction of coupon returns has also caused the yield center of domestic bank wealth management products to continue moving down. Therefore, the average yield curve of R2 fixed-income wealth management products also shows a slight downward trend.”

Taking an agricultural wealth management product as an example—Agricultural Bank Wealth Management’s R2 fixed-income+ type product, Agribank Anxin Lingdong 7-Day Interbank Deposit Certificate and Deposit Enhanced RMB Wealth Management Product—Wind data shows that as of April 1, its year-to-date yield is -2.09%.

The product’s performance comparison benchmark is 1.70%-2.00% (annualized). Its 2025 Q3 report, after look-through, shows that cash and bank deposits account for nearly 60%, bonds nearly 12%, interbank certificates of deposit about 24%, and publicly offered funds 0.18%.

The above-mentioned person in charge of investments added, “Meanwhile, some R2 products also allocate a small portion to equity assets or gold assets. As global stock markets and the gold market saw increased volatility in March, affected by this, some R2 products will show relatively obvious net asset value drawdowns.”

“To deal with it specifically, wealth management companies can further deepen their exploration of multi-asset and multi-strategy approaches, diversify sources of return, and use differences in the correlations among different assets to control volatility, while strengthening capabilities in areas such as rotation among major asset classes, timing within single assets, and hedging across multiple assets.” The above investment负责人 told Jiemian News.

Huim Bank Wealth Management said that the bond market is driven more by the sentiment transmission from the equity market’s sharp sell-off, resulting in passive pressure, and this does not mean that the fundamental logic of the bond market has undergone a trend-level change.

Ping An Wealth Management pointed out that amid recent global asset volatility, China’s bond market has played an obvious role in risk hedging. In addition, after the earlier adjustment in long-duration bonds, the attractiveness of yield spreads has increased. For allocation, it recommends a short-to-medium duration configuration, along with strategies of staged long-end or ultra-long-end interest rate trading.

Facing the investment opportunities in this year’s bond market, Ping An Wealth Management said that the 2026 bond market may continue to exhibit the characteristics of “low interest rates, high volatility, and a steepening of yields.” In terms of investment strategy, on the one hand, investors should seize opportunities with certainty: in 2026, fiscal policy will be reinforced and monetary policy coordination will be strengthened; the central bank has set the tone to keep monetary policy moderately accommodative. This corresponds to a higher probability of winning in holding short-to-medium credit bonds and earning carry, thereby contributing coupon income to products. On the other hand, it is also necessary to grasp the market’s phase-by-phase main theme and the valuation anchor range to trade flexibly across different market waves.

Faced with the decline in net asset value and the drop in yields of R2 wealth management products, many investors choose to redeem their products. However, in the view of industry insiders, holding steadily may be a more prudent option.

“Setting aside the identity of practitioners, in fact investors are similar to the current market phase where large-scale redemptions are actually unfavorable to themselves.” The aforementioned insider from the joint-stock bank’s wealth management subsidiary told Jiemian News. “The volatility in the bond market is all phased, and it is not quite the same as the capital market. So unless there are very urgent spending needs or very good investment opportunities, there is no need to redeem during a period of lackluster bond market performance. As a result, as an underlying asset, bonds will ultimately come back. Based on the real situation, the probability that they will come back should be very high.”

大量资讯、精准解读，尽在新浪财经APP

责任编辑：秦艺