Fund Watch

Fund Watch

Ongoing monitoring, not a fresh assessment. fund-profile answers "what is this fund"; this answers "what changed since I last looked, and does it change my holding".

Findings are graded; the fund never is — this skill rates nothing and recommends nothing.

The engine-field 口径 traps that matter here (年化 vs 累计 sharing one column name, 规模 merged across share classes) are in ../fund-screen/references/fund-return-traps.md. Read §0 before quoting any 区间收益.

Workflow

Step 1: Scope the watch

• Universe — the funds held or shortlisted. If the user names a stored shortlist from fund-screen, use it; otherwise take the list they give. Resolve each to 代码 + 份额类 (A/C differ in fees and therefore in net return — a watch that mixes classes reports moves that are partly just the fee difference).
• Window — the lookback for changes (default: since the last review, or trailing 90 days if there was none). State it in the header; a watch over an unstated window cannot be re-run comparably next time.
• Today — from the session context or the user. There is no clock tool.
• The baseline — what "changed" is measured against: the prior review, the position's entry date, or the last disclosed 报告期. Name it. Without a baseline, every number is a level, not a change.

Step 2: Manager continuity — wind-docs.get_company_announcements first, then the roster field

This is the finding that most often invalidates a holding thesis, and the one the structured field cannot settle on its own.

1. wind-docs.get_company_announcements over the window, per fund: 基金经理变更公告. This is the authoritative record and the only source that says why — 离任 / 增聘 / 共同管理.
2. wind-fund.get_fund_info for the 历任基金经理姓名和任职时间 roster — one composite string, \r\n-separated, 姓名(起-止) for a departed manager and 姓名(起至今) for a serving one, so parse it. 同花顺 get_fund_profile no longer carries a 历任 indicator; it returns the current manager only.

• 增聘 is not a handover. Verified on a large 偏股混合型 product: the incumbent manager (serving for several years) was still 现任 while two further managers were both added on one later date. Reading two new start dates as a departure would be wrong. Never close one manager's interval with the next one's start date — only the 公告 distinguishes the two.
• A 变更公告 inside the window is 🔴 when the departing manager was the thesis. Where the fund is now co-managed, say so and note that the track record ahead will not be attributable to one person.
• 公告 searched and none found → 检索范围内未发现 for the channel. Media-only report of a departure stays [媒体] until the 公告 appears.

Step 3: Size and flows — get_fund_ownership

hexin-fund.get_fund_ownership: 份额, 申购/赎回, 份额变动, 持有人结构 (机构/个人占比, 单一持有人集中度).

• Both directions are findings. Rapid growth after a hot year is a capacity flag (strategy may not scale); heavy redemption forces selling and raises the remaining holders' concentration.
• A single institutional holder above ~40% is a redemption-risk flag on its own — one decision can move the whole fund.
• 规模 is merged across share classes (see the traps file). Never compare a merged 规模 to a single class's flows without saying so.
• All change figures are [测算] off retrieved 份额, with both dates stated.

Step 4: 仓位 and style — get_fund_portfolio, then the drift read

hexin-fund.get_fund_portfolio returns 大类资产配置 (股/债/存款 占净值比), 行业配置, and 重仓股 in one call at the MRQ 报告期.

• 仓位 change is the loudest single line in a fund watch. A manager cutting equity from 90% to 60% has changed the product the holder owns, and the top-10 alone will not show it. Report the level and the change against the baseline 报告期.
• Style drift: run holdings-style's two-track read (持仓法 + 净值回归 RBSA) rather than reproducing it here. A holdings-based read that diverges from the returns-based read is itself the drift signal.
• Holdings lag. 全持仓 is semi-annual, top-10 quarterly. 报告期 and 检索于 are separate fields and are never substituted. A drift conclusion drawn from a 报告期 months old says so explicitly.

Step 5: Performance and rank deviation — get_fund_market_performance

区间收益, 同类排名 (name the peer group and its N), 波动率, 最大回撤, and the risk-adjusted measures where returned.

• Read 是否年化 off indicators_params every time. The column 「近N年收益率」 carries both the annualised and the cumulative figure depending on the phrasing — verified on one fund where the two differed by more than 3× under one identical column name. A deviation computed against the wrong one is meaningless.
• Deviation is measured against the benchmark and the peer group, not against an absolute number. Pull the benchmark via hexin-index.index_data for the same window.
• Underperformance inside the strategy's normal dispersion is not a finding. Say what dispersion you judged it against.
• Attribution of performance to a cause is [推断] with its basis; where a manager change or a 仓位 shift coincides, say the two coincide — do not assert one caused the other.

Step 6: Fees — the one change nobody notices

hexin-fund.get_fund_profile carries 管理费率 / 托管费率 / 销售服务费率. A fee change is disclosed and permanent, and it compounds. Compare against the baseline and report any change; where fees are unchanged, one line saying so is enough.

Step 7: Grade the findings

Per the severity policy. Grade findings, never funds — this skill issues no rating, no ranking of its own, and no buy/sell/hold.

• 🔴 高（决策前须澄清）: 基金经理变更公告(离任,且该经理是持有理由)、股票仓位大幅变动、 单一机构持有人占比超阈值且窗口内大额赎回、风格与合同或标签明显不符且两轨一致、费率上调。
• 🟡 中（记录并跟踪）: 增聘或共同管理、规模快速增长触及容量关注、温和赎回、行业配置 显著位移、同类排名持续下滑但仍在常态区间、持仓集中度上升。
• ⚪ 低·信息: 常规份额波动、报告期例行更新、无异动确认。

Cap the front of the deliverable at three 🔴. If more than roughly a third of findings are 🔴, the scale is being used for emphasis and needs re-ranking.

Step 8: Output

Short-form Markdown in-session by default. A multi-fund change matrix goes to .xlsx via xlsx-author; a written watch report goes to PDF via report-render. State the choice in one clause. Word is the answer only when the user asks for it or the reader will edit the file — report-render's DocxReport builds it with the same calls; 要出 Word 就先载入 report-render 技能，再动手建。 DocxReport 与 Report 同一套调用；手搓 python-docx / docx-js 会丢掉标签配色、[n] 跳转与封面页，机制与实测记录在那个技能里，不在这里重述。 unspecified long-form stays PDF (the house formatting policy).

**基金跟踪 — [清单名/持仓名]**
检索于: [date] · 观察窗口: [起]—[止] · 比较基线: [上次复核日 / 建仓日 / 报告期]
标签口径: [披露] 系统或公告披露 · [测算] 本文推导 · [推断] 分析师推论 · [媒体] 媒体未获记录佐证

**需要决策的发现**（至多 3 条; 分级给到单条发现, 不给到基金本身）
| 级别 | 基金(份额类) | 发现 | 发生/披露日 | 依据 | 源 [n] |
|---|---|---|---|---|---|
| 🔴 |  |  |  | [披露]/[测算] |  |

**一、基金经理**（窗口 [起]—[止]）
| 基金 | 现任(任职起) | 窗口内变更 | 性质(离任/增聘/共管) | 源 [n] |
|---|---|---|---|---|

**二、规模与申赎**（基线 [date] → [date]）
| 基金 | 份额变动% | 申购/赎回 | 机构占比 | 单一持有人集中度 | 源 [n] |
|---|---|---|---|---|---|

**三、仓位与风格**（报告期 [date]; 披露滞后 [X] 天）
| 基金 | 股票仓位% (基线→当期) | 行业位移 | 两轨一致性 | 源 [n] |
|---|---|---|---|---|

**四、业绩与排名**（窗口 [起]—[止]; 口径 [年化/累计, 见 indicators_params]）
| 基金 | 区间收益% | 同类排名(N=) | 相对基准% | 最大回撤% | 源 [n] |
|---|---|---|---|---|---|

**五、费率**
[无变化 / 变化明细]

## 覆盖范围与局限
检索于: [date] · 窗口: [起]—[止] · 口径/委托用途: [如 持仓基金季度复核]

| 检查项 | 结论 | 源 | 检索于 |
|---|---|---|---|
| 基金经理变更公告 | 有记录 [n] / 检索范围内未发现 / 源不可用 | 万得 wind-docs.get_company_announcements | [date] |
| 历任经理与任职区间 | 有记录(复合串,需解析) | 同花顺 hexin-fund.get_fund_profile | [date] |
| 份额/申赎/持有人结构 |  | 同花顺 hexin-fund.get_fund_ownership | [date] |
| 大类资产配置与持仓 |  | wind-fund.get_fund_holdings | [报告期] |
| 区间收益与同类排名 | 口径 [年化/累计] | 同花顺 hexin-fund.get_fund_market_performance | [date] |
| 基准指数同期 |  | 同花顺 hexin-index.index_data | [date] |
| 费率 |  | 同花顺 hexin-fund.get_fund_profile | [date] |

本次未能覆盖: [不可用的源与基金, 以及它们本应覆盖的检查项]
数据滞后性: 持仓披露滞后(报告期 [date] ≠ 检索于 [date]);持有人结构为半年度披露;
公告披露滞后;离任日期在万得 `历任基金经理姓名和任职时间` 组合串内(实测 2026-08-24),无逐经理结构化字段,变更原因仍只来自公告。
本插件不出具评级、排名或买卖建议;"检索范围内未发现"仅指上述源在该窗口内无记录,
不构成该基金无问题的结论。

## 来源
[n] 〔一手|二手〕发布主体 · 文档或系统名 · 日期(发布日; 检索于) · URL

Guardrails

• No buy / sell / hold, no 加仓/减仓/赎回建议, no rating, no ranking of our own. The allocator or investment committee decides; this skill stages what changed.
• A change is not a verdict. A manager change, a 仓位 shift, or a rank slide is reported as a change with its evidence — whether it invalidates the holding is the reader's call, and the deliverable says so.
• Every number carries its window and, for disclosed holdings, its 报告期. 报告期 and 检索于 are never substituted for one another.
• Absence is absence: a fund a source did not return is 源不可用 with the fund named, never omitted and never carried at its last known value.
• Do not invent example figures — every value in the template above is a placeholder.