葛兰在管基金近三月业绩差距30%：中欧医疗创新A涨19%VS中欧明睿新起点混合跌11%，基民：似无人驾驶

Core Viewpoint - The performance of equity funds with over 10 billion in scale has shown significant divergence in Q1 2025, testing fund managers' reallocation abilities and industry allocation strategies. Notably, the once-popular fund manager Ge Lan is facing challenges with both scale and performance, as her total managed assets have dropped from 110.34 billion yuan at the end of Q4 2021 to 40.44 billion yuan, a decrease of nearly 70 billion yuan, or 63.3% [1] Fund Performance Summary - Ge Lan's flagship fund, China Europe Medical Health A, saw a slight increase of 2.37% in Q1, but over a longer period, it has declined by 5.47% in the last six months and has accumulated a loss of 34.51% over three years, with its scale plummeting by 58.4% from its peak of 77.51 billion yuan to 32.09 billion yuan [3][5] - In contrast, China Europe Medical Innovation A rebounded strongly with a Q1 increase of 20.33%, ranking 23rd among its peers, while China Europe Mingrui New Starting Point Mixed Fund fell by 3.85% in Q1, widening the performance gap with China Europe Medical Innovation A to 30.23 percentage points over three months, ranking at the bottom of its category [6][12] Fund Manager Insights - Ge Lan noted that the A-share market exhibited significant structural differentiation in Q1, with the technology growth sector outperforming. Key investment areas included artificial intelligence and high-end manufacturing, while traditional cyclical sectors lagged due to weakened global energy demand [12][13] - Looking ahead to Q2, the A-share market is expected to continue its structural trend, with a shift in driving logic from thematic expectations to a combination of fundamental verification and policy catalysts. The technology growth sector remains a core focus, with potential investment opportunities in supply innovation, channel expansion, and consumption upgrades [13][14] Fund Holdings Analysis - The top ten holdings of China Europe Mingrui New Starting Point Mixed Fund include companies like Luxshare Precision, Zhaoyi Innovation, and Ningde Times, with significant changes in holdings compared to the end of last year. New entries include companies like SMIC and BYD, while others exited the top ten [12] - China Europe Medical Health A's top holdings include major pharmaceutical companies, with a new entry of Kelun Pharmaceutical in Q1, while Tong Ren Tang exited the top ten [14]