前海开源基金：旗下产品3年亏损30亿，收取1.8亿管理费

Core Viewpoint - Qianhai Kaiyuan Fund's Qianhai Kaiyuan National Comparative Advantage Mixed Fund has experienced significant losses exceeding 3 billion RMB over the past three years, raising concerns about the fund's research and risk control capabilities [1][2][11]. Performance Summary - As of the end of Q1 2025, the fund's net value decreased by 3.63% in the first quarter, underperforming its benchmark by 2.6 percentage points [3][4]. - The fund has consistently underperformed its benchmark over the past three months, six months, one year, and three years [4][11]. - Cumulative losses for the fund from 2022 to 2024 amount to approximately 3 billion RMB, while the management fees collected by Qianhai Kaiyuan Fund total around 180 million RMB [11][13]. Investment Strategy and Holdings - The fund manager, Qu Yang, has a high concentration in the food and beverage sector, with stock investments amounting to 2.455 billion RMB, representing 90.52% of the fund's total assets [8][9]. - The top ten holdings account for over 70% of the fund's net asset value, significantly higher than the average for similar funds [9]. - The fund's major holdings include Kweichow Moutai, Luzhou Laojiao, China National Offshore Oil Corporation, Wuliangye, and CATL, reflecting a focus on high-quality companies with good shareholder returns [9][10].