广发基金王明旭：多只在管产品业绩垫底，年内跌幅超6%

Core Viewpoint - Wang Mingxu, a fund manager at GF Fund, is facing significant performance challenges in 2025, with his flagship fund, GF Domestic Demand Growth Mixed Fund, experiencing a net value decline of 8.72% year-to-date, underperforming its benchmark by approximately 12 percentage points [1][4]. Performance Summary - The GF Domestic Demand Growth Mixed Fund has consistently ranked poorly among its peers, currently positioned 2301 out of 2321 similar products [1][4]. - In the first half of 2025, the fund's net value fell by 7.87%, lagging behind its benchmark by 8.57 percentage points [3][4]. - Over the past year, the fund has underperformed its benchmark by 13.97 percentage points, and over the past three years, the underperformance is 7.5 percentage points [3][4]. Fund Management and Strategy - Wang Mingxu has been managing the GF Domestic Demand Growth Mixed Fund since October 2018, and despite recent struggles, the fund has achieved a cumulative return of over 130% since inception, with an annualized return exceeding 13% [5][6]. - The fund primarily invests in high-quality listed companies benefiting from domestic demand growth, aiming for long-term stable asset appreciation [3][6]. - Recent adjustments in the fund's portfolio included reducing exposure to real estate and brokerage sectors while increasing investments in city commercial banks and high-end liquor companies [6]. Fund Composition - As of the end of Q2 2025, equity investments accounted for 79.71% of the fund's total assets, while bond investments made up 13.37% [6]. - Major holdings in the fund include companies like Midea Group, Jiangsu Bank, and Kweichow Moutai, with over half of the top ten holdings being newly added in Q2 [6]. Broader Context - Wang Mingxu manages a total of eight products, with six of them experiencing net value declines exceeding 6% year-to-date, all underperforming their benchmarks by over 10 percentage points [7]. - The largest fund managed by Wang, GF Balanced Preferred Mixed A, has seen a net value drop of 6.01% this year, also underperforming its benchmark by over 12 percentage points [8].