先锋基金刘志强：在管产品业绩垫底，年内跌幅均超10%

Core Viewpoint - The article highlights the poor performance of Vanguard Fund's actively managed equity funds under manager Liu Zhiqiang, with significant declines in net asset value and underperformance against benchmarks, raising concerns about the fund's commitment to investor interests [1][10]. Performance Summary - As of July 31, 2025, Liu Zhiqiang's managed funds have seen a year-to-date net value decline of over 10%, ranking near the bottom of the market [1][10]. - Vanguard Ju You A fund has experienced a net value drop of 13.06% this year, significantly underperforming its benchmark by over 14 percentage points, with a peer ranking of 2314 out of 2316 [2][11]. - The fund's performance over various time frames shows a consistent underperformance, with a three-year return of -32.47% and a five-year return of -2.58% [2][11]. Fund Manager Background - Liu Zhiqiang has been with Vanguard Fund Management since November 2019 and has managed the Vanguard Ju You flexible allocation mixed securities investment fund since December 28, 2022 [3]. Investment Strategy and Holdings - As of the end of the second quarter, 87.14% of the fund's total assets were allocated to equity investments, focusing on sectors benefiting from macroeconomic transitions and industry trends, particularly in technology and manufacturing [4][5]. - Major holdings include companies like Danghong Technology, Cloudwalk Technology, and Anheng Information, with significant investments in these stocks [6][8]. Investor Sentiment - The article questions whether Vanguard Fund prioritizes the interests of its investors, given the poor performance of its funds and the low total assets under management, which were less than 50 million yuan combined for the two funds managed by Liu Zhiqiang [12].