公募权重级基金经理被骂了！徐彦新基，成立半年，仍在水下...

Core Viewpoint - The article highlights the struggles of Xu Yan, a prominent fund manager at Dacheng Fund, whose recent performance has drawn criticism from investors due to a lack of significant returns and a high cash allocation in his fund [2][11][15]. Fund Performance - Xu Yan manages the Dacheng Xingyuan Qihang Mixed Fund, which has a current net value of 0.9995, indicating it is barely above break-even after six months since its establishment on March 11, 2025 [2][10]. - The fund's initial fundraising was 757 million, but it has since shrunk to 627 million, reflecting a 17% decrease in size primarily due to investor redemptions rather than direct losses [2][10]. - Investors have expressed dissatisfaction, with comments indicating frustration over missed opportunities in a rising market, as the fund has not made significant moves to invest [2][3][15]. Investment Strategy - Xu Yan has not initiated large-scale investments, stating that the fund is still in the accumulation phase and has maintained 84% of its assets in cash, with only 0.72% allocated to equities [11][14]. - The rationale behind this strategy is attributed to the current market conditions, where many stocks are perceived as overvalued, making it challenging to find undervalued opportunities [11][15]. - Xu Yan's cautious approach contrasts sharply with the broader market, which has seen significant gains, leading to perceptions of him as missing out on the bull market [15][16]. Historical Context - Prior to the recent downturn, Xu Yan was recognized for his strong performance, achieving an annualized return of 12.66% and positive returns over three years [6][8]. - His management of other funds has yielded returns of around 20% for those launched in 2023 or 2024, but his current fund's performance has lagged behind peers that have seen returns of 30% in the same period [8][9]. Investor Sentiment - Investor sentiment has turned negative, with many expressing doubts about Xu Yan's decision-making and the fund's lack of action in a favorable market environment [3][4][15]. - Comments from investors reflect a desire for more proactive management, questioning why the fund has not begun to build positions despite the favorable market conditions [3][4][15].