消费赛道长跑失利，大摩消费领航混合近十年回报负50.02% 最新规模0.68亿元

Core Viewpoint - The Morgan Stanley Consumption Leading Mixed Fund has delivered disappointing performance, with a nearly ten-year return of -50.02%, ranking third in the market's equity fund decline list, despite a positive return of 22.02% since its inception in December 2010 [1][2]. Performance Summary - The fund has shown a typical high volatility and high beta characteristic, with outstanding performance during bull markets in 2015, 2019, and 2020, achieving returns of 43.64%, 49.58%, and 38.76% respectively [2][4]. - However, the fund has struggled significantly during bear markets, with a drop of -35.01% in 2016 and -39.75% in 2018, far exceeding the declines of the benchmark and the CSI 300 index [2][4]. Relative Performance - In 2024, the fund declined by -11.19%, while the benchmark rose by 12.20%, resulting in a lag of over 23 percentage points [4]. - The fund has consistently underperformed against the benchmark in most years, indicating challenges in its investment strategy to generate excess returns [4]. Holdings Structure - As of the second quarter, the fund's major holdings were concentrated in leading companies in the consumer and pharmaceutical sectors, including Kweichow Moutai, WuXi AppTec, and Gree Electric Appliances [4][6]. - Despite the quality of these companies, the consumer and pharmaceutical sectors have experienced significant corrections, and the fund's failure to adjust its holdings reflects a rigid investment strategy [4]. Market Context - The fund manager noted that the equity market showed a mixed performance in the second quarter of 2025, influenced by various geopolitical events and domestic policy developments [7]. - The consumer sector has shown significant divergence, with new consumption and innovative pharmaceuticals performing well, while traditional consumption remains under pressure due to weak overall demand [7][8]. Fund Management Actions - The fund has made adjustments by reducing holdings in food and beverage sectors while increasing positions in pharmaceuticals and automobiles [8]. - Despite these adjustments, the fund's ongoing poor performance contrasts sharply with its strategic statements, leading to a decline in investor confidence, as reflected in its current size of 0.68 billion yuan, below the liquidation threshold [9].