百亿基金经理徐彦引争议！手握10亿，却“空仓躲牛市”

Core Viewpoint - The recent performance and management decisions of fund manager Xu Yan from Dacheng Fund have drawn criticism from investors due to underperformance and lack of significant investment activity in the newly established Dacheng Xingyuan Qihang fund [2][3][4]. Fund Performance - As of the end of Q2, Xu Yan's Dacheng Xingyuan Qihang fund has a return of -0.04% since its establishment on March 11, 2023 [3][4]. - The fund's management scale was 1.93 billion yuan at the end of Q2, with an annualized return exceeding 13% across other funds managed by Xu Yan [2][3]. - The fund has only invested in two stocks, Antu Biology and Meituan-W, both of which experienced negative returns of -7.05% and -19.58% respectively during the second quarter [3]. Investor Sentiment - Investors have expressed frustration over the fund's lack of significant investment activity, with some redeeming their shares in favor of other funds that have yielded positive returns [4][5]. - The fund's size has decreased from 1.325 billion yuan at inception to 989 million yuan by the end of Q2, indicating a loss of investor confidence [5]. Management Strategy - Xu Yan has stated that he has not begun large-scale investments due to a perceived lack of significantly undervalued stocks in the current market environment, which he views as a challenge for the new fund [3][4]. - According to the fund contract, Xu Yan is required to complete the investment portfolio within six months of the fund's establishment, which means he must finalize his investments by September 11, 2023 [4].