Core Viewpoint - The public fund industry in the A-share market is experiencing a dual celebration of performance and scale in 2025, but a well-known value investor faces criticism for maintaining a near "cash position" in his fund [2][6]. Fund Performance and Investor Sentiment - As of August 21, the net value of the Dachen Xingyuan Qihang Mixed Fund managed by Xu Yan is below 1, with the latest values at 0.9995 (Class A) and 0.9968 (Class C) [2]. - The fund's scale has decreased from 757 million yuan to 627 million yuan by the end of June, reflecting investor dissatisfaction [3]. - Investors express frustration over missed opportunities in the current bull market, with some considering switching funds due to the lack of action [3][6]. Investment Strategy and Challenges - Xu Yan attributes the fund's underperformance to a lack of significant positive returns during its operation, which has led to investor confidence issues and active redemptions [6]. - He emphasizes the difference between new and existing funds, stating that the Dachen fund is starting from zero, unlike his other funds that have established gains [6]. - Xu Yan's value investment philosophy leads him to avoid buying stocks that do not meet his undervaluation criteria, which he sees as a challenge in the current market environment [9][10]. Upcoming Decisions and Market Focus - The deadline for the fund's investment period is approaching on September 11, requiring Xu Yan to adjust asset allocations according to the fund's contract [7]. - The upcoming month will be critical as Xu Yan navigates between his investment principles and regulatory requirements, drawing significant market attention [7][11]. Value Investment Perspective - Xu Yan's approach is characterized by a commitment to risk control and preserving capital, which he believes is essential in a volatile market [10]. - His decision to remain in cash, while criticized, is seen as a responsible choice to avoid potential losses, aligning with the long-term goals of value investing [10][11].
牛市狂奔他按兵不动！公募老将遭基民灵魂拷问：不建仓凭啥收管理费？
Sou Hu Cai Jing·2025-08-22 15:24