股市回暖，新基金却未建仓！大成基金徐彦面临多重难题

Core Viewpoint - The newly launched fund, Dachen Xingyuan Qihang, managed by Xu Yan, has underperformed significantly since its inception, with a net value loss of 0.06% compared to a 13% increase in the Shanghai Composite Index during the same period, raising concerns among investors about its lack of substantial investment activity in a rising market [1][2][3]. Fund Performance - As of August 22, the fund has not completed its investment phase, which is typically six months, and has shown minimal net value fluctuations, primarily around 0.01% [3][6]. - The fund's net value has remained stagnant despite the overall market recovery, with over 150 other funds achieving net value increases exceeding 50% during the same timeframe [3][9]. Manager's Challenges - Xu Yan faces two main challenges: the need to complete the fund's investment within the stipulated time frame amidst a rising market and the declining scale of the fund, which has dropped from 13.25 billion yuan to 9.89 billion yuan due to investor redemptions [9][10]. - The fund's slow performance has led to a loss of investor confidence, despite Xu Yan's strong track record in managing other funds with average annual returns of 13.87% [9][10]. Market Context - The Shanghai Composite Index has been on an upward trend, nearing 3900 points, making it increasingly difficult for new funds to establish positions effectively [12]. - In the current market environment, new funds face heightened challenges in building their portfolios, with many funds experiencing varying degrees of losses [12]. Investor Sentiment - Investor dissatisfaction has been vocal, with concerns about the fund's "zero investment in a bull market" narrative gaining traction since May [6][7]. - The fund's second-quarter report indicated that it had not begun large-scale investments, further fueling investor frustration [6][9].