广发基金王明旭：旗下多只产品年内亏损超10%，业绩垫底

Core Viewpoint - The A-share market experienced a volatile upward trend in the first three quarters of 2025, with many actively managed equity funds achieving significant performance. However, several funds managed by Wang Mingxu from GF Fund suffered losses, with declines exceeding 10% [1][4]. Group 1: Fund Performance - Wang Mingxu's fund, GF Value Advantage, recorded a net value decline of -15.37%, ranking last among actively managed equity funds [4]. - Six funds managed by Wang Mingxu reported losses exceeding 10% in the year, with GF Inner Demand Growth A also performing poorly with a -14.77% decline [6][9]. - The majority of the underperforming funds were established during the market peak in 2020-2021, raising questions about the fund's research and risk control capabilities [9]. Group 2: Investment Strategy - Wang Mingxu's investment style focuses on undervalued and large-cap blue-chip stocks, with significant allocations in sectors like liquor and city commercial banks as of the end of Q2 2025 [7]. - In Q2 2025, adjustments were made to the portfolio, reducing exposure to real estate and brokerage sectors while increasing holdings in city commercial banks and high-end liquor companies [7]. - Despite these adjustments, the market in 2025 favored growth stocks, particularly in the pharmaceutical and technology sectors, which Wang Mingxu's strategy failed to align with, leading to substantial underperformance [8]. Group 3: Company Overview - GF Fund Management Co., established in August 2003, aims to create long-term sustainable returns for clients while maintaining a commitment to professionalism and client interests [11]. - The significant losses in several funds raise concerns about the alignment of interests between the fund management company and its investors, as well as the effectiveness of its research capabilities [11].