牛市一年了，这些基金还是亏的

Market Performance - Major indices have shown significant gains this year, with the Shanghai Composite Index up by 16%, CSI 300 up by 23%, ChiNext Index up by 60%, and the Hang Seng Tech Index up by 64% as of the end of Q3 [1] - Domestic fund products have also performed well, with overall returns exceeding 20%, although QDII funds have yielded the highest returns [1] Fund Performance - Various fund indices have reported strong year-to-date performance, with the top-performing QDII mixed fund index showing a return of 34.71% [2] - Many actively managed funds have achieved returns exceeding 100%, while some funds still reported negative returns by the end of Q3 [3][4] Underperforming Funds - The Minsheng Jianyin Preferred Fund, managed by Liu Hao, has reported a year-to-date return of -7.39%, ranking last among 976 stock funds [4] - This fund has consistently underperformed over the past five years, with only four years of positive returns since its inception in 2014 [5][9] Sector Analysis - The Minsheng Jianyin Preferred Fund's holdings primarily consist of home appliance and manufacturing stocks, which have not performed well this year [6] - The fund's top holdings include Haier, BYD, and Midea, but it has failed to capitalize on market trends [7][8] Other Underperforming Funds - The Qianhai Kaiyuan Traditional Chinese Medicine Research Fund has underperformed its benchmark by over 10%, with a return of -6% this year [10][13] - The Qianhai Kaiyuan Artificial Intelligence Fund has also reported a loss of 4.38%, despite the underlying index gaining nearly 70% [19][20] Quantitative Strategy Issues - The Fuguo Large Cap Value Fund has reported negative returns, despite the average performance of quantitative funds being significantly positive [25][27] - The Silver Hua Wealth Theme Fund has underperformed for five consecutive years, with a year-to-date return of -1.5% [29][32] Concentrated Investment Risks - The Wan Jia Selected Fund, heavily invested in coal stocks, has reported a year-to-date return of -2.5%, significantly underperforming the market [34][35] - The fund manager's strategy of focusing solely on coal has raised concerns about the sustainability of this investment approach [35]