“十年长跑”29只权益类基金未回本：太平灵活配置、银河转型增长A跌超51%，工银互联网加规模28亿居首

Core Insights - The report highlights that among 419 actively managed equity funds established since 2015, 29 funds remain in a loss position, accounting for nearly 7% of the total [1] - The two worst-performing funds, Taiping Flexible Allocation and Galaxy Transformation Growth A, have total returns of -56.70% and -51.90%, respectively, both exceeding a 50% loss [1][8] - The report emphasizes that the technology sector remains a "core position" for many funds, contrasting with the traditional value investment approach of the underperforming funds [8] Fund Performance Overview - Taiping Flexible Allocation has an annualized return of -7.51% since its inception, ranking last among 329 similar funds [3] - The fund's five-year return is -52.42%, and its three-year return is -28.07%, with a year-to-date return of only 1.17%, significantly below the average of 25.92% for similar funds [3][8] - Galaxy Transformation Growth A has a total return of -51.90% and an annualized return of -6.75%, with five-year and three-year returns of -38.57% and -3.22%, respectively [8][10] Fund Management and Strategy - Taiping Flexible Allocation has undergone frequent management changes, with eight fund managers over 10.7 years, averaging a tenure of only 2.43 years [5] - The current manager, Xiao Chan, has a return rate of -13.23% since taking over in January 2024, ranking 2204 out of 2219 similar funds [5][10] - The fund's strategy focuses on traditional value investments, heavily investing in sectors like agriculture, chemicals, and construction materials, while reducing exposure to consumer stocks [8] Galaxy Transformation Growth A Insights - This fund has also changed managers four times since its inception, with the current manager, Yang Qi, achieving an annualized return of only 0.16% since February 2019 [10] - The fund's holdings are diversified across various sectors, including high-risk stocks like ST Huayuan, indicating a lack of a coherent investment strategy [12] - Despite the manager's stated focus on new consumption trends and technological innovations, the actual portfolio reflects a significant disconnect from these themes [14] Market Trends and Implications - The report suggests that the underperformance of these funds may be attributed to their adherence to traditional investment strategies in a rapidly evolving market environment [8][20] - The shrinking asset sizes of these funds, such as Taiping Flexible Allocation's decline from 2.63 billion yuan in Q3 2025 from a peak of 21.13 billion yuan in 2020, further exacerbate their performance issues [14][18] - The report indicates that the investment landscape is shifting towards technology and innovation, which may leave traditional value-focused funds at a disadvantage [20]