明星基金经理被指“躲牛”，大成基金权益业务牛市“水土不服”

Core Viewpoint - Dachen Fund, once a leader in defensive strategies during the bear market of 2023-2024, has struggled to adapt to the current structural bull market, resulting in poor performance and significant criticism from investors [1][3][8]. Performance Analysis - Dachen Fund achieved a 7.99% absolute return in active equity during the bear market, ranking first among 24 large and medium-sized public funds [3]. - As of September 2025, Dachen Fund's active equity returns have dropped to second-to-last among peers, with several flagship products showing negative performance [3][4]. - The Dachen Gao Xin Stock Fund, the largest equity fund under Dachen, has seen a cumulative return of 423.11% since its inception in 2015, but has underperformed the market since Q3 2024 [3][4]. Fund Management Issues - Dachen Fund's conservative investment style, which focused on value stocks, has led to missed opportunities in the growth sectors that dominated the market in 2025 [8][9]. - Fund managers have been criticized for their slow response to market changes, with significant cash holdings delaying stock purchases [11]. - The Dachen Xingyuan Qihang Mixed Fund, launched in March 2025, had an 84% cash position three months post-launch, resulting in poor performance compared to benchmarks [11][12]. Trading Activity - Dachen Fund has experienced a dramatic increase in turnover rates, indicating a reactive rather than proactive approach to market conditions [14]. - The turnover rate for Dachen Industry Pioneer Mixed Fund surged from 520% to 1847%, significantly higher than the market average [14]. - Despite high turnover, performance has not improved, with the Dachen Industry Pioneer showing negative returns over the past year [15]. Strategic Recommendations - To address its current challenges, Dachen Fund needs to rethink its investment strategies and adapt to changing market conditions, moving away from rigid investment styles [15][16]. - A focus on restructuring its research and investment decision-making processes may be essential for long-term recovery and competitiveness in the public fund industry [15][16].