知名基金经理在管6只基金深亏垫底，广发基金的模式困境

Core Viewpoint - The public fund industry in China has experienced significant growth in the third quarter of 2025, driven by a strong performance in the A-share market, with total assets under management reaching 36.45 trillion yuan, an increase of approximately 2.41 trillion yuan from the previous quarter [1] Group 1: Fund Management Scale - As of the end of Q3 2025, the total scale of public fund management institutions reached 36.45 trillion yuan, up from 34.05 trillion yuan at the end of Q2, marking a growth of about 7.09% [1] - The top ten companies in the public fund industry all surpassed the 1 trillion yuan mark, with E Fund and Huaxia Fund leading the first tier, while GF Fund ranked third with 1.5425 trillion yuan [1] - GF Fund's non-monetary fund scale reached 991.6 billion yuan, an increase of 97 billion yuan from the end of Q2 2025, reflecting a quarter-on-quarter growth of 10.84% [1] Group 2: Equity Fund Performance - In the equity fund category, E Fund, Huaxia Fund, and Huatai-PB Fund ranked as the top three, with GF Fund closely following with a scale of 568.16 billion yuan, which saw an increase of over 100 billion yuan in the quarter, representing a growth rate of 27.65% [1] - GF Fund's active equity fund reached 233.3 billion yuan by the end of Q3 2025, growing by 34.3 billion yuan from the previous quarter, with a quarter-on-quarter increase of 17.25% [2] Group 3: Underperforming Funds - Despite the overall strong performance of active equity funds, some products managed by GF Fund, particularly those under manager Wang Mingxu, have shown disappointing net value performance, with several funds experiencing significant declines [3][4] - Among the underperforming funds, the GF Value Advantage Mixed Fund had a net value growth rate of -15.37%, ranking last in the market, while the GF Domestic Demand Growth Fund also performed poorly with a decline of 14.77% [4][5] - A total of six funds managed by Wang Mingxu recorded net value declines exceeding 10%, indicating a significant underperformance compared to their benchmarks [5] Group 4: Investment Strategy and Challenges - The investment strategy at GF Fund has been criticized for its lack of flexibility, as the firm has divided its equity investment department into three segments based on manager styles, which may hinder timely investment opportunities [6][7] - The misalignment of interests between public fund companies and investors is evident, as management fees are tied to fund size rather than performance, leading to a focus on growing assets rather than enhancing investor returns [8][10] - Despite cumulative losses exceeding 100 billion yuan from 2022 to 2024, GF Fund continued to collect nearly 20 billion yuan in management fees, highlighting the disconnect between fund performance and management compensation [10]