业绩与规模双杀，大成基金为何读不懂2025？|基金观察

Core Viewpoint - In 2025, while the A-share market thrives led by technology growth, Dacheng Fund's equity products significantly lag behind, resulting in a decline in scale and contrasting sharply with overall market performance [1]. Group 1: Market Performance - The stock market is experiencing a robust year, with the CSI 300 index rising by 14.82% as of December 10, 2025, and the Shanghai Composite Index briefly surpassing 4000 points [2]. - The total share of equity funds in the market increased from 199.208 billion shares at the beginning of the year to 223.348 billion shares, marking a growth of 12.1% [4]. Group 2: Dacheng Fund's Performance - Dacheng Fund's equity fund share decreased from 24.38 billion shares at the beginning of the year to 20.09 billion shares, a decline of 17.6% [4]. - The flagship product, Dacheng Gaoxin A, achieved a return of only 15.76% this year, ranking 723 out of 969 in its category [6][7]. - Dacheng Gaoxin A's year-to-date performance is below its benchmark of 18.09% and the CSI 300's 16.69% [7]. Group 3: Investment Style and Strategy - Dacheng Fund has a significant reliance on a "deep value" investment style, with over 70% of its actively managed equity products concentrated among three key fund managers [8]. - The overall allocation to growth style investments at Dacheng Fund is only 21%, which is below the industry average of over 30% [8]. - The fund manager Xu Yan's products have maintained around a 14% return this year, focusing on independent research rather than chasing market trends [8]. Group 4: Challenges and Future Outlook - Dacheng Fund's performance in 2025 reflects a mismatch between its deep value investment style and the prevailing market growth style, highlighting challenges in investment style diversification and market adaptability [29]. - The company emphasizes a "long-termism" philosophy, suggesting that the evaluation of its strategies should consider long-term returns rather than short-term market movements [29].