广发价值稳进A跌8.32%成首批浮动费率基金“差等生”，期间赎回超1亿份，王明旭多只产品近一年亏损超15%

Core Insights - The 2025 fund industry is nearing the end of the year, with public fund assets approaching 36 trillion yuan, and actively managed equity funds regaining prominence [1][8] - The first batch of 26 floating-rate funds has shown significant performance differentiation, with notable attention on the performance of Guangfa Value Steady A [1][8] Fund Performance Summary - Guangfa Value Steady A has a year-to-date return of -8.32%, ranking last among the first batch of 26 floating-rate funds [2][9] - The fund's recent one-month and three-month returns are -5.34% and -8.49%, respectively, indicating a clear downward trend [2][9] - The fund's net asset size has decreased from 548 million yuan at inception to 432 million yuan, a reduction of over 100 million yuan, with a net asset change rate of -21.26% [3][10] Investment Strategy and Market Conditions - The fund's poor performance is attributed to a severe mismatch between its investment portfolio and the current market style, heavily concentrated in liquor stocks, which have underperformed [3][10] - The top ten holdings include major liquor companies like Luzhou Laojiao and Moutai, which collectively account for nearly 19% of the fund's net value [3][11] - The market in 2025 has shifted focus towards technology and innovation, contrasting with the fund's traditional consumer and value investment strategy, leading to sustained underperformance [4][14] Fund Manager's Background - Fund manager Wang Mingxu has over seven years of investment management experience, overseeing eight funds with a total scale of 8.26 billion yuan [5][12] - Many of Wang's funds have underperformed, particularly in the past year, ranking at the bottom of their respective categories [5][12] Performance Rankings - Guangfa Value Steady A has seen significant declines, with its performance over the past three months showing a drop of over 8.5% [6][13] - Other funds managed by Wang also reflect similar trends, with losses exceeding 15% in some cases, placing them in the bottom percentile of their categories [6][13]