浮动费率基金首考现“最惨答卷” 广发基金总助旗下产品亏损垫底

Core Viewpoint - The first batch of 26 floating rate funds, intended as a benchmark for high-quality industry development, has shown mixed results, with some funds, like GF Value Steady Mixed Fund, significantly underperforming, raising questions about the fund manager's capabilities and the company's operational model [1][9]. Group 1: Fund Performance - Most funds in the initial batch achieved positive returns, but GF Value Steady Mixed Fund reported losses of 7.11% and 7.35% for its A and C shares, ranking at the bottom among the 26 products [1][3]. - The fund's top ten holdings were heavily concentrated in traditional sectors like liquor and software services, which underperformed in the current market characterized by a focus on technology and high-end manufacturing [3][5]. - The fund manager, Wang Mingxu, has shown a lack of flexibility in investment strategy, failing to adapt to macroeconomic changes and not implementing effective stop-loss measures, leading to significant underperformance against benchmarks [5][6]. Group 2: Manager's Capability and Strategy - Wang Mingxu's recent performance has been poor across multiple products, indicating a decline in management capability, with many funds under his management showing negative returns [6][8]. - His investment logic appears outdated, as he has struggled to identify market trends and has made repeated misjudgments regarding sector allocations, particularly in the context of a rapidly changing market [8][9]. - The company's approach to fund management has been criticized for being overly focused on scale rather than aligning fund managers' capabilities with the products they oversee, leading to poor performance outcomes [8][9]. Group 3: Company Reputation and Future Implications - The underperformance of GF Value Steady Mixed Fund has severely damaged GF Fund's brand reputation, raising doubts about its professional capabilities and potentially affecting investor trust across its product line [9][10]. - The negative performance may hinder future product issuances, as investor confidence in floating rate funds could be adversely impacted, leading to a potential chain reaction of redemptions across other funds managed by Wang Mingxu [9][10]. - The company is urged to take substantial corrective actions to restore trust and improve performance, rather than passively accepting losses [9][10].