华宝基金这瓜，越吃越觉得苦涩

Core Viewpoint - The article discusses the legal dispute between former fund manager Chen Long and Huabao Fund, highlighting the harsh realities of the public fund industry, where performance is paramount and underperformance can lead to dismissal [1][10]. Group 1: Legal Dispute - Chen Long has filed a lawsuit against Huabao Fund due to a labor contract dispute, with the court date set for January 19, 2026 [1][8]. - The lawsuit reflects broader issues in the public fund industry, particularly the "performance-based elimination" culture [1][10]. Group 2: Chen Long's Background and Performance - Chen Long has a notable background, having worked at Tianxiang Investment Consulting, Minsheng Securities, and China International Capital Corporation before joining Huabao Fund in September 2018 [2][14]. - He managed two funds, the Huabao Green Theme Mixed Fund and the Huabao Competitive Advantage Mixed Fund, during a time when the "carbon neutrality" concept was gaining traction [3][14]. - Despite initial promise, both funds experienced significant losses, with the Huabao Green Theme Mixed Fund losing 54.8% and the Huabao Competitive Advantage Mixed Fund losing 46.75% during his tenure [5][16]. Group 3: Fund Performance and Market Reaction - In the last three months of his tenure, the funds saw a sudden performance increase, with a 21.75% rise, outperforming the benchmark by nearly 10 percentage points [5][16]. - After Chen's departure, the new fund manager shifted the investment focus to AI computing and other hot sectors, resulting in a 63% return for the fund in 2024, contrasting sharply with Chen's performance [7][18]. Group 4: Industry Context and Implications - The article notes a trend in the public fund industry where fund managers face increasing pressure, with average tenure dropping below 2.5 years due to intense competition [9][19]. - Chen Long's case serves as a warning for the industry, questioning the sustainability of investment philosophies in an environment where performance is closely tied to job security [10][19].