6只基金齐入主动权益类跌幅榜前30，广发王明旭“一拖多”模式遭遇滑铁卢，在管8只仅1只收益为正

Core Insights - The A-share market has shown an upward trend since 2025, leading to a general recovery in the performance of actively managed equity funds, with the total industry scale approaching a new high of 36 trillion yuan [1][14] - Among 4,711 actively managed equity funds with performance records, 4,494 reported positive returns, while 217 had negative returns over the past year [1][14] - Notably, the worst-performing funds had annual returns below -9.75%, with several losing over 15%, including Huafu Medical Innovation A at -27.13% [1][14] Fund Performance - The top three worst-performing funds included: - Huafu Medical Innovation A: -27.13% return, 0.60 billion yuan in size [2][15] -浦银安盛医疗创新A: -20.29% return, 0.16 billion yuan in size [2][15] - 鑫元消费甄选A: -19.65% return, 0.29 billion yuan in size [2][15] - Among the top 30 funds with the largest declines, six were managed by GF Fund under manager Wang Mingxu [1][14] Manager Performance - Wang Mingxu's managed funds have shown a significant decline in scale, dropping from a peak of 30.65 billion yuan in Q2 2021 to 8.26 billion yuan by Q4 2025, with six of his eight funds in the top 30 worst performers [4][17] - The funds managed by Wang exhibit a high degree of similarity in their holdings, leading to collective underperformance [10][23] Investment Strategy - Wang's flagship fund, GF Domestic Demand Growth A, experienced a significant style shift in 2025 but failed to improve performance, ending the year with a -16.31% return [5][18] - The fund's portfolio included heavyweights in the liquor, real estate, banking, and brokerage sectors, but the performance of these stocks was weak, with many declining over 10% [21][23] - Despite attempts to diversify into technology and manufacturing stocks, the overall results remained disappointing, indicating a mismatch between investment strategy and market conditions [13][23]