牛市巨亏超11亿！广发基金百亿基金经理王明旭，被喷惨了

Core Viewpoint - The performance of Wang Mingxu, a fund manager at GF Fund, has significantly declined in 2025, leading to him being labeled as the "most unfortunate fund manager" of the year due to substantial losses across multiple funds he manages [1][4][26]. Group 1: Fund Performance Overview - In 2025, out of 4711 actively managed equity funds, 4494 reported positive returns, while 217 had negative returns, indicating a stark contrast in fund performance [1][28]. - The top 10 performing funds achieved returns exceeding 130%, with the highest being 233%, while the bottom 10 funds saw declines of over 10%, with the largest drop nearing 20% [1][28]. - Notably, four of the bottom 10 funds were managed by Wang Mingxu, highlighting a significant underperformance [2][29]. Group 2: Specific Fund Losses - Wang Mingxu managed seven funds that collectively lost 1.135 billion yuan in the past year, with all of them ranking at the bottom of their respective categories [4][31][36]. - The specific losses for these funds included: - GF Domestic Demand Growth Mixed A: -16.31% - GF Value Advantage Mixed: -15.47% - GF Value Preferred A: -14.55% - GF Rui Ming Two-Year Holding A: -13.34% - GF Steady Preferred Six-Month Holding A: -12.60% - GF Balanced Preferred A: -12.50% [4][36]. Group 3: Management and Strategy Issues - Wang Mingxu's investment strategy has been criticized for not aligning with market trends, particularly during a structural bull market favoring growth stocks, while his funds were heavily invested in underperforming sectors like real estate and liquor [24][22]. - His funds exhibited a pattern of high overlap in holdings and similar trading strategies, which contributed to their collective underperformance [24][22]. - Despite the poor performance of his funds, GF Fund continued to collect substantial management fees, totaling 55.94 million yuan for the first half of 2025 from the funds he managed [26][27].