东方阿尔法基金迷局：权益产品缘何“半路失速”

Core Viewpoint - The article highlights the phenomenon in the public fund industry where many products labeled as "mixed" are actually heavily invested in a single sector, leading to significant losses for investors [2][3]. Group 1: Fund Performance - The fund named Dongfang Alpha Zhaoyang Mixed A, established on March 17, 2021, has a current unit net value of only 0.4603 yuan, indicating a loss of over 50% from its initial value of 1 yuan [4][5]. - Over the past year, despite a significant market rise, the fund recorded a return of -10.4%, and its performance over three years has been stagnant [6][7]. - The long-term decline in net value has resulted in substantial psychological burdens for investors, as their capital has effectively halved [8]. Group 2: Investment Strategy - The fund manager has focused on the growth of China's high-end manufacturing, particularly in the military industry, leading to a concentrated investment in stocks from the aerospace and military sectors [9]. - This strategy reflects a typical "track investment" logic, where the fund manager bets on the growth potential of the military sector, hoping to achieve excess returns through industry cycles [9][10]. - However, this concentrated approach has not yielded the expected returns, as the fund's net value has consistently declined since its inception [9]. Group 3: Investor Behavior - Despite the fund's poor performance, there has not been a significant outflow of shares, with the fund maintaining 5.85 billion shares at the end of Q3 2025, down from 6.35 billion at the beginning of the quarter [11]. - This stability in shareholding may be due to various factors, including investors' reluctance to realize losses, high expectations for the military sector, or a misunderstanding of the fund's thematic characteristics [12][13]. - The lack of significant share redemption does not indicate reduced risk; rather, it may suggest that some investors are inadvertently increasing their risk exposure [13].