2025年公募“垫底王”：鑫元消费甄选亏损近20％，保壳悬了？

Core Insights - In 2025, the A-share market indices generally rose, with over 90% of actively managed equity funds achieving positive returns, averaging over 30% [2] - The Yongying Technology Smart Selection Fund reported an annual return exceeding 233%, while the Xinyuan Consumer Selection Mixed Fund's A/C share net value fell over 19%, ranking last among similar products, highlighting extreme performance divergence [2] Fund Performance and Investment Style - The Xinyuan Consumer Selection Mixed Fund, established in March 2023, saw its unit net value decline from 1 yuan to approximately 0.52 yuan by the end of 2025, indicating a nearly 50% drawdown [3] - Initially, the fund concentrated heavily on the pharmaceutical and biotechnology sectors, but this focus shifted dramatically in 2024, moving to automotive and household appliance sectors, and later to information technology services [3][4] Management Changes and Fund Viability - The fund has experienced multiple management changes, with the first manager leaving after about a year, resulting in a return of approximately -26%. The second manager also left with a similar return of around -27% [5] - The current manager took over in July 2025, and the fund is at risk of termination if its net asset value falls below 200 million yuan for 60 consecutive working days after three years of operation, with the fund's size at only 29 million yuan by the end of Q3 2025 [5][6] Fund Challenges and Market Perception - The fund's A-class shares saw a significant drop in institutional investor holdings from over 95% to 42.94% by mid-2025, indicating substantial outflows [6] - Analysts have identified key issues with the fund, including a drift in investment style away from its stated objectives, lack of disciplined investment operations, and frequent changes in management leading to instability [10][11]