华安基金消费女神“翻车”，重仓传统赛道致大幅亏损

Core Viewpoint - The A-share market has experienced a strong rally, with major indices rising due to the rotation of heavyweight stocks and popular sectors, leading to significant net value growth for many funds. However, some products managed by Chen Yuan of Huaan Fund have notably underperformed compared to the overall market trend [1][4]. Fund Performance - Huaan New Consumption Mixed A, established on December 11, 2020, raised 6.268 billion yuan during its issuance and has a current unit net value of 0.6159 yuan as of January 9, 2026, reflecting a return of -38.41% since inception, ranking low among peers [1][2]. - The fund has accumulated losses exceeding 2 billion yuan since its inception, with its scale shrinking to 1.72 billion yuan as of September 30, 2025 [2][4]. Manager Background - Chen Yuan began her career at Huaan Fund after graduating from Shanghai Jiao Tong University in 2008, rising from researcher to fund manager. She gained the title "Consumption Goddess" after achieving a 35.01% annualized return while managing Huaan Ecological Priority Mixed Fund [3][4]. Recent Performance Trends - Chen Yuan's funds have shown overall weak performance, with Huaan New Consumption Mixed A's return of -38.41% significantly lagging behind the average return of 20.72% for similar funds since its inception [4]. - Huaan Quality Life Mixed Fund, established in February 2020, has also underperformed with a return of -12.75% [4]. Investment Strategy Issues - Investment missteps include poor timing in stock purchases, such as buying China Duty Free Group shares at a high price, which subsequently fell by 35%, and similar losses with other stocks like Anjuke Food and Jiumaojiu [6][9]. - The fund's high concentration in traditional consumer brands, which account for 65% of its top ten holdings, contrasts with the emerging trend of new consumption preferences among younger consumers [6][7]. Market Dynamics - The investment logic in the consumer sector is undergoing fundamental changes, with new consumption patterns emerging that require more refined research rather than simple industry allocation [7][8]. - The high concentration of Huaan New Consumption Mixed A in the emerging consumption sector has led to amplified net value fluctuations during market corrections, lacking diversification to offset losses [8][12]. Competitive Landscape - Other fund managers are exploring new investment paths, focusing on emerging consumer brands that resonate with younger generations, achieving significant returns compared to traditional consumer-focused funds [10][12].