在管产品收益排名倒数、利润普亏，广发基金王明旭做错了什么

Core Insights - The latest quarterly report from GF Fund reveals significant performance issues for funds managed by Wang Mingxu, with a total loss of approximately 1.73 billion yuan in Q4 2025 [1][4][5] - Despite the overall strong performance of GF Fund, with total assets under management reaching 1.59 trillion yuan, Wang Mingxu's funds have consistently ranked at the bottom in terms of returns [3][4] - The report indicates a shift in asset allocation strategies, with Wang Mingxu's funds undergoing a "shuffle" in Q4, including clearing out, reducing, and increasing positions [1][7] Fund Performance - Wang Mingxu's eight managed funds all reported losses in Q4 2025, with the most significant loss from the GF Shengjin Mixed Fund, amounting to 69.09 million yuan [4][5] - The worst-performing fund, GF Domestic Demand Growth Flexible Allocation Mixed A/C, recorded a return of -16.31% and -16.69%, underperforming the average return of similar funds by over 20 percentage points [5][6] - Overall, 96% of active equity funds in the market achieved positive returns in 2025, while 230 funds reported losses, with many of Wang Mingxu's products frequently appearing on the bottom of the performance rankings [3][4] Asset Allocation Issues - Analysts attribute the poor performance to Wang Mingxu's concentrated asset allocation and delayed adjustments, leading to a "one drag all" risk among his funds [6][7] - In Q4 2025, Wang Mingxu adjusted his asset allocation by reducing positions in high-end liquor stocks and increasing exposure to sectors like optical communications and storage devices [7] - The report highlights that despite adjustments, the funds still exhibited high similarity in their asset allocations, indicating a lack of diversification [7] Future Outlook - Wang Mingxu expressed optimism for the A-share market in 2026, anticipating a potential upward trend driven by new capital inflows and improved market conditions [8]