Sou Hu Cai Jing·2026-01-23 12:38Group 1 - The core issue is that the Huabao Nasdaq Select Fund, despite its name, has underperformed the Nasdaq index, becoming the only Nasdaq-themed product with negative returns in the market [1] - The fund's poor performance is attributed to its investment choices, including significant holdings in stocks like NIO, which is neither a Nasdaq 100 component nor a relevant index stock [1] - The fund is actively managed, allowing the manager to select from all Nasdaq-listed stocks, yet the choice of NIO has negatively impacted its performance [1] Group 2 - In Q4 2025, NIO's stock price plummeted by 33%, yet the fund manager increased holdings significantly, making it the 11th largest position in the fund [2] - The top ten holdings, including Nvidia, Tesla, and Netflix, have shown mediocre performance, contributing to the fund's slow growth and rapid decline [2] - As of Q3 2025, the fund's scale appears to be between 3800-4000 billion, while actively managed funds have decreased from 300 billion to 180 billion, indicating a shift in management focus away from active equity products [2]