鑫元基金，出了个年度“亏损王”

Core Viewpoint - The article discusses the significant performance disparity among actively managed equity funds in the A-share market in 2025, highlighting the extreme case of the Xinyuan Consumer Selection fund, which suffered a loss of 19.65% while other funds achieved substantial gains [5][7][8]. Fund Performance Overview - In 2025, the overall market saw 4378 actively managed equity funds, with over 90% reporting positive returns and an average return exceeding 30% [5]. - The Xinyuan Consumer Selection fund, established on March 24, 2023, recorded a net value decline from 1 yuan to approximately 0.52 yuan, nearly halving its value [9][11]. - The fund's performance was characterized by a drastic difference of 252.94 percentage points compared to the top-performing fund, Yongying Technology Selection, which achieved a record annual return of over 233% [8][7]. Investment Strategy and Management Issues - The Xinyuan Consumer Selection fund exhibited erratic investment strategies, frequently changing its core focus each quarter, leading to poor performance [11][12]. - The fund's management faced significant turnover, with three different fund managers in less than three years, resulting in a lack of consistent investment strategy [21][23]. - The current fund manager, Yao Qifan, has limited experience, managing the fund for less than six months with a return of -8.72% [21][27]. Scale and Survival Challenges - The fund is under pressure to meet a minimum asset size of 200 million yuan to avoid termination, with its current size at only 29 million yuan, necessitating a nearly sixfold increase in three months [24]. - Institutional ownership of the fund dropped from over 95% to 42.94% by mid-2025, indicating a significant withdrawal of investor confidence [26][27]. - The fund's strategy to increase exposure to the gaming sector did not yield the expected returns, further complicating its recovery efforts [28].