Core Insights - The article highlights the contrasting performance of two fund managers at Dongwu Fund, Zhao Meiling and Liu Yuanhai, illustrating the harsh realities of the asset management industry [2][10]. Group 1: Zhao Meiling's Performance - Zhao Meiling manages several funds, including Dongwu Industry Rotation Mixed A/C and Dongwu Progress Strategy A/C, which are among the bottom ten in terms of performance over the past year, with declines of 5.47% and 5.45% respectively [2]. - As of January 9, 2026, Zhao Meiling has managed 23 funds, with 20 showing negative returns, resulting in a loss rate of 87% [5]. - Her longest-managed fund, Dongwu Progress Strategy Mixed A, has a return of 18.36% over nearly 8 years, significantly below the average of 85.52% for similar funds, ranking near the bottom 10% [6][14]. Group 2: Liu Yuanhai's Performance - In contrast, Liu Yuanhai, the Chief Investment Officer at Dongwu Fund, has achieved positive returns across most of his managed funds, with 14 out of 18 showing positive performance [10][13]. - Liu's flagship fund, Dongwu New Trend Value Line Mixed, has delivered a remarkable return of 612.86% over nearly 7 years, far exceeding the average of 90.82% for similar funds, ranking first among 2466 peers [14]. - Liu's funds have generated substantial profits, with a cumulative net gain of 311 million yuan over the past four and a half years [14]. Group 3: Industry Implications - The contrasting fortunes of Zhao Meiling and Liu Yuanhai raise questions about the reliance on individual fund managers in the asset management industry, suggesting that investors may be betting on "superstars" rather than the fund companies themselves [10][14]. - The phenomenon of funds making money while individual investors do not is increasingly evident, highlighting the need for effective strategies that translate into real returns for investors [3][10].