Core Insights - The founder of Hainan Xiwa Private Fund Management Co., Liang Hong, announced a gift of mobile phones to investors who bought into the fund in 2015, marking a decade of partnership [1] - Over the past ten years, the average return of public funds that have been established for over ten years is 93.4%, with an average annualized return of 6.1% [2][3] - Despite the overall positive performance, 51 funds have recorded losses over the past decade, with the worst performer, China Merchants HuShen 300 Real Estate, showing a return of -48.2% [1][10] Fund Performance - As of September 26, 2025, there are 2,036 public funds that have been established for over ten years, with 97.2% of them achieving positive cumulative returns [2] - The top-performing fund, Huashang New Trend Preferred, has a cumulative return of 649.2% and an annualized return of 22.3%, making it the only fund to exceed six times its initial investment [8] - The performance of various fund types shows that equity funds have outperformed others, with the mixed equity fund index rising by 123.3% over ten years [3][4] Volatility and Risk - Active management equity funds have a high annualized volatility of 18.4%, which can lead to significant risks for average investors [6] - In contrast, bond and money market funds have lower returns but also exhibit much lower volatility, with annualized volatility of 1.5% and 0.1%, respectively [6] Underperforming Funds - A total of 58 funds have recorded losses over the past decade, with some funds experiencing maximum drawdowns exceeding 65% [10][11] - The underperforming funds include several that were once large-scale funds, with the worst performer, China Merchants HuShen 300 Real Estate A, showing a cumulative loss of -48.2% [11][12]