Core Insights - The A-share market has reached a ten-year high, yet many equity funds have failed to capture the economic growth dividends, with 154 funds showing negative returns over the past decade, 91 of which are equity products [1] Fund Performance - The top underperforming fund, Tianzhi New Consumption, has a ten-year return of -55.20%, with a current scale of 0.19 billion yuan and a total return since inception of -11.78% [2] - Taiping Flexible Allocation follows closely with a ten-year return of -54.05% and a total return since inception of -56.90%, focusing on leading consumer stocks [3] - Other funds like Morgan Consumption Leading and Minsheng Jiayin Select have also seen declines exceeding 50% over the past decade [3] Fund Types and Management - Nearly half of the funds on the loss list are flexible allocation funds, which are expected to have strong asset adjustment capabilities but have failed to demonstrate effective risk control [3] - Many poorly performing funds have experienced frequent changes in fund managers, leading to a lack of continuity in investment strategies, which negatively impacts long-term performance [5][6] Market Trends - Despite some funds showing short-term rebounds in 2023, their long-term total returns remain in negative territory, indicating that short-term performance does not guarantee a recovery from long-term declines [7] - The persistent underperformance of these funds highlights the importance of focusing on long-term stability, clear strategies, and cohesive management teams when selecting investment funds [7]