Core Viewpoint - The performance of public equity funds has been generally strong in 2025, but some funds, particularly the "Xinyuan Consumer Selection Mixed Fund," have experienced significant losses, highlighting issues in the fund's management and strategy [1][2][15]. Fund Performance - As of November 2025, the average net value growth rates for ordinary stock funds and mixed equity funds were 28.96% and 29.54%, respectively, while the Xinyuan Consumer Selection Mixed Fund saw declines of 20.93% and 21.24%, ranking last among 4,437 similar products [2][3]. - The fund's net value has halved since its inception, indicating poor long-term performance [2][3]. Fund Management and Strategy - The Xinyuan Consumer Selection Mixed Fund has shown a high turnover rate, increasing from 307.74% at the end of 2023 to 1116.15% in mid-2025, suggesting aggressive trading strategies [4][5]. - The fund has undergone frequent management changes, with three different fund managers in less than three years, which may contribute to its inconsistent performance [6][7]. Market Position and Challenges - Xinyuan Fund, established in 2013, has a significant focus on fixed-income products, with equity products accounting for less than 4% of its total assets as of September 2025 [9][11]. - Despite launching several new equity funds in 2025, many have struggled to attract external investment, raising concerns about the fund's market appeal and brand recognition [13][14]. Future Outlook - The Xinyuan Consumer Selection Mixed Fund faces potential liquidation risks if it does not achieve a minimum asset size of 200 million yuan within three years of its establishment [8][9]. - The management team is under pressure to improve equity performance and overcome the "specialization" issue in fixed-income products, which is critical for the fund's future success [15].