Core Insights - The A-share market has shown an upward trend since 2025, leading to a general recovery in the performance of actively managed equity funds, with the total industry scale approaching a new high of 36 trillion [1][13] - Among 4,711 actively managed equity funds with performance records, 4,494 reported positive returns over the past year, while 217 had negative returns [1][13] - The top 30 funds with the largest declines all had annual returns below -9.75%, with several funds losing over 15%, including Huafu Medical Innovation A at -27.13% [1][14] Fund Performance - The worst-performing funds include: - Huafu Medical Innovation A: -27.13% return, size 0.60 billion [2][14] -浦银安盛医疗创新A: -20.29% return, size 0.16 billion [2][14] - 鑫元消费甄选A: -19.65% return, size 0.29 billion [2][14] - The performance of the top 30 funds with the largest declines indicates significant underperformance, with many funds experiencing substantial losses [1][15] Historical Performance Analysis - Dongwu Industry Rotation A and Dongwu Progress Strategy A, managed by Zhao Meiling, have shown poor performance, with returns of -12.66% and -10.90% respectively [3][15] - Both funds have long histories, with Dongwu Industry Rotation A established in April 2008 and Dongwu Progress Strategy A in May 2009, yet they have consistently underperformed in recent years [4][16] - The three-year returns for these funds are -22.25% and -24.34%, significantly lagging behind their benchmarks [4][16] Portfolio Composition - The two funds exhibit high similarity in their holdings, with overlapping top ten stocks that have generally performed poorly recently [5][17] - Key holdings for Dongwu Industry Rotation A include: - 分众传媒: 8.52% - 恒瑞医药: 6.94% - 圆通速递: 6.71% [19] - Recent performance of these stocks has been detrimental to the funds' net values, with significant declines observed [19] Industry Trends - Zhao Meiling's funds have a long-term focus on consumer, pharmaceutical, and high-end manufacturing sectors, which have shown mixed performance in recent structural market conditions [12][24] - The overall market for actively managed equity funds in 2025 has been positive, but significant internal differentiation exists, with some thematic products and smaller funds struggling amid market volatility [12][24]