Core Insights - The article discusses the performance of actively managed equity funds established in 2021, revealing that over 50% of these funds are currently at a loss, with significant declines in value for many [1] Fund Performance Summary - A total of 667 actively managed equity funds established in 2021 were analyzed, with approximately 362 funds showing negative returns since inception, representing over 54% of the sample [1] - Among these, 86 funds have experienced declines of over 30%, and 34 funds have seen declines exceeding 40% [1] - The "Oriental Quality Consumption One-Year Holding Period Mixed Fund," established in July 2021, has recorded a cumulative decline of approximately 60.6%, making it one of the worst performers in the sample [1][3] Specific Fund Data - The "Oriental Quality Consumption One-Year Holding Period Mixed Fund A" has a current net value of 0.4015, with a cumulative return of -59.85% since its inception [2] - The fund's performance over the past year shows a decline of -1.45%, and over three years, it has decreased by -34.56% [2] - The fund's top ten holdings include major companies such as Yili Group, Midea Group, and Tencent Holdings, but it has consistently underperformed compared to its peers and the CSI 300 index [3][4] Comparative Performance Analysis - In 2025, the fund's annual return was -0.53%, while the average return for similar funds was 33.12%, and the CSI 300 index returned 17.66% [4] - The fund's ranking among peers has been poor, with significant drops in its position over the years, indicating a consistent underperformance [4][6]

Core Viewpoint - The performance of key fund managers at Dongfang Fund, particularly Wang Ran and Li Rui, has raised concerns in the market due to their poor investment returns, leading to a potential trust crisis for the company [2][3]. Group 1: Fund Performance - Dongfang Fund currently manages a total of 123.4 billion yuan across 123 funds, but the active equity investment capabilities are under scrutiny due to negative returns [3]. - Wang Ran's three managed funds have all reported negative returns, with the best performance being -8.94% over her tenure [3]. - The Dongfang Quality Consumption One-Year Holding A/C classes have seen returns of -57.93% and -58.31%, with net values dropping to 0.424 yuan and 0.417 yuan respectively [3]. - The Dongfang Urban Consumption Theme Mixed Fund has also underperformed, with returns of 16.53%, -15.83%, and -28.70% over the past one, two, and three years, respectively [4]. Group 2: High Turnover Rates - Wang Ran's Dongfang Emerging Growth Fund has a turnover rate exceeding 600%, reaching 750% in Q2 2024, but this high turnover has not translated into improved returns, with a three-year loss of 38.71% [4][5]. - High turnover rates are indicative of unstable investment strategies, which contradict the advocated principles of value and long-term investing [5]. - Frequent trading increases transaction costs, which can further erode fund performance and negatively impact investor experience [5][7]. Group 3: Li Rui's Fund Performance - Li Rui's flagship fund, the Dongfang New Energy Vehicle Theme Mixed Fund, has seen a drastic decline in performance since 2022, with returns of -31.69%, -32.02%, and -2.11% in the following years, ranking at the bottom among peers [6]. - The fund's management scale has decreased significantly from 224.41 billion yuan at the end of 2021 to 78.58 billion yuan by mid-2024 [6]. - Another fund managed by Li Rui, the Dongfang Automotive Industry Trend Mixed A, has also seen its scale shrink from 1.4 billion yuan to 0.52 billion yuan over three years [6].

Core Insights - The performance of multiple products managed by Wang Ran, the general manager of the equity research department at Dongfang Fund, has been persistently poor, leading to significant dissatisfaction among investors [1][3] - Dongfang Fund, a long-established public fund institution, has faced challenges with a high number of "mini funds" and several equity products at risk of liquidation [1][4] Group 1: Fund Performance - Wang Ran currently manages three products with a total asset management scale of 205 million yuan, and the best return during her tenure is -10.19%, marking the worst performance of her public fund career [3] - The Dongfang Emerging Growth Mixed Fund has seen a slight increase of 0.06% this year, ranking 2133 out of nearly 2300 similar products, while the Dongfang Quality Consumption One-Year Holding Mixed A ranks 4154 out of over 4500 similar products [3] - Over the past three years, the Dongfang Emerging Growth Mixed Fund has a return rate of approximately -40%, underperforming its benchmark by about 43 percentage points [3] Group 2: Company Challenges - Dongfang Fund, established in 2004, had a public fund asset management scale of 123.405 billion yuan as of mid-year, ranking 53rd among nearly 200 public fund institutions [4] - The company faces liquidation pressure, with 11 non-initiated funds having scales below 50 million yuan, including the Dongfang Minfeng Return Ying'an Mixed Fund with less than 3 million yuan [4] - Wang Ran previously had successful tenures from 2020 to 2021, with returns ranging from 4% to 68%, but her focus on pharmaceutical stocks since mid-2021 has led to significant declines in performance and a reduction in management scale [4]