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]