Core Insights - A significant number of actively managed equity funds established in 2021 are struggling to recover their initial investments, with over 50% reporting negative returns since inception [1] - Among the 667 active equity funds analyzed, 362 have negative returns, with 86 funds experiencing declines of over 30% and 34 funds exceeding 40% [1] - The Oriental Alpha Zhaoyang Mixed Fund, launched on March 17, 2021, has reported cumulative returns of -50.60% and -53.23% for its A and C shares respectively as of February 9, 2026 [1][2] Fund Performance - The Oriental Alpha Zhaoyang Mixed Fund A has a unit net value of 0.4940, with a cumulative return of -50.60% since inception [2] - The fund has shown a decline of -6.01% over the past month and -2.10% over the past year [2] - The C share of the fund has a unit net value of 0.4677, with a cumulative return of -53.23% since inception [2] Fund Management - The fund has been managed by Liu Ming, Gao Fengchen, and currently by Pan Lingzi, who has been in the role since November 2024 [2][5] - Pan Lingzi has 6 years of research experience but only 1 year of experience as a public fund manager [2] - The fund's performance has been consistently negative, with the current manager's tenure showing a return of -6.71% during a shared management period [5] Top Holdings - As of Q4 2025, the top ten holdings of the Oriental Alpha Zhaoyang Mixed Fund include companies such as AVIC Shenyang Aircraft Company, Gaode Infrared, and Guangdong Hongda [3]

Core Viewpoint - Several well-known fund managers have resigned from their positions in 2023, with significant losses reported during their tenure, raising concerns about their investment performance [1][2]. Group 1: Fund Manager Resignation - Liu Ming was dismissed as the fund manager of the Dongfang Alpha Zhaoyang Mixed Securities Investment Fund on June 7, 2023, due to internal adjustments within the company [1]. - Liu Ming had managed the fund since March 17, 2021, for a total of 4 years and 82 days, during which the A-class share return was -53.07% and the C-class share return was -55.33% [2][3]. Group 2: Fund Performance - The cumulative net value of the Dongfang Alpha Zhaoyang Mixed A/C shares as of June 12, 2025, was only 0.4668 yuan and 0.4443 yuan, respectively [2]. - The Dongfang Alpha Zhaoyang Mixed E share, despite being established later, also reported a loss of nearly 30% after over two years of management [2]. - Liu Ming also resigned from the Dongfang Alpha Selected Mixed A/C in April 2023, which he managed for 7 years, resulting in a loss of 20.02% [3].