Core Viewpoint - The A-share market has experienced a significant upward trend, leading to substantial gains for investors, particularly those investing in funds, with many achieving returns of over 50% [1] Fund Performance - Investors holding public funds in the Micro-Plate or North Certificate have seen returns around 50%, while index funds like the Sci-Tech 50 and ChiNext 50 have yielded approximately 30% returns [1] - Even more conservative indices such as the Shanghai Composite and CSI 300 have achieved around 15% returns [1] - Among 16,790 public funds, only 737 recorded negative returns, indicating that over 95% of funds achieved positive returns, with 95.5% of equity funds also performing positively [2] Underperforming Funds - In the actively managed equity fund sector, some funds have underperformed, with the worst eight funds experiencing declines between 4.2% and nearly 9% [3] - Specific funds like Minsheng Jianyin Preferred and Tianyi Quantitative Core Selection have faced significant losses due to poor stock selections and market adjustments [3] - The Tianyi Quantitative Core Selection fund has lost 40% over three years and 55% over five years, nearing liquidation [3] Market Strategy Challenges - Some skilled fund managers have struggled due to market changes, with Guolian An Fund Manager Xu Jun apologizing for negative returns due to a failed investment strategy that avoided highly recognized market sectors [4] - Esteemed fund manager Xu Yan also reported negative returns in the first half of 2025, citing an inability to invest in overvalued stocks, resulting in missed opportunities during the bull market [4]

Core Insights - The article discusses the performance of public funds managed by Zhou Ziguang of CITIC Construction Investment, highlighting a significant decline in returns for his funds, particularly the CITIC Construction Investment Smart Life fund, which has dropped over 40% in the past two years [2][4][5] - Zhou Ziguang's investment strategy, heavily focused on the renewable energy sector, has led to poor performance as many of his top holdings have underperformed in the market [4][5][9] Fund Performance - Zhou Ziguang's CITIC Construction Investment Smart Life fund, established on November 4, 2020, had a strong performance in 2021 with a gain of approximately 31%, but has since faced continuous declines starting in 2022 [4][8] - As of April 2, 2025, the fund's net value growth rate is at -11%, ranking poorly among its peers [2][4] - The fund's top holdings include companies from the renewable energy sector, with significant weightings in Tianhe Solar, Deye Technology, and JA Solar, all of which have seen declines in 2025 [4][5] Investment Strategy and Market Conditions - Zhou Ziguang acknowledges investment mistakes, stating that the focus on consumer and renewable sectors has led to underperformance, particularly in the fourth quarter of 2025 [5][9] - The article notes that the renewable energy sector is currently in a low growth phase, prompting a shift in investment strategy towards more cyclical and stage-based opportunities [9] - The CITIC Construction Investment Low Carbon Growth fund, while also focused on renewable energy, has shown similar struggles, with many of its top holdings experiencing significant declines [6][8] Future Outlook - Zhou Ziguang plans to adapt his investment approach to focus on high-growth emerging industries while managing volatility and potential drawdowns [9] - The current valuations of the two funds are low, with one priced at 0.6 and the other at 0.4, raising questions about their potential recovery to face value [9]