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]

文|吴理想 来源|财富独角兽 清明小长假前，内地公募基金因指数跌跌不休而获利回吐，不过凭借此前累积的收益，多位公募名将还是实现了在管基金多数飘红，但中信建投的周紫光 是个例外。 2022年一战成名的他，继2023年全年遭遇滑铁卢外，2025年到目前再遇业绩黑洞。数据显示，截止2025年4月2日收盘，他目前在管的四只基金近两年下跌 均超过40%，2025年到目前也是全线下跌，表现最差的就是中信建投智享生活。 再看从五到第十位的重仓股名单，基金经理周紫光配置的公司包括了贵州茅台、阿特斯、青岛啤酒、晶科能源、宁德时代、学大教育。这其中股王茅台年 内微涨但宁王宁德年内跌幅接近10%，两者的正负效应基本相抵。 另外，中信建投低碳成长混合的最新净值增长率也在-11%的水平线上，同样在同类基金中排名较为靠后。公司的另一主动权益主将栾江伟已经实现了在 管基金全线飘红，周紫光的业绩为何如此不堪呢？ "成也新能源，败也新能源。"这句话用在周紫光身上极为合适，当当初那批新能源公募种子选手早已转战新能源时，周紫光似乎还在执着地挖掘新能源产 业链的投资机会，从中信建投智享生活近期的重仓股变迁上可见一斑。 01 从该基金的历史沿革来看， ...