Core Viewpoint - A report by Zhitong Finance highlights that 64 fund managers have underperformed their benchmarks by over 10% in annualized returns over the past three years, with notable mentions including fund manager Zhou Ziguang from CITIC Construction Investment Fund Management Co., Ltd. [1] Group 1: Fund Performance - Zhou Ziguang manages four funds, three of which have been under his management for over three years, all showing annualized returns that underperform their benchmarks by over 10% [1] - The specific funds managed by Zhou Ziguang include CITIC Construction Investment Smart IoT A/C, CITIC Construction Investment Smart Life Mixed A/C, and CITIC Construction Investment Low Carbon Growth Mixed A/C, with respective scales of 260 million, 62 million, and 691 million yuan as of Q1 2025 [1] - The CITIC Construction Investment Smart IoT A/C has a management tenure of approximately 8 years, with returns of 9.22% and 6.87% for classes A and C respectively [2] Group 2: Fund Returns and Comparisons - The one-year, two-year, and three-year returns for CITIC Construction Investment Smart IoT A are -11.45%, -48.37%, and -54.77%, while for class C, the returns are -11.80%, -48.78%, and -55.31% respectively, compared to the CSI 300 index which had returns of 7.18%, 0.24%, and -3.33% during the same periods [2] - The top ten holdings of the CITIC Construction Investment Smart IoT fund include companies such as Deyang Shares, Yingboer, and China Mobile [2] - Other funds managed by Zhou Ziguang, such as CITIC Construction Investment Smart Life Mixed A/C and CITIC Construction Investment Low Carbon Growth Mixed A/C, also show significant underperformance with respective three-year returns of -41.66% and -56.21% [3]