| 证券代码 | 证券简称 | 近三年净值 超越基准收益率 (%) | 基金规模合计 (亿) | 基金成立日 | 基金经理 (現任) | 任职日期 | | --- | --- | --- | --- | --- | --- | --- | | 590002.OF | 中邮核心成长A | -42.48 | 22.56 | 2007/8/17 | 陈梁 | 20211122至今 | | 015004.OF | 中邮能源革新A | -37.45 | 1.03 | 2022/3/8 | 陈媛 | 20251120至今 | | 590001.OF | 中郎核心优选A | -36.77 | 8.00 | 2006/9/28 | 陈梁,王高 | 陈舜(20210218至今) 王高(20250909至今) | | 590005.OF | 中邮核心主题A | -24.95 | 3.01 | 2010/5/19 | 陈殿 | 20150313至今 | 专题："业绩为王"时代来了，时隔三年公募绩效迎重大改革！近千名基金经理面临"降薪" 近期，基金行业薪酬改革引发关注。根据中基协新规，若基金经理近三年产品收益率低于业绩比较基准 10 ...

Core Insights - The founder of Hainan Xiwa Private Fund Management Co., Liang Hong, announced a gift of mobile phones to investors who bought into the fund in 2015, marking a decade of partnership [1] - Over the past ten years, the average return of public funds that have been established for over ten years is 93.4%, with an average annualized return of 6.1% [2][3] - Despite the overall positive performance, 51 funds have recorded losses over the past decade, with the worst performer, China Merchants HuShen 300 Real Estate, showing a return of -48.2% [1][10] Fund Performance - As of September 26, 2025, there are 2,036 public funds that have been established for over ten years, with 97.2% of them achieving positive cumulative returns [2] - The top-performing fund, Huashang New Trend Preferred, has a cumulative return of 649.2% and an annualized return of 22.3%, making it the only fund to exceed six times its initial investment [8] - The performance of various fund types shows that equity funds have outperformed others, with the mixed equity fund index rising by 123.3% over ten years [3][4] Volatility and Risk - Active management equity funds have a high annualized volatility of 18.4%, which can lead to significant risks for average investors [6] - In contrast, bond and money market funds have lower returns but also exhibit much lower volatility, with annualized volatility of 1.5% and 0.1%, respectively [6] Underperforming Funds - A total of 58 funds have recorded losses over the past decade, with some funds experiencing maximum drawdowns exceeding 65% [10][11] - The underperforming funds include several that were once large-scale funds, with the worst performer, China Merchants HuShen 300 Real Estate A, showing a cumulative loss of -48.2% [11][12]

Core Insights - The A-share market has reached a ten-year high, yet many equity funds have failed to capture the economic growth dividends, with 154 funds showing negative returns over the past decade, 91 of which are equity products [1] Fund Performance - The top underperforming fund, Tianzhi New Consumption, has a ten-year return of -55.20%, with a current scale of 0.19 billion yuan and a total return since inception of -11.78% [2] - Taiping Flexible Allocation follows closely with a ten-year return of -54.05% and a total return since inception of -56.90%, focusing on leading consumer stocks [3] - Other funds like Morgan Consumption Leading and Minsheng Jiayin Select have also seen declines exceeding 50% over the past decade [3] Fund Types and Management - Nearly half of the funds on the loss list are flexible allocation funds, which are expected to have strong asset adjustment capabilities but have failed to demonstrate effective risk control [3] - Many poorly performing funds have experienced frequent changes in fund managers, leading to a lack of continuity in investment strategies, which negatively impacts long-term performance [5][6] Market Trends - Despite some funds showing short-term rebounds in 2023, their long-term total returns remain in negative territory, indicating that short-term performance does not guarantee a recovery from long-term declines [7] - The persistent underperformance of these funds highlights the importance of focusing on long-term stability, clear strategies, and cohesive management teams when selecting investment funds [7]