Core Viewpoint - The article discusses the underperformance of fund manager Qu Yang's funds in a year where the stock market has shown strong gains, highlighting a significant disparity between his funds' returns and the broader market performance [1][10]. Fund Performance - Qu Yang manages a total of 13 actively managed mixed funds, with a combined scale of 14.442 billion yuan as of the end of Q2 this year [1]. - Two of his funds, the Qianhai Kaiyuan China Scarce Asset Flexible Allocation Mixed Fund and the Qianhai Kaiyuan National Comparative Advantage Mixed A Fund, have year-to-date returns of only 2.96% and 3.22%, ranking 1971st and 1935th out of 2280 similar funds respectively [1][2]. - Other funds managed by Qu Yang have also underperformed, with all showing returns below 20% for the year [1]. Market Context - The A-share market has seen a strong upward trend, with the Shanghai Composite Index and Shenzhen Component Index rising by 12.3% and over 17% respectively as of September 4 [1]. - The average return for mixed funds in the same category is 17.15%, indicating that Qu Yang's funds are significantly lagging behind [1]. Specific Fund Details - The Qianhai Kaiyuan National Comparative Advantage Mixed C Fund has a cumulative loss of 47.4% since its inception, with a three-year return of -27.55% and a current net value of 0.5260 yuan [5][10]. - The Qianhai Kaiyuan China Scarce Asset Mixed A Fund has a cumulative return of 55% since its inception, but has also seen a decline of approximately 27% over the past three years [8][9]. Comparison with Peers - Funds managed by Qu Yang that started after 2021 have shown significant losses, with returns far below the average for similar funds [10]. - The performance of Qu Yang's funds contrasts sharply with other funds in the market, which have seen substantial gains during the same period [1][10].

Core Viewpoint - Qianhai Kaiyuan Fund's Qianhai Kaiyuan National Comparative Advantage Mixed Fund has experienced significant losses exceeding 3 billion RMB over the past three years, raising concerns about the fund's research and risk control capabilities [1][2][11]. Performance Summary - As of the end of Q1 2025, the fund's net value decreased by 3.63% in the first quarter, underperforming its benchmark by 2.6 percentage points [3][4]. - The fund has consistently underperformed its benchmark over the past three months, six months, one year, and three years [4][11]. - Cumulative losses for the fund from 2022 to 2024 amount to approximately 3 billion RMB, while the management fees collected by Qianhai Kaiyuan Fund total around 180 million RMB [11][13]. Investment Strategy and Holdings - The fund manager, Qu Yang, has a high concentration in the food and beverage sector, with stock investments amounting to 2.455 billion RMB, representing 90.52% of the fund's total assets [8][9]. - The top ten holdings account for over 70% of the fund's net asset value, significantly higher than the average for similar funds [9]. - The fund's major holdings include Kweichow Moutai, Luzhou Laojiao, China National Offshore Oil Corporation, Wuliangye, and CATL, reflecting a focus on high-quality companies with good shareholder returns [9][10].