Core Insights - The recent performance of active equity funds has been under scrutiny, with over 38% of these funds still in losses over the past five years despite a significant number achieving positive returns since 2025 [1][2][3] - Key factors contributing to the underperformance include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][7] Performance Overview - As of November 10, 2025, the Shanghai Composite Index has risen by 19.42%, while 97.45% of active equity funds reported positive returns [2][3] - However, 1019 active equity funds remain in losses, with 38% of the total, indicating a stark contrast in performance for investors who entered the market earlier [1][2] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, with six funds reporting over 200% returns [3] - Conversely, nearly 40% of active equity funds have not turned a profit in five years, with some funds experiencing maximum drawdowns starting in 2021 [3][4] Underperforming Funds - Notable underperformers include funds managed by well-known managers, with losses exceeding 30% over five years [4] - Specific funds like Tianzhi New Consumption and Fangzheng Fubang Innovation Power have reported losses of -65.25% and -62.32%, respectively [3][4] Trading Behavior - High average stock positions during market peaks have been linked to poor long-term performance, with funds showing an average stock position of 84.22% during critical periods [5][6] - Frequent trading has also negatively impacted fund performance, with an average turnover rate of 460.71% across all active equity funds, rising to 508.45% for those with over 30% losses [7][8] Sector Reliance - Many funds have shown over-reliance on traditional sectors, leading to underperformance despite being labeled as "new" or "growth" funds [8][9] - Funds like Tianzhi New Consumption and Invesco Great Wall New Growth have shifted their holdings but still struggle to achieve positive returns [8][9] Market Outlook - The active equity fund market is seeing a resurgence, with 1354 new funds launched in 2025, indicating renewed investor interest [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of market volatility [12]

Core Insights - The article highlights the performance of active equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in a decade, revealing that over 97% of these funds achieved positive returns since 2025, yet 38% remain in losses over the past five years [1][2][3] - Key reasons for the underperformance of many active funds include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][6] Performance Overview - As of November 10, the Shanghai Composite Index closed at 4018 points, marking a significant recovery, with major indices like the Shenzhen Composite and ChiNext Index showing gains of 27.6% and 46.35% respectively since 2025 [2] - Despite a high percentage of active equity funds showing positive returns in 2023, the long-term performance reveals a stark contrast, with many investors experiencing losses since entering the market around the end of 2020 [2][3] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, while nearly 40% remain unprofitable, with some funds experiencing drawdowns exceeding 50% [3][4] - Notable underperformers include funds managed by well-known managers, indicating that even established names are not immune to market challenges [4] Causes of Underperformance - High-level accumulation during market peaks has been identified as a significant factor contributing to the long-term underperformance of active equity funds [5][6] - Frequent trading has also negatively impacted fund performance, with average turnover rates for underperforming funds significantly higher than the market average [7][8] Market Trends and Future Outlook - The article notes a shift in investor sentiment towards active management products, with a notable increase in the number of newly established funds and a doubling of issuance scale compared to the previous year [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of over-reliance on specific themes or sectors [12]

Core Viewpoint - The article discusses the significant decline in the performance and reputation of Huaxia Fund, particularly its flagship product, the Huaxia Energy Innovation Fund, which has seen substantial losses and a drop in investor confidence following the entry of foreign investment from Qatar Investment Authority [2][6]. Group 1: Fund Performance - The Huaxia Energy Innovation Fund, once a leading product with over 10 billion in assets, has experienced a three-year loss of 37.93%, ranking it 709th out of 752 comparable funds [2]. - In the second quarter, the A-class shares of the fund reported a loss exceeding 340 million, while C-class shares lost nearly 25 million, both significantly underperforming their benchmarks [2]. - The fund's total assets shrank from over 10 billion to 7.778 billion within six months, marking a decline of over 26% [2]. Group 2: Managerial Changes - Prominent fund managers, including Zhang Hongtao and Zheng Zehong, have left the company, leading to concerns about the management of their previously underperforming funds [4]. - The new managers lack experience in handling large-scale products, raising alarms about potential talent shortages within the company [4]. Group 3: Industry Trends - Huaxia Fund's active equity scale has decreased from a peak of 450 billion to 320 billion, a drop of 130 billion or 42.67% over three years [5]. - The current fund managers face scrutiny over their strategies, with evidence of a lack of independent decision-making and over-reliance on popular sectors [5]. Group 4: Trust and Governance Issues - The company reported an average return of -18.72% for its equity products in 2024, significantly underperforming the industry average by over 10 percentage points [6]. - Internal control issues have led to operational setbacks, including a suspension of new business due to inadequate compliance [6]. - The entry of foreign investment has introduced governance challenges, with the need to reconcile differing investment philosophies [6]. Group 5: Recommendations for Recovery - The company must establish a scientific investment research assessment system to avoid short-term performance pressures [7]. - Building a robust talent pipeline and reducing reliance on individual star fund managers is essential for long-term stability [7]. - Strengthening internal compliance mechanisms and rebuilding investor relations are critical steps for regaining trust [7].

Wind数据显示，截至7月17日，全市场共有197位基金经理离任，涉及104家公募机构，离任人数较去年 同期增加18位；同期新聘基金经理308位，较去年同期减少13位。尽管人员更替总量上升，基金经理总 数仍较年初增加111位至4056人，折射出行业在人才流动中持续扩容的态势。 而华夏基金与中欧基金以新聘11人并列行业首位，南方、招商各增10人，兴证全球基金新聘9人，富国 基金、工银瑞信基金、易方达基金、中金基金、银华基金均新聘8位，加速填补空缺。 值得注意的是，共有34家基金公司年内暂无基金经理离职或新聘变动，其中包括前海开源基金、银河基 金、海富通基金、国联安基金、东方基金等公司，凸显部分中小机构的团队韧性。 具体来看，嘉实基金以13位基金经理离任高居行业榜首，远超其去年全年的6位，创下历史峰值。 | 序号 | 基金公司 | 离任基金经理数 | 新聘基金经理数 | 基金经理数 | 基金经理变动率(%) | | --- | --- | --- | --- | --- | --- | | 1 | 眾求重等 | 13 | 5 | 104 | 11.61 | | 2 | 作夏ま金 | 5 | 11 | 131 | ...