Core Viewpoint - The article discusses the poor performance of Guolian An Fund's manager Pan Ming, highlighting that several funds under his management have consistently underperformed, leading to investor dissatisfaction and market skepticism regarding his management capabilities [1][2]. Fund Performance Summary - Pan Ming manages six funds, all of which he oversees independently. The Guolian An Science and Technology Innovation Mixed Fund (LOF) has a five-year return of -35.26%, significantly underperforming its benchmark by over 20% [2][12]. - The Guolian An Science and Technology Innovation LOF has a cumulative return of -26.03% since its inception on March 20, 2020, with a unit net value of only 0.7397 yuan as of July 9, 2025 [6][7]. - The fund's management fees from March 2023 to December 2024 amounted to 6.21 million yuan, while the total management fees for 2021 and 2022 reached 15 million yuan [6][8]. Benchmark Comparison - The performance benchmark for the Guolian An Science and Technology Innovation LOF is a composite of various indices, with a benchmark return of -11.74% over the same five-year period, indicating a significant underperformance of -23.52% compared to the benchmark [2][12]. - Other funds managed by Pan Ming, such as Guolian An Preferred Industry Mixed Fund and Guolian An Technology Power Stock Fund, also show similar underperformance, with returns of -34.10% and -32.25% respectively, against their benchmarks [2][12]. Regulatory Context - In May 2023, the China Securities Regulatory Commission introduced a new action plan aimed at improving the quality of public funds, which includes a mechanism linking fund performance to management fees. This could impact Pan Ming's management fees if performance does not meet expectations [12].