Core Viewpoint - The performance of Guolianan Fund's actively managed equity funds has significantly declined, with three funds dropping over 10% in the first four months of 2025, raising concerns among investors about the fund management strategy and performance [1][6]. Fund Performance Summary - Guolianan Youxuan Industry Mixed Fund experienced the largest decline at 18.42% in the first four months of 2025, with a notable drop of 15.22% in the first quarter alone [1][2]. - Despite the fund's top ten holdings primarily being in high-tech sectors such as chips and consumer electronics, many of these stocks saw increases of over 40% during the same period, indicating a mismatch between stock performance and fund performance [1][2]. - The fund's high turnover rate, recorded at 337.05% in the second half of 2024 and 278.59% in the first half of 2024, may contribute to this performance discrepancy [1][3]. Fund Manager Background - The fund manager, Pan Ming, has over 11 years of management experience, having held various positions in notable companies such as Motorola and Haitong Securities before joining Guolianan Fund Management in December 2013 [5]. Other Fund Performance - Guolianan Technology Power Stock Fund also faced a decline of 17.45% in the first four months of 2025, ranking at the bottom among ordinary stock funds during the same period [4]. - Guolianan Craftsmanship Technology Fund dropped by 10.22%, with its top holdings including major companies like Xiaomi, SMIC, Tencent, Alibaba, and others [4].