Core Viewpoint - The A-share market has experienced a significant upward trend, leading to substantial gains for investors, particularly those investing in funds, with many achieving returns of over 50% [1] Fund Performance - Investors holding public funds in the Micro-Plate or North Certificate have seen returns around 50%, while index funds like the Sci-Tech 50 and ChiNext 50 have yielded approximately 30% returns [1] - Even more conservative indices such as the Shanghai Composite and CSI 300 have achieved around 15% returns [1] - Among 16,790 public funds, only 737 recorded negative returns, indicating that over 95% of funds achieved positive returns, with 95.5% of equity funds also performing positively [2] Underperforming Funds - In the actively managed equity fund sector, some funds have underperformed, with the worst eight funds experiencing declines between 4.2% and nearly 9% [3] - Specific funds like Minsheng Jianyin Preferred and Tianyi Quantitative Core Selection have faced significant losses due to poor stock selections and market adjustments [3] - The Tianyi Quantitative Core Selection fund has lost 40% over three years and 55% over five years, nearing liquidation [3] Market Strategy Challenges - Some skilled fund managers have struggled due to market changes, with Guolian An Fund Manager Xu Jun apologizing for negative returns due to a failed investment strategy that avoided highly recognized market sectors [4] - Esteemed fund manager Xu Yan also reported negative returns in the first half of 2025, citing an inability to invest in overvalued stocks, resulting in missed opportunities during the bull market [4]