Core Viewpoint - The performance of the Dacheng Xingyuan Qihang Mixed Fund, managed by Xu Yan, has faced significant criticism from investors due to its near "zero operation" strategy, resulting in a net value that remains below 1 since its inception, despite a strong market rally [1][3][6]. Fund Performance - As of August 19, the net value of the Dacheng Xingyuan Qihang Mixed Fund is 0.9994 for Class A shares and 0.9968 for Class C shares, indicating that the fund has not generated returns since its establishment on March 11, 2025 [1]. - The fund's initial fundraising was 757 million yuan, but it has since shrunk to 627 million yuan, a decrease of 17% over six months [1]. - Investors have expressed dissatisfaction, noting that despite a strong market since the beginning of the year, the fund has not participated in the gains, leading to calls for action from the fund manager [1][2]. Investor Sentiment - Investor feedback on platforms like Dongfang Caifu reflects widespread frustration, with comments highlighting the fund's failure to capitalize on market opportunities and questioning the fund manager's strategy [2]. - Many investors feel misled by the fund's positioning and the expectations set by the reputation of the fund manager, Xu Yan, who is known for his cautious investment approach [6]. Fund Manager's Response - Xu Yan acknowledged the lack of systematic investment in the fund, attributing it to the need to start from scratch and the challenges posed by the current market environment, which has seen a significant reduction in undervalued stocks [3]. - He committed to completing the fund's investment within the stipulated timeframe, emphasizing the importance of adhering to investment discipline [3]. Company Background - Dacheng Fund Management Company, established in 1999, is one of China's first ten fund companies and has a strong track record in absolute returns over the past decade [5]. - Xu Yan, a seasoned fund manager with a background in value investing, has been with Dacheng since 2007 and is recognized for his long-term investment strategy, which prioritizes stability over short-term gains [5].