Core Viewpoint - Dachen Fund has struggled to adapt to the current bull market, resulting in underperformance of its equity products compared to the market average, highlighting issues in its investment strategy and execution [3][4][8]. Group 1: Performance Analysis - Dachen Fund's flagship product, Dachen Gaoxin Stock, has shown a decline in performance, with year-to-date returns of 15.75%, trailing behind its benchmark and the CSI 300 index [5][6]. - The fund's management scale decreased from 123.64 billion to 114.53 billion yuan, indicating a loss of investor confidence [6]. - Other Dachen equity products, such as Dachen Rui Xiang Mixed A and Dachen Strategy Return Mixed A, also underperformed relative to the CSI 300 index [6][7]. Group 2: Investment Strategy Issues - Dachen Fund's conservative investment approach, which worked well during bear markets, has led to missed opportunities in the current growth-driven market [8][9]. - The fund's portfolio has been heavily weighted towards value stocks and large-cap stocks, limiting its ability to capitalize on the tech and growth sectors that are currently leading the market [8][9]. - The fund's products have been criticized for style drift, where funds marketed as "growth" or "new" are actually concentrated in traditional value stocks, potentially misleading investors [9]. Group 3: Management and Operational Challenges - Dachen Fund's slow response to market changes has been evident in its delayed investment decisions, with significant cash holdings in newly launched funds [10][11]. - The Dachen Xingyuan Qihang Mixed Fund had an 84% cash position shortly after its launch, missing critical market gains during the early months [10][11]. - High turnover rates in the fund's portfolio have increased trading costs without resulting in improved performance, indicating a reactive rather than proactive management style [14][15]. Group 4: Future Outlook - Dachen Fund's current challenges may serve as a case study for traditional public fund institutions facing transformation difficulties in a changing market environment [16].

随着公募基金三季报披露完成，各家机构的整体持仓和业绩表现也浮出水面。 曾经凭借出色防御能力在2023-2024年熊市中逆势突围的大成基金，却在本轮结构性上涨行情中"水土不服"，其主动权益类型产品年内收益水平呈现倒退之 势。其中，大成基金首席权益投资官徐彦更是因为"踏空"牛市建仓时机被持有者诟病。从昔日的权益冠军沦落至倒数阵营。 同时，高换手率、风格漂移、老将踏空等问题集中暴露，也折射出大成基金投研体系在市场风格切换中的应对不当。 大成基金牛市"水土不服" 根据国泰海通证券数据显示，在2023-2024年期间，大成基金凭借7.99%的主动权益绝对收益，在24家大中型公募中高居第一，在熊市中展现出极强的防御能 力和稳健的投资风格。然而，截至今年9月底，大成基金主动权益年内的收益在同类基金中排名退至倒数第二，超额收益垫底。凤凰网财经《投资观察》整 理数据发现，今年以来，大成基金旗下多只权益产品收益水平呈现倒退之势，其中不乏明星级基金产品。 以大成基金权益当家产品—大成高鑫股票为例。该基金是大成旗下规模最大的股票型基金，成立于2015年，成立以来累计回报达423.11%，截至三季度末管 理规模为114.53亿元。 凤 ...

Core Viewpoint - The public fund industry is experiencing significant changes in scale and competition, with a notable shift of funds from stable bond and money market funds to equity funds, reflecting changing investor preferences and market conditions [2][5]. Group 1: Overall Industry Performance - As of the end of Q1 2025, the total scale of public fund management in China reached 31.81 trillion yuan, a decrease of approximately 600 billion yuan from the end of last year, primarily due to significant reductions in bond and money market fund sizes [2][4]. - The competition landscape among public fund companies is intensifying, with some firms gaining ground while others are falling behind [2]. Group 2: Company-Specific Performance - The top ten companies by non-money fund scale include E Fund, Huaxia Fund, GF Fund, and others, with E Fund and Huaxia Fund being the only firms with non-money management scales exceeding 1 trillion yuan [7][8]. - Notably, the non-money fund scale of Fuguo Fund increased by nearly 30 billion yuan in Q1, allowing it to enter the top four for the first time [8][9]. - Several companies, including Yongying Fund and Fuguo Fund, saw substantial growth in their active equity fund management scales, with increases exceeding 70 billion yuan [3][14]. Group 3: Fund Type Performance - Active equity funds experienced a rebound in scale, with a total increase of 18 billion yuan in Q1, driven by strong performance in sectors like technology [12][14]. - Conversely, bond and money market funds saw significant reductions, with bond funds shrinking by 438.8 billion yuan and money market funds by 277.7 billion yuan [5]. - The demand for diversified asset allocation is evident, as overseas investment funds and commodity funds continued to grow, with increases of 25.5 billion yuan and 51.6 billion yuan, respectively [5]. Group 4: Market Dynamics - The market is witnessing a "seesaw effect" in fund sizes, with funds shifting from lower-risk categories to higher-risk equity funds amid a volatile A-share market [4][5]. - The trend of passive funds outpacing active funds continues, with passive equity index funds reaching 3.96 trillion yuan, surpassing active equity funds at 3.44 trillion yuan by the end of 2024 [11].