Group 1 - The core viewpoint of the article highlights the significant reform in the public fund performance evaluation system, which has led to nearly a thousand fund managers facing potential salary reductions due to poor performance over the past three years [1][12] - According to the new regulations from the Asset Management Association of China, fund managers whose products underperform the benchmark by more than 10 percentage points and have negative profit margins will see their performance pay cut by at least 30% [1][12] - The new evaluation framework emphasizes the long-term performance of senior fund managers, making their historical results a focal point for market scrutiny [1][12] Group 2 - Data from Wind shows that as of December 10, 2023, 13 funds managed by Morgan Stanley underperformed their benchmarks by over 10 percentage points, with four of these funds managed by Wang Dapeng [1][11] - Specifically, Wang Dapeng's fund "Morgan Stanley Consumption Pioneer" underperformed by 42.62% over the past three years, with a maximum drawdown of 45.93% [2][13] - Other funds managed by Wang Dapeng, such as "Morgan Stanley Health Industry A" and "Morgan Stanley Hong Kong-Shenzhen Select A," also showed significant underperformance, with drawdowns of 39.58% and 33.23% respectively [2][13] Group 3 - Wang Dapeng's investment style shows a high degree of consistency across his funds, with a concentrated focus on sectors such as pharmaceuticals and consumer goods [3][14] - The performance of his top holdings, particularly in the pharmaceutical sector, has been poor, with several stocks experiencing declines of over 10% in the last three months [3][14] - Despite the underperformance of his existing funds, Wang Dapeng is still involved in managing new products, including the "Morgan Stanley Hong Kong Stock Connect Multi-Asset Growth Mixed Fund," which is currently in the subscription phase [5][7][16] Group 4 - The new fund "Morgan Stanley Hong Kong Stock Connect Multi-Asset Growth Mixed Fund" has a performance benchmark set to a combination of indices, indicating a strategic approach to diversify performance metrics [7][18] - Concerns arise regarding the future performance of this new fund due to the historical underperformance of both Wang Dapeng and his co-manager Lei Zhiyong, whose fund "Morgan Stanley Innovation A" also underperformed its benchmark by 33.75% [11][19]

Core Insights - The A-share market has reached a ten-year high, yet many equity funds have failed to capture the economic growth dividends, with 154 funds showing negative returns over the past decade, 91 of which are equity products [1] Fund Performance - The top underperforming fund, Tianzhi New Consumption, has a ten-year return of -55.20%, with a current scale of 0.19 billion yuan and a total return since inception of -11.78% [2] - Taiping Flexible Allocation follows closely with a ten-year return of -54.05% and a total return since inception of -56.90%, focusing on leading consumer stocks [3] - Other funds like Morgan Consumption Leading and Minsheng Jiayin Select have also seen declines exceeding 50% over the past decade [3] Fund Types and Management - Nearly half of the funds on the loss list are flexible allocation funds, which are expected to have strong asset adjustment capabilities but have failed to demonstrate effective risk control [3] - Many poorly performing funds have experienced frequent changes in fund managers, leading to a lack of continuity in investment strategies, which negatively impacts long-term performance [5][6] Market Trends - Despite some funds showing short-term rebounds in 2023, their long-term total returns remain in negative territory, indicating that short-term performance does not guarantee a recovery from long-term declines [7] - The persistent underperformance of these funds highlights the importance of focusing on long-term stability, clear strategies, and cohesive management teams when selecting investment funds [7]