Core Viewpoint - A report by Zhito Finance highlights that 64 fund managers have underperformed their benchmarks by over 10% in annualized returns over the past three years, with notable mentions including Liang Li from Tianzhi Fund Management [1] Group 1: Fund Performance - As of April 30, 2023, 64 fund managers have all their funds underperforming their benchmarks by more than 10% over the last three years [1] - Liang Li manages four funds, three of which have been under her management for over three years, all showing annualized returns below the benchmark by over 10% [1] - The three funds managed by Liang Li have relatively small sizes, with Tianzhi Trend Select Mixed at 0.05 billion, Tianzhi New Consumption Mixed at 0.17 billion, and Tianzhi China Manufacturing 2025 at 0.14 billion [1] Group 2: Specific Fund Details - The fund with the longest management duration by Liang Li is Tianzhi China Manufacturing 2025, which has a cumulative return of -36.87% [2] - The one-year, two-year, and three-year returns for Tianzhi China Manufacturing 2025 are -5.79%, -29.28%, and -32.73%, respectively, while the CSI 300 index has shown increases of 7.18%, 0.24%, and a decrease of 3.33% during the same periods [2] - The top ten holdings of Tianzhi China Manufacturing 2025 include companies such as Hengrun Co., Ltd., Ankai Bus, and Longli Technology [2] Group 3: Fund Management Background - Liang Li worked as a researcher at Northeast Securities from May 2011 to June 2015 before joining Tianzhi Fund Management in July 2015 [2] - She has held positions as a researcher in the research and development department and as an investment manager in the separate account investment department at Tianzhi Fund Management [2]