Core Insights - The article discusses the performance of actively managed equity funds in the context of the recent bull market, highlighting that 38% of these funds remain in a loss position over the past five years despite a significant number achieving positive returns since 2025 [2][3][4]. Performance Overview - As of November 10, 2023, the Shanghai Composite Index has risen by 19.42% since 2025, with 97.45% of actively managed equity funds reporting positive returns this year [4]. - However, 1,019 actively managed equity funds are still in a loss position over the past five years, with 302 funds having reduced their maximum drawdown to less than 10% [5][6]. Reasons for Underperformance - The article identifies three main reasons for the underperformance of many funds: high-level accumulation, frequent trading, and reliance on specific sectors [7][8]. - Funds that experienced negative returns had an average stock position of 84.22% during peak market periods, indicating a tendency to increase exposure during high valuations [7]. Trading Behavior - The average turnover rate for actively managed equity funds from 2021 to 2024 was 460.71%, with funds losing over 30% seeing an even higher turnover rate of 508.45% [8]. - Some funds, such as Tianzhi New Consumption and Guodu Innovation Drive, reported turnover rates exceeding 1,000%, indicating excessive trading activity [8]. Sector Dependence - Many funds have shown a heavy reliance on traditional sectors despite being marketed as focusing on new or innovative sectors, leading to performance discrepancies [10][11]. - For instance, funds like Tianzhi New Consumption and Invesco Great Wall New Growth have maintained significant positions in traditional consumer stocks, which have not performed well recently [10][11]. Market Outlook - The article notes a resurgence in investor interest in actively managed funds, with 1,354 new funds launched in 2023, reflecting a doubling in issuance compared to the previous year [12]. - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and innovative pharmaceuticals, while being cautious of market volatility [13][14].

Core Insights - The recent performance of active equity funds has been under scrutiny, with over 38% of these funds still in losses over the past five years despite a significant number achieving positive returns since 2025 [1][2][3] - Key factors contributing to the underperformance include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][7] Performance Overview - As of November 10, 2025, the Shanghai Composite Index has risen by 19.42%, while 97.45% of active equity funds reported positive returns [2][3] - However, 1019 active equity funds remain in losses, with 38% of the total, indicating a stark contrast in performance for investors who entered the market earlier [1][2] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, with six funds reporting over 200% returns [3] - Conversely, nearly 40% of active equity funds have not turned a profit in five years, with some funds experiencing maximum drawdowns starting in 2021 [3][4] Underperforming Funds - Notable underperformers include funds managed by well-known managers, with losses exceeding 30% over five years [4] - Specific funds like Tianzhi New Consumption and Fangzheng Fubang Innovation Power have reported losses of -65.25% and -62.32%, respectively [3][4] Trading Behavior - High average stock positions during market peaks have been linked to poor long-term performance, with funds showing an average stock position of 84.22% during critical periods [5][6] - Frequent trading has also negatively impacted fund performance, with an average turnover rate of 460.71% across all active equity funds, rising to 508.45% for those with over 30% losses [7][8] Sector Reliance - Many funds have shown over-reliance on traditional sectors, leading to underperformance despite being labeled as "new" or "growth" funds [8][9] - Funds like Tianzhi New Consumption and Invesco Great Wall New Growth have shifted their holdings but still struggle to achieve positive returns [8][9] Market Outlook - The active equity fund market is seeing a resurgence, with 1354 new funds launched in 2025, indicating renewed investor interest [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of market volatility [12]

Core Insights - The article discusses the performance of actively managed equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in ten years, revealing that over 38% of these funds have not achieved positive returns over the past five years [1][2]. Performance Overview - As of November 10, 2023, the Shanghai Composite Index has risen by 19.42% since 2025, with 97.45% of 4679 actively managed equity funds achieving positive returns this year, including 33 funds that have doubled their value [3][4]. - However, nearly 40% of actively managed equity funds have not made profits over the last five years, with significant losses recorded by some well-known funds [4][5]. Key Reasons for Underperformance - The article identifies three main reasons for the underperformance of actively managed funds: high-level accumulation, frequent trading, and reliance on specific sectors [7]. - Funds that experienced negative returns had higher average stock positions during market peaks, indicating poor timing decisions [8]. - The average turnover rate for funds with over 30% losses was 508.45%, with some funds exceeding 1000%, suggesting that excessive trading negatively impacted performance [9]. Sector Dependence and Strategy Issues - Many funds have shown over-reliance on traditional sectors despite their names suggesting a focus on new or emerging sectors, leading to underperformance [11]. - The article highlights that some funds have not adapted their strategies effectively, resulting in inconsistent performance and a lack of coherent investment direction [9][10]. Future Investment Strategies - In light of the current market conditions, fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption trends [14][15]. - The article suggests that a balanced approach, considering macroeconomic data and industry cycles, will be crucial for future investment success [13][14].

Core Insights - The article highlights the performance of active equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in a decade, revealing that over 97% of these funds achieved positive returns since 2025, yet 38% remain in losses over the past five years [1][2][3] - Key reasons for the underperformance of many active funds include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][6] Performance Overview - As of November 10, the Shanghai Composite Index closed at 4018 points, marking a significant recovery, with major indices like the Shenzhen Composite and ChiNext Index showing gains of 27.6% and 46.35% respectively since 2025 [2] - Despite a high percentage of active equity funds showing positive returns in 2023, the long-term performance reveals a stark contrast, with many investors experiencing losses since entering the market around the end of 2020 [2][3] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, while nearly 40% remain unprofitable, with some funds experiencing drawdowns exceeding 50% [3][4] - Notable underperformers include funds managed by well-known managers, indicating that even established names are not immune to market challenges [4] Causes of Underperformance - High-level accumulation during market peaks has been identified as a significant factor contributing to the long-term underperformance of active equity funds [5][6] - Frequent trading has also negatively impacted fund performance, with average turnover rates for underperforming funds significantly higher than the market average [7][8] Market Trends and Future Outlook - The article notes a shift in investor sentiment towards active management products, with a notable increase in the number of newly established funds and a doubling of issuance scale compared to the previous year [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of over-reliance on specific themes or sectors [12]

Core Insights - The Shanghai Composite Index has reached the 3900-point mark for the first time in over a decade, highlighting a significant shift in the fund market with over 500 funds doubling their performance while nearly 100 funds remain in a loss position [1][2] Group 1: Fund Performance - Over 513 funds have achieved a doubling of their performance since August 2015, with notable funds like Huashang New Trend and Huashang Advantage Industry achieving returns over 5 times [2] - The disparity in fund performance is stark, with 98 funds showing cumulative losses, 67 of which have returns below -10%, and the worst-performing fund, Tianzhi New Consumption, suffering a loss of 55.3% [4][5] Group 2: Investment Strategies - Successful fund managers have focused on high-growth sectors such as new energy, semiconductors, and artificial intelligence, adapting to macroeconomic changes and industry cycles [3][4] - The investment landscape has evolved, with a shift towards diversified strategies that balance industry exposure and risk, moving away from reliance on single sectors [7][8] Group 3: Challenges and Adaptations - Many underperforming funds have concentrated on traditional sectors like real estate and consumer goods, missing out on growth opportunities in emerging industries [4][6] - Smaller firms often struggle with research capabilities and inconsistent investment styles, leading to significant performance declines [5][6] Group 4: Long-term Focus - The industry is encouraged to abandon short-term speculation in favor of long-term, stable investment strategies that can withstand market fluctuations [7][8] - Fund managers are advised to build core competencies that can navigate through economic cycles, ensuring a balanced approach to investment across various sectors [7][8]

Core Insights - The Shanghai Composite Index has reached the 3900-point mark for the first time in over a decade, highlighting a significant market shift with over 500 funds achieving doubled returns, while nearly 100 funds remain in a loss position [1][2]. Fund Performance - A total of 513 funds have doubled their performance since August 2015, with notable funds like Huashang New Trend and Huashang Advantage Industry achieving returns over 5 times [2]. - Conversely, 98 funds have reported cumulative losses, with 67 of these funds showing returns below -10%, and the worst-performing fund, Tianzhi New Consumption, suffering a loss of 55.3% [4][5]. Investment Strategies - Successful fund managers have capitalized on emerging trends in sectors such as renewable energy, semiconductors, and artificial intelligence, adapting their strategies to align with macroeconomic changes [3][4]. - The industry has seen a shift from traditional sectors like real estate and consumer goods to high-growth areas, driven by a focus on technological innovation and strategic emerging industries [3][6]. Long-term Investment Focus - The fund industry has evolved, with a greater emphasis on diverse investment strategies and tools, moving away from short-term speculation to long-term stability [7][8]. - Leading fund managers advocate for a balanced approach that includes various investment styles and sectors, aiming to mitigate risks while capturing high-growth opportunities [8].

Core Insights - The article highlights a significant divergence in fund performance over the past decade, with over 500 funds achieving more than double returns while nearly 100 funds remain in a loss position [2][3][6] - The evolution of the fund industry is marked by a diversification of investment strategies and tools, enhancing support for investment operations [2][4] Fund Performance - Since August 19, 2015, the Shanghai Composite Index has crossed the 3900-point mark, with 513 funds achieving double returns during this period [3] - Notable high-performing funds include Huashang New Trend Selection and Huashang Advantage Industry, with returns exceeding five times, while others like Xinao New Energy Industry and Jiayin Trend Priority achieved returns over four times [4] Investment Strategies - Successful fund managers have capitalized on market opportunities by focusing on sectors like new energy, semiconductors, and artificial intelligence, aligning their strategies with industry cycles and policy directions [4][5] - The article emphasizes the importance of adapting to macroeconomic changes and embracing innovation to generate long-term returns [5] Underperforming Funds - In stark contrast, 98 funds have reported losses, with 67 of them yielding returns below -10%, and the worst-performing fund, Tianzhi New Consumption, suffering a loss of 55.3% [6][7] - The underperformance is attributed to poor sector choices, with many funds heavily invested in traditional sectors like real estate and consumer goods, missing out on growth opportunities in emerging industries [7][8] Long-term Investment Focus - The article advocates for a shift from short-term speculation to long-term, stable investment strategies, highlighting the need for fund managers to build core capabilities that can withstand market cycles [9][10] - Successful funds have balanced their portfolios across various sectors and investment styles, ensuring stability while capturing high-growth opportunities [10]

Core Insights - The founder of Hainan Xiwa Private Fund Management Co., Liang Hong, announced a gift of mobile phones to investors who bought into the fund in 2015, marking a decade of partnership [1] - Over the past ten years, the average return of public funds that have been established for over ten years is 93.4%, with an average annualized return of 6.1% [2][3] - Despite the overall positive performance, 51 funds have recorded losses over the past decade, with the worst performer, China Merchants HuShen 300 Real Estate, showing a return of -48.2% [1][10] Fund Performance - As of September 26, 2025, there are 2,036 public funds that have been established for over ten years, with 97.2% of them achieving positive cumulative returns [2] - The top-performing fund, Huashang New Trend Preferred, has a cumulative return of 649.2% and an annualized return of 22.3%, making it the only fund to exceed six times its initial investment [8] - The performance of various fund types shows that equity funds have outperformed others, with the mixed equity fund index rising by 123.3% over ten years [3][4] Volatility and Risk - Active management equity funds have a high annualized volatility of 18.4%, which can lead to significant risks for average investors [6] - In contrast, bond and money market funds have lower returns but also exhibit much lower volatility, with annualized volatility of 1.5% and 0.1%, respectively [6] Underperforming Funds - A total of 58 funds have recorded losses over the past decade, with some funds experiencing maximum drawdowns exceeding 65% [10][11] - The underperforming funds include several that were once large-scale funds, with the worst performer, China Merchants HuShen 300 Real Estate A, showing a cumulative loss of -48.2% [11][12]

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]

Core Insights - The A-share market has seen the Shanghai Composite Index reach a ten-year high, leading to high expectations for equity funds to capture economic growth dividends [1] - However, data from Wind indicates that over the past decade, 154 funds have recorded negative returns, with 91 of these being equity products, highlighting a stark contrast with the overall market performance [1] Fund Performance Summary - The top-performing fund with the worst ten-year return is Tianzhi New Consumption (350008), which has a return of -55.20% [3] - Other notable funds with significant negative returns include: - Taiping Flexible Allocation (000986) at -54.05% - Morgan Consumption Pioneer (233008) at -50.02% - Minsheng Jiayin Selected (690003) at -48.45% [2] - The Tianzhi New Consumption fund has shown high volatility, with significant losses in multiple years, including a drop of 37.93% in 2022 and 31.28% in 2024 [5][6] Fund Management and Strategy - The Tianzhi New Consumption fund, managed by Liang Li, has seen its total return since inception remain at -11.78%, with its scale shrinking from 5.25 billion yuan to 0.19 billion yuan, raising concerns about its viability [6] - The fund's current strategy focuses heavily on the pharmaceutical sector, with top holdings in companies like Heng Rui Pharmaceutical and WuXi AppTec, which may lead to substantial fluctuations in net value during industry adjustments [6][7] - Liang Li has indicated a commitment to focusing on new consumption sectors and managing market risks, but the challenge remains in balancing risk control with achieving positive returns [9]