Core Viewpoint - Despite a bullish market over the past year, more than 20 actively managed equity funds have recorded negative returns, highlighting performance disparities within the fund industry [2][4]. Group 1: Market Performance - The major indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, have seen cumulative gains of approximately 30%, 40%, and 60% respectively over the past year [4]. - As of August 18, 5033 actively managed equity funds have an average net value growth rate of 34.65%, with a median of 30.65%, and 99.56% of these funds recorded positive returns [4]. Group 2: Underperforming Funds - Over 20 actively managed equity funds have posted negative returns, with the worst-performing fund declining over 6%, resulting in a performance gap of more than 255 percentage points compared to the top-performing fund [4][5]. - These underperforming funds have also lagged behind their performance benchmarks, with the highest underperformance exceeding 25 percentage points [5]. Group 3: Fund Characteristics - Many of the underperforming funds are classified as "mini funds," with assets under management of less than 50 million yuan, which face operational challenges due to their small size [8]. - The underperformance is attributed to factors such as significant deviations from market trends, high fixed management costs, and limited flexibility in stock selection and position adjustments [8][9]. Group 4: Specific Fund Examples - Tianzhi Core Growth Fund has a net value growth rate of -6.5% over the past year, significantly underperforming the average return of 40.97% for similar funds [8]. - Guorong Rongxin Consumer Select Fund has a decline of 6.21% over the past year, with a cumulative net value drop of over 44% in the last five years [9]. - Beixin Ruifeng External Growth Fund has also seen a decline of over 5% in the past year, with a cumulative net value growth rate of 43.40% since its inception [9].

Core Insights - The equity market has experienced a bullish trend over the past year, with most active equity funds showing positive net value growth, yet over 20 funds have reported negative returns [1][2][3]. Performance Overview - As of August 18, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have recorded cumulative gains of approximately 30%, 40%, and 60% respectively [3]. - The average net value growth rate for 5,033 active equity funds is 34.65%, with a median of 30.65%, and 99.56% of these funds have positive returns [3]. Notable Fund Performance - Three funds have achieved over 200% growth, with the highest reaching a net value growth rate of 249.27% [3]. - 83 funds have doubled their net value, primarily investing in advanced manufacturing and innovative pharmaceuticals, benefiting from policy support and technological breakthroughs [3]. Underperforming Funds - Despite the overall positive performance, over 20 active equity funds have recorded negative returns, with the worst-performing fund declining over 6%, resulting in a 255 percentage point difference from the top-performing fund [3][4]. - These underperforming funds have also lagged behind their performance benchmarks, with some underperforming by more than 25 percentage points [4]. Investment Strategy Issues - Many of the underperforming funds have misaligned their investment strategies with market trends, often holding positions in sectors that are not currently favored [5]. - A significant number of these funds are classified as "mini funds," with assets under management below 50 million yuan, facing operational challenges due to their small size [5]. Specific Fund Examples - Tianzhi Core Growth Fund has a net value growth rate of -6.5% over the past year, significantly underperforming compared to the average return of 40.97% for similar funds [6]. - Guorong Rongxin Consumer Select Fund has seen a decline of 6.21%, trailing its benchmark by nearly 17 percentage points [6]. - Beixin Ruifeng External Growth Fund has also reported a decline of over 5%, underperforming its benchmark by more than 25 percentage points [7]. Summary of Underperforming Funds - A list of underperforming funds includes Tianzhi Core Growth, Guorong Rongxin Consumer Select A, and Beixin Ruifeng External Growth, among others, with varying degrees of negative returns [9].

Group 1 - The core viewpoint of the article highlights the recent resignation of Xu Jiahua as the General Manager of Tianzhi Fund, with Chairman Chai Xiaoxiu temporarily taking over the role, reflecting the frequent turnover of executives in small and medium-sized fund companies amid industry transformation pressures [1][6][9] - Xu Jiahua had been with Tianzhi Fund since 2007, managing several actively managed equity funds with notable performance, indicating his significant role in the company's investment strategy [1][4] - The article notes that Tianzhi Fund has undergone multiple management adjustments in recent years, raising concerns about its future direction and the need for stable leadership to enhance strategic execution [9] Group 2 - Tianzhi Fund was established in May 2003 with a registered capital of 160 million RMB and currently manages 15 open-end fund products, totaling an asset scale of 9.187 billion RMB [5] - The company is co-owned by Jilin Trust Co., Ltd. and China Jilin Forest Industry Group Co., Ltd., with respective ownership stakes of 61.25% and 38.75% [5] - The article mentions that the public fund industry is experiencing a deep adjustment period, particularly affecting small and medium-sized companies that face challenges in talent retention, product innovation, and channel expansion [9]