Core Insights - The article highlights the poor performance of the Tianzhi Quantitative Core Selected Mixed Fund, which has recorded a significant loss of 43.07% since its inception, despite favorable market conditions for quantitative funds in recent years [2][4]. Performance Overview - The fund's annual performance from 2020 to 2025 shows a consistent decline, with returns of +35.77% in 2020, -11.89% in 2021, -24.27% in 2022, -16.50% in 2023, and -21.16% in 2024, leading to a cumulative loss of -14.69% in 2025 YTD [3][4]. - In comparison, the CSI 300 Index and the average performance of equity mixed funds have outperformed the Tianzhi fund significantly, with the fund ranking poorly among its peers, particularly in 2025 where it was second to last in the market [6][7]. Fund Management - The fund has undergone multiple management changes, with five different fund managers over the years, yet only one manager achieved a positive return during their tenure [12][14]. - The current fund manager, Li Shen, has been in charge since August 2024, but the fund continues to struggle, with a loss of -1.59% during his management period [12][25]. Investment Strategy - The fund's investment strategy is based on a quantitative selection model that aims to identify stocks with strong fundamentals and stable governance. However, the fund's actual performance has not aligned with this strategy, leading to a maximum drawdown of over 70% [22][23]. - The fund's asset allocation has been heavily concentrated in specific sectors, such as securities and electronics, which contradicts the typical risk management approach of diversification expected from a quantitative fund [27][29]. Investor Behavior - Initially, the fund attracted institutional investors, achieving a cumulative return of over 50% by the end of 2020. However, as performance declined, institutions sold their holdings, while retail investors began to buy in, increasing the number of individual investors from 60 to 365 [19][21]. - The article questions the rationale behind retail investors' continued interest in the fund despite its poor performance, suggesting a disconnect between investor behavior and the fund's actual results [21][17].

Group 1 - The core viewpoint of the news is that Yingfeng Environment (000967.SZ) has reported significant institutional ownership, with 13 institutional investors holding a total of 2.266 billion shares, representing 71.55% of the company's total equity [1] - The top ten institutional investors collectively hold 71.54% of the shares, with a slight increase of 0.36 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, namely the Huaxia CSI Robot ETF, which saw a holding increase of 0.16% [2] - Four new public funds were disclosed compared to the previous quarter, including Yongying Digital Economy Select Mixed Fund A, Bosera New Strategy Mixed Fund A, Tianzhi Quantitative Core Selected Mixed Fund A, and Tianzhi Transformation Upgrade Mixed Fund [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.35% compared to the previous quarter [2]