Core Viewpoint - The article discusses the phenomenon of fund managers "dodging the bull market" amidst a strong market rally, highlighting the challenges faced by active equity products in outperforming indices despite a high percentage of positive returns [1][4]. Group 1: Fund Performance - As of August 29, 98.48% of active equity products recorded positive returns, yet 68 funds underperformed, indicating a mismatch between fund strategies and market trends [2][4]. - The A-share and Hong Kong markets have shown significant structural characteristics, with sectors like innovative drugs, humanoid robots, and artificial intelligence performing well, while others like coal and retail have lagged [4][5]. Group 2: Investment Strategy - Funds that did not align their holdings with market hotspots faced severe "missed opportunities," with some managers adhering strictly to their investment themes, such as coal or high-dividend stocks, leading to underperformance [5][6]. - High cash positions during market uptrends can result in underperformance, as seen with several funds maintaining low positions despite rising indices [5][6]. Group 3: Future Opportunities - Analysts suggest that the previously overlooked dividend and consumer sectors may become new focal points for investment as they offer stability amidst market volatility [8][9]. - The "self-pleasing consumption" trend is gaining traction, driven by changing consumer behaviors and preferences, indicating potential growth in related markets [9][10]. Group 4: Market Dynamics - The article notes that as new high-growth stocks emerge, there may be a valuation reassessment, leading to increased market volatility [8][9]. - The current market environment is seen as suitable for dividend stocks, which can provide a safety net for investors amid fluctuations [8][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]