Core Insights - The article discusses the recovery of actively managed equity funds in 2023, highlighting the turnaround of previously underperforming funds known as "four毛基" and "five毛基" [1][2]. Group 1: Fund Performance - Several funds, including Hengyue Advantage Selection and Huatai Bairui Quality Selection, have successfully increased their net asset values (NAV) from below 0.6 yuan to above 1 yuan due to strong performance in 2023 [3]. - Hengyue Advantage Selection achieved the highest increase, with a year-to-date growth of 146.87%, rising from 0.60 yuan to 1.47 yuan [3]. - The funds that performed well were heavily invested in sectors like artificial intelligence and storage chips, which saw significant demand growth [3][5]. Group 2: Investment Strategies - Some funds maintained their positions in sectors like optical modules and computing power, benefiting from the market recovery [2][5]. - Other funds, such as Fangzheng Fubon Xinhong, changed their investment strategies, shifting focus to humanoid robotics, which led to substantial NAV increases [5]. - The article notes that funds that were initially launched during high market periods (2020-2021) faced challenges but adapted their strategies to capitalize on emerging trends [4][6]. Group 3: Redemption Trends - Despite the recovery in NAV, many funds did not see a corresponding increase in share volume, as investors often chose to redeem their shares once they broke even [2][6]. - Historical data indicates that the probability of redemption is highest when funds return to their original investment levels, leading to significant outflows from several funds [6]. - In the third quarter, there was a net redemption of 220 billion shares from equity funds, marking the largest single-quarter redemption in recent years [6]. Group 4: Ongoing Challenges - Not all funds that were previously underperforming managed to rebound, with some still trading below 0.5 yuan [7]. - Certain sectors, such as consumer and military industries, did not perform well even in a rising market, leading to continued underperformance for funds heavily invested in these areas [7].

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].