Core Viewpoint - The article discusses the performance of the Fuyanda Emerging Growth Mixed Fund, highlighting a significant decline in its net asset value despite the Shanghai Composite Index recovering to around 3700 points. The fund has experienced a nearly 70% drop in value, leading to concerns about its management and future performance [2][6][10]. Fund Performance Overview - The Fuyanda Emerging Growth Mixed Fund A's cumulative net asset value has decreased to 0.6597 yuan, indicating a loss of 34.03% since its inception on September 11, 2014 [7][14]. - In the past four years, the fund has consistently reported losses, ranking in the bottom 25% among its peers for each year from 2021 to 2024 [6][10]. - As of August 13, 2023, 10 out of 17 mixed funds managed by Fuyanda have reported losses since their inception, with many funds having a scale of less than 50 million yuan, categorizing them as "mini funds" [12][13]. Recent Changes in Management - On August 7, 2023, the fund manager Li Shoufeng was replaced by Yang Hong, who will now manage the fund alone. This change raises questions about whether new management can reverse the fund's poor performance [7][8][17]. - The fund's top ten holdings have changed significantly, with 9 out of 10 stocks being replaced in the first quarter of 2023 compared to the previous quarter, indicating a shift in investment strategy towards sectors like optical modules, computers, consumer electronics, and smart glasses [7][10]. Comparative Performance - The fund has underperformed its benchmark significantly, with a net asset value decline of 59.82% over the past three years and 61.54% over the past five years, while its benchmark indices have shown positive returns [10][11]. - The fund's performance metrics indicate a negative growth rate of -10.05% over the past year, contrasting sharply with the benchmark's growth of 14.56% during the same period [11]. Company Background - Fuyanda Fund Management Co., Ltd. was established on April 27, 2011, with a registered capital of 818 million yuan. The company has recently seen its public fund management scale exceed 13.238 billion yuan, primarily driven by fixed-income products, while equity fund development remains challenging [13][12].