Core Insights - The Shanghai Composite Index has returned to around 3700 points after a significant decline and subsequent recovery, but investors in the Fuyanda Emerging Growth Mixed Fund are facing substantial losses, with a nearly 70% drop in net value since its inception [2][3] Fund Performance - The Fuyanda Emerging Growth Mixed Fund A has seen its cumulative net value drop to 0.6597 yuan, representing a 34.03% loss since its establishment on September 11, 2014 [3][9] - In the past four years, the fund has consistently underperformed, ranking in the bottom 25% among its peers, with annual losses recorded in 2021, 2022, 2023, and 2024 [3][5] - 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" [2][8] Fund Management Changes - On August 7, 2023, the fund manager for Fuyanda Emerging Growth Mixed Fund was changed, with Li Shoufeng being replaced by Yang Hong, raising questions about whether this change can reverse the fund's poor performance [3][11] - The fund's top ten holdings have seen significant turnover, with 9 out of 10 stocks changed in the first quarter of 2023 compared to the end of the previous quarter [3] Company Overview - Fuyanda Fund Management Co., Ltd. was established on April 27, 2011, with a registered capital of 818 million yuan, and is primarily owned by Nanjing Securities [7][8] - As of the end of the second quarter, Fuyanda's total public fund management scale was 132.38 billion yuan, with equity funds struggling to grow, primarily relying on fixed-income products for scale recovery [8]