Core Insights - Wang Mingxu, a fund manager at GF Fund, has delivered the worst performance in the industry this year, with 6 out of 8 funds under his management reporting losses [3][6][12] - The average return for 4,408 actively managed equity funds this year is 30.82%, with 39 funds exceeding 100% returns [3][4] - Despite the overall market rally, Wang's funds have consistently underperformed, leading to investor dissatisfaction [11][12] Fund Performance - Wang Mingxu manages 8 funds, of which 6 have recorded negative returns this year, with the worst performer, GF Balanced Preferred A, showing a return of -9.98% [5][10] - As of November 7, 2023, 11 actively managed equity funds have seen a net value decline of over 10%, with 5 of these funds managed by Wang [4][8] - The total management fee collected from the 6 underperforming funds in the first half of the year was over 55 million yuan [2][17] Market Context - The A-share market has been steadily rising, yet Wang's funds have not benefited, with investors expressing frustration over the lack of recovery [11][12] - The wine sector, heavily weighted in Wang's funds, has underperformed this year, contributing to the overall losses [14] Future Outlook - Despite the poor performance this year, the same 6 funds have shown promising returns in 2024, with returns ranging from 17.88% to 20.39%, outperforming their benchmarks [12][13] - Wang's funds have a high overlap in their top holdings, which may have contributed to their collective underperformance [13][14] Fund Management and Strategy - Wang Mingxu has over 20 years of experience in the securities industry, with more than 7 years in public fund management [15] - The funds managed by Wang have seen a significant decline in scale, dropping below 10 billion yuan for the first time [6][16] - The management scale of Wang's funds decreased by 26.31% to 8.26 billion yuan as of the third quarter of 2023 [16]

Core Viewpoint - Wang Mingxu, a fund manager at GF Fund, has multiple products ranking among the bottom performers in terms of annual returns, indicating a significant performance issue within his independently managed funds [1][2]. Group 1: Performance Analysis - As of October 21, six of the bottom 15 actively managed equity products by annual return are from GF Fund, all managed by Wang Mingxu, with three of them occupying the last three positions [1]. - Wang Mingxu's independently managed products have shown a high concentration strategy, which has led to poor performance in the current market environment, resulting in a systemic risk where all products suffer when market styles diverge from core holdings [2]. - The total scale of Wang Mingxu's managed products is 108.91 billion yuan, down from a peak of 306.52 billion yuan in mid-2021, indicating a gradual decline in assets under management [3]. Group 2: Investment Strategy - Wang Mingxu's independently managed products exhibit two notable characteristics: strong strategy replication and high overlap in major holdings [1]. - The top ten holdings across Wang Mingxu's products show significant overlap, with stocks like Jiangsu Bank, Sifang Jingchuang, and Midea Group appearing frequently, indicating a concentrated investment approach [6][7]. - In the second quarter, there was a consistent strategy across Wang Mingxu's products, with a collective reduction in real estate and brokerage stocks, while increasing positions in city commercial banks and high-end liquor stocks [7]. Group 3: Historical Context - Wang Mingxu has over 20 years of experience in the securities industry and has been with GF Fund since June 2018, where he also serves as the assistant general manager [3][4]. - Since the establishment of several of his products during market peaks in 2020-2021, they have faced significant market corrections, leading to poor performance metrics [4].

Core Viewpoint - The A-share market experienced a volatile upward trend in the first three quarters of 2025, with many actively managed equity funds achieving significant performance. However, several funds managed by Wang Mingxu from GF Fund suffered losses, with declines exceeding 10% [1][4]. Group 1: Fund Performance - Wang Mingxu's fund, GF Value Advantage, recorded a net value decline of -15.37%, ranking last among actively managed equity funds [4]. - Six funds managed by Wang Mingxu reported losses exceeding 10% in the year, with GF Inner Demand Growth A also performing poorly with a -14.77% decline [6][9]. - The majority of the underperforming funds were established during the market peak in 2020-2021, raising questions about the fund's research and risk control capabilities [9]. Group 2: Investment Strategy - Wang Mingxu's investment style focuses on undervalued and large-cap blue-chip stocks, with significant allocations in sectors like liquor and city commercial banks as of the end of Q2 2025 [7]. - In Q2 2025, adjustments were made to the portfolio, reducing exposure to real estate and brokerage sectors while increasing holdings in city commercial banks and high-end liquor companies [7]. - Despite these adjustments, the market in 2025 favored growth stocks, particularly in the pharmaceutical and technology sectors, which Wang Mingxu's strategy failed to align with, leading to substantial underperformance [8]. Group 3: Company Overview - GF Fund Management Co., established in August 2003, aims to create long-term sustainable returns for clients while maintaining a commitment to professionalism and client interests [11]. - The significant losses in several funds raise concerns about the alignment of interests between the fund management company and its investors, as well as the effectiveness of its research capabilities [11].

Core Viewpoint - The A-share market has shown a clear "track market" characteristic this year, with significant performance in sectors like AI and innovative pharmaceuticals, while traditional sectors like consumption and banking are struggling [1][2]. Group 1: Market Performance - As of October 10, 2023, 53 funds have doubled their performance year-to-date, with 43 of these being actively managed equity products, highlighting the advantage of active management in a structural market [2][3]. - The technology and pharmaceutical sectors have emerged as the biggest winners, with top-performing funds like Yongying Technology Smart A achieving a return of 187.86% [2]. - The overall performance of the A-share market has been mixed, with over 96% of equity products showing positive returns, but 20 funds still experiencing declines of over 10% [3]. Group 2: Impact of External Factors - The recent escalation of the US-China tariff conflict has introduced new uncertainties to the market, with the A-share indices experiencing slight declines on October 13, 2023 [1][5]. - Analysts believe the current market reaction to the tariff threat is different from the sharp declines seen in April, as the market has become somewhat immune to such threats due to previous experiences [5][6]. - The consensus among analysts is that while short-term market fluctuations may occur, the long-term focus on technology and growth sectors remains unchanged [7]. Group 3: Investment Strategies - In light of the current market conditions, it is suggested that investors focus on funds with mature strategies and stable teams, balancing performance with stability [4]. - The recommendation is to wait for short-term market risks to fully materialize before increasing positions, while maintaining a focus on sectors with clear growth trends like AI and innovative pharmaceuticals [7].

Core Viewpoint - The A-share and Hong Kong stock markets have shown a continuous upward trend since mid-April, achieving new highs in the third quarter, with equity funds yielding significant returns [1] Group 1: Active Equity Funds - A total of 37 funds have doubled their returns this year as of September 26, with 31 active equity funds in A-shares achieving over 100% returns [2][4] - The average return for active equity funds is 30.32%, with over 98% of these funds reporting positive returns [4] - The top-performing fund, Yongying Technology Smart Selection A, has a return rate of 189.58%, significantly boosted by its focus on AI concept stocks [4][6] Group 2: Passive Index Funds - Nearly 98% of index funds have achieved positive returns, with an average return of 27.53% [7] - Funds tracking innovative drugs, communications, and artificial intelligence have outperformed, with the top two funds yielding returns of 103.96% and 100.59% [7] - Underperforming index funds are primarily those tracking energy, food and beverage, and coal sectors, with losses exceeding 5% [7] Group 3: QDII Funds - QDII funds focused on the Hong Kong market, particularly in innovative drug assets, have performed well, with four funds exceeding 100% returns [3][8] - The top-performing QDII fund, Huatai Bairui Hang Seng Innovation Drug ETF, has a return of 152.25% [8] - Other notable funds in this category have also shown strong performance, with several exceeding 90% returns [8]

Core Insights - The article highlights the performance of active equity funds in the A-share market one year after the "924 market" began, showing significant returns for many funds [1] - A total of 458 active equity funds doubled their returns, with the top performer, Debon Xinxing Value A, achieving a return of 282% [1][3] - The performance disparity among active equity funds is notable, with the best-performing fund outpacing the worst by 290% [1] Fund Performance Summary - Debon Xinxing Value A achieved a return of 282.09%, significantly exceeding its benchmark by 280.58% [3] - CITIC Construction Investment North Exchange Selected Two-Year Open A followed closely with a return of 271.48%, outperforming its benchmark by 224.56% [3] - China Europe Digital Economy A recorded a return of 262.27%, surpassing its benchmark by 181.61% [4] - Other notable funds include Huaxia North Exchange Innovation Small and Medium Enterprises Selected (260.68%) and Xin'ao Performance Driven A (255.70%) [4] Underperforming Funds - Dongcai Value Start A reported a loss of 8.13%, making it the worst performer [5][6] - Other underperformers include GF Value Advantage with a loss of 3.26% and GF Domestic Demand Growth A with a loss of 2.55% [5][6] - The performance of these underperforming funds indicates a significant gap in returns compared to the top performers [1]

Core Viewpoint - The interview with Wang Mingxu, a fund manager at Guangfa Fund, highlights his unique investment philosophy and approach, emphasizing the importance of patience and understanding market dynamics over the past five years [1][17]. Group 1: Investment Philosophy - Wang Mingxu believes that investment requires both self-awareness and an understanding of the broader market, stating that patience and persistence are key to navigating market changes [1][18]. - His investment style is characterized by a balanced approach, allowing him to identify opportunities across various market conditions while avoiding significant risks [9][11]. - Wang's investment philosophy is influenced by Charlie Munger's ideas, focusing on integrating diverse knowledge rather than adhering to rigid methodologies [10][11]. Group 2: Performance Metrics - Wang's longest-managed fund, Guangfa Inner Demand Growth A, has achieved a cumulative return of over 136% and an annualized return of 13.84% as of May 30 [4]. - His funds consistently rank among the top in their category over a three-year period, reflecting a long-term performance strategy akin to a marathon runner [3][4]. Group 3: Sector Focus and Strategy - Wang has maintained a significant allocation of 15-30% in bank stocks within his portfolio, which he views as effective assets despite conventional wisdom suggesting otherwise [5][6]. - Over the past four years, the banking sector has outperformed the CSI 300 index by a cumulative 30 percentage points, validating Wang's investment strategy [6]. - His investment coverage spans various sectors, including food and beverage, retail, banking, real estate, electricity, pharmaceuticals, and new energy, demonstrating a broad industry understanding [13][36]. Group 4: Market Outlook and Adjustments - Wang expresses optimism about the mid-term equity market, indicating a shift in his portfolio from defensive to more aggressive positions in sectors like real estate and brokerage [55][56]. - He strategically adjusted his holdings in 2021, moving away from consumer stocks to sectors he believed offered better value, such as banking and energy [25][26]. - Wang's approach to cyclical industries is rooted in supply-demand dynamics, which he considers crucial for making informed investment decisions [44][46].