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].