Core Viewpoint - The announcement from GF Fund indicates the termination of the GF Rui Xuan Three-Month Regular Open Mixed Fund due to its net asset value falling below 50 million RMB, leading to a mandatory liquidation process [1][3]. Fund Performance Summary - The GF Rui Xuan Three-Month Regular Open Mixed Fund was established on February 3, 2021, and as of November 28, 2024, it reported a cumulative net asset value of 0.5434 RMB per unit, with a cumulative return of -45.66% [3]. - Year-to-date performance shows a decline of -9.66%, with a one-month decline of -4.04% and a three-month decline of -6.49% [4]. - Over the past year, the fund has experienced a return of 9.29%, but over two years, it has declined by -14.03% [4]. Managerial Changes and Performance - The fund was managed by two managers, Miao Yu and Duan Tao, followed by Luo Yang, with both management periods resulting in losses. The fund's size decreased from 1.01 billion RMB at inception to approximately 1.08 million RMB at the time of liquidation [7]. - Duan Tao currently manages five funds, with only two outperforming their peers. His other funds, including the GF Sheng Jin Mixed Fund, have shown significant losses, with a decline of 42% and 43% [8]. - Luo Yang manages three funds, with the GF An Hong Return Mixed Fund showing a loss of 27% over three years, significantly underperforming the peer average of -0.98% [8].