Core Insights - The performance of Wang Mingxu's funds has significantly declined, with a year-to-date return of -12.69%, ranking last among 1522 fund managers [1][10] - A systemic issue is evident as six out of seven equity products managed by Wang have consistently underperformed, with declines mostly in double digits [2][4] - The concentrated investment strategy, heavily weighted in traditional value stocks, has led to increased risk and poor performance, especially as market styles shift [3][6] Performance Analysis - Wang's funds were primarily established during market peaks in 2020-2021, leading to a disadvantage as market preferences shifted towards growth and technology sectors [3] - The contrasting performance of the Guangfa Shengjin Mixed Fund, which achieved an 18.29% positive return, highlights the importance of a diversified investment approach [3] - The management scale of Wang has decreased from over 300 billion to around 100 billion, indicating a loss of market confidence [6] Market Sentiment - Investor dissatisfaction is growing due to the significant gap between expectations and actual performance, exacerbated by long-term underperformance [4][8] - The second quarter saw Wang reduce holdings in real estate and brokerage sectors while increasing positions in banks and consumer electronics, which did not align with market trends [4] - The upcoming quarterly report will be crucial in determining whether there will be substantial adjustments in fund positions and risk management strategies [8] Fund Performance Metrics - Specific funds managed by Wang have shown substantial losses, with the Guangfa Value Advantage Mixed Fund down 17.40% and the Guangfa Value Preferred Mixed Fund down 15.36% year-to-date [9] - The performance of these funds is significantly lagging behind the benchmark index, the CSI 300, which has gained 17.06% [9][10] Strategic Recommendations - The need for timely adjustments and clear communication from the fund management is critical to restore investor trust and improve performance [8][10] - Enhancing portfolio diversity and risk management execution will be essential for future recovery, as the market may not remain forgiving [10]

Core Viewpoint - The public fund market in 2025 presents a stark contrast, with the A-share market recovering while prominent fund manager Wang Mingxu faces significant setbacks, leading to a decline in the performance of his managed funds [3][11]. Performance Overview - Wang Mingxu's seven independently managed equity funds have all reported negative returns year-to-date as of October 23, 2025, with four of them ranking among the bottom ten in performance within their category [4][5]. - The funds managed by Wang Mingxu have underperformed significantly compared to the benchmark index, with the flagship fund, Guangfa Value Advantage Mixed, showing a decline of 17.40%, contrasting sharply with the 17.06% increase in the CSI 300 index [5][6]. Investment Strategy - An analysis of Wang Mingxu's investment strategy reveals a high degree of similarity across his funds, with concentrated holdings in specific stocks such as Jiangsu Bank and Sifang Jingchuang, which have not performed well in the current market [8][10]. - The strategy of heavily investing in traditional value stocks has not aligned with the market's preference for growth stocks, particularly in sectors like pharmaceuticals and technology, leading to poor performance [10]. Comparative Performance - In contrast to Wang Mingxu's struggling funds, the Guangfa Shengjin Mixed Fund, co-managed with Duan Tao, achieved a positive return of 18.29%, highlighting the importance of diversified investment strategies [10]. - The successful performance of Guangfa Shengjin Mixed underscores the necessity for flexibility and balance in investment portfolios, especially in a rapidly changing market environment [10]. Investor Sentiment - Wang Mingxu's management scale has decreased from a peak of 306.52 billion yuan in mid-2021 to 108.91 billion yuan, reflecting a growing trust crisis among investors [11]. - The dissatisfaction among investors is evident, with many expressing frustration over losses, indicating a potential shift in investor confidence and expectations for future performance [11][12].

Group 1 - The core point of the article highlights that two funds managed by GF Fund have the largest declines among actively managed equity funds with assets over 2 billion yuan in the first eight months of the year, with returns of -4.34% and -4.11% respectively [1][3] - The two funds are GF Value Advantage Mixed Fund and GF Balanced Preferred Mixed A, with asset sizes of 2.189 billion yuan and 2.769 billion yuan as of the end of Q2 [1][4] - Both funds are managed by Wang Mingxu, who has extensive experience in investment management and has been managing public funds for nearly seven years [1] Group 2 - As of September 3, 2025, GF Balanced Preferred Mixed A has a cumulative return of -4.43% since its inception on January 11, 2021, while its C share has a cumulative loss of -6.19% [2] - The investment style of both funds focuses on undervalued blue-chip stocks, including companies like Midea Group, Jiangsu Bank, and Kweichow Moutai, along with a small allocation to growth stocks [1]

Core Viewpoint - In the first seven months of the year, three funds managed by GF Fund have recorded the largest declines among actively managed equity funds with assets over 2 billion yuan, indicating significant underperformance in the current market environment [1][6]. Fund Performance Summary - The three underperforming funds are: - GF Value Advantage Mixed Fund: -10.9% performance [1][6] - GF Balanced Preferred Mixed A: -7.79% performance [1][6] - GF High-end Manufacturing Stock A: -7.00% performance [1][6] - The GF Balanced Preferred Mixed A fund has experienced a cumulative loss of 5.28% since its inception on January 11, 2021, while the GF Balanced Preferred Mixed C has a cumulative loss of 7% [2]. Fund Management and Strategy - Both GF Value Advantage Mixed and GF Balanced Preferred Mixed A are managed by Wang Mingxu, who has extensive experience in investment management [1]. - The investment strategy of these funds focuses on undervalued blue-chip stocks, including major holdings in companies like Midea Group and Kweichow Moutai [1]. High-end Manufacturing Fund Insights - The GF High-end Manufacturing Stock A fund, managed by Zheng Chengran, has maintained a focus on the renewable energy sector since 2022, with top holdings in companies such as Sungrow Power Supply and LONGi Green Energy [4]. - Despite its early establishment, the GF High-end Manufacturing Stock A fund has a positive cumulative return, while the GF High-end Manufacturing Stock C has seen a cumulative loss exceeding 45% since its inception on September 16, 2020 [4][5].

Core Viewpoint - Wang Mingxu, a fund manager at GF Fund, is facing significant performance challenges in 2025, with his flagship fund, GF Domestic Demand Growth Mixed Fund, experiencing a net value decline of 8.72% year-to-date, underperforming its benchmark by approximately 12 percentage points [1][4]. Performance Summary - The GF Domestic Demand Growth Mixed Fund has consistently ranked poorly among its peers, currently positioned 2301 out of 2321 similar products [1][4]. - In the first half of 2025, the fund's net value fell by 7.87%, lagging behind its benchmark by 8.57 percentage points [3][4]. - Over the past year, the fund has underperformed its benchmark by 13.97 percentage points, and over the past three years, the underperformance is 7.5 percentage points [3][4]. Fund Management and Strategy - Wang Mingxu has been managing the GF Domestic Demand Growth Mixed Fund since October 2018, and despite recent struggles, the fund has achieved a cumulative return of over 130% since inception, with an annualized return exceeding 13% [5][6]. - The fund primarily invests in high-quality listed companies benefiting from domestic demand growth, aiming for long-term stable asset appreciation [3][6]. - Recent adjustments in the fund's portfolio included reducing exposure to real estate and brokerage sectors while increasing investments in city commercial banks and high-end liquor companies [6]. Fund Composition - As of the end of Q2 2025, equity investments accounted for 79.71% of the fund's total assets, while bond investments made up 13.37% [6]. - Major holdings in the fund include companies like Midea Group, Jiangsu Bank, and Kweichow Moutai, with over half of the top ten holdings being newly added in Q2 [6]. Broader Context - Wang Mingxu manages a total of eight products, with six of them experiencing net value declines exceeding 6% year-to-date, all underperforming their benchmarks by over 10 percentage points [7]. - The largest fund managed by Wang, GF Balanced Preferred Mixed A, has seen a net value drop of 6.01% this year, also underperforming its benchmark by over 12 percentage points [8].