Core Insights - The article discusses the performance of actively managed equity funds established in 2021, revealing that over 50% of these funds have not returned to their initial investment levels, with significant losses reported [1] Fund Performance - A total of 667 actively managed equity funds established in 2021 were analyzed, with approximately 362 funds showing negative returns since inception, representing over 54% of the sample [1] - Among these, 86 funds have experienced declines of over 30%, and 34 funds have seen declines exceeding 40% [1] - Specifically, four funds from GF Fund Management established in 2021 have reported cumulative losses greater than 40% [1] Specific Fund Details - The worst-performing fund, GF Xingcheng Mixed C/A, has a cumulative return of -50.30% since its inception on January 6, 2021 [2][6] - GF Xingcheng Mixed A has a cumulative return of -49.28% as of February 9, 2026 [2][6] - Other funds from GF Fund Management, such as GF Chengxiang Mixed C/A and GF Growth Select Mixed C/A, have also reported significant losses of -49.09% and -40.56%, respectively [6] Fund Management - The current managers of GF Xingcheng Mixed are Zheng Chengran and Liu Bin, both of whom have over five years of management experience [3][4] - Historical performance under previous managers has also been negative, with returns of -3.96% and -38.45% during their respective tenures [3] - The top holdings of GF Xingcheng Mixed include companies like Sungrow Power Supply, WuXi AppTec, and Dongfang Cable [4] Other Fund Managers - The managers of GF Shengjin Mixed, which has a cumulative decline close to 40%, are Duan Tao and Wang Mingxu, both with substantial experience in fund management [4][5] - The top holdings of GF Shengjin Mixed include companies such as Luoyang Molybdenum, Jitu Express, and Zhongwei Company [5]