Core Insights - The Shanghai Composite Index (沪指) has recently surpassed the 3700-point mark, marking a significant moment in the market this year [1] - The last major bull market occurred in 2021, a year that also saw substantial growth in public fund sizes, with many investors still trapped in those high valuations [3][5] Fund Performance Analysis - As of August 14, 2023, out of 3353 funds established in 2021, 1732 funds have negative returns since inception, indicating that nearly half of these funds have not recovered their initial investments [5][8] - The top-performing funds since their inception include: - 华夏北交所创新中小企业精选两年定开 with a return of 133.59% - 易方达标普信息科技C人民币 with a return of 101.70% - 汇添富北交所创新精选两年定开C with a return of 92.72% [6][7] - Notably, 3 of the top ten funds are themed around the Beijing Stock Exchange, while 4 are index funds, and 3 are actively managed funds [6] Fund Manager Performance - The analysis highlights that several funds managed by prominent managers, such as 郑澄然 from 广发基金, have underperformed significantly, with some funds showing losses exceeding 40% [11][18] - The fund with the highest loss is 富安达新兴成长C, which has a return of -63.21% [14] - The performance of funds managed by different managers varies, with some funds experiencing substantial shrinkage in size, indicating potential issues in investment strategy [11][13] Market Trends and Implications - The current market environment suggests increasing risks as the index rises, particularly for funds that have not yet recovered from previous losses [11] - The analysis indicates that investors should be cautious about concentrating their investments in single funds, as there is a significant probability of being trapped in underperforming products [18]