Core Insights - The article discusses the performance of actively managed equity funds in the context of the recent bull market, highlighting that 38% of these funds remain in a loss position over the past five years despite a significant number achieving positive returns since 2025 [2][3][4]. Performance Overview - As of November 10, 2023, the Shanghai Composite Index has risen by 19.42% since 2025, with 97.45% of actively managed equity funds reporting positive returns this year [4]. - However, 1,019 actively managed equity funds are still in a loss position over the past five years, with 302 funds having reduced their maximum drawdown to less than 10% [5][6]. Reasons for Underperformance - The article identifies three main reasons for the underperformance of many funds: high-level accumulation, frequent trading, and reliance on specific sectors [7][8]. - Funds that experienced negative returns had an average stock position of 84.22% during peak market periods, indicating a tendency to increase exposure during high valuations [7]. Trading Behavior - The average turnover rate for actively managed equity funds from 2021 to 2024 was 460.71%, with funds losing over 30% seeing an even higher turnover rate of 508.45% [8]. - Some funds, such as Tianzhi New Consumption and Guodu Innovation Drive, reported turnover rates exceeding 1,000%, indicating excessive trading activity [8]. Sector Dependence - Many funds have shown a heavy reliance on traditional sectors despite being marketed as focusing on new or innovative sectors, leading to performance discrepancies [10][11]. - For instance, funds like Tianzhi New Consumption and Invesco Great Wall New Growth have maintained significant positions in traditional consumer stocks, which have not performed well recently [10][11]. Market Outlook - The article notes a resurgence in investor interest in actively managed funds, with 1,354 new funds launched in 2023, reflecting a doubling in issuance compared to the previous year [12]. - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and innovative pharmaceuticals, while being cautious of market volatility [13][14].

Core Insights - The recent performance of active equity funds has been under scrutiny, with over 38% of these funds still in losses over the past five years despite a significant number achieving positive returns since 2025 [1][2][3] - Key factors contributing to the underperformance include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][7] Performance Overview - As of November 10, 2025, the Shanghai Composite Index has risen by 19.42%, while 97.45% of active equity funds reported positive returns [2][3] - However, 1019 active equity funds remain in losses, with 38% of the total, indicating a stark contrast in performance for investors who entered the market earlier [1][2] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, with six funds reporting over 200% returns [3] - Conversely, nearly 40% of active equity funds have not turned a profit in five years, with some funds experiencing maximum drawdowns starting in 2021 [3][4] Underperforming Funds - Notable underperformers include funds managed by well-known managers, with losses exceeding 30% over five years [4] - Specific funds like Tianzhi New Consumption and Fangzheng Fubang Innovation Power have reported losses of -65.25% and -62.32%, respectively [3][4] Trading Behavior - High average stock positions during market peaks have been linked to poor long-term performance, with funds showing an average stock position of 84.22% during critical periods [5][6] - Frequent trading has also negatively impacted fund performance, with an average turnover rate of 460.71% across all active equity funds, rising to 508.45% for those with over 30% losses [7][8] Sector Reliance - Many funds have shown over-reliance on traditional sectors, leading to underperformance despite being labeled as "new" or "growth" funds [8][9] - Funds like Tianzhi New Consumption and Invesco Great Wall New Growth have shifted their holdings but still struggle to achieve positive returns [8][9] Market Outlook - The active equity fund market is seeing a resurgence, with 1354 new funds launched in 2025, indicating renewed investor interest [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of market volatility [12]

Core Insights - The article discusses the performance of actively managed equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in ten years, revealing that over 38% of these funds have not achieved positive returns over the past five years [1][2]. Performance Overview - As of November 10, 2023, the Shanghai Composite Index has risen by 19.42% since 2025, with 97.45% of 4679 actively managed equity funds achieving positive returns this year, including 33 funds that have doubled their value [3][4]. - However, nearly 40% of actively managed equity funds have not made profits over the last five years, with significant losses recorded by some well-known funds [4][5]. Key Reasons for Underperformance - The article identifies three main reasons for the underperformance of actively managed funds: high-level accumulation, frequent trading, and reliance on specific sectors [7]. - Funds that experienced negative returns had higher average stock positions during market peaks, indicating poor timing decisions [8]. - The average turnover rate for funds with over 30% losses was 508.45%, with some funds exceeding 1000%, suggesting that excessive trading negatively impacted performance [9]. Sector Dependence and Strategy Issues - Many funds have shown over-reliance on traditional sectors despite their names suggesting a focus on new or emerging sectors, leading to underperformance [11]. - The article highlights that some funds have not adapted their strategies effectively, resulting in inconsistent performance and a lack of coherent investment direction [9][10]. Future Investment Strategies - In light of the current market conditions, fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption trends [14][15]. - The article suggests that a balanced approach, considering macroeconomic data and industry cycles, will be crucial for future investment success [13][14].

Core Insights - The number of fund managers managing over 10 billion yuan has increased significantly, reaching 109 by the end of Q3, marking a nearly one-third increase from the previous quarter [1][2] - The industry is transitioning from a "star-making" model to a "platform" strategy, indicating a shift in focus from individual fund managers to a more collaborative approach [1][9] - The era of "trillion-level" top fund managers is unlikely to return, as the highest management scale among current fund managers has not exceeded 600 billion yuan, a significant drop from previous peaks [9][10] Fund Manager Performance - Notable fund managers like Zhang Kun, Xie Zhiyu, and Ge Lan have seen their management scales rebound, with Zhang Kun managing 565.44 billion yuan, an increase of nearly 15 billion yuan in a single quarter [3][4] - Newer fund managers, such as Ren Jie from Yongying Fund, have rapidly increased their management scales, with Ren's scale growing from 0.26 billion yuan to 128.78 billion yuan in just over a year [2][7] - Despite the growth in management scales, many top fund managers still face net redemptions, with over 330 billion units redeemed across their products in Q3 [6][11] Industry Dynamics - The current landscape features a mix of large institutions and emerging mid-sized firms, with companies like Yongying and Jinying successfully entering the "billion club" [1][7] - The top fund managers are distributed across 38 fund companies, with seven companies having five or more billion-yuan fund managers, accounting for nearly half of the total [6][10] - The industry is increasingly aware of the "double-edged sword" of scale, with many fund managers opting to limit rapid growth to maintain operational effectiveness and avoid the pitfalls of excessive scale [10][11] Market Outlook - The A-share market is experiencing a steady upward trend, with increased investor enthusiasm and significant inflows into equity markets, particularly in technology sectors [12][13] - Fund managers express cautious optimism about the market, predicting potential new highs while acknowledging the risks of profit-taking due to previous gains [12][13] - Long-term investment strategies focus on sectors like innovative pharmaceuticals and consumer healthcare, driven by structural changes in the economy and supportive policies [14]

Core Insights - The performance of star fund managers in the current bull market is mixed, with some outperforming the market while others lag behind [1][2]. Market Performance - As of August 13, the Shanghai Composite Index has risen by 9.90% year-to-date, the Shenzhen Component Index by 10.91%, and the ChiNext Index by 16.57%. The Wind Mixed Equity Fund Index has yielded 19.67% this year and 38% over the past year [1]. Star Fund Managers' Performance - Nearly 20 star fund managers have managed over 200 billion yuan in assets as of the end of Q2, showcasing diverse investment styles including growth, value, balanced, and thematic approaches [2]. - Notable performers include Ge Lan and Fu Pengbo, with Ge Lan's funds achieving returns of 26.60%, 67.85%, and 1.88% year-to-date, while Fu Pengbo's fund has returned 32.11% [3][4]. Sector Highlights - The innovative drug sector has been a standout, with Ge Lan's focus on this area leading to significant returns, particularly from Hong Kong-listed innovative drug stocks [3]. - Fu Pengbo has increased holdings in the pharmaceutical sector, focusing on innovative drugs and traditional medicine benefiting from AI [4]. Balanced Investment Styles - Xie Zhiyu and Zhu Shaoxing, known for their balanced investment styles, have shown performance divergence this year. Xie Zhiyu's funds have returned between 12.84% and 37.65%, while Zhu Shaoxing's single fund has returned 9.29% [5][6]. Challenges in Consumer Sector - Liu Yanchun, focusing on consumer stocks, has faced challenges with returns ranging from 0.13% to 2.43% year-to-date, as the consumer sector struggles with demand and competition [7]. - Xiao Nan's consumer-focused funds have also shown mixed results, with one fund down 3.45% while another gained 15.97% [8]. Broader Market Trends - The current market environment emphasizes the importance of sector selection over individual stock-picking abilities, as many star fund managers have not outperformed the market [9]. - The industry is reflecting on the definition of "star fund managers," suggesting that long-term risk management may be more indicative of skill than short-term performance spikes [9].

Core Viewpoint - The performance of billion-level star fund managers during the current bull market is mixed, with some achieving significant returns while others underperforming the market [1][3]. Market Overview - The A-share market has shown a bullish trend with the Shanghai Composite Index up 9.90%, the Shenzhen Component Index up 10.91%, and the ChiNext Index up 16.57% as of August 13 [2]. - The Wande Equity Mixed Fund Index has a year-to-date return of 19.67% and a one-year return of 38% [2]. Star Fund Managers Performance - Approximately 20 star fund managers with over 200 billion yuan in assets under management have diverse investment styles, including growth, value, balanced, and thematic strategies [3]. - Some star fund managers have successfully captured market trends, while others have lagged behind the market [3]. Notable Performers - Fund managers Ge Lan and Fu Pengbo have shown impressive performance, with Ge Lan managing three funds totaling 399.08 billion yuan, achieving returns of 26.60%, 67.85%, and 1.88% year-to-date [5]. - Fu Pengbo's fund, Ruiyuan Growth Value, has a return of 32.11% this year and 51.91% over the past year, with significant holdings in sectors like PCB and new energy [5][6]. Balanced Investment Style - Fund managers Xie Zhiyu and Zhu Shaoxing, known for their balanced investment styles, have shown performance divergence this year [7]. - Xie Zhiyu manages three funds with returns of 12.84%, 27.54%, and 37.65% year-to-date, benefiting from a diversified portfolio across various sectors [8]. - Zhu Shaoxing's single fund, with a return of 9.29% this year, has been negatively impacted by poor performance in consumer stocks, particularly in the liquor sector [9]. Challenges in Consumer Sector - Fund managers focusing on consumer and new energy sectors face significant challenges due to market conditions [10]. - Liu Yanchun's six funds have returns ranging from 0.13% to 2.43% this year, heavily affected by the underperformance of consumer stocks, particularly in the liquor industry [11]. - Xiao Nan's consumer-focused funds have shown a stark performance difference, with one fund down 3.45% and another up 15.97% year-to-date [12]. Market Dynamics - The current market environment emphasizes the importance of sector selection over individual stock-picking abilities, as many star fund managers have not outperformed the market [13]. - A reevaluation of what constitutes a "star fund manager" is underway, with a focus on long-term performance and risk management rather than short-term gains [14].

Market Overview - The A-share market has shown a bullish trend in 2023, with the Shanghai Composite Index up 9.90%, the Shenzhen Component Index up 10.91%, and the ChiNext Index up 16.57% as of August 13 [2] - The Wind data indicates that the Wande Equity Mixed Fund Index has a year-to-date return of 19.67% and a one-year return of 38% [2] Star Fund Managers Performance - Approximately 20 star fund managers managing over 20 billion yuan have shown mixed performance during the bullish market, with some outperforming the market while others lagged behind [2] - Notable fund managers include Ge Lan and Fu Pengbo, who have achieved significant returns through their investment strategies [3] Sector Performance - Ge Lan's funds, particularly in the healthcare sector, have performed exceptionally well, with returns of 26.60% and 67.85% for her medical-themed funds [3] - Fu Pengbo's "Ruiyuan Growth Value" fund has a year-to-date return of 32.11%, focusing on sectors like PCB and new energy [3][4] Balanced Investment Style - Xie Zhiyu has shown a balanced investment style with returns of 12.84%, 27.54%, and 37.65% across his three funds, benefiting from diversified sector exposure [5] - In contrast, Zhu Shaoxing's single fund has underperformed with a return of 9.29%, primarily due to poor performance in consumer stocks [6] Challenges in Consumer Sector - Liu Yanchun's funds, focused on consumer stocks, have struggled with returns ranging from 0.13% to 2.43% due to weak performance in the consumer sector, particularly in the liquor industry [7] - Xiao Nan's consumer-themed funds have shown significant performance disparity, with one fund down 3.45% while another is up 15.97% [8] Market Dynamics and Reflections - The current market environment emphasizes the importance of sector selection over individual stock-picking abilities, as many star fund managers have not outperformed the market [9] - There is a growing sentiment within the industry to redefine what constitutes a "star fund manager," focusing on long-term performance and risk management rather than short-term gains [9]

Core Viewpoint - The news highlights the significant losses incurred by Invesco Great Wall Fund over the past three years, totaling over 400 billion yuan, while the fund management fees collected exceeded 9 billion yuan, raising concerns among investors about the fund's performance and management practices [2][3][25]. Financial Performance - In 2024, Invesco Great Wall Fund reported operating income of 337.33 million yuan and a net profit of 95.11 million yuan [2]. - Over the past three years, the fund has achieved a net profit of over 3 billion yuan, despite the substantial losses in its non-money market funds [2]. - The fund's management fees collected from 2021 to 2024 amounted to 14.95 billion yuan, while the total losses for investors reached 37.44 billion yuan [25]. Fund Performance Analysis - The main contributors to the losses were the Invesco Great Wall Emerging Growth and Invesco Great Wall Dingyi funds, with the former losing 32.82% and the latter 32.91% over the past three years [3][6]. - The Invesco Great Wall Emerging Growth Mixed A fund has seen a cumulative loss of 25.50% since its inception [5]. - The Invesco Great Wall Dingyi Mixed A fund has also experienced a cumulative loss of 23.52% since its inception [7]. Investor Sentiment - Investor sentiment has turned negative, with many expressing frustration over the fund's performance and the management's ability to generate returns [8][9]. - Comments from investors indicate a strong desire for changes in fund management due to ongoing losses and poor performance [9]. Management and Strategy - The fund manager, Liu Yanchun, has been a central figure in the fund's performance issues, with a history of significant losses under his management [10][12]. - Liu's investment strategy has been characterized by heavy concentration in consumer stocks, which have faced substantial declines since 2021, leading to investor dissatisfaction [14]. - Despite the losses, Liu has continued to earn substantial management fees, which has further fueled investor discontent [14]. Leadership Changes - The fund has seen changes in its management team, including the departure of notable fund manager Bao Wuke, which raises questions about future performance and investor confidence [17][21]. - The company's chairman, Li Jin, also stepped down, with the general manager, Kang Le, taking over temporarily [22][24].

Group 1 - The Chinese technology industry has made significant breakthroughs at the beginning of the year, with DeepSeek emerging as a notable player, enhancing global investors' perception of China's technological capabilities and prompting a revaluation of Chinese assets [6][13] - In the first quarter, the performance of technology stocks has been strong, with many fund managers focusing on technology and artificial intelligence (AI) achieving both performance and scale growth [7][8] - Fund managers express optimism about investment opportunities in AI and robotics, but caution that the industry needs to find new iteration points for technological development to avoid stagnation [8][20] Group 2 - The A-share market is experiencing a structural trend, with technology growth sectors like automotive, TMT, and machinery performing well, while traditional sectors like coal and real estate lag behind [9] - Fund managers maintain high equity positions, with over 90% in some cases, and express confidence in the performance of Hong Kong and A-share markets, particularly in technology and consumer sectors [10][12] - The economic outlook for 2025 is cautiously optimistic, with expectations of gradual recovery driven by fiscal policy and improved corporate performance metrics [10][11] Group 3 - Fund managers are increasing investments in the AI industry, particularly in humanoid robots and autonomous driving, anticipating significant breakthroughs in the coming years [14][15] - The emergence of DeepSeek is seen as a catalyst for the revaluation of internet companies in Hong Kong and the overall technology sector, with expectations of a new wave of competitive Chinese companies in critical areas like semiconductors [16][18] - The AI sector is expected to drive substantial changes in manufacturing efficiency and cost reduction, although it is still in the early stages of development [19][20]