Core Insights - The recent performance of the Dachen Xingyuan Qihang Mixed Fund, managed by Xu Yan, has come under scrutiny due to its slow investment pace, leading to investor concerns about missing out on market gains as the A-share market has surged since June, with the Shanghai Composite Index reaching a nearly ten-year high [1][3][4] Fund Performance and Strategy - Since its establishment on March 11, the Dachen Xingyuan Qihang Mixed Fund has shown minimal net value change, with a return of -0.06% and -0.36% for its A/C shares as of September 10, indicating a slow build-up of positions [4] - In contrast, many newly established active equity funds have rapidly increased their equity positions, with 74 out of 114 funds launched in early 2025 achieving over 80% equity investment by the end of Q2 [3][4] - The top-performing fund, the China Europe Information Technology Mixed A/C, recorded a return of 92.65% since June, significantly outperforming the average return of similar funds by 70.99 percentage points [3] Market Context and Fund Manager Insights - The current market environment, characterized by rapid rotations and a bullish trend, poses challenges for fund managers in terms of their investment strategies and execution [5][6] - Xu Yan acknowledged the slow build-up of positions, emphasizing the need to find undervalued companies while maintaining a low equity position [4][5] - Other funds, such as the Guangfa Industry Selection Mixed and Rongtong Quality Selection Mixed, also exhibited slow investment rates, with equity investment ratios of only 18.68% and 19.7%, respectively [5] Broader Market Trends - The average return for active equity funds has reached 27.13% since June, with 45 funds doubling their returns, while 233 funds have underperformed, with returns below 5% [7][8] - The performance of funds has been influenced by their holding strategies, with some funds failing to capitalize on market trends due to misalignment with the prevailing market opportunities [9][10] - Analysts suggest that fund managers may need to adjust their strategies in response to market conditions, focusing on optimizing their holding structures and risk management as the market enters a potential correction phase [9][10]