Core Viewpoint - The article highlights the poor performance of Green Fund's actively managed equity funds under manager Li Huizhong, with significant declines in net asset values and underperformance against benchmarks, raising concerns about the fund's commitment to investor interests [1][2][8]. Group 1: Fund Performance - Green Fund's "Stable Value A" has seen a year-to-date net asset value decline of 10.54%, ranking last in its category [2][4]. - The fund's performance against its benchmark shows a significant underperformance, with a 13.63 percentage point deficit in the first half of the year [2][4]. - Over the past year, the fund's net value decreased by 14.21%, trailing its benchmark by 22.75 percentage points [3][4]. Group 2: Investment Strategy - The fund has a high concentration in equity investments, with 90.33% of total assets allocated to equity as of the end of Q2 [5]. - Long-term holdings in the fund are primarily in the liquor sector, including major stocks like Moutai and Luzhou Laojiao [6][7]. - The fund manager emphasizes a value investment approach, focusing on high-quality companies in the liquor industry, which is believed to have significant investment value [6][8]. Group 3: Manager Background and Accountability - Li Huizhong, the fund manager, has a background in financial engineering and has been with Green Fund since November 2019 [4][8]. - Despite the poor performance of the funds under his management, investor confidence appears to be waning, as indicated by the low total assets under management for the funds [8].

Core Insights - Liu Dong, a fund manager at Green Fund, has resigned due to personal reasons, affecting multiple funds under his management [2][3] - The performance of the funds managed by Liu Dong has been poor, with negative returns reported for most of them [4] - Green Fund's overall management experience is declining, with only one fund manager having over five years of public fund management experience [4][6] Fund Manager Changes - Liu Dong has officially left his positions in four funds: Green Research Preferred, Green Bo Rui, Green Emerging Industry, and Green Ju Xin Enhanced [3] - Liu Dong joined Green Fund in March 2021 and has previously worked at Changjiang Securities, Tianhong Fund, and Bohai Life Insurance [3] Fund Performance - As of May 23, 2025, the returns for the funds managed by Liu Dong were as follows: Green Research Preferred A at -9.06%, Green Bo Rui A at -24.48%, Green Ju Xin Enhanced A at -3.15%, and only Green Emerging Industry A at 10.36% [4] - The management scale of these funds is also low, with Green Research Preferred at 168 million, Green Bo Rui at 21 million, Green Emerging Industry at 2 million, and Green Ju Xin Enhanced at 236,900 [4] Current Fund Manager Situation - Green Fund currently has 12 fund managers, with 7 having over 10 years of securities experience, but only one, Li Huai Zhong, has over 5 years of public fund management experience [6] - Li Huai Zhong's managed funds have also underperformed, with returns of -28.48%, -41.13%, and -8.54% for his three funds [6] Equity Investment Challenges - Green Fund's equity fund management scale is only 634 million, representing just 2.73% of the total fund management scale of 23.211 billion [7] - The company has faced challenges in its equity layout, with 8 out of 12 equity funds having management scales below 50 million [7] New Fund Applications - Since 2024, Green Fund has applied for four new products, with an equal split between equity and fixed-income funds [7]