Core Insights - The equity market has shown positive trends this year, leading to most equity funds achieving positive returns [1] - However, some funds, particularly Minsheng Jianyin Fund's Minsheng Jianyin Preferred Stock, have performed poorly, ranking at the bottom among peers [1] Fund Performance Summary - As of October 20, the net value of Minsheng Jianyin Preferred Stock has decreased by 6.53%, making it the worst-performing active equity fund under Minsheng Jianyin [1] - Other funds under Minsheng Jianyin, such as Minsheng Jianyin Pension Service Mixed Fund and Minsheng Jianyin Financial Preferred Mixed A, also reported negative returns [1] - A total of 10 active equity funds from Minsheng Jianyin have underperformed against their benchmarks this year, with at least three funds, including Minsheng Jianyin Preferred Stock, lagging by over 10 percentage points [1] Long-term Performance Analysis - The two-year, three-year, and five-year returns for Minsheng Jianyin Preferred Stock are -10.22%, -28.46%, and -36.04%, respectively, underperforming their benchmarks by 34.18, 49.15, and 32.73 percentage points [1]

Core Insights - Minsheng Jia Yin Fund has reported that 11 of its actively managed equity funds have negative returns this year, with three funds managed by Cai Xiao performing particularly poorly [1][2] Fund Performance Summary - The Minsheng Jia Yin Pension Service Mixed Fund has a return of -40.98% over 3 years and 172 days [1] - The Minsheng Jia Yin Balanced Optimal Mixed A2 Fund has a return of -16.89% over 2 years and 17 days [1] - The Minsheng Jia Yin Preferred Stock Fund has a return of -9.54% over 2 years and 145 days [1] - Liu Xiaohan's Minsheng Jia Yin Quality Consumption Stock A has a return of -43.65% over nearly 4 years, compared to the average return of -17.51% for similar funds [1] - Rui Dingkun's Minsheng Jia Yin Brand Blue Chip Mixed A has a return of -37.08% over approximately 3.5 years [1] Cai Xiao's Fund Management Overview - Cai Xiao has managed three funds with negative returns, including the Minsheng Jia Yin Pension Service Mixed Fund, which has a return of -41.31% since taking over on December 1, 2021 [1][2] - The Minsheng Jia Yin Preferred Stock Fund has seen a decline of 20.06% since Cai Xiao took over on December 28, 2022 [1][2] - The Minsheng Jia Yin Balanced Optimal Mixed A/C has returns of -16.55% and -17.24% since management began on May 5, 2023 [1][2] Fund Details - The Minsheng Jia Yin Balanced Optimal Mixed A/C was established on May 5, 2023, and has seen a net value drop to approximately 0.83 yuan by the end of the year [2] - The top ten holdings of the Minsheng Jia Yin Balanced Optimal Mixed A/C include companies like Hisense Visual, Haier Smart Home, BYD, and CATL [2] Management Background - Cai Xiao has over 9 years of experience managing public funds and has held various roles in investment analysis and management since 2004 [3]