Core Viewpoint - Yongying Fund's stock funds have underperformed compared to peers over the past six months, despite some individual funds experiencing significant gains due to concentrated investments in technology sectors [1][6]. Group 1: Fund Performance - Yongying Fund's stock funds have consistently lagged behind the average returns of similar funds over the past five years, three years, and one year, failing to outperform the CSI 300 index [1][6]. - As of December 4, 2023, Yongying Technology Select Fund (022364) achieved a remarkable annual return of 200.34%, ranking first among 18,728 funds, significantly outperforming the second-best fund, AVIC Opportunity Navigator (140.43%) [1][2]. - Approximately 40% of Yongying Fund's active equity products are currently in a loss position, with over 30% of these products experiencing cumulative losses exceeding 30% [1][8]. Group 2: Investment Strategy - The recent surge in performance is attributed to a concentrated investment strategy in the technology sector, particularly cloud computing, which has yielded high returns in a favorable market environment [5]. - This "betting" investment strategy, while effective in the short term, poses risks of increased volatility and potential significant losses if the market conditions change adversely [5][6]. - Yongying Fund has multiple technology-themed funds, referred to as the "Yongying Seven Brothers," which also employ similar concentrated investment strategies [5]. Group 3: Fund Management and Costs - Yongying Fund has seen a significant increase in its public fund management scale, reaching 552.718 billion yuan, with a growth of 430 billion yuan over five years [3]. - The fund's high turnover rate among managers, with an average tenure of only 3.6 years, raises concerns about the stability and continuity of investment strategies [9]. - The fund's trading costs are notably high, with the commission-to-management fee ratio for passive index funds reaching 1.22, which is nearly five times the industry average [13].