Core Viewpoint - Since its establishment in 2022, QuanGuo Fund has faced significant challenges, including poor product performance, shrinking scale, and the resignation of fund managers, leading to a decline in its reputation and performance [2][6]. Fund Performance and Management Changes - Dai Jun, a prominent fund manager at QuanGuo Fund, has resigned from managing the "QuanGuo Taiyan 3-Month Regular Open Bond" fund, which triggered its liquidation due to having fewer than 200 continuous fund holders for 20 consecutive working days [3][5]. - Under Dai Jun's management, the fund's scale plummeted from 2.97 billion to 190 million within a year, marking a 94% decrease [5]. - The performance of the funds managed by Dai Jun was subpar, with "QuanGuo Taiyan 3-Month Regular Open Bond" ranking 1691 out of 3065 similar funds, and "QuanGuo TaiRan 30-Day Holding Bond" ranking 1021 out of 1071 [5]. Company Background and Fund Performance - QuanGuo Fund was founded by prominent figures in the industry, including Wang Guobin and Zhao Yi, yet its performance has been disappointing, with the "QuanGuo Taoyuan Phase I" fund losing 12.04% since inception, significantly worse than the average loss of 3.96% among similar funds [6][8]. - Zhao Yi's management of the "QuanGuo Xuyuan 3-Year Holding Mixed" fund has resulted in a return of -23.39%, with an annualized return of -9.29%, contrasting sharply with his previous successful track record [8][9]. Market Conditions and Strategic Issues - The poor performance of QuanGuo Fund is attributed to several factors, including the timing of product launches during a rising interest rate environment and a declining stock market, which saw the Shanghai Composite Index drop by 15.13% [10]. - The fund's strategy has been criticized for being inflexible, particularly in its heavy investment in the underperforming new energy sector, which saw a decline of 19% in 2022 and 25.03% in 2023 [10]. Fundraising Challenges - Currently, QuanGuo Fund manages a total of 17 billion, with approximately 68% of the funds in the "QuanGuo Xuyuan 3-Year Holding Mixed" fund, which has hindered further fundraising efforts [11]. - The company has only raised 252 million since 2025, a negligible amount compared to its overall scale [11][14]. Future Outlook - The departure of Dai Jun and the underperformance of equity funds indicate a challenging path ahead for QuanGuo Fund, as it struggles with both fixed income and equity business development [21]. - The company's growth prospects are dimming, especially with new regulations linking management fees to fund performance, which may further complicate its future [21].