Core Viewpoint - Active equity funds are experiencing a significant performance turnaround, rebuilding investor trust as they capitalize on a strong market rally in A-shares since September 2022, with over 99% of active equity funds achieving positive returns by September 23, 2023 [1][3][6] Group 1: Performance of Active Equity Funds - As of October 15, 2023, more than 4,400 stocks have risen, with over 400 doubling in price, indicating a robust market trend [1] - Active equity funds have shown remarkable performance, with 451 products achieving doubled returns, leading to the emergence of the term "doubling funds" [1][3] - Among these, Caizhong Fund stands out, with over half of its active equity products achieving doubled returns, particularly under the management of key fund managers [1][4] Group 2: Investment Strategy and Focus - The success of active equity funds is attributed to their strategic focus on sectors supported by policies, technological breakthroughs, and genuine demand, such as AI computing power and innovative pharmaceuticals [3][5] - Caizhong Fund's investment approach emphasizes capturing industry opportunities across various sectors, demonstrating flexibility in adapting to market cycles [4][5] Group 3: Team and Organizational Structure - Caizhong Fund has developed a unique "mid-view industry-driven" investment framework, enabling its team to identify and select industries with upward momentum effectively [5][8] - The fund emphasizes a collaborative team culture, where individual fund managers contribute their expertise while adhering to a unified investment philosophy [8][9] Group 4: Long-term Growth and Differentiation - The fund's long-term performance is supported by a clear focus on growth, with a structured "growth investment toolbox" designed to meet diverse investor needs [9][10] - Caizhong Fund's strategic evolution reflects a commitment to building distinctive competitive advantages rather than pursuing a broad, generalized approach [9][10] Group 5: Future Outlook and Strategic Vision - The company aims to enhance its organizational capabilities and cultural framework, focusing on distinctive growth and multi-dimensional development to build investor trust [11][12] - The path taken by Caizhong Fund illustrates that a small to medium-sized fund can thrive by concentrating on its strengths and continuously innovating in response to market changes [13][14]

Core Insights - The article highlights the significant decline in the performance of funds managed by Jin Zicai of Caitong Fund, with all 13 funds under his management ranking in the bottom ten of their categories as of April 30, 2025 [2][6][10] - Jin Zicai's previous success in 2024, where his fund achieved a net return of 48.62%, has sharply contrasted with the current year's performance, where funds have recorded losses exceeding 22% [2][4][6] - The phenomenon of "champion curse" in the mutual fund industry is discussed, indicating that funds that perform well in one period often struggle in subsequent periods, with many top-performing funds from previous years experiencing significant downturns [3][4] Fund Performance - As of April 30, 2025, Jin Zicai's funds have all recorded negative returns, with the worst performers being Caitong Growth Preferred A/C, which saw returns of -22.89% and -22.97%, ranking 2326th and 2328th out of 2331 similar products [6][10] - Caitong's other funds, such as Caitong Value Momentum A and Caitong Smart Growth A/C, also performed poorly, with returns of -23.38% and -23.57%, placing them at the bottom of their respective categories [6][10] - The overall average return for Caitong Fund's products was -3.72%, with 47 out of 97 products showing negative returns [11] Fund Management Strategy - Jin Zicai's investment strategy underwent a significant shift in 2025, where he reduced exposure to overseas computing power stocks and increased allocation to domestic computing power stocks, which ultimately did not yield the expected results [12][13] - The concentration of holdings in his funds is notably high, with the top ten holdings in Caitong Growth Preferred A having a concentration of 64.88%, significantly above the industry average of 37.75% [14] - The article suggests that the reliance on Jin Zicai's personal investment style has exposed weaknesses in Caitong Fund's research and investment framework, leading to a lack of stability in fund performance [14] Fund Size and Market Impact - The decline in fund performance has led to a reduction in the assets under management, with eight out of thirteen funds experiencing a decrease in size, including a 37.84% drop in Caitong Growth Preferred A [10] - Caitong Fund's total assets under management have decreased by 32.91% from the previous year, dropping to 678.57 billion yuan [10] - The article emphasizes the broader implications of these performance issues on investor confidence and the overall market perception of Caitong Fund [10][11]