Core Insights - The A-share market has shown an upward trend since 2025, leading to a general recovery in the performance of actively managed equity funds, with the total industry scale approaching 36 trillion yuan [1][10] - Among 4,711 actively managed equity funds with performance records, 4,494 reported positive returns, while 217 had negative returns over the past year [1][10] - Over a three-year period, 924 out of 3,792 funds recorded negative returns, indicating a significant number of funds struggling to maintain performance [1][10] - The top 30 funds with the worst annual returns all had returns below -9.75%, with several funds losing over 15% [1][10] Fund Performance - The worst-performing fund, Huafu Medical Innovation A, had a return of -27.13%, followed by浦银安盛医疗创新A at -20.29% and 鑫元消费甄选A at -19.65% [2][11] - The performance of the top 30 funds with the largest declines highlights the challenges faced by certain actively managed funds in a fluctuating market [12][18] Specific Fund Analysis - 鑫元消费甄选A, managed by 姚启瑶, has shown particularly poor performance with a return of -19.85% since its inception in March 2023, resulting in a cumulative return of -49.37% [12][18] - The fund has experienced three changes in fund managers within a short period, which has led to challenges in maintaining a consistent investment strategy [13][18] - The current fund manager, 姚启璠, has a return of -2.41% since taking over in July 2025, with a focus on media and consumer sectors, but has faced challenges due to poor performance of key holdings [15][18] Market Trends - The overall market for actively managed equity funds has shown positive trends, but significant internal differentiation exists, with some thematic funds and smaller-scale funds struggling amid market volatility [18] - The ability to enhance flexibility in asset allocation and improve stock selection accuracy will be crucial for these funds to recover from their current low performance [18]