Core Viewpoint - The performance of Changxin Consumption Upgrade Mixed A Fund, managed by Liu Liang, has significantly underperformed compared to the benchmark index, with a cumulative net value decline of 45.96% since inception and a maximum drawdown of 69.47% over the past three years [1][4]. Group 1: Fund Performance - Changxin Consumption Upgrade Mixed A achieved a return of 13.31% in 2024, which is lower than the 14.68% increase of the CSI 300 index during the same period [1]. - The cumulative net value growth rates for Changxin Consumption Upgrade Mixed A from 2022 to 2024 were -50.54%, -56.45%, and -36.88% respectively [2]. - As of the end of 2024, the net values of Changxin Consumption Upgrade Mixed A and C fell to approximately 0.4720 yuan and 0.4604 yuan, indicating losses exceeding 50% [3]. Group 2: Fund Management and Structure - Liu Liang has managed the fund since June 30, 2021, and the fund's return during her tenure is -50.81%, significantly worse than the average of -16.33% for similar funds [3]. - The fund's scale has remained stable between 1.2 billion and 1.3 billion yuan, despite poor performance, suggesting a focus on maintaining management fees rather than improving performance [5][6]. - The fund's institutional holding is very low at 0.6%, with individual investors making up 99.4% of the holdings, indicating a reliance on retail investors [6]. Group 3: Industry Practices - The evaluation mechanism for fund managers in the industry tends to prioritize scale over performance, allowing managers to maintain their positions despite poor returns [5][8]. - There is a growing trend among some firms to reform evaluation systems to better align manager compensation with investor returns, including measures like requiring managers to invest in their own funds [9].