Core Viewpoint - The performance of funds managed by Liao Hanbo from Great Wall Fund has shown significant disparity, with some products experiencing losses exceeding 20%, reflecting both individual investment style issues and the broader transformation challenges facing the public fund industry [1]. Group 1: Fund Performance - Liao Hanbo's managed products have seen a drastic decline in management scale, dropping from nearly 5 billion yuan in 2022 to 1.627 billion yuan in 2025 [1]. - The fund "Great Wall Vision Growth Mixed A" has recorded a cumulative loss of approximately 28% since its inception on September 28, 2022, with a unit net value of 0.7293 as of May 21, 2025 [3]. - The "Great Wall Competitive Advantage Six-Month Mixed A" fund has suffered a loss exceeding 30%, with its scale shrinking from 1.2 billion yuan to around 200 million yuan, a decline of 80% [3]. Group 2: Fund Comparison - Among the funds managed by Liao Hanbo, "Great Wall Jiuding Mixed A" and "Great Wall Balanced Growth Mixed A" have performed relatively well, with annualized returns exceeding 10% [2]. - The C-class shares of some funds have underperformed compared to their A-class counterparts, with "Great Wall Jiuding Mixed C" showing an annualized return of -36.3% [3]. - The average performance of similar funds has been better than some of Liao's funds, with a one-year return of -0.79% compared to the average of 7.92% for similar funds [5].