Group 1 - The core viewpoint emphasizes that the performance of actively managed funds should be compared against performance benchmarks rather than short-term relative rankings [2] - Recent regulatory drafts have been released to strengthen the constraints of performance benchmarks for funds, including the "Guidelines for Fund Performance Comparison Benchmarks" [2] - Among 5,506 non-monetary actively managed funds, 915 have underperformed their benchmarks by over 10%, representing a significant 16.62% of the total [2] Group 2 - The Changsheng Global Economic Industry Fund has the worst performance, with a return of -291.33% since its inception, significantly underperforming its benchmark [3] - The fund's net value growth rate is only 32.58%, compared to its benchmark's return of 323.91% over 15 years, indicating poor long-term investment results [3] - The fund has undergone four managers since its inception, highlighting the challenges of active management in outperforming benchmarks, especially in mature overseas markets [3] Group 3 - Changsheng Fund Company, established in March 1999, has faced governance issues and high agency costs, leading to a loss of competitive advantage [4] - The Changsheng State-owned Enterprise Reform Theme Fund has consistently underperformed, remaining below a net value of 1 yuan for nearly a decade, with a cumulative loss of 38% [4] - The company currently manages over 60 billion yuan in non-monetary funds, ranking 67th, with stock and mixed funds totaling less than 15 billion yuan [4] Group 4 - The company has expressed intentions to improve, with notable changes since the introduction of talented fund manager Guo Kun in 2019 [5] - Guo Kun currently manages seven funds with a total scale of approximately 6 billion yuan, achieving an annualized return of 11.91% since taking over the Changsheng Tongsheng Growth Fund [6] - The positive changes observed since Guo's arrival suggest that talent is a core competitive advantage for fund companies, and leveraging skilled managers could lead to significant improvements for Changsheng Fund [6]