On August 13, A-share markets demonstrated strong performance. The Shanghai Composite Index broke through the October 8, 2023 high, reaching a nearly four-year peak; both the Shenzhen Component Index and ChiNext Index hit annual highs. Trading volume returned to the 2 trillion yuan threshold for the first time in 114 trading days. Growth sectors including non-ferrous metals and AI hardware led gains, with over 2,700 individual stocks rising.

However, the heated index rally hasn't benefited all market funds. Wind data shows that among over 13,000 funds market-wide (counting only A-class shares), more than 2,700 products still have unit net asset values below October 8, 2023 levels.

Particularly noteworthy is that 8 billion-yuan equity funds managed by renowned fund managers including Xiao Nan, Liu Yanchun, Zhu Shaoxing, Zhang Kun, Zhao Yi, and Jiao Wei are collectively facing "sluggish net asset value recovery" issues.

Data Source: Wind as of August 12, 2025

**Xiao Nan's E Fund Consumer Industries: NAV Down 0.50 Yuan, YTD Loss of 3.48%**

Specifically, E Fund Consumer Industries (110022.OF) became the billion-yuan fund with the deepest NAV decline. The product's unit NAV fell 0.50 yuan from last October to 3.468 yuan, with YTD returns of -3.48%, while assets under management remain at 168.54 billion yuan.

Data Source: Wind as of August 12, 2025

Analysis suggests its decline stems from dual pressures: liquor stocks' sharp fall in Q4 last year created a deep hole in NAV; this year's lackluster consumer sector recovery, with heavy holdings like Kweichow Moutai and Midea Group significantly underperforming AI and resource stock rallies. Even Q2's increased allocation to home appliance sectors couldn't offset earlier losses.

Data Source: Wind as of June 30, 2025

**Liu Yanchun's Invesco Great Wall Emerging Growth A: Admits "Domestic Demand Recovery Slower Than Expected"**

Invesco Great Wall Emerging Growth A (260108.OF) saw NAV decline 0.29 yuan to 1.745 yuan, with its massive 188.54 billion yuan scale delivering only -0.17% YTD returns.

Data Source: Wind as of August 12, 2025

Fund manager Liu Yanchun stated in the Q2 report that insufficient domestic demand and low-level price operations exceeded expectations, but expressed full confidence in China's economic development prospects. He believes real estate and related industrial chains' proportion in China's economy is declining annually, and their overall economic drag is gradually decreasing. Considering uneven real estate inventory distribution and successive stable real estate policies, real estate sales, prices, and investment are no longer far from bottom.

**Zhu Shaoxing's Fuguo Tianhui Select Growth: Q4 Last Year's Single-Quarter 6.71% Plunge Created Deep Hole**

Surprisingly, some funds with YTD profits also failed to recover lost ground.

Zhu Shaoxing's Fuguo Tianhui Select Growth A (161005.OF) saw NAV slightly decline 0.11 yuan to 2.623 yuan, despite YTD gains of 8.22%. The issue lies in last year's Q4 deep NAV pullback (falling to 2.37 yuan, single-quarter return of -6.71%), requiring larger gains to fill the gap.

Data Source: Daily Fund as of August 12, 2025

**Zhang Kun's E Fund Blue Chip Select: "Real Estate Decline Causes Confidence Shortage, Valuations Already Reflect Pessimistic Expectations"**

Zhang Kun's E Fund Blue Chip Select (005827.OF) highlights the "deep hole effect": despite YTD returns of 7.87%, NAV still shows a 0.08 yuan gap from last October. Retrospectively, the fund's NAV fell to 1.63 yuan in Q1 this year.

Data Source: Wind as of August 12, 2025

Consistent with Liu Yanchun's views, Zhang Kun pointed out in the Q2 report that declining real estate prices and negative price indices are core reasons for insufficient investor confidence. He believes holdings companies' valuations already reflect earnings decline expectations, and low valuations combined with considerable shareholder returns are attractive to long-term investors.

**Zhao Yi's Quan Guo Xu Yuan Three-Year Hold A: Multiple Heavy Holdings Underperformed Sector Gains**

Zhao Yi's Quan Guo Xu Yuan Three-Year Hold A (016709.OF) also fell into the embarrassing situation of "earning but not profiting." The fund rose 9.23% YTD, yet NAV slightly declined 0.01 yuan to 0.82 yuan. Its heavy holdings including CADA, Meituan-W, Luxshare Precision, and Enjie Materials all performed weaker than their respective sectors. Among them, Meituan-W declined 19.58% during the period, while Luxshare Precision fell 15.16%.

Data Source: Wind as of June 30, 2025

**Jiao Wei's Yinhua Wealthy Theme A & Fu Youxing's GF Steady Growth A: Both NAV Down 0.008 Yuan**

Jiao Wei's Yinhua Wealthy Theme A (180012.OF) and Fu Youxing's GF Steady Growth A (270002.OF) both saw NAV decline 0.008 yuan from last October due to sluggish heavy holdings, with YTD returns of 2.71% and 4.58% respectively.

Overall, when index celebrations coexist with fund NAV divergence, this stagnation predicament affecting 2,700 products sends dual warnings: for investors, it's necessary to see through the "YTD positive returns" appearance and examine funds' maximum drawdowns and recovery capabilities.

For asset managers, billion-yuan scale is no longer a moat. Only by breaking path dependence and establishing dynamic risk control mechanisms can they maintain NAV heights in structural markets. When markets no longer forgive easy wins, every deep squat becomes a life-or-death test of climbing ability.