Six months of miraculous surge by nearly 150%—is the "ankle-chopping" celebrity fund about to break even this time?

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There are always miracles in private equity products, even for the Yuefeng Series products whose net asset value was once slashed to the ankle.

According to net asset value information from third-party channels, the latest weekly disclosure of the Jiayue Yuefeng Investment Genesis product—which had once fallen far below par—shows that its NAV has returned to above 0.985, now just a step away from par value (as of October 10).

Over the past three years, this product managed by renowned fund manager Wu Yuefeng has experienced a dramatic journey: surging, then plunging below par, moving from much anticipation to deep skepticism, and now making a rapid comeback to "break even." The whole process has been both thrilling and incredible.

When a private equity product's NAV quietly climbs back near the surface after a deep plunge, is it the end of one story, or the start of another cycle?

Starting from 22 million yuan

In November 2022, the A-share market was still lingering at a low, and investor sentiment was depressed.

At that time, the high-profile fund manager Wu Yuefeng launched his new product, "Jiayue Yuefeng Investment Genesis."

This was Wu Yuefeng's "second time going private." He left a Beijing-based private equity he had previously co-founded, returned to his hometown of Wenzhou, Zhejiang, and joined Jiayue Investment (which now has assets under management of less than 500 million yuan). Wu Yuefeng holds a 10% stake in this Wenzhou-based private equity firm.

The product was launched at a cyclical market bottom, and it’s fair to say that clients who followed Wu Yuefeng had high hopes for him, given his popularity online and certain monetization ability.

According to Private Fund Ranking Net, the initial size of "Jiayue Yuefeng Investment Genesis" was about 22 million yuan, peaking at over 150 million yuan.

Wu Yuefeng himself was always active on social media, frequently voicing opinions on macroeconomic data trends, developments in the US and Chinese stock markets, investment philosophy, new industry trends, and more.

For a time, his "second venture into private equity" product became a "weathervane" in many people's eyes. Even those who were not his clients kept a close watch on his portfolio moves and market commentary, seeing him as a window into market sentiment and capital flow.

Of course, the trading performance of a high-profile manager naturally falls under a harsh spotlight, subject to intense scrutiny by the market.

High stakes & high rewards

At first, Wu Yuefeng’s strategy seemed right.

In the first half year after inception, the product performed well, with its NAV steadily rising, even charting an independent course during market turbulence.

But the good times didn’t last. Starting from the second half of 2023, the product’s performance took a sharp turn for the worse.

After peaking, the NAV dropped rapidly, with a significant drawdown. Excess returns once plunged to -22.43%, much worse than the CSI 300 Index over the same period.

Skepticism arose: "Has the star manager’s halo faded?", "Has aggressive style led to high volatility?"

Judging by the NAV curve, the product did indeed undergo a "roller-coaster" journey: strong uptrend at the start of 2023, oscillating at high levels mid-year, then persistent declines since 2024, hitting fresh NAV lows.

By early April 2025, Wu Yuefeng’s product NAV had fallen below 0.4 yuan.

This meant that investors who got in early saw their assets shrink more than 60% in less than three years; and those who chased at the highs faced even deeper paper losses.

Left on the sidelines

During this period, while market styles kept shifting, this private equity product’s volatility was much greater than the broad-based index, and it missed several index rebounds.

The "9.24 rally" of 2024 is a good example: as the main indices rose strongly, his product’s NAV behaved like it was "on the sidelines." (see chart below)

Professionals see two reasons for Wu Yuefeng’s "pain":

First, "extreme" style exposure.

By "style exposure," it means betting most of the chips on certain market directions (such as a sector or investment logic). If the bet is right, it brings excess returns; if not, it leads to sharp NAV declines, like a boat in a storm without a hedge.

Second, insufficient position preparation.

Since the dramatic NAV drawdown in the second half of 2023, he may have intentionally reduced equity exposure to control the drawdown and preserve strength, but such contraction also meant missing out on later rebound opportunities.

Where did the surge come from?

But Wu Yuefeng did make a comeback: in the past six months, the product surged from around 0.4 yuan up past 0.985, almost a 150% increase in half a year.

This rally also drew market attention.

In fund investment communities, some investors joked that the product's wild NAV curve "looks like watching a crypto coin’s candlestick chart."

Indeed, the weekly volatility has been "heart-stopping."

In June-July this year, it surged 8%, 10%, or 14% in a single week, while in the most recent week, it plunged 15% in a single week.

This intense "heart-stopping" volatility still continues: in recent weeks, there have been two more weeks with 20%+ gains, utterly departing from the norm for traditional funds. (see chart above)

Since January 2024, Wu Yuefeng has remained completely silent on social media for almost two years. With limited information, we have no way of knowing his precise strategies for the recent large swings in NAV.

However, looking back at the product’s early days, the NAV surged nearly 50% amid the AI sector frenzy in the first half of 2023; but when the AI boom faded, the NAV plunged. The connection is clear.

Now, as the product approaches its three-year anniversary, its NAV has quietly crept back to 0.98 yuan as of October 10, 2025, seemingly about to "recover lost ground."

However, the time cost and psychological ordeal for investors from peak to bottom to recovery is far greater than a simple "break even" could make up for. Still, this is a much better result than a deep drawdown.

The next question is: after returning to the starting point, what decisions will the fund manager and investors make?

Risk Warning and DisclaimerThe market has risks and investments must be made cautiously. This article does not constitute individual investment advice, nor does it take into account any user's particular investment objectives, financial situation, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their circumstances. All investment based on this is at your own risk. ```