Recently, the first quarter report of the Da Cheng Competitive Advantage Fund managed by Xu Yan was disclosed. As of the end of the reporting period, the scale of the Da Cheng Competitive Advantage Mixed A Fund reached about 2.48 billion yuan, with a net asset value growth rate of 2.37%; the scale of the Da Cheng Competitive Advantage Mixed C Fund reached about 436 million yuan, with a net asset value growth rate of 2.22%, and the benchmark return rate for the same period was 2.21%. Since the effective date of the fund contract until the end of the reporting period, the net asset value growth rate of the Da Cheng Competitive Advantage Mixed A Fund was 228%, compared to a benchmark return rate of 63.29% for the same period. Currently, Xu Yan manages 6 funds, with a total scale of assets under management reaching 14.683 billion yuan. In terms of top holdings, as of the end of the first quarter, the top ten holdings of the Da Cheng Competitive Advantage Fund were: ZTE Corporation (000063.SZ/00763), Huqin Technology (603296.SH), Guangshen Railway (601333.SH/00525), Sha Steel (002075.SZ), Huaye Automobile (600741.SH), COSCO Shipping (601919.SH/01919), XinXin Technology (03800), Guorui Technology (600562.SH), YTO Express (600233.SH), and Cheung Kong (00001). COSCO Shipping, Sha Steel, Huaye Automobile, and XinXin Technology reduced their holdings significantly, while ZTE Corporation increased its holdings. Guorui Technology and YTO Express are new additions to the top ten holdings. Xu Yan's investment style is relatively conservative, and he tends to favor large-cap blue-chip stocks, which has allowed all 6 funds under his management to achieve positive net asset value returns in the first quarter of this year, with returns ranging from 6% to 8%. Looking at specific individual stocks, YTO Express, Sha Steel, and Guangshen Railway were the top performers in the first quarter, with YTO Express's stock price rising by over 26% during the quarter. The more outstanding a fund manager's past performance is, the more cautious their outlook for the future, and their expression becomes more rational and objective. In the first quarter report, Xu Yan pointed out that the mediocre performance of the Da Cheng Competitive Advantage Fund in the first quarter was partly due to missing opportunities when they should have bought in. Regarding globally priced commodities, Xu Yan explained that the reason for missing out can be traced back to the second half of 2022 when he had some doubts: if the world's main currency is to some extent fake, to what extent can commodity prices be real? Since March, the situation has been calm, but please do not forget the significant volatility before. However, due to the mediocre performance of the fund, investors have chosen to vote with their feet. Wind statistics show that out of Xu Yan's 6 managed funds, 4 had net redemptions by the end of the quarter, especially the best-performing Da Cheng Competitive Advantage Fund, which had the largest number of net redemptions.