I understand it this way, don't know if it's right? That is, why should the fund adjust its position and lighten its position? It is precisely because the price of the investment portfolio (that is, the stocks and bonds invested by the fund) has declined. In order to stop losses, the fund has to adjust and lighten its positions, which can reduce losses, but there is still a final loss. The total assets of the natural fund have declined, while the net value of the fund = the total assets of the fund/the total share of the fund. The total assets of the fund have decreased, and the share of fund recruitment has remained unchanged. Of course, the net value has decreased.