Just missing the "light"? The top-performing fund rakes in 183% in half a year, while the lagging product loses 34%

Wind data shows that as of June 30, among the actively managed equity funds included in the statistics (including partial stock hybrid funds, common stock funds, flexible allocation funds, balanced hybrid funds, and some actively managed equity QDII funds, with different share classes combined), Fangzheng Fubang Core Advantage ranked first with an annual return rate of 183.67%, becoming the champion actively managed equity fund in the first half of this year.

At the bottom of the list, Xin'ao Bojian Growth One - Year Fixed - Open Fund fell 34.28% this year. The performance gap between the top and bottom funds exceeded 217 percentage points.

From the list, the most profitable funds in the first half of this year almost all stood on the main lines of hard technologies such as AI computing power, memory chips, optical communication, PCB, and semiconductor equipment; while the underperforming products were more concentrated in directions such as consumption, travel, automobiles, and Hong Kong - listed consumer technology. The half - year ranking of actively managed equity funds also reflects the concentrated manifestation of market structural differentiation.

The champion fund bet on memory chips, and Wu Hao became well - known overnight

In the first half of this year, Fangzheng Fubang Core Advantage won the title of the semi - annual champion of actively managed equity funds. This previously low - key product became the biggest dark horse on the list.

This fund is managed by Wu Hao, with an annual return of 183.67%, significantly leading the second - ranked Caitong Multi - Strategy Fuxin. The scale of this fund was 588 million yuan at the end of the first quarter, which is relatively small. Some market participants believe that against the background of the rapid development of the memory chip market and increased volatility in the sector, the relatively small scale provides some room for the fund manager to adjust positions frequently and increase the elasticity of the portfolio. However, it is not yet known whether there have been significant subscriptions to the fund after the market further fermented in the second quarter.

The key to the success or failure of Fangzheng Fubang Core Advantage is also clear from its holdings. That is, it heavily invested in the memory and semiconductor capacity expansion chain. The first - quarter report shows that the top ten heavy - holding stocks of the fund include Jiangbo Long, Demingli, Shannon Core Innovation, Zhoyi Innovation, Baiwei Storage, Puren Co., Ltd., Langke Technology, Yaxiang Integration, Shenghui Integration, and Jingzhida. The position of the top ten stocks reached 72.38%. Against the background of the continuous strengthening of the memory chain in the second quarter, the elasticity of the portfolio's net value was rapidly amplified.

AI hardware supported double - return funds, and optical modules and semiconductors were eye - catching

Beyond the champion fund, the holding directions of double - return funds were also highly concentrated.

As of June 30, there were 201 actively managed equity funds with an annual return of more than 100%. The top - ranked funds include Caitong Multi - Strategy Fuxin, Orient Huixin, Orient Artificial Intelligence Theme, Huian Trend Power, Caitong Ingenuity Selection One - Year Holding, Orient Alpha Technology Selection, Soochow Value Growth, and Yin Hua Integrated Circuit, with returns all exceeding 157%.

Jin Zicai of Caitong Fund is another fund manager that cannot be ignored. The Caitong Multi - Strategy Fuxin he manages had a return of 172.94% in the first half of the year, ranking second; many products such as Caitong Ingenuity Selection One - Year Holding, Caitong Prosperity Selection One - Year Holding, Caitong Integrated Circuit Industry, and Caitong Growth Selection also ranked among the top.

The first - quarter report shows that Caitong Multi - Strategy Fuxin heavily invested in stocks in the optical communication and PCB directions such as Dazhu CNC, Zhongji Xuchuang, Shengyi Electronics, Dingtai High - tech, Xinyisheng, and Yuanjie Technology. The portfolio style was concentrated and the offensive was distinct.

Semiconductor equipment also made outstanding contributions. The Orient Huixin and Orient Artificial Intelligence Theme managed by Yan Kai had returns of 167.25% and 166.72% in the first half of the year. At the end of the first quarter, they heavily invested in semiconductor equipment and component companies such as Fuchuang Precision, Huahai Qingke, Zhongwei Company, and North Huachuang; the Yin Hua Integrated Circuit managed by Fang Jian had a return of 157.97%, also significantly benefiting from the market of the integrated circuit industry chain.

In addition, products such as Southern Information Innovation, GF Visionary Selection, Ping An Technology Selection, Huafu Digital Economy, Bank of Communications Data Industry, and Shanghai Bank Digital Economy all had relatively high annual returns, and their layouts mostly revolved around AI infrastructure, computing power equipment, data industry, software, and the digital economy chain.

There were also obvious performances in the directions of high - end manufacturing and specialized and sophisticated enterprises. Products such as E Fund Supply - Side Reform, E Fund Industry Opportunity, Huaxia Advanced Manufacturing Leader, Chuangjin Hexin Specialized and Sophisticated Enterprises, Hongtu Innovation New Technology, Hongtu Innovation Science and Technology Innovation, and Shenwan Hongyuan Smart Drive ranked among the top, mostly corresponding to directions such as AI hardware, electronic manufacturing, intelligent manufacturing, and industrial upgrading.

Some fund research personnel believe that the top - ranked products in the first half of this year more specifically bet on the links with the strongest prosperity, the most easily verifiable prices, and orders in the AI capital expenditure chain. The return elasticity comes from the industry trend and also from the portfolio concentration; once the sector volatility increases, the rankings among the leading products may also change rapidly.

The bottom - ranked funds were trapped in the consumption, travel, and automobile chains

Compared with the double - return funds, the holding styles of the products with the largest declines were significantly different.

As of June 30, Xin'ao Bojian Growth One - Year Fixed - Open Fund, Xin'ao Xingyi, GF Value Leading, Tongtai Big Health Theme, Guolian Brand Selection, and Caitong Asset Management Quality Consumption ranked among the top in the decline list. Among them, Xin'ao Bojian Growth One - Year Fixed - Open Fund fell 34.28% in the first half of the year, and Xin'ao Xingyi fell 33.63%. Both products are managed by Li Bo.

The first - quarter report of Xin'ao Xingyi shows that its largest heavy - holding stock is Xiaomi Group, and it also holds stocks in the automobile chain such as Jianghuai Automobile, Li Auto, and BAIC BluePark. Xin'ao Bojian Growth One - Year Fixed - Open Fund involves new consumption directions such as Maogeping and Roborock. The automobile, Hong Kong - listed consumer technology, and new consumption sectors continued to be under pressure in the second quarter, resulting in a significant decline in the net value of relevant portfolios.

The GF Value Leading managed by Lin Yingrui also ranked among the bottom, falling 33.60% in the first half of the year. The top ten heavy - holding stocks of this fund at the end of the first quarter included Spring Airlines, Tongcheng Travel, China Express Airlines, China Eastern Airlines, China Southern Airlines, and Air China. The holdings were clearly biased towards the aviation travel chain. The GF Ruiyi Leading also fell 28.66% in the first half of the year. In the structural market in the first half of this year, the travel and consumption chains did not receive continuous pricing, forming a sharp contrast with the AI hardware direction.

In addition to fund managers of the products with large declines such as Lin Yingrui and Li Bo, some well - known fund managers with a consumption - style also faced pressure in their performance in the first half of the year. Products such as E Fund Blue Chip Selection and E Fund High - Quality Selection managed by Zhang Kun ranked relatively low, with net value declines of 17.99% and 25.11% in the first half of the year. The fund portfolios have long been biased towards liquor, Internet, and consumer leaders. In an environment where the AI hardware main line continued to dominate and traditional core assets performed weakly in the first half of this year, the net value elasticity was clearly insufficient.

The E Fund Consumption Industry and E Fund Consumption Selection managed by Xiao Nan also failed to escape the overall drag of the consumption sector, falling 22.80% and 26.12% respectively, showing a large contrast with the performance of technology - growth - oriented funds.

Products such as Invesco Great Wall Emerging Growth and Invesco Great Wall High - Quality Growth under Liu Yanchun also ranked among the bottom, with net value declines of more than 15% in the first half of the year. The portfolio styles were also biased towards consumption, medicine, and high - quality leading assets. However, the market trading focus in the first half of the year was concentrated in directions such as AI computing power, semiconductors, PCB, and optical modules, and the valuation repair of consumption and medicine assets was not smooth.

This article is from the WeChat official account “Caixinlian”, author: Wu Yuqi. It is published by 36Kr with authorization.