Stop fixating exclusively on AI, the net asset value per unit of these funds has quietly hit new record highs.

As the market undergoes adjustments, several public offering funds have quietly forged their independent upward trajectories, with their net asset value per unit hitting record highs.

Wind data shows that last week (August 10 to August 14, 2026), the net asset value per unit of dozens of funds across the entire market reached new highs since their establishment. Looking at the positions of these funds, some funds heavily invested in the AI sector reduced their positions to "escape the top" at the end of the second quarter, avoiding the market correction in July; other funds have relatively diversified layouts without betting on a single track or industry.

Achieving new net value highs without holding AI stocks

The Founder Fubon Emerging Growth Mixed fund managed by fund manager Qiao Peitao recorded a net asset value per unit of 2.1396 yuan on August 14, hitting an all-time high since its establishment. In terms of its performance since the beginning of the year, the fund's return rate in 2026 is approximately 57%.

Qiao Peitao stated in the fund's first quarterly report that he is optimistic about the AI sector, but did not bet on this single track. He mentioned in the first quarterly report that in the next stage, he will increase research and investment in the AI industrial chain in a phased manner, especially for links and targets that lag behind industrial driving and have not been fully priced by the market.

Judging from the trend of the fund's net value, the net asset value per unit of Founder Fubon Emerging Growth Mixed grew rapidly in April and May, which is consistent with the rebound performance of the AI sector starting in early April. However, starting from the end of May, the fund's net value began to pull back, which deviated from the booming AI sector in June.

In the second quarterly report, Qiao Peitao explained that the fund focused on deploying several sectors benefiting from the AI-related industrial chain in the second quarter, which delivered good results. By the end of the second quarter and the beginning of the third quarter, market sentiment and the macro environment are almost completely opposite to those at the start of the second quarter, while the market is overly optimistic about AI progress, ignoring the risk that insufficient model capabilities will lead to a sharp increase in token costs for downstream programming developers, forcing them to drastically restrict token expenses. Qiao Peitao carried out certain rebalancing of the fund positions.

As of the end of the second quarter, the top ten heavyweight stocks of Founder Fubon Emerging Growth Mixed are CATL, EVE Energy, Xinqianglian, Putailai, Sinomine Resource, Hikvision, Unigroup Guoxin, Shida Shenghua, Hygon Information, and Centre Testing International, in that order. Among these stocks, only Unigroup Guoxin and Hygon Information come from the AI sector.

Thanks to the position rebalancing, although the net asset value per unit of Founder Fubon Emerging Growth Mixed experienced adjustment in early July, it rebounded again from mid-July, and eventually hit a new record high.

Multiple products adopt diversified layouts

After sorting through data, China News View found that some funds have adopted relatively diversified layouts, which are relatively robust amid market adjustments.

Since the second half of 2025, GF Value Core has gradually increased its investment in sectors such as semiconductors and domestic computing power, with popular stocks such as Cambricon-U, Advanced Micro-Fabrication Equipment, and Hua Hong Semiconductor included in its heavyweight stock list.

In mid-June 2026, Wu Yuanyi, the fund manager of GF Value Core, left his position and was succeeded by Tian Wenzhou. As of the end of the second quarter of this year, the fund reduced its holdings of multiple tech stocks among its top ten heavyweight stocks. Compared with the end of the first quarter, the shareholding volumes of JPT, Chuangyiliang Technology, Yangtze Optical Fibre and Cable, and Hengtong Optic-Electric decreased by approximately 63.04%, 57.89%, 57.28%, and 66.27% respectively. In addition, Cambricon-U was removed from the list of top ten heavyweight stocks.

Tian Wenzhou stated in the second quarterly report that the valuations of AI-related targets are relatively high after their rise, so he has gradually carried out balanced adjustments to the fund positions, selecting stocks based on free cash flow, with relatively balanced allocation in AI-related sectors (electronics, machinery), resource products, and manufacturing sectors with global competitiveness.

On August 10, the net asset value per unit of GF Value Core reached 1.2869 yuan, a record high. As of August 10, the fund's year-to-date return rate is approximately 36.44%.

Dacheng Trend Return also does not hold heavy positions in the AI sector. Xu Xionghui, the fund manager of this product, expressed doubts about the highly divergent price trends of TMT-related sectors and non-TMT sectors in the second quarterly report. He believes that "there may be a certain degree of divergence in such a market. Under such circumstances, we are willing to take certain risks and no longer simply follow the market consensus."

Xu Xionghui also stated that diversification is the foundation of an efficient market. Different investors price stocks based on different information, and stocks fully reflect different types of information, so that the market in general can be efficient.

As of the end of the second quarter, the top ten heavyweight stocks of Dacheng Trend Return are Qilu Bank, Chongqing Rural Commercial Bank, China Jushi, TCL Technology, Weichai Power, Yongjin Group, CRRC Times Electric, Wanhua Chemical, Intco Medical, and Yuntu Holdings, in that order. In terms of sectors, these stocks come from banking, materials, information technology, chemicals, pharmaceuticals, etc.

On August 10, the net asset value per unit of Dacheng Trend Return hit a new high of 1.8100 yuan. As of August 10, the fund's year-to-date return rate is approximately 25.61%.

Outstanding performance in energy, non-ferrous metals, and innovative medicine sectors

In the first half of the year, the "outstanding alone" performance of the technology track overshadowed the performance of other sectors. As the technology sector enters a consolidation phase, the performance of funds deployed in the energy, non-ferrous metals, and innovative medicine sectors has gradually become prominent.

Wanjia Select is mainly allocated to the energy industry. The net value of this fund experienced adjustment in June this year, with the maximum monthly decline exceeding 15%. At that time, the AI sector was advancing triumphantly all the way. Entering July, the AI sector dropped significantly, while the net value of Wanjia Select increased sharply. On August 10, the net value of the fund reached 2.3139 yuan, hitting a record high.

Huang Hai, fund manager of Wanjia Select, stated in the second quarterly report that capital in the A-share market shows the feature of extreme "grouping", with the AI/semiconductor related sectors standing out alone while other sectors are in the doldrums. When capital is highly concentrated in a single track and market sentiment is driven by trends, he sees historic opportunities on the other side. In the second quarter, the fund carried out appropriate structural adjustments: realizing part of the returns from the energy industry to disperse industry concentration; deploying high-quality low-valuation companies in brand consumer goods, media, non-ferrous chemicals and other sectors on dips.

Yinhua Select Value Growth is also deployed in the energy sector. Zhang Teng, fund manager of the fund, stated in the second quarterly report that in response to high macro and geopolitical volatility, he chose a diversified and partially hedged approach to cope, such as the coal and oil and gas sectors that move in line with oil prices, and the large refining and non-ferrous metals sectors that move against oil prices. In the medium and long term, he will focus on investment opportunities as policy guidelines related to industrial "anti-involution" gradually become clear and enter the in-depth implementation stage, and will selectively make diversified deployments in sectors such as chemicals, steel, coal, and electric power.

Multiple funds with heavy positions in the innovative medicine and CXO (pharmaceutical outsourcing) sectors have also reached new net value highs. Penghua Innovative Medicine, established in May 2024, saw its net asset value per unit hit an all-time high on August 13. The fund's allocation direction in the second quarter is further tilted toward overseas expansion, including overseas medical devices, overseas generic drugs, and overseas innovative drugs.

Funds with heavy positions in the innovative medicine and CXO sectors, including Caitong Pharmaceutical Health, E Fund Healthcare Theme, and Yongying Pharmaceutical Health, all recorded new net asset value per unit highs last week.

The views in this article are for reference only and do not constitute investment advice. Investment involves risks, and caution is advised when entering the market.

This article is from the WeChat official account "China News View" (ID: jwview), written by Xue Yufei, edited by Lin Wansi, chief editors in charge: Wei Wei, Chang Tao. Authorized for release by 36Kr.