The worst experience of buying a fund is: you can’t catch up when you eat meat, and you can’t fall down when you get hurt.

What we are talking about is Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund. The investors who rushed in this year are probably trapped by Qu Yang, right?

1

Roll over

As the Chinese stock market ushered in the DeepSeek moment, the artificial intelligence track was once crowded, and everyone was squeezing in, fearing that missing AI would be a missed era.

Under the grand narrative, AI concept stocks have risen to the sky, and there are many ten-fold stocks in the sub-sectors such as Changsheng Bearing. Although there have been a wave of adjustments since March, the money-making effect of the track is still very considerable.

From the beginning of the year to date (as of May 13), more than half of the top 10 growth in the Tonghuashun Concept Index are related to AI, among which DeepSeek Concept (886100) has a cumulative increase of 31%, surpassing the two markets.

With the hot market, the shares of artificial intelligence-themed funds that have attracted much attention from the market in the first quarter have soared, but these funds have performed somewhat differently as of May 12.

Most of them took a sip of the soup.

For example, the cumulative return of E Fund CSI Artificial Intelligence Theme ETF (159819) was 3.24%, the cumulative return of Baoying Artificial Intelligence Stock A (005962) was 3.3%, and the cumulative return of Oriental Artificial Intelligence Theme Hybrid A (005844) was 3.75%, slightly outperforming the Shanghai Composite Index and the Shanghai and Shenzhen 300.

Some of them were not satisfactory.

For example, Southern Artificial Intelligence Hybrid (005729) cumulative income is -0.66%, and Bose Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF initiated link A (023520) cumulative income is -7.57%.

However, the most surprising thing is Qianhai Kaiyuan Artificial Intelligence Theme Mixed. From the beginning of the year to the present (as of May 12), the cumulative yield of Class A (001986) is - 19.04%, and Class C ( 023286) has fallen by 23.2%, far below similar categories.

Qianhai Open Source Artificial Intelligence Theme Hybrid A

Qianhai Open Source Artificial Intelligence Theme Hybrid C

Judging from the yield trend, the decline was unexpected. Investors who bought the fund at the beginning of the year were in great trouble. They thought they were sure to win the AI ​​on board, but they didn't expect that they would soon fall into the "sink pit".

In this fund stock bar, investors were complaining, "There is nothing worse than this", "What are you holding? Is there any accuracy?"

2

capricious

Note that this fund is not a new fund, and was issued and listed on April 5, 2016.

The well-known fund manager Qu Yang managed it alone for 4 years and 316 days, with a return of 93.3% during his term. From March 16, 2021 to the present, it has been jointly managed by Qu Yang and Wei Chun, and the return on employment during this period has dropped sharply to -37.51%.

Up to now, the 9-year cumulative yield of the fund's Class A fund is 20.79%, which is relatively mediocre, mainly because it has been retracing all the way in the past three and a half years, and its performance is roller coaster.

Currently, the scale of Class A is 688 million yuan, while the scale of Class C is only 08 million yuan, which is half the scale compared with its peak period .

Judging from the fund manager information, Qu Yang joined Southern Fund in 2008 and then joined Qianhai Kaiyuan Fund in 2014. He is a veteran in the industry and serves as the deputy general manager of Qianhai Kaiyuan and chairman of the Investment Decision-making Committee. He is currently under management in a scale of 15.8 billion yuan.

Wei Chun joined Qianhai Kaiyuan in 2013. Although he joined the company earlier than Qu Yang, his fund was not as good as Qu Yang's business, and his current management scale is 1.33 billion.

Interestingly, Wei Chun was once selected by the media as one of the "Fund Goddesses", which is a combination of appearance and talent.

It is not difficult to judge that Qianhai Kaiyuan artificial intelligence theme mixture has the situation of "old bringing new ones", but this beautiful fund manager joined the fund a bit accidental. He happened to encounter a bull-bear transition in the market and was not led by famous players .

In addition to the general market trend, the fund has exposed quite a few problems.

Generally speaking, when investing in artificial intelligence-themed funds, everyone focuses on core areas such as computing power, big models, and robots, but Qianhai Kaiyuan fund is a bit "willful" in stock selection .

Among the top ten heavily held stocks in the first quarter, chip design companies with small and medium-sized market value such as Xinyuan Co., Ltd., Ruixin Micro and Hengxuan Technology account for more than 50%, which is a "non-mainstream" player.

Although this type of small and medium-sized chip design company has some technical barriers, it is not commercialized quickly enough and its valuation is still very high.

For example, Xinyuan Co., Ltd. has a single-digit net profit growth rate in 2024, but its price-to-earnings ratio has remained above 100 times for a long time. Even if the performance explodes in the future, it may be over-specified. When the market style switches from "speculating concept" to "speculating performance", this type of stock will be severely hit first.

There are two major problems with this fund's operation: too concentrated positions and too frequent adjustments .

Judging from the data in the first quarter of this year, the top ten heavily held stocks account for about 60%, and in history it is even close to 90%, far exceeding similar funds. Once the market pulls back, there is no room for buffering at all, so it is not surprising that the net value is going to retreat quickly.

Besides, the turnover rate is a bit outrageously high, and the short-term operation traces are obvious. I originally wanted to seize the hot spots by frequently adjusting positions, but it became the negative textbook for "chasing the rise and selling the fall". For example, the Industrial FUCCI and Guangxun Technology, which were still heavily in the end of 2024, disappeared in the first quarter of 2025, and they missed the subsequent technical rebound of these leading stocks.

3

Failure

The poor performance of this fund is probably mainly closely related to Qu Yang. He used to be a big shot in the consumer track, but when he arrived at the AI ​​track, he was a little "unacceptable".

The AI ​​industry chain has a fast technology iteration, and the pace of commercialization is different from that of the consumer industry. Qu Yang lacks in-depth tracking of these, to put it bluntly, it is like a mountain in a distance. His previous experience is not very good here.

Moreover, Qu Yang has long been "one to push back and forth" and has managed 15 funds at the same time, with a total scale of 15.8 billion yuan. Human energy is limited. With so many funds, how can I have time to customize refined strategies for each theme fund? It’s like a teacher teaches several different courses at the same time, and it’s difficult to teach each course carefully.

When the fund manager's ability scope does not match the product positioning, even if he has the aura of a star, he cannot withstand the risk of "naked swimming" in the end.

Regarding the performance of the fund, Shenlan Finance contacted Yang Delong, chief economist of Qianhai Kaiyuan and fund manager of Equity Investment Headquarters. He responded, " Different fund managers have different management styles, and I don't know how to comment ."

Regarding the subsequent market of the AI ​​track, Yang Delong believes that AI is the direction that benefits from economic transformation and also the direction of policy support . Now we are in an era of great development of artificial intelligence. I have always been optimistic about the "AI+" track. AI empowers traditional industries. A theme fund that has been deployed this year has received relatively good returns and ranks in the top ten in the country. This track can be paid attention to for a long time.

4

Conclusion

In 2024, the public fund industry shocked the market with a set of "thriller" data in the past three years. The average A-share market value of public funds held 5.6 trillion yuan, but it created losses of up to hundreds of billions of yuan. The problems exposed by Qianhai Kaiyuan fund are actually a mirror of the entire public fund.

In the past, some fund managers might have paid more attention to short-term performance and engage in short-term speculation. Anyway, salary and long-term performance have little to do with each other. But now it is different. The China Securities Regulatory Commission has recently issued the "Action Plan for Promoting the High-Quality Development of Public Funds", which clearly defines the deep binding of fund manager compensation with long-term performance .

The new regulations force fund managers to look forward to the long-term and pay more attention to long-term performance. This will slowly affect the entire industry ecosystem. Fund managers who rely solely on "concept speculation" and do not conduct solid research will become increasingly difficult to get along with, and fund products that truly deepen industrial logic and adhere to risk control discipline will usher in better development opportunities.