“一哥”张坤降职，易方达蓝筹精选基金亏了

Core Viewpoint - E Fund's flagship fund, managed by Zhang Kun, reported a significant decline in performance for Q2 2025, with a net asset value of 1.7572 yuan and a net value growth rate of -7.15%, underperforming its benchmark which yielded 1.92% [1][2]. Financial Performance - The fund achieved a realized loss of -2.456 billion yuan and a profit of -2.754 billion yuan during the reporting period [2]. - The fund's net asset value at the end of the period was 34.942 billion yuan [2]. Investment Strategy - The stock allocation of E Fund's Blue Chip Select Fund decreased from 94.14% in Q1 to 92.63% in Q2 2025, indicating a slight reduction in equity exposure [2]. - Zhang Kun emphasized maintaining positions in high-quality companies with strong business models and clear industry structures, while adjusting the sector allocation towards consumer and technology industries [2]. Top Holdings - The top six holdings remained unchanged, including Tencent Holdings, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, and Alibaba [2]. - New entrants to the top ten holdings included JD Health and SF Express, while Yanghe Distillery and Meituan exited the list [2][3]. Management Changes - Zhang Kun's management of the fund has faced challenges, with a reported total loss of 17.121 billion yuan across four funds in 2023 [5]. - Following a restructuring, Zhang Kun stepped down as Deputy General Manager of E Fund in May 2025, transitioning to a focus on investment research [5][6]. Market Context - The fund's performance has been under scrutiny, particularly in light of regulatory changes that could impact fund managers' compensation based on performance relative to benchmarks [5].