宝盈基金杨思亮：在管产品年内跑输基准超5个点，二季度遭大幅赎回

Core Viewpoint - The performance of the Baoying Brand Consumption A fund has been disappointing, with a year-to-date net asset value decline of 1.67%, significantly underperforming its benchmark by over 5 percentage points as of July 29, 2025 [6]. Fund Performance - As of the end of the second quarter, the fund's net asset value decreased by 5.63%, underperforming its benchmark by 2.65 percentage points [5]. - For the first half of the year, the fund's net asset value fell by 4.16%, lagging behind its benchmark by 5.26 percentage points [5]. - The fund's total assets are approximately 225 million yuan [3]. Fund Manager and Products - The fund manager, Yang Siliang, has been managing the Baoying Brand Consumption A fund since December 2021 and oversees a total of seven products, with six independently managed [2][10]. - All of Yang's independently managed products have experienced losses this year [10]. Holdings and Market Impact - As of the end of the second quarter, the fund's stock holdings accounted for 74.89% of its total assets, with the top ten holdings representing 74.76% of the fund's net asset value, a significant increase from 58.08% in the previous quarter [7]. - Major holdings include Tencent Holdings, Kweichow Moutai, Meituan, and others, with several of these stocks, such as Meituan and Shanxi Fenjiu, experiencing declines of over 12% in the second quarter [8][9]. Redemption and Strategy - Due to poor performance, the fund faced net redemptions exceeding 200 million units in the second quarter, prompting the fund to reduce its holdings in major stocks, which may have exacerbated selling pressure [9].