Hua Xia Shi Bao·2025-08-14 09:42Core Viewpoint - The report highlights significant style drift in the fund "交银创新领航混合" (Jiaoyin Innovation Pioneer Mixed Fund), which has shifted its focus from innovation to traditional banking stocks, leading to poor performance compared to its peers [2][5]. Fund Performance and Style Drift - As of Q2 2025, 10 funds are reported to have style drift, with 3 facing punitive non-rating due to Q1 drift. The Jiaoyin Innovation Pioneer Mixed Fund is particularly noted for its prolonged style drift [2]. - The fund's top ten holdings have been dominated by bank stocks since Q3 2024, with bank stock allocation exceeding 55%, which contradicts its stated focus on innovation [2][3]. - The fund's performance has deteriorated, ranking at the bottom among peers over the past month and three months, significantly underperforming the average of similar funds [2][9]. Investment Strategy and Holdings - The fund's investment strategy, as per its prospectus, mandates that at least 80% of its non-cash assets be invested in securities related to the "innovation pioneer" theme, which includes high-quality listed companies that drive innovation [3]. - Despite this, the actual holdings show a heavy reliance on bank stocks, with 7 out of the top 10 holdings being banks, leading to a total bank stock allocation of approximately 55.24% [3][4]. Management and Oversight - The fund manager, 郭斐 (Guo Fei), has been managing the fund since February 2020, with a background in investment banking and fund management [7]. - Concerns have been raised regarding the fund management's responsibility for the style drift, with regulatory bodies emphasizing the need for stricter compliance and risk management to protect investors [6].