Sou Hu Cai Jing·2025-08-14 20:10Core Viewpoint - The performance of the liquor sector, traditionally seen as a stable investment, has recently caused significant pressure for fund managers, leading to a reevaluation of strategies [1][3]. Group 1: Fund Manager's Performance - Xiao Nan, a senior fund manager at E Fund, manages over 30 billion yuan and has faced challenges with the liquor sector impacting fund performance [1][2]. - The fund managed by Xiao Nan has seen a decline of 6.29% this year, while the average of similar funds has increased by 15.37% [2][4]. - Over the past year, two years, and three years, the fund has underperformed the market, indicating difficulties in both bullish and bearish market conditions [2][4]. Group 2: Investment Strategy Adjustments - In the second quarter report, Xiao Nan acknowledged the negative impact of increasing exposure to liquor stocks on fund performance, admitting a cognitive bias towards high-quality assets [3]. - The report highlighted that leading liquor companies have compromised long-term brand value for short-term performance, resulting in significant price declines [3]. - To improve fund performance, Xiao Nan reduced holdings in low-end liquor and beer stocks while increasing allocations in agriculture and beverage sectors, indicating a shift towards more defensive and fundamentally supported investments [3].