Core Viewpoint - The article highlights the ongoing issue of "style drift" in public funds, particularly focusing on the HuaTai BaRui Health Life Mixed Fund, which has significantly deviated from its intended investment themes of healthcare and consumer life towards cyclical industries like non-ferrous metals and military manufacturing [1][9]. Fund Performance and Holdings - As of the end of Q2 2025, the fund's top ten holdings include companies such as Luoyang Molybdenum, Zhongbing Hongjian, and CATL, primarily concentrated in non-ferrous metals, defense, and power equipment sectors, with no direct allocation to healthcare or consumer-related industries [3][4]. - The fund has shown significant cyclical volatility, achieving a return of 33.33% in 2025 and 43.63% over the past year, but has a weak performance sustainability with declines of 13.11% in 2024, 13.99% in 2023, and 26.65% in 2022, resulting in negative returns over three and five years (-19.41% and -14.51% respectively) [4][6]. Fund Management and Strategy - Fund manager Lv Huijian indicated a cautious approach, focusing on military, non-ferrous, and midstream manufacturing sectors, which further confirms the strategy's disconnection from the "health life" theme and emphasizes macroeconomic cycles and manufacturing trends [7]. - The fund's total return since inception is 43.20%, with an annualized return of only 3.58%, ranking it low among similar flexible allocation funds (290 out of 528) [6]. Investor Composition - Since the mid-2023 report, institutional investors have completely exited, leaving individual investors holding 100% of the shares, reflecting a cautious attitude from institutional funds towards the fund's strategy deviation and performance [9]. Regulatory and Compliance Issues - The long-term and significant deviation from its established investment direction raises compliance concerns regarding style drift and highlights governance issues between thematic constraints and strategy execution, warranting ongoing attention from investors and regulatory bodies [9].
从健康生活到军工有色,华泰柏瑞健康生活风格漂移近三年跑输基准30%,规模缩水至0.66亿,持有人全为散户
Xin Lang Ji Jin·2025-08-26 10:22