北信瑞丰外延增长被指风格漂移成“水电主题” 年内下跌1.3%，基金经理王玉珏坦言“看错风格”

Core Viewpoint - The article highlights the phenomenon of "style drift" in public funds, particularly focusing on the North Trust Ruifeng External Growth Flexible Allocation Mixed Fund, which has deviated significantly from its original investment strategy, raising concerns in the market [1]. Fund Manager and Strategy Changes - The current fund manager, Wang Yuque, took over in January 2024 and has shifted the fund's focus entirely to the hydropower industry, contradicting its original theme of "external growth" through mergers and business expansion [1][10]. - The fund has experienced frequent changes in management, with an average tenure of only 1.87 years for its five managers since inception [1]. Portfolio Composition - As of the end of Q2 2025, the fund's top ten holdings are exclusively in the hydropower sector, including companies like Changjiang Electric Power and Guiguan Electric Power, leading to extreme industry concentration [1][2]. - The total market value of the fund's holdings is approximately 11.28 billion yuan, with a significant portion allocated to public utility stocks, which reflects a defensive investment strategy [2]. Performance Metrics - The fund has shown poor performance, with a return of -1.27% in 2025, -1.21% over the past year, and -15.16% over the past two years, consistently underperforming against its benchmark and the CSI 300 index [4][7]. - Since its inception, the fund has achieved a total return of 47.20%, with an annualized return of only 4.25%, failing to deliver significant excess returns to investors [4]. Market and Manager Reflection - Wang Yuque acknowledged the mismatch between his investment strategy and market conditions, stating that his deep value approach based on net cash accumulation has not been suitable in the current environment [7][10]. - The fund's small size of 0.16 billion yuan puts it at risk of being liquidated, highlighting the challenges faced by mini funds under pressure to perform [8]. Implications of Style Drift - The case of North Trust Ruifeng External Growth Fund illustrates that frequent changes in fund management and persistent small fund sizes are more prone to style drift, raising concerns about adherence to investment themes [10].