Xin Lang Ji Jin·2025-08-26 10:26Core Viewpoint - The article discusses the phenomenon of "style drift" in public funds, highlighting the significant deviation of the Jiayin Innovation Leading Mixed Fund from its original investment strategy, raising concerns among investors and regulators [1][7]. Fund Performance and Strategy - The Jiayin Innovation Leading Mixed Fund, managed by Guo Fei for 5.5 years, has shifted its investment focus from technology growth stocks to low-valuation, high-dividend assets such as banks and power companies, which contradicts its "innovation" branding [1][6]. - As of Q2 2025, the fund's top holdings include Jiangsu Bank and Industrial and Commercial Bank, reflecting a clear low-risk, high-dividend characteristic [2]. - The fund's performance has been relatively mediocre, with a return of 10.48% since 2025, significantly lower than the average return of 27.11% for equity mixed funds and 13.58% for the CSI 300 index [3][4]. Historical Performance Data - The fund's annual returns from 2021 to 2025 show fluctuations, with a notable decline in 2022 (-20.12%) and a recovery in 2024 (13.26%) [4]. - Over its 5.5-year history, the fund has achieved a total return of 50.09% and an annualized return of 7.66%, which, while outperforming its benchmark, does not demonstrate a clear "innovation" advantage [4][6]. Investment Logic and Market Implications - Guo Fei's investment logic emphasizes defensive positioning and dividend yield, contrasting sharply with the fund's original growth-oriented theme [6]. - The fund's significant shift in strategy poses a mismatch risk for investors who initially subscribed based on the "innovation" theme, indicating potential challenges in maintaining investor trust and adherence to investment discipline [6][7].