宝盈基金张天闻"押注"半导体 熬到行业春天清仓式卸任

Core Viewpoint - Zhang Tianwen, the fund manager of Baoying Fund, has resigned from managing four funds, raising concerns about his concentrated investment strategy in the technology sector, particularly in TMT and hard technology, which may amplify risks associated with a single sector [1][2]. Fund Performance - Zhang Tianwen's managed funds have generally achieved high positive returns, with Baoying Semiconductor Industry Mixed Fund A returning 93.18% and the same fund's C share at 90.24%. Other funds like Baoying Basic Industry Mixed A and C returned 85.51% and 82.70%, respectively [1]. - In the artificial intelligence and smart living theme funds, Baoying Artificial Intelligence Stock A achieved a return of 75.79%, while C shares returned 72.07%. Baoying Smart Living Mixed A and C returned 51.30% and 49.67%, respectively [1]. Investment Strategy Concerns - There are sharp criticisms regarding Zhang Tianwen's management style, which is perceived as "style drift" and "betting-style investment." Despite the funds' names covering various themes, the investment scope is highly overlapping within TMT and hard technology sectors, leading to a concentrated holding strategy that increases single-sector risk [1][2]. Fund Management Background - Zhang Tianwen has a background in the semiconductor industry and finance, having worked as a researcher in electronic (semiconductor) sectors before joining Baoying Fund in March 2021 [2]. Fund Performance Timeline - The performance of Zhang Tianwen's funds was notably concentrated between late 2022 and early 2023, with significant returns observed during this period [2]. Fund Holdings and Market Trends - The Baoying Semiconductor Industry Mixed Fund A, established on December 5, 2022, had its top ten holdings primarily in semiconductor and integrated circuit-related companies. The fund experienced a significant decline, with a maximum drawdown of 37% from its peak [6][10]. - The semiconductor sector began to recover in the second half of 2024, contributing to improved performance for Zhang Tianwen's funds, although the overall annual growth remained modest due to prior declines [10]. Quarterly Performance Analysis - The quarterly performance of Baoying Semiconductor Industry Mixed Fund A showed fluctuations, with a notable 32.55% increase in Q4 2024, but overall annual growth was limited to 14% due to earlier losses [10][12].