年内狂涨54％！这几只基金重仓资源股，却根本不是资源主题基金

Core Viewpoint - The resource sector has shown strong performance in early 2026, with several funds heavily invested in this area achieving significant returns, despite not being classified strictly as resource-themed funds [1][2]. Fund Performance - As of February 26, 2026, the top-performing funds include: - Western Leading Strategy Preferred A with a return of 54.37% - Western Leading New Power A at 53.48% - Western Leading Industry Theme Preferred A at 48.54% - Qianhai Kaiyuan Gold and Silver Jewelry A at 32.51% [1]. Fund Structure and Strategy - The funds mentioned are classified as mixed funds with broad investment mandates, allowing for flexibility in stock selection and sector allocation [2][3]. - Western Leading Strategy Preferred A aims to identify companies with sustainable growth potential, with stock investments ranging from 60% to 95% of fund assets [3]. - Western Leading New Power A targets companies in consumer services and technological innovation, with stock assets also ranging from 0% to 95% [3]. Portfolio Composition - The top holdings of the Western Leading funds show significant overlap, with key stocks including Zijin Mining, Chifeng Jilong Gold, and Muyuan Foods, indicating a concentrated investment in both resource and domestic demand sectors [4]. - A notable shift in portfolio composition occurred in Q4 2025, where the funds increased their allocation to resource stocks, moving away from previous investments in aviation and brokerage sectors [5]. Fund Management Insights - The flexibility of all-market selection funds allows managers to adjust their portfolios based on market conditions, which has proven beneficial in the current resource stock rally [6]. - The distinction between all-market selection funds and thematic funds is emphasized, with the former relying on manager judgment and timing rather than strict thematic exposure [6]. Investor Considerations - Investors are advised to differentiate between a fund's temporary holdings and its long-term investment strategy, as short-term performance may not reflect the fund's intended focus [8]. - The potential for "style drift" exists if investors purchase funds based on short-term gains without understanding their contractual investment mandates [8].