Core Viewpoint - The performance of Guizhou Moutai's stock has weakened due to the poor performance of the liquor sector, leading to a significant reduction in its position among actively managed equity funds [1] Group 1: Fund Holdings - Guizhou Moutai has dropped from being the third largest holding in actively managed equity funds at the end of Q2 to the tenth largest by the end of Q3, marking a decline of seven positions in just one quarter, which is rare in recent years [1] - Several fund companies, including China Merchants Fund, Huatai-PB Fund, and others, have increased their holdings in Guizhou Moutai during Q3, while more fund companies, such as China Asset Management and E Fund, have reduced their positions [1] - Notable fund managers like Zhu Shaoxing and Xiao Nan have also reduced their holdings, contrasting with Zhang Kun, who has increased his investment in Guizhou Moutai, maintaining it as a significant holding in his fund [1] Group 2: Fund Performance - The funds that increased their holdings in Guizhou Moutai reported a Q3 return of 16.37%, while their year-to-date return as of October 29 was lower at 13.97% [1]