Core Viewpoint - The article highlights the phenomenon of "style drift" in public funds, particularly focusing on the Jiashi Green Theme Stock Fund, which has deviated significantly from its stated investment theme of environmental and low-carbon investments, concentrating instead on the semiconductor sector [1][7]. Fund Performance - Since its inception in February 2023, the Jiashi Green Theme Stock Fund has achieved a return of 45.76% in 2025 and 111.57% over the past year, ranking 25th out of 946 in the ordinary stock fund category [2]. - The fund's total return since inception is 27.64%, with an annualized return of 10.15%, outperforming its benchmark and the CSI 300 Index [2]. - The fund exhibits high volatility, with a maximum consecutive six-month return of -38.34%, indicating the risks associated with betting on a single sector [2]. Investment Strategy - Fund manager Cai Hongfeng emphasizes a focus on the semiconductor industry, particularly chip design, which is characterized by high beta attributes and significant performance elasticity during periods of high demand or new product cycles [4][5]. - The investment strategy is based on identifying "blockbuster" stocks using a quantitative model, which is misaligned with the fund's green theme [5]. Fund Structure and Investor Composition - The fund has a total size of 155 million yuan, but its actual strategy diverges significantly from its contractual obligations, raising compliance concerns regarding style drift [5]. - The proportion of institutional investors has decreased from 91.61% in mid-2023 to 35.32% in the 2024 annual report, indicating a declining appeal to institutional investors [5][6]. Conclusion - The Jiashi Green Theme Stock Fund serves as a typical case of "style drift" in thematic funds, presenting both opportunities and risks for investors, and raising questions about compliance and investor suitability in public fund management [7].