Group 1 - The core point of the article highlights that the Qianhai Kaiyuan Artificial Intelligence Theme Mixed A Fund (001986) has performed poorly, ranking last in the semi-annual mixed fund performance list with a return of -20.57% for the first half of the year [1] - As of July 3, 2025, the fund's year-to-date return is -22.61%, and its cumulative net value is 1.1547 yuan [4] - The fund has a long-term performance since its inception, with a cumulative return of 15.47% [4] Group 2 - The fund manager, Wei Chun, has a background in telecommunications and has been with Qianhai Kaiyuan Fund Management Company since 2013, managing public funds for six years [7] - The fund primarily invests in the TMT (Technology, Media, and Telecommunications) sector, with top holdings including companies like Chipone Technology, Rockchip Electronics, and others [7] - Another fund, Qianhai Kaiyuan Artificial Intelligence Theme Mixed C, was established on January 20 this year and has reported a cumulative return of -26.62% [7]

Core Viewpoint - The artificial intelligence sector has attracted significant market attention this year, but the Qianhai Kaiyuan Fund's AI-themed products have underperformed amidst this technological revolution [2] Group 1: Fund Performance - From the beginning of the year to May 14, the Qianhai Kaiyuan AI-themed mixed fund A saw a net value decline of 19.14%, significantly underperforming the CSI Artificial Intelligence Index, which rose by 3.4% during the same period [2] - The Qianhai Kaiyuan AI-themed mixed fund C, established on January 20, also experienced a decline of 23.55% by May 14 [2] - The fund's poor performance is attributed to its strategy of betting on "dark horses" rather than focusing on leading companies in the AI sector, which is characterized by a "winner-takes-all" competition [3] Group 2: Investment Strategy - The fund's top ten holdings as of Q1 2025 included companies like Chipone Technology, Rockchip, and Hengxuan Technology, which collectively accounted for over 50% of its portfolio, excluding major players like Cambricon, Hikvision, and Inspur [3] - The strategy of investing in smaller chip companies, while they may have technological barriers, faces challenges such as high costs and complex ecosystem adaptations, leading to significant underperformance compared to industry giants [3] Group 3: Managerial Challenges - The fund underwent a complete overhaul of its top ten holdings by the end of Q1 2025, indicating a high turnover strategy that may have led to missed opportunities in leading stocks [4] - The fund manager, Qu Yang, has seen a significant decline in fund size, dropping from a peak of 60 billion yuan to 15.8 billion yuan, a reduction of over 70% [9] - The dual fund manager system, intended to balance experience and new perspectives, has faced challenges due to potential strategy conflicts, leading to increased volatility in fund performance [9][10] Group 4: Governance Issues - The unique three-way equity structure of Qianhai Kaiyuan Fund, involving state capital, private capital, and core employees, was initially seen as a model for governance but has raised concerns about concentrated power among decision-makers [11] - The dual role of Qu Yang as both the chairman of the equity investment decision committee and a general partner may lead to risks associated with excessive concentration of decision-making power [11]

Core Insights - The article highlights significant declines in the performance of several funds managed by Qianhai Kaiyuan Fund Company, particularly those focused on artificial intelligence, with drops exceeding 8% in April 2025 [1][4]. Fund Performance - Four funds under Qianhai Kaiyuan experienced declines over 8% in April, with the Qianhai Kaiyuan Artificial Intelligence Theme Mixed C and A funds showing the largest drops of 13.93% and 13.90%, respectively [1]. - The Qianhai Kaiyuan Artificial Intelligence Theme Mixed C fund, launched on January 20, 2025, has seen a total decline of 20.84% by May 7, 2025 [1]. Fund Managers - The funds are managed by experienced professionals, with Qu Yang having over 11 years of management experience and Wei Chun having over 6 years [2]. - Qu Yang has a background that includes roles at Southern Fund and has been with Qianhai Kaiyuan since July 2014, serving as Vice General Manager and Chairman of the Investment Decision Committee [2]. - Wei Chun joined Qianhai Kaiyuan in June 2013 and has held various positions, currently serving as a fund manager in the equity investment department [2]. Top Holdings - The top ten holdings of the Qianhai Kaiyuan Artificial Intelligence Theme fund include companies such as Chipone Technology, Rockchip Electronics, and Hanguang Information [2]. - Other funds managed by Wei Chun, such as Qianhai Kaiyuan Hong Kong-Shenzhen Enjoy Life and Qianhai Kaiyuan Hong Kong-Shenzhen Strong Domestic Industry, also experienced significant declines, with drops of 9.87% and 8.10%, respectively [3].