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]

中国经济网北京5月8日讯 据同花顺iFinD数据显示，2025年4月份，前海开源基金公司旗下共有4只基金 （各份额分开计算，下同）跌幅超过8%。 | 来源：天天基金网 | | --- | 前海开源基金4月份跌超8%基金一览 一季报显示，前海开源人工智能主题的前十大重仓股为芯原股份、瑞芯微、恒玄科技、中科蓝讯、伟测 科技、翱捷科技、移远通信、蓝思科技、海光信息、华曙高科。而两位基金经理均是经验丰富的"老 人"。 | 来源：同花顺 | | --- | 资料显示，曲扬有超过11年的管理经验。其2008年7月加入南方基金，曾担任研究部行业研究员、基金 经理助理、南方全球精选基金经理，2009年11月至2013年1月,派驻南方基金香港子公司：南方东英资产 管理有限公司工作，担任基金经理助理兼行业研究员；2012年2月至2013年1月担任南方东英资产管理有 限公司(香港)中国新平衡机会基金的基金经理。2013年2月至2014年7月任南方全球精选基金基金经理。 2014年7月加入前海开源基金，任前海开源基金管理有限公司副总经理、投资决策委员会主席。 魏淳的管理经验也超过了6年，其2006年至2011年任职于中兴通讯股份有限 ...