Core Viewpoint - Yongying Fund has announced the public offering of its new fund "Yongying Pioneer Semiconductor Smart Selection" from September 1 to September 10, 2025, managed by Zhang Haixiao, marking the second fund launched by him in a month [1] Fund Management Overview - Zhang Haixiao currently manages three products at Yongying Fund, with a total management scale of 2.452 billion yuan, where "Yongying Semiconductor Industry Smart Selection" accounts for 2.252 billion yuan, representing the majority of his managed assets [3] - The other two funds managed by Zhang include "Yongying Resource Smart Selection," which was established on August 21, 2025, with a scale of 16 million yuan, and "Yongying Quality Life," which has seen a decline in recent quarters, managing 184 million yuan [3] Performance Metrics - "Yongying Semiconductor Industry Smart Selection" has achieved a return of 59.20% since its inception, with an annualized return of 22.90% and a ranking of 185 out of 3660 in its category [4] - The fund's year-to-date return is 56.28%, significantly outperforming its benchmark return of 28.27% and the CSI 300 index return of 14.28% [9] - The fund's top ten holdings include companies in the semiconductor industry, with a concentration ratio of 85.63% in stock market value, which is notably higher than the average of 45.76% for similar funds [9] Fund Growth and Market Conditions - The fund's share volume has seen explosive growth, increasing 12.51 times in the third quarter, reaching 1.879 billion shares by June 30, 2025, following a market reversal since the third quarter of the previous year [12] - Zhang Haixiao's aggressive investment style has coincided with a bull market in technology stocks, contributing to substantial returns for the fund [12] Historical Performance and Challenges - Despite recent successes, "Yongying Semiconductor Industry Smart Selection" has faced challenges in previous years, underperforming its benchmark in 2023 and 2024, with a maximum drawdown of -45.02% since inception [14][15] - The fund's performance history indicates significant volatility, raising concerns about risk management and investment strategy effectiveness [21]